All IPE articles in October 2003 (Magazine) – Page 3
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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
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
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
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
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
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
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
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
Sticking to your last
David Testa sits square in his chair as chief investment officer at T Rowe Price in Baltimore. His chair may swivel, Testa doesn’t. He’s seen most of it before and he ain’t for turning. That’s not surprising since he has been with the firm since he was hired as an ...
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Features
Living a life of their own
First, an uncomfortable truth. Few European pension funds are likely to have much room in their portfolios for US small caps, defined as US companies with a market capitalisation of between $200m (E178m) and $1bn. The average asset allocation to all US equities by European institutional investors is around 20%. ...
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