All IPE articles in November 2022 (Magazine)
View all stories from this issue.
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Country ReportSwitzerland: 1e pension schemes gain traction
First sign of consolidation appears in the market of 1e pension plans
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Features17Capital’s Pierre-Antoine de Selancy: Navigating NAV lending
Pierre-Antoine de Selancy has just left a meeting with his company’s new majority shareholder, Oaktree, and is running a little late. His days are busy. De Selancy is founder and managing partner of 17Capital, a London-based boutique specialised in providing NAV finance to private equity managers.
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Country ReportSwitzerland: Good returns in 2021 provide pension buffer in 2022
Deteriorating economic conditions saw Swiss pension funds return on average -10.7% for the year to end-September
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Country ReportCountry Report – Pensions in Switzerland (November 2022)
Our report on Swiss pensions also looks at the growing demand for so-called 1e plans, additional pension vehicles for higher earners. The 1e sector is ripe for consolidation, like the market for multi-employer pensions (Anlagestiftungen), where the federal regulator is concerned about a build-up of complexity and supervisory risks. We also cover the annual survey of the consultancy Complemeta and assess Swiss pension funds’ asset allocation plans.
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Country ReportCountry Report – Pensions in Spain & Portugal (November 2022)
In Spain, the pension sector is giving a cautious thumbs up to workplace pension reform plans, even if they fall short of the industry’s wish list. Top of that list was mandatory auto-enrolment, which won’t now happen. But the planned national so-called Macro-fondo ‘super fund’ has met with general approval. It will be managed by the private sector but supervised by a control committee comprising government, employer and union representatives.
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Opinion PiecesUS: Pension plans face up to a tough 2022
After the terrible returns of the fiscal year that ended in June, what will US public pension funds do? Will they increase their risky investments to try to reach their target returns? Or will they lower their target returns?
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FeaturesQontigo Riskwatch - November 2022
*Data as of 30 September 2022. Forecast risk estimate for each index measured by the respective US, World and Emerging Markets Qontigo model variants
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Features
IPE Quest Expectations Indicator - November 2022
In general, political risk remained the same, except in the UK. The Russian offensive against Ukrainian civil infrastructure is useless. If it should succeed, Russia has no means to exploit it militarily. Ukraine is set to recover Kherson. In the EU, France is trying to cope with a vicious strike that blocks petrol deliveries, but its side effect is a push towards hybrid and non-petrol cars. Japan is worried over implicit North Korean nuclear threats. In the UK political risk has increased fast with a crisis caused by government tax plans that has sapped trust on several levels. The data indicate that analysts believe that the wave of interest rate increases is near (if not over) its top and that bonds are now becoming more attractive than equities for the first time in many years.
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Special ReportESG: Leading viewpoint - COP27 is the key moment to address the net-zero trilemma
World leaders gather in Egypt at a decisive time
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Special ReportESG: Will Scope 3 lead to a tech exodus in public markets?
Could the roll out of Scope 3 reporting bring ESG funds’ love affair with tech to an abrupt end?
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Country ReportSwitzerland: ESG and pension reforms top the agenda
Martin Roth, president of ASIP, the Swiss pension fund association, tells IPE’s Luigi Serenelli about his outlook for the country’s retirement system
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FeaturesAhead of the curve: Beefing up guardrails as risks rise in private credit
For US and European private credit firms, storm clouds are gathering.The recent rate hikes by the Federal Reserve, European Central Bank (ECB) and the Bank of England (BoE)have numbed activity in the leveraged loan and high-yield spaces.
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InterviewsIrcantec: Aiming for core sustainability
Myriam Métais andCécilia Lyet (pictured) of France’s Caisse des Dépôts talk to Carlo Svaluto Moreolo about managing the reserves of Ircantec, the supplementary scheme for public sector employees
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Asset Class Reports
Private markets: Pension funds review private equity as allocations hit targets
Lower equity and fixed income values see pension funds off-load their exposure to illiquid assets
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Country ReportSwitzerland: Pension funds edge towards alternative investments
Swiss pension funds are cautiously but decisively taking steps to build a portfolio of alternative investments
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Special ReportESG: Dirty asset divestment
There is growing focus on public companies that are under pressure to sell high-carbon assets to unlisted companies or private equity
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Opinion PiecesAustralia: Super funds shift focus to private credit
An ambition of the architects of Australia’s universal superannuation system, when it was set up in 1992, was to create what would become a fifth pillar of the nation’s banking system.
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Special ReportESG: Central banks nudge lenders to produce climate data
Lenders face a variety of challenges when measuring the environmental impact of their balance-sheet exposure
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FeaturesThe dynamic feature of SFDR: ‘walking the walk’ benchmarks
Forward-looking information is in high demand among those aiming to invest sustainably. Forward-looking planning of one’s decarbonisation does not mean actually moving forward at the envisioned pace though, unless the penalties for trailing pace are in place and sufficiently painful.
