All IPE articles in November 2005 (Magazine) – Page 4
-
Features
Unicredito dips its toe
Unicredito Italiano Fondo Pensione Per Il Personale Delle Aziende Del Gruppo is the pension fund of the Unicredito international banking group. The company is the result of a merger between the Banco Unicredito, which is over a hundred years old, Credito Italiano, the German HIB bank and Bank Austria. The ...
-
Features
Delaying the inevitable?
Under the current actuarial rulings (APP), pension funds are allowed to use interest rates up to a maximum of 4% to discount liability streams. This has to be done in a prudent fashion. Specifically the words ‘maximum’ and ‘prudent’ seem to be ignored quite regularly, as it is almost a ...
-
Features
Done deals in London
The property deal-flow in London continues unabated with a number of funds and property companies reporting successful completions. Insight foundation property trust has acquired National Magazine House at 72 Broadwick Street, W1 from Shaftesbury plc for £45m (€66.5m). The price reflects a net initial yield of 5.29%. The property is ...
-
Features
When markets turn from crisis
On 23 December 2001, the Argentinean government stopped servicing its debt. It was not the first time Argentina has defaulted – there have been four other occasions since the 1820s. It certainly was not the first default among emerging market sovereigns – Mexico, Pakistan, Ukraine, Ecuador, Russia and Indonesia have ...
-
Features
More than just cosmetic
The main focus of those responsible for pensions of Bayer’s 93,000 employees worldwide has been the move from defined benefit (DB) to defined contribution (DC). “This year we have concluded the process with the completion of the move of our US employees to the DC system,” says Lutz Cardinal von ...
-
Features
Correlations: how will they move?
In the 20th century, we have observed three periods of decoupling between bond prices and equity prices; once during the 1930s, once in the early 1960s and lastly a period that started at the end of the 1990s. Computing these correlations using daily, weekly or annual returns and over different ...
-
Features
Conference illuminates property index
PREA chairman Stephen Furnary opened the combined 2005 Pension Real Estate Association and National Council of Real Estate Investment Fiduciaries conference by telling his audience how the event would give them a better understanding of the NCREIF Property Index. He said: “The index allows us to do a better job ...
-
Features
Working compromise
The Finnish government is the envy of its European counterparts when it comes to the pensions issue. Old age pensions have a minimal impact on Finland’s fiscal situation as no public money goes towards them, the budget only being called upon to provide a basic state pension for those with ...
-
Features
Complex and difficult scene
Despite its under-developed second and third pillar pensions market, Spain is an attractive and competitive market for global custodians. With the European Commission in February urging the Spanish government to embrace pension reform “more vigorously”, there is plenty of scope for growth. Some attempts at reform have been made. The ...
-
Features
More to communication than links
Consensus is growing both within and outside of the pension world that clearness and transparency about complex pension schemes is needed. Yet the quality of communication between funds and participants and pensioners is often criticised. Have pension funds and insurers not yet found the best way to communicate, or is ...
-
Features
More coming custodians' way
The new regulatory framework for the Dutch market, Financieel Toetsingskader (nFTK), has provided a rich seam of business for Kas Bank, the Dutch custody, clearing and settlement specialist. In the first half of 2005 to 30 June, the bank recorded a 30% rise in net profit to €9m, while total ...
-
Features
Specialist managers come into their own
The rationale for core-satellite investing is becoming more widely accepted - at least in theory - say asset managers, and the approach gives specialist active management a high profile role. Pension funds are increasingly adopting a core-satellite approach to their investment, says John Cleary, chief investment officer at Standard Asset ...
-
Features
The fixed income game changes
As well as making sure the actively managed portions of their equity portfolios are working as hard as possible, institutional investors have also become more focused on how their fixed-income portfolios are managed. “In terms of targeting outperformance, I’ve noticed a real shift in the last few years,” says Paul ...
-
Features
Cautious tack keeps pensions flowing
It is the proud boast of the Sparinstitutens Pensionkassa (SPK), the pension fund for Sweden’s savings banks, that it has never been underfunded since it was created in 1944. The fund, a defined benefit scheme, has ridden out the recent storms in the equity markets, principally because of its conservative ...
