All IPE articles in November 2015 (Magazine) – Page 2
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Features
Capital Markets Union: A single market for capital
Pledging to “knock down barriers” and let capital flow freely across the European Union, Jonathan Hill, commissioner for financial stability, announced in September how he would achieve the European Commission’s pledge for a Capital Markets Union (CMU).
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Asset Class Reports
Call of the frontier markets
Frontier markets can offer huge attractions but investors need to pay attention to country backdrops and economic effects. Joseph Mariathasan reports
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Features
Resist the bubble temptation
It is a safe bet that another financial crisis will be along soon. No doubt that is not something that investment and pensions professionals want to dwell on but it needs to be faced.
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Opinion Pieces
Letter from Brussels: Focus on low returns
Dismally low returns on EU pension fund investments over 15 years? The allegation comes in a study by Better Finance, the European Federation of Investors & Financial Services Users. The report, Pensions Savings: The Real Return, points to excessive fees, points to other charges, and badly framed taxation rules, as the culprits.
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Special ReportBronze: Fixed Income - Bosch Pensionsfonds
Judge’s comment: “Innovative fixed income strategy given the fund’s objectives and the market it operates in, with a good level of diversification.”
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Features
High-Yield Bonds: Uncharted waters
Is the sell-off in high-yield bonds an indicator of broader weakness, or an opportunity for contrarians to pick up yield?
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Features
German Discount Rates: Biases in pension discounting
In common with many countries, falling interest rates have hit German companies and pension funds significantly by increasing their discounted liabilities.
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Special ReportGold: Best European Pension Fund - British Steel Pension Fund
Judge’s comment: “How British Steel manages to improve from year to year is baffling and beyond me. But it does and this is a seriously impressive organisation. With its pioneering LDI and notable cost controls framework, this is the scheme others should follow. A clear winner this year.”
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Features
Focus Group: General belief in FX hedging
Three-quarters of the investors surveyed for this month’s Focus Group hedge some of their foreign exchange (FX) risk, while just one fund hedges it all. This is a similar proportion to when investors were last polled in April 2013 (81% in 2015 compared with 78% in 2013).
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Country Report
Sweden: Calm before the storm
From action on climate change to property, Sweden’s AP funds are not sitting still, even if the precise details of a planned overhaul are unknown. Reeta Paakkinen reports
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Special Report
Bond bonanza beckons
China’s continuing reforms to open up its fast-growing bond market to foreign investors could make it the largest market yet for global investors, writes Tsering Namgyal
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Country Report
Finland: Small is beautiful
Finland’s smaller pension funds argue that they can deliver better solvency levels and returns for their member than the larger pension insurance companies, says Pirkko Juntunen
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Special Report
Financial Markets: China’s Big Bang
Timothy Van Housen and Joseph Mariathasan predict a radical liberalisation of financial markets and related regulations, with unprecedented investment opportunities
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Features
Asset owners in Paris
Next month world leaders will gather in Paris to discuss the future of the planet. It might be a sweeping generalisation to view the UN Climate Change Conference as such a crucial event, but the summit marks the first time since 2009 that governments stand a chance of concluding a treaty to replace the Kyoto Protocol.
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Special Report
A-shares: The best is yet to come
China is a compelling story for investors despite the recent market volatility, argues Charles Salvador. But he warns against short-term thinking and half-hearted approaches
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Asset Class Reports
Emerging grey area
Joseph Mariathasan finds ‘emerging markets’ to be a legacy concept that has become increasingly blurred and illogical
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Country ReportAsset Allocation: Revisiting traditional allocations
Casper Hammerich outlines key findings on Nordic asset management trends from Kirstein’s tenth Nordic Investor Survey
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Country Report
Finland Asset Allocation: The hunt for alternatives
Some pension funds are looking to increase exposure to alternative credit but an ageing population is a concern for the likes of VER, says Reeta Paakkinen
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Features
Asset Allocation: The big picture
The US Federal Reserve’s decision in September not to hike rates, along with its comments about soft inflation trends and global developments, surprised the markets with its dovishness. However, although rates fell across the curve and the dollar weakened, equities and other risk assets have not taken much solace from these easier financial conditions.
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Features
Assessing AIFMD
Kai Braun considers the Alternative Investment Fund Managers Directive (AIFMD) and finds that operating models have stabilised
