All IPE articles in October 2003 (Magazine) – Page 2
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Features
Unleash your investment manager
There has been much criticism of the way investment benchmarks are used by institutional investors, such as pension funds. Many commentators have argued that the ‘tech boom’ was exacerbated by institutional investors piling into technology stocks simply because they were in the index. Many investment managers have complained that risk ...
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Features
Parliament gets to work on hedge funds
With the summer break now over, the legislative machine at Brussels has started to crank back into life. On the slate is a directive aimed at pinning down transparency. Also in the pipeline are a consultation on pensions mobility and the directive on investment services. But perhaps the most interesting ...
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Features
For a small fee...
Convention has it that the long-term benchmark is the ‘strategy’, and the shorter-term deviations are the ‘tactics’. More important than the label is by whom and how these long-term decisions are made. There was a time when the trustee decision was to follow the herd, and the herd moved at ...
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Features
External managers still make sense
All over Europe, pension funds are handing over the running of their assets to third-party managers. Outsourcing has become a buzz word as regulatory reform, a clampdown on costs and risk, and a greater awareness of best market practice lead pension funds into new asset classes with new managers and ...
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Features
A wonderful experience
Alan Pickering is not renowned for blowing his own trumpet. But, when it comes to the part played by the European Federation forRetirement Provision (EFRP) – which he chairs – in urging forward the various EU bodies charged with laying down a legislative framework for pan-European pensions, he is effusive ...
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Features
The private equity world
The private equity world sometimes moves at a different pace to the rest of the investment world. The European Private Equity and Venture Capital Association (interestingly still best know by the abbreviation of its old name – EVCA) has just published (in its mid- September newsletter) a summary of the ...
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Features
Is there a future for equities in institutional portfolios?
Three years of bear markets have plagued investors across Europe and around the world. In some instances falling bond yields, driving up the liabilities, have compounded the problem. Notwithstanding the recent rally in global markets, many investors continue to question whether there is a future in equity investment. This article ...
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Features
Employers get greater flexibility in making fund transfers
It has been a good year for Finland’s Association of Pension Foundations. In July legislation came into effect allowing employers to transfer schemes from pension companies to funds and foundations. Finland has a generous earnings-related first pillar system, partly funded but mostly PAYG. There is no ceiling on earnings and ...
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Features
From direction to implementation
As the EFRP approaches its 2003 annual conference delegates might expect an air of congratulation at the work achieved on the pan-European pensions directive, while wondering where the organisation’s work goes from here. The buzzword going forward though will be “implementation”. Just what will be the impact on member states ...
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Features
Irrational despondency follows exuberance
Pension managers are yearning for the old days, when they only had to worry about benchmarking and tracking errors. Today there are a variety of other issues to deal with, ranging from new regulations to yawning funding deficits. Such lean times, especially when they follow the fat years that pension ...
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Features
Fixing pension deficits
Is the worst over? The sky over American pension funds looks a bit less cloudy, after some good news arrived both from Wall Street and from the bond market. Analysts at Merrill Lynch even calculate that the huge deficit hanging over DB pension plans – as big as $300bn (e266bn) ...
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Features
How to secure a pension deal
The need for clearly articulated arrangements between pension stakeholders has recently gained in importance. It is no longer acceptable for large corporations to base their relationship with their pension funds on vague promises as far as annual contribution rates, shortfall recovery plans and refunds in abundant market situations are concerned. ...
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