All IPE articles in October 2011 (Magazine) – Page 2
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Features
Martin Steward: Trigger unhappy
When does a tactical loosening of a strategy become a panic? And when does panic start to undermine the strategy itself? If your strategy is liability-driven investing (LDI), you might well ask. It wasn’t long ago that plummeting yields were trumpeted as the vindication of LDI. At the end of 2009, celebrating the sixth anniversary of the pioneering Friends Provident Pension Scheme/Merrill Lynch transaction, Redington observed that UK 30-year real yields had fallen 126bps in that time. Around the same time Lane Clark and Peacock compared the 10% loss on the average FTSE100 pension scheme’s assets with the 3% gain on Friends Provident’s during 2008.
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Features
Liam Kennedy: Two paths, not irreconcilable
Two books landed on my desk in September – one on the subject of good pension governance, the other on retirement income.
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Interviews
Happy in its own little world
With new funds springing up or existing ones growing, the winds seem to be blowing favourably again for cleantech investments.
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Features
Greek myths
Unless you managed to enjoy a proper holiday this summer, you cannot fail to have missed the rumbling Greek debt crisis. Hans Hoogervorst’s summer holiday seems to have been neatly bookended on 4 August by a letter written in his capacity as IASB chairman to Steve Maijoor, head of the European Securities and Markets Authority, and the publication of that letter on 31 August. Europe’s banks, it seems, might not have been observing the spirit of IAS 39’s impairment methodology.
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Features
No Greek tragedy
Well, things didn’t get much better in the markets after our long family drive back from the Italian Riviera to The Hague in August – volatility continued on the markets and it became clear that when it comes to the euro, plan ‘A’ isn’t up to much and plan ‘B’ doesn’t exist.
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Interviews
Focus and flexibility
Few can claim to have been investing in emerging markets for 130 years. But Martin Currie & Co was helping to finance the North American railroads in the 1880s, when the US occupied the spot that China occupies today. That pioneering spirit lived on; it made its first Japanese investments in the 1960s, opened an office and a fund in China in 1997, and rolled out its first hedge fund – long/short Japan – in 2000. A new strategy partnership with Singapore’s APS Asset Management looks set to be a leading independent A-share active equity business.
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Special Report
Fiduciary Management: Who’s watching the watchers?
Specialist overseers have a crucial role to play for pension funds using fiduciary managers. But the trustees themselves must watch the watcher, writes Brendan Maton
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Special Report
Fiduciary Management: What’s wrong and what’s right
It seemed so full of promise, says Peter Kraneveld. But was fiduciary management just a fad? Did it ever get off the ground?
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Special Report
Fiduciary Management: Opportunity knocks
Asset managers should recognise fiduciary managers as less of a threat and more of an opportunity, says Nigel Birch
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Features
Ukraine’s stock exchanges pepare for rationalisation
Iain Morse explains why the former member of the Soviet bloc has such a complicated system and why it is difficult to change
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Features
Fear, extremes and the euro
August was not all bad: 79.5% of respondents to the Off The Record survey stated that core government bonds had performed well; gold/precious metals (24% of respondents), currency exposures (20.5%) and global macro funds or other hedge funds (17%) also turned up trumps. But of course, that tells its own story: August was all about fear, extremes – and the euro.
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Features
Measuring pension fund costs
Gail Moss gives practical advice to trustee boards looking to manage investment fees and other costs
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Opinion Pieces
Consensus elusive
The US retirement system might change dramatically by year’s end; or pension reform could be postponed again until after the 2012 presidential election. Either way, the debate about how to prevent the bankruptcy of social security is hotter than ever.
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Features
Dark clouds from Europe
Hans Walter Scheurer discusses the recent European discussions on an appropriate European solvency regime for capital-backed occupational retirement provision
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Features
Central direction, local implementation
Liam Kennedy spoke with Benedikt Köster and Sven Rogge about Deutsche Post DHL’s pension risk management framework and its implementation
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Features
Responding to the wake-up call
In the third article in the current series, Nick Lyster and Amin Rajan argue that only a gold standard in client engagement will deliver decent innovation outcomes
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Special Report
Fiduciary Management: Slow burn
A few early adopters have embraced fiduciary management in the UK. Gill Wadsworth asks whether they were wise to do so
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Features
From our perspective: A very bumpy ride
Bumpy flights have predictable and unpredictable outcomes: you know the ride will be more uncomfortable and some of the passengers may be sick. You just don’t know precisely when you’re going to hit the turbulence, or whether you or the person next to you is going to be the one who needs the sick bag. You might end up landing at a different airport altogether if the flight is diverted.
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Special Report
Pharmas in better health
Although improving, the pharma sector still has social and environmental challenges to address. Nina Röhrbein reports
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