All IPE articles in October 1997 (Magazine)
View all stories from this issue.
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Features
TeleDanmark
With assets of around Dkr18bn ($12.1bn), the TeleDanmark pension scheme is a giant that dominates the corporate pension provision landscape in Denmark. The scheme was long established as part of the original state-owned companies brought together in 1990 to form TeleDanmark, prior to its partial privatisation in 1994. The pension ...
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Features
Polish reform
The mandatory pensions reform in Poland has completed its legislative passage. President Aleksander Kwasniewski gave his assent to the bill last month. Funds are on course to begin operation on 1 January1999.
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Features
Views from other side of the table
Pension funds are losing their traditional ambivalence about securities lending, according to ‘borrowing’ institutions.Securities lending is becoming a mainstream activity,” says Roy Zimmerhansl, director of equity finance at Nomura in London. “There is a lot less fear and loathing than 10 years ago and more people are talking about it ...
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Features
Managing the risks
To combat the risks of a loan return not being made or being delayed, the borrower will be re-quired to deliver collateral to the lender, usually with a market value which exceeds the loaned securities by a margin, typically between 5% and 15%. The margin allows for any variation in ...
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Features
Swiss make the switch
Switzerland is a large and mature pension market in the sense that Swiss employers have typically provided a substantial pension package to employees (in addition to basic social security coverage.) The special factor about the Swiss implementation of the three-pillar system is that the second pillar is compulsory. This comes ...
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Features
The key to profitable lending
The key to making money from securities lending ultimately lies in the stocks you hold. Typically a UK pension fund will hold a majority of its assets in UK equities where supply can at times be greater than demand. Equities held in lesser developed countries with illiquid markets typically command ...
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Features
Inside track
Outsource your investment management is my cry!Let’s start off with something where protagonists fall clearly into one camp or another and for a multinational, in particular, it’s a key issue: How to manage the in-vestments?”I support the view that investment management should be outsourced to the fund management industry (and ...
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Features
UK: on growth track
There is a discernible trend toward DC in the UK, although this may have been exaggerated. The following reasons for this were given by respondents, representing over 40% of UK occupational pensions by value, to the survey conducted by InterSec: increased job mobility; desire for transferability of savings; demand from ...
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Features
German strategies report
Consultants Buck Heissmann is nearing completion of one of the first comprehensive studies of Germany’s company pension strategies, which could lead to a re-assessment of the amount of pension assets under management. The study, commissioned by Goldman Sachs Asset Management, has the stated objective of identifying and cataloguing ‘Best practices’ ...
