Reports

In-depth report on investing for our pension fund and asset management readers from our award-winning journalists.

 

Latest reports

MSCI ACWI

Equities: Are Paris-aligned benchmarks a climate gamechanger?

September 2022 (Magazine)

Inflexible annual carbon reduction targets and weak data can lead to flawed decision-making

Amsterdam netherlands

Netherlands: Pension transition drives consolidation

September 2022 (Magazine)

Pension schemes are turning to mergers as one way to cope with the rising costs of complying with greater regulation

Rome, Italy

Country Report - Pensions in Italy (July 2022)

July/August 2022 (Magazine)

Italy’s pension industry continues to develop, albeit at a slow pace. Italian pension funds are adapting their strategies to the volatile and uncertain market regime, by purchasing inflation-linked assets and by taking advantage of potentially higher yields on domestic government bonds. However, as our lead article highlights, they are generally staying true to their long-term diversification strategies, which consist of gradually allocating to alternatives including private equity, private debt and infrastructure. Some have bought shares in the Bank of Italy, a private equity-like investment.

Kate Hollis 1

Credit: Inflation and the bond markets

July/August 2022 (Magazine)

Risks look likely to be building in credit as central banks wreak collateral damage on economies in their bid to tame inflation

Top 500 Asset Managers 2022

Top 500 Asset Managers 2022

June 2022 (Magazine)

The emergence of persistent higher inflation, China’s zero-COVID policy, stress on global supply chains, and Russia’s Ukraine war all suggest that the asset total of this year’s IPE Top 500 Asset Managers Guide represents a high water mark.

Top 1000 2022 cover

Top 1000 Pension Funds 2022: Pension assets increase reflects 2021’s markets

September 2022 (Magazine)

The assets of the leading 1000 European pension funds increased by well over €600bn in our latest survey – a large portion of which can be attributed to strong investment returns on the back of a sustained post-COVID rebound over the course of 2021. Developed market equities returned over 30% in euro terms in 2021, compared with losses of around 4.7% in global aggregate bonds.

All Reports

  • Special report - Outlook

    Special Report: Outlook

    June 2022 (Magazine)

    It’s hardly news that inflation is high on asset owners’ minds right now. We asked eight seasoned asset allocators, CIOs and strategists the same question: how do you rate the chances of stagflation? And what to do about it?

  • Stockholm, Sweden

    Country Report - Pensions in the Nordic Region (June 2022)

    June 2022 (Magazine)

    We open our June Nordic Region report with a stark question: are asset managers living up to asset-owners expectations on ESG, in particular when it comes to climate change reporting?

  • Gideon Smith

    Quant managers: back with new weapons

    June 2022 (Magazine)

    As investors show renewed interest in value strategies, quant managers look for better uses of alternative data

  • emerging markets

    Portfolio strategy - Emerging markets (May 2022)

    May 2022 (Magazine)

    It is no secret that while investments in emerging markets promise to deliver superior returns, thanks to their exposure to faster-growing economies, actual performance has been volatile and, at times, disappointing. Over the past decade, emerging market indices have outperformed, as have fund strategies.

  • uk

    Country Report - Pensions in the UK (May 2022)

    May 2022 (Magazine)

    The 80-plus local government pension funds in England and Wales have been on course to consolidate into eight asset pools for the last six years, with a target of €1-2bn in cost savings by 2033. 

  • ESG impact trees forestry green

    Driving change as the debate on impact evolves

    May 2022 (Magazine)

    It’s hard to believe, but this is IPE’s fifth annual special report dedicated to investing for impact: our first impact investing report was in 2018. What has changed since then? In some ways not much. We still have a debate about the credibility of claiming impact in public markets, where the narrative is all about stewardship in the form of engagement and voting, and we discuss the effectiveness of engagement versus divestment.

  • Sweet shop

    Special Report - Manager Selection

    April 2022 (Magazine)

    With COVID-19 now under control, the business of selecting managers no longer has to deal with severe restrictions on travel and face-to-face interactions. However, the pandemic has taught investors and manager selection advisers some important lessons.

  • Pensions in Germany and Austria 2022

    Country Report - Pensions in Germany & Austria

    April 2022 (Magazine)

    It took just over 100 days in office before Germany’s new coalition government announced a €500bn budget to first pillar pension financing, setting in motion an agreed reform process that would create a partially funded state pension system.

  • Richard Hope - April 2022

    Credit: Investors cautious over Ukraine war

    April 2022 (Magazine)

    Despite geopolitical tensions, inflation and rising costs, private debt market remains optimistic after a record 2021

  • Netherlands country report - March 2022

    Country Report – Pensions in The Netherlands (March 2022)

    March 2022 (Magazine)

    The nominal treatment of liabilities in the Netherlands’ FTK pension regulatory framework means schemes don’t need to explicitly hedge inflation. But Dutch inflation came in at one of the highest rates in the euro-zone in January, and there has been strong criticism in the last decade about pension indexation cuts.

  • Special report - Regulation

    Special Report - Regulation

    March 2022 (Magazine)

    Europe’s flagship SFDR regime for ESG was never intended to become a fund-labelling framework. So as Susanna Rust also writes in this issue, it is a relief that the EU is now consulting on minimum requirements for Article 8 funds. In this Special Report, we look in some depth at how asset managers have embraced SFDR, taking in the broad reclassification exercise that has taken place to relabel existing funds, and the short-term risks of greenwashing. In the longer term, the hope is for much more standardisation and there are signs that this is already happening.

  • Map of Europe

    Special Report – Pan-European Personal Pensions

    February 2022 (Magazine)

    From March, the European Commission’s vision of a simple, cross-border savings product becomes a reality with the launch of the Pan-European Personal Pension Product (PEPP). EU citizens will for the first time be able to channel savings into a long-term third-pillar product that is cost effective, simple and portable across borders. 

  • Pensions in Ireland - IPE February 2022

    Country Report – Pensions in Ireland

    February 2022 (Magazine)

    Ireland’s new trustee code is bedding in following its publication last autumn. The code aligns Ireland with IORP II, with rules on governance, administration, controls, DB management and ‘fit and proper’ requirements.

  • Ritchey_Brooks_High Res

    Portfolio Strategy – Hedge Funds: Macro bets on

    February 2022 (Magazine)

    Global macro funds should do better in the current market environment – but not all will thrive and investor due diligence will be key 

  • dreamstime_m_58693780

    Portfolio Strategy – Fixed Income Report

    January 2022 (Magazine)

    As the earnings season gets under way in early January, we look at 2021’s bumper level of bank debt issuance, in particular from Bank of America, JP Morgan and Citigroup, which have all recorded big increases in deposits. Banks look set to benefit from rising rates this year, but also from their historically large capital buffers, diverse funding levels and central bank liquidity backstops and offer attractive valuations. 

  • IPE - January 2022

    Special Report - Sustainability & Reporting

    January 2022 (Magazine)

    Increasing levels of ESG investing require greater transparency across the value chain, not least from companies. Enter the International Sustainability Accounting Standards Board, which will take shape this year and which is currently recruiting 11 inaugural board members.

  • Central Library - Riga

    Country Report - Pensions in Central & Eastern Europe

    January 2022 (Magazine)

    A combination of poor policy decisions and conservative asset allocations have conspired to stifle the development of supplementary pensions in the CEE region since the widespread adoption of the World Bank’s three-pillar model in the 1990s, as IPE Editor Liam Kennedy writes in this issue

  • Compass

    Special Report - Prospects 2022 for European Institutional Investors

    December 2021 (Magazine)

    It’s all about inflation, stupid! Well, yes and no. While inflation is one of the top concerns raised by contributors to our vox-pop section on the economic outlook, growth and interest rates feature highly too. On the topic of inflation, EFG Bank’s Stefan Gerlach outlines why inventors should look at the underlying components of headline inflation numbers. We also look at the NextGenerationEU bond issuance programme, and the implications on the bond market. And energy specialist Cyril Widdershoven outlines the case for oil and gas as a transition play.

  • Stock market returns

    Asset Class Report: Equities – Focus on tech and social media

    December 2021 (Magazine)

    Oh MAAAN! FAANG stocks (Facebook, Amazon, Apple, Netflix and Google) are definitely due a rebrand now Facebook has restyled itself as Meta Platforms, Inc. While a rebrand can refresh perceptions, Facebook’s underlying business issues look more intractable, posing questions for long-term investors. We look at two topics in our equities report: how big tech companies are maturing, and how social media companies’ activities are dividing investor opinions.

  • Reykjavik, Iceland

    Country Report - Pensions in the Nordic Region

    December 2021 (Magazine)

    Our report on the Nordic region leads on Denmark’s ambitious plan to reduce greenhouse gas emissions by 70%, and with a 2030 deadline. That plan, the most stringent in the region, needs capital. And while there is no shortage of local pension fund investors willing to contribute, they say more detail is needed on the specifics.

  • ESG special report Nov 2021

    Towards Net Zero: COP26 and Beyond for Institutional Investors

    Towards Net Zero: COP26 and Beyond

    The term Net Zero is becoming entrenched in political and business life as governments, banks, insurers, asset owners and, not least, corporates sign up to demanding pledges to reduce carbon emissions in the service of limiting global temperature rises to within 1.5C. Our extensive Special Report looks at Net Zero through an institutional lens, talking to leading pension funds about their climate related commitments, but covering also areas like carbon pricing, portfolio transition, blended finance and the latest investment research