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Issue : October 2019 (Magazine)

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  • Bespoke approaches

    Magazine Tue, 1 Oct 2019

    If you can’t find the product you want, why not build your own?

  • arnaud llinas

    Market Update: The ETF boom continues

    Magazine Tue, 1 Oct 2019

    Around the world, exchange-traded funds (ETFs) continue to grow in assets and importance, breaking records along the way.

  • manooj mistry

    Market Update: The competitive battle intensifies

    Magazine Tue, 1 Oct 2019

    Despite the growth in European ETF assets, issuers are facing margin pressure caused by fee cuts.

  • Market Update: The drum beats on: ETFs for the ongoing trade war

    Magazine Tue, 1 Oct 2019

    This time last year, we were looking at how trade relations between the US and China might play out and the best way to position a portfolio – especially in terms of sectors – according to which scenario an investor thought was most likely.

  • simon klein dws

    Market Update: Can European ETF assets double again?

    Magazine Tue, 1 Oct 2019

    Earlier this year, ETFs and ETPs listed in Europe celebrated a record 55 consecutive months of net inflows, only 19 years after the first ETFs in Europe were launched.

  • matthieu guignard amundi etf

    Liquidity & Implementation: Woodford fallout renews focus on ETF risks

    Magazine Tue, 1 Oct 2019

    The recent suspension of redemptions from Neil Woodford’s Equity Income fund is a cautionary tale and one that has further sharpened the spotlight on the liquidity of mutual funds, a category that includes exchange-traded funds (ETFs). 

  • replicating a strategic asset allocation

    Liquidity & Implementation: Liquid beta sleeves: bespoke solutions with index building blocks

    Magazine Tue, 1 Oct 2019

    Liquidity in a pension fund context can mean a number of things. As long-term investors, pension funds can harvest the illiquidity premia by investing in private markets, which they have been doing increasingly over the past 10 years.1 On the other hand, pension funds are required to meet their liabilities and so need enough liquidity to ensure the payment of benefits to members.

  • active etf assets

    Liquidity & Implementation: Will all mutual funds become ETFs?

    Magazine Tue, 1 Oct 2019

    It took almost five years, but the US regulator still surprised many in the exchange-traded fund (ETF) industry when it gave preliminary approval to Precidian Investments’ ActiveShares in May. 

  • 1 fully funded us investor scenario

    Liquidity & Implementation: A cost comparison: futures versus ETFs

    Magazine Tue, 1 Oct 2019

    In this article, we use a cost comparison framework to contrast index futures (CME Group’s E-mini S&P 500 index futures) and three popular US-listed exchange-traded funds (ETFs) tracking the same index – SPY, VOO and IVV.  

  • howie li lgim

    Liquidity & Implementation: The shifting sands of index provision

    Magazine Tue, 1 Oct 2019

    As ETFs are created to track ever more specialised market exposures, competitive pressures and new regulations are impacting the complex relationships between asset managers and index providers.

  • 1 annualised excess return of indexed portfolios with esg tilt

    ETFs for ESG: Why passive makes sense for ESG

    Magazine Tue, 1 Oct 2019

    ESG investing – the incorporation of environmental, social and governance (ESG) factors into investment criteria – has grown rapidly in recent years.

  • amra balic black rock

    ETFs for ESG: The ESG governance challenge

    Magazine Tue, 1 Oct 2019

    An increasing number of institutional investors are interested in investments with an environmental, social and/or governance (ESG) focus. 

  • ETFs for ESG: Sustainable investing is here to stay

    Magazine Tue, 1 Oct 2019

    Sustainable investing was once viewed as a trade-off between value and ‘values’. Yet today, it’s something investors can no longer afford to ignore.

  • remy briand

    ETFs for ESG: The devil in the detail of ‘low carbon’ ETFs

    Magazine Tue, 1 Oct 2019

    Sustainable market indices are nothing new. The Dow Jones Sustainability index was launched in 1999 and the FTSE4Good index in 2001.

  •  japanese cross shareholding ratio

    ETFs for ESG: Corporate governance for passive investors in Japanese equities

    Magazine Tue, 1 Oct 2019

    The Japanese economy has been experiencing significant and positive change since the election of Prime Minister Shinzo Abe in 2012. After a sustained period of economic stagnation, Japan’s return to growth is being fuelled by Abe’s transformative economic policies. 

  • noel archard

    ETFs for ESG: Gender equality ETFs gain a foothold

    Magazine Tue, 1 Oct 2019

    Can a new category of ETFs help address one of the oldest economic imbalances of all?

  • european fixed income etf aum

    Focus on Fixed Income: The rise and rise of fixed income ETFs

    Magazine Tue, 1 Oct 2019

    When ETFs first broke up the active management party in the fallout of the financial crisis, it was equity funds that bore the brunt of the impact.

  • the etf ecosystem

    Focus on Fixed Income: ETFs: the natural home for fixed income

    Magazine Tue, 1 Oct 2019

    In recent years, fixed income ETFs have been grabbing a larger slice of the ETF market as investors look to capitalise on the enhanced diversification, tradeability, price transparency and liquidity they can provide to bond portfolios. According to the latest research by Citi Business Advisory Services, fixed income ETF assets have increased at a robust 25% annual compound growth rate over the last decade, hitting more than $870bn by the end of 2018.

  • etf aum vs total market aum

    Focus on Fixed Income: Do fixed income ETFs distort the market?

    Magazine Tue, 1 Oct 2019

    In this article, which is an excerpt from a recent State Street Global Advisors publication, we address one of the key misconceptions about fixed income (bond) ETFs – namely, that they have become so large that they are distorting the underlying bond market. Instead, we argue, despite their recent growth, fixed income ETFs represent a relatively small proportion of the world’s debt markets.

  • shares emea bond etf range spread and turnover

    Focus on Fixed Income: Bond ETFs, the Swiss army knife in a time of need

    Magazine Tue, 1 Oct 2019

    Fixed income will play both a pivotal and multi-faceted role in European pensions scheme portfolios. Whether it be for growth, income or liability and cash flow matching, many schemes in the region will need to hold bonds as they de-risk in a low yield environment.

  • Focus on Fixed Income: Actively managing today’s green bond opportunities

    Magazine Tue, 1 Oct 2019

    In this article we examine the process for green bond labelling and certification and its implication for index investors. Passive (index-tracking) green bond funds are bound by eligibility rules and each index has its own labelling requirements.

  • mapping sector slopes

    Markets & Regions: Factor investing in commodities: a sector-based approach

    Magazine Tue, 1 Oct 2019

    Commodities have long been a staple of multi-asset investors. Traditionally used to diversify exposure to fixed income and equity holdings, they are more recently also a source of alternative risk premia. Whatever the use case, the desired feature of any commodities allocation is some combination of attractive performance, sufficient liquidity, and a transparent methodology. 

  • Markets & Regions: China unleashed: taming the dragon through ETFs

    Magazine Tue, 1 Oct 2019

    Despite its favourable fundamentals and widely acknowledged growth potential, China continues to be under-owned by most global investors. 

  • bernie thurston

    Innovation: What could disrupt ETFs?

    Magazine Tue, 1 Oct 2019

    Over the last two decades, exchange-traded funds (ETFs) have been one of the most disruptive forces in the asset management industry. But could the tables be turned? In an era of excitement over the possibilities of financial technology (fintech), are ETFs vulnerable to being displaced themselves?

  • howie li

    Innovation: Bringing ETFs into the digital future

    Magazine Tue, 1 Oct 2019

    Over the past 18 months there has been an explosion in the number of ETFs focusing on new technology. From iShares to Ossiam, DWS to veteran investor Jim Rogers, it seems everyone has launched a fund based on how digitisation will revolutionise our lives.

  • liam kennedy

    Pensions in a hostile climate

    Magazine Tue, 1 Oct 2019

     Outside the realm of US public pension plans, where generous return assumptions and inflated discount rates are common, the medium and long-term outlook for asset classes is of serious importance to most pension funds. 

  • daniel ben ami

    Storing up future pain

    Magazine Tue, 1 Oct 2019

    Anyone who back in 2008 had accurately predicted what monetary policy would look like today would certainly have been regarded as unhinged. 

  • carlo svaluto moreolo

    Do not let costs become an obsession

    Magazine Tue, 1 Oct 2019

    Our report this month on management and outsourcing discusses how pension funds must increasingly rely on external organisations to analyse their portfolios, particularly from a cost perspective. 

  • nick reeve

    Time to talk pensions

    Magazine Tue, 1 Oct 2019

    At a press briefing last month, Bill Galvin, chief executive of the UK’s £68bn (€77bn) Universities Superannuation Scheme (USS), emphasised the importance of improving its communication policy. 

  • The accounting backstop

    Magazine Tue, 1 Oct 2019

    What if the Irish government pumped €64bn into its banking system to repay loans to the European Central Bank (ECB) and the Irish Central bank illegally?

  • raj thamotherum and john fullerton

    Long-term matters: How capitalists can save the Amazon from capitalism

    Magazine Tue, 1 Oct 2019

    When foundations and wealthy individuals launched their Rapid Response-Able Fund (RRAF) in spring 2020, commentators sneered at the “save the world” motivation while others said it would distract attention from the political changes that were needed.

  • joshua rauh

    Letter from The US: How boards can hurt pension plans

    Magazine Tue, 1 Oct 2019

    US state and local pension funds manage over $4trn (€3.6trn) in retirement assets for 20m active and retired plan members. But most of the funds are in bad financial shape.

  • widening the reach

    Government Pension Investment Fund: Widening the reach

    Magazine Tue, 1 Oct 2019

    The president of Japan’s €1.3trn Government Pension Investment Fund (GPIF) reflects on the challenges of century-long stewardship

  • jen choi hi res new square

    Guest viewpoint: Jennifer Choi & Brian Hoehn

    Magazine Tue, 1 Oct 2019

    “Principles 3.0 is intended to offer a road map to optimal partnerships in the private equity industry”

  • On the Record: Lower yields

    Magazine Tue, 1 Oct 2019

    After the ECB’s announcement of more QE, we asked two pension funds how they plan to manage the prospect of lower yields

  • asshoff

    How we run our money: ZVK

    Magazine Tue, 1 Oct 2019

    Gregor Asshoff  (pictured), board member of ZVK, the pension fund for Germany’s construction workers, talks to Carlo Svaluto Moreolo about upcoming asset allocation shifts

  • France: PACTE changes the landscape

    Magazine Tue, 1 Oct 2019

    The new PACTE law will transform pension saving in France

  • jean paul delevoye

    System reform: A hot political plot

    Magazine Tue, 1 Oct 2019

    Pension reforms have reached a second stage as President Macron seeks to push through radical changes

  • Pension regimes: The second pillar evolves

    Magazine Tue, 1 Oct 2019

    The second-pillar pension regime for private sector employees, AGIRC-ARRCO, is entering a new phase of its development

  • the pacte law offers an attractive growth relay

    A ‘big bang’ in pensions

    Magazine Tue, 1 Oct 2019

    The new PACTE law has placed the emphasis on asset managers

  • Management & outsourcing: The rush is on

    Magazine Tue, 1 Oct 2019

    Competition is intensifying among providers of data analysis and benchmarking solutions

  • ecb deposit rate

    Briefing: Draghi’s parting gift on ECB stance

    Magazine Tue, 1 Oct 2019

    If anyone in Europe was left in any doubt on 11 September about the dovishness of the European Central Bank (ECB) under Mario Draghi’s leadership, by close of business on the next day their doubts were surely dispelled. On that day the outgoing president of the ECB unleashed a bout of monetary easing, in an attempt to boost euro-zone inflation from 1% to its target of “below, but close to, 2% over the medium term”.

  • effective federal funds rate

    Briefing: US makes rapid turnaround

    Magazine Tue, 1 Oct 2019

    Father Christmas delivered a sack of coal to equity markets last Christmas Eve, with the S&P 500 index losing 1.8%, following a three-day slide. Forecasters had previously been expecting two or three rate hikes in December, as Federal Reserve chairman Jerome Powell steered that discussion. He had mistakenly assumed that the economy had not yet reached a normal, ...

  • president emmanuel macron and chancellor angela merkel

    Briefing: Deep tensions threaten EU vision

    Magazine Tue, 1 Oct 2019

    This is not a commentary on the UK within or without Europe. Brexit has been a compelling distraction but it is one macroeconomic strand in a complex world. The overwhelming coverage has also moved attention away from key internal tensions within the European project. 

  • german asset allocation

    Briefing: Coping with lower for much longer

    Magazine Tue, 1 Oct 2019

    German institutional investors have shifted their asset allocation due to low bond yields

  • spezialfonds volume and net inflows

    German Spezialfonds show modest asset growth

    Magazine Tue, 1 Oct 2019

    Germany’s Spezialfonds market showed modest positive growth in 2018 in the face of challenging market conditions, with total assets approaching €1.5trn. 

  • nicolaas marais

    Strategically Speaking: Wells Fargo Asset Management

    Magazine Tue, 1 Oct 2019

    By his own account Nico Marais is an extraordinarily lucky man. The CEO of Wells Fargo Asset Management (WFAM) is keen to use every opportunity to emphasise his good fortune. In Marais’s modest telling of his own story, his success is thanks to the qualities of others, rather than to his own merits. “It’s the story of my life. I’ve just always worked for amazing people,” ...

  • Small & mid-cap equities: Public or private markets?

    Magazine Tue, 1 Oct 2019

    Public markets are shrinking while private markets are attracting huge amounts of capital. But it is still not clear which is the better bet

  • is the small cap premium truly significant

    The small-cap conundrum

    Magazine Tue, 1 Oct 2019

    Academic studies have cast doubt on the existence of a premium for investing in small-cap stocks

  • ESG awareness grows

    Magazine Tue, 1 Oct 2019

    Smaller companies are realising they must keep up with ESG and impact-investing standards to remain successful 

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