- White papers
A More Commodious Curve
By fundamentally changing incentives, a normalizing yield curve makes the bond market much more friendly to investors.This time last year, we were urging investors to “Make Your Money Move.” Too much cash was sitting in portfolios, in our view. The 5%-plus interest it was earning looked set to decline, making it less attractive than equities or bonds over anything longer than a six-month time horizon.
- White papers
No Need to Stress About Less Distressed
Following the Global Financial Crisis (GFC) of 2008, the distressed credit landscape has been substantially reshaped by regulatory changes, shifts in economic cycles and the growing influence of alternative investment strategies. This article explains why the economic and market trends of the past 15 years mean outright distress has become rarer and asks, are there other areas of the credit markets where insurers can look for a similar return profile?
- White papers
Tariffs Are Here: What Does That Mean for Private Equity?
We believe investments in private equity may be less affected by a tougher U.S. tariff regime than the overall economy.
- White papers
The Golden Age of Customized AI Chips
As demand for training large-scale AI models shifts to delivering more precise inferencing capabilities, the race to build application-specific chips is heating up.
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DB surplus extraction could boost UK economy but detail will be key
The move could unlock £100bn of value over the next decade
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Majority of trustees support UK surplus extraction plans
FTSE100 companies have £50bn in surplus on low-dependency level, according to LCP
- White papers
European Insurance Regulation in 2025: Investment Implications
We expect a transformation of the insurance regulatory landscape through 2025. Solvency UK reforms and the comprehensive review of the European Union’s (EU) Solvency II regulation offer new perspectives on risk management and capital efficiency. In addition, sustainability frameworks are set to continue developing at a fast pace, requiring insurers to stay abreast of changes to reporting, fund-disclosure and transition-risk requirements. In this article, we survey some of the key developments ahead and note their investment implications.
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Currency hedging dents AP2 return, as new strategy beds in
Swedish buffer fund says internal reorganisation has already improved collaboration between departments
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Swiss pension funds make the case for gold allocation in bull market
Swiss schemes usually hold between 3-5% of total assets under management in gold
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Pension funds foresee increased risk to assets and liabilities in 2025
77% of pension fund executives surveyed by Ortec Finance say they expect coming year to bring an elevated risk profile
- White papers
Global preferred and capital securities remain attractive
Credit outlook: Remains stable, underscored by a robust U.S. economy
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BVI calls on Commission to exempt asset managers from sustainability reporting
Association is asking for clarification on how asset managers should treat assets invested on behalf of their clients, recommending sector-specific guidance
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Norway’s SWF puts Fincantieri under scrutiny over working conditions
NBIM takes Polish energy firm Orlen off observation list after press freedom concerns allayed
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Viewpoint: The new market reality requires a total portfolio approach
In this new era of lower returns with higher risk, investors must rethink how they balance risk, liquidity and returns with greater discernment and due diligence
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IPE UK Briefing: UK consultations to unlock £80bn from LGPS and DC funds
Plus: DB surplus extraction, a new pensions minister, and NEST takes 10% stake in Australia’s IFM
- White papers
Scenarios, risks and macroeconomic forecasts
Main and alternative scenarios, and Macroeconomic forecasts as of 24 January
- White papers
Cross Asset Investment Strategy - February 2025
Topic of the Month - What Trump 2.0 means for the economy and markets
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NBIM says ESG backlash less apparent at companies than in investor rhetoric
Norwegian SWF reports on its responsible investment activity in 2024
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Private market investments deliver ‘little’ additional value at current fee levels
The People’s Pension suggests ways to reduce fees by more than 60%
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ATP’s geared portfolio sheds year’s gains in Q4 after US rates surge
Danish pensions giant defends risk-parity approach, says 2024 will not change that