All IPE articles in October 2005 (Magazine) – Page 2
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Features
For FTK read PVK
The Dutch authorities’ decision in September to delay the FTK for pension funds by a year, while broadly expected, was still significant. The central bank said that the new Financial Assessment Framework (nFTK) would not be compulsory for pension funds until 1 January 2007. The decision followed consultation with the ...
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Features
Europe opens up
The geographical spread of covered bonds across Europe is still widening, as more countries implement the necessary legislative frameworks permitting the issuance of covered bonds or, as in the UK or the Netherlands, products are structured to mimic the essential features of covered bonds. Within this growth are other developments. ...
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Features
Herculean efforts required
Greece’s highly successful Olympic Games - coming hot on the heels of its unexpected triumph in the Euro 2004 football championships - seemed to do much to lift it out of its reputation as a rather lumbering, chaotic nation best known for its Mediterranean climate, cuisine, music and dancing, and ...
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Features
Moving in right direction
The Greek securities services market has in the past been something of a backwater. But recent market infrastructure and pensions reforms have given global custodians hope that there are good times ahead. Like many other countries in Europe, Greece is facing a growing pensions liability problem and the government has ...
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Special Report
Digging up the dirt
Today extractive companies - those specialised in extracting natural resources from the ground - are operating in environments that are very different to those in which they operated 10 or more years ago. The oil industry is a good example. As oil reserves in areas such as the North Sea ...
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Features
Devising an investable index
There has been a growing emphasis on pension fund liability management and creating a portfolio of assets to match these liabilities. The popular press has published several recommendations to protect pension fund solvency through the immunisation of liabilities. Recommendations have ranged from the approach of the Boots Pension fund, which ...
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Special Report
US voting demands
A group of 14 institutional investors from the UK, Netherlands, Australia and Canada have called for an overhaul of the American voting standard regarding the election of US corporate directors. They say it is “prone to abuse” and “inconsistent” with democratic values. In a letter addressed to the American Bar ...
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Features
Simulating DC outcomes
Defined contribution (DC) pension schemes are complicated financial products. However, they are ideal subjects for stochastic simulation methods1, and research on them has developed to the point where we now have the basis of a commercially feasible DC pension model2. This article begins by explaining the structure of this model. ...
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Features
Cyprus' hints of progress
Of the 334,000 people registered with Cyprus’ first pillar social security system around 142,500 have some form of additional pension provision. Some 30,000 of these are employees of central government who benefit from a pay-as-you-go system. The rest are covered by some form of funded or part-funded scheme. Among them ...
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Features
Strong FoF summer recovery continues
Riding the recovery wave that began in May and rose in June, global markets continued to yield very good returns for funds of funds all round. The Eurekahedge Global Fund of Funds Index returned 1.6% in July and tentatively is up 0.8% in August The best performance came from funds ...
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Features
Consultants have a role to play
Although many smaller pension funds do not find it necessary to take on the services of a custodian, it becomes necessary at a certain level of complexity. In the UK, at least, if a fund only invests in pooled funds, there is no need for a custodian since the pooled ...
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