All IPE articles in October 2012 (Magazine)
View all stories from this issue.
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Features
Diversification 2.0
With asset class correlations no longer following their historic norms, a new form of diversification focused on risk is emerging, according to Jim McCaughan and Amin Rajan
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Features
Pensions Accounting: A man on the moon? Easy
IFRIC Draft Interpretation D9, Employee Benefit Plans with a Promised Return on Contributions or Notional Contributions, refuses to die
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Special ReportGerman Asset Management: End of the KAG
A new draft law proposes placing KAGs under a new framework, writes Till Entzian. The industry’s challenge will be to retain the identity and reputation of the Spezialfonds
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Special Report
German Asset Management: Risky bond business
The euro-zone crisis has reminded German pension funds that bonds carry risk, as Nigel Cresswell and Alexander Zanker explain
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Special Report
German Asset Management: A quiet revolution
Nina Röhrbein speaks to one of the asset managers trying to introduce fiduciary management to Germany
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Opinion Pieces
Flavien Duval, Risk officer, Edmond de Rothschild Asset Management
Thousands of reports are produced and distributed to hundreds of people who don’t know what they’re supposed to do with them
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Asset Class ReportsSovereign Bonds: Curve balls from credit markets
The temptation to look beyond sovereigns for yield is understandable. But Martin Steward finds that the obvious move into top-quality corporates may not be the way to do it
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Features
Profits with purpose are still an uphill battle
Not all profits are born equal. This simple view was put forward by Towers Watson’s global head of investment content Roger Urwin as he unveiled the consultancy’s latest research project, Telos, conducted in conjunction with Oxford University.
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Asset Class Reports
Sovereign Bonds: Competing premia
Martin Steward finds portfolio managers agreeing on the need to find some spread. But where – in corporate bonds, or peripheral sovereigns?
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Features
If the euro breaks up
Declan O’Sullivan and Lindsay Trapp outline some of the operational challenges that fund managers could face in the event of a break-up of the single currency
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Opinion Pieces
Letter from Brussels: EU clears the decks
The Brussels legislative programme for the financial sector will be as frenetic as ever from now until early 2013. It is a race to achieve as much as possible before electoral canvassing by MEPs starts ahead of the parliamentary elections in May 2014.
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Features
EFRP seeks priority in insolvency cases
Responding to the European Commission’s White Paper on Pensions from February late last month, the European Federation for Retirement Provision (EFRP) has called for the proposed review of the IORP Directive to grant pension funds greater security in the instance of sponsor insolvency.
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Special ReportFiduciary Management: A catalyst for growth
Increasing scrutiny by financial directors of UK pension arrangements will promote fiduciary management as a future savings solution, as Nigel Birch explains
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Features
Focus Group: A crisis of confidence and trust
Half of the respondents to this month’s Off The Record survey thought that quantitative easing (QE) and outright monetary transactions (OMT) were effective as emergency monetary policy measures
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Features
Dealing with the financial crisis
The vast majority of sovereign debt will end in effective default – at least that is according to Philippa ‘Pippa’ Malmgren, president of Principalis Asset Management.
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Features
No short or decisive war
The essayist Robert Wilson Lynd wrote that “belief in the possibility of a short decisive war appears to be one of the most ancient and dangerous of human illusions”. The twentieth century conclusively laid to rest the notion that wars between nations would end with the symbolic exchange of border provinces or notional reparations. The economic consequences of the First World War were profound and long lasting, just as the Second World War shaped politics in ways we still see today.
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Interviews
On the Record: Govvies in decline
What is your strategy in developed market sovereign bonds?
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Features
Diary of an Investor: Feed the world
It is early September and there’s a chill in the air but the sun is shining. It seems that summer has come late in the Netherlands.
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Features
The Draghi put is no turning point for the euro
As I write on 13 September, it’s been a good week for europhiles. On 6 September,Mario Draghi unveiled the ECB’s plan for Outright Monetary Transactions (OMT). The German Constitutional Court ratified the European Stability Mechanism (ESM) on 12 September. And the Dutch electorate favoured two pro-euro parties.
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Features
Squeezing out the last drops
Brendan Maton assesses the favourability of tax-transparent Dublin and Luxembourg pooled funds as a way to avoid being ensnared by US withholding tax
