All IPE articles in September 2009 (Magazine)
View all stories from this issue.
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Country Report
PADA’s 2012 challenge
Nyree Stewart investigates how the Personal Accounts Delivery Authority is faring in its task of delivering a national low cost DC scheme within three years
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Country Report
Accounting for deficits
As UK pension funds continue to battle with worrying deficit levels, there is likely to be more bad news before things get better, finds Richard Lowe
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Opinion Pieces
A golden age
“Dealing with the impact of an ageing population in the EU,” a communication from the European Commission, kicks off with the joyful view that: “For the first time in history, the vast majority of Europe’s citizens are able to lead active, healthy and participative lives well into old age.”
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Special Report
Liquidity fears dampen alternative ETF allure
While interest grows in new esoteric ETF products, institutional investors are unimpressed with the lack of liquidity in some areas, writes Maha Khan Phillips
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Asset Class Reports
Alpha from uncertainty
The market crash and subsequent super rally has investors in disagreement over the prospects for US equities. This suggests that active management will now make a difference, writes Joseph Mariathasan
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Special Report
An alternative to Spezialfonds
Liam Kennedy spoke with Universal Investment about an alternative to the Spezialfonds that could also assist Germany’s first steps towards attracting international pension pooling business
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Features
Diary of an Investor: Art of designer dealing
The team is back from holiday and we look at the equity markets rise. Yet how many months ago were people talking about bath-shaped and U-shaped recoveries?
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Special Report
Case for bespoke asset management
Spezialfonds remain a preferred method of investment for institutional investors. But Till Entzian finds that the investment vehicle could be under threat from AIFM guidelines
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Country Report
Buyouts take a backseat
Buy-in deals are taking over from buyouts as the current economic climate stifles access to sufficient capital, finds Gill Wadsworth
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Country Report
Basic principles
Richard Lowe assesses the UK’s Investment Governance Group and its ongoing work
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Country ReportBeset by complications
With DB in retreat and a conspicuous lack of public debate on the future of supplementary retirement provision, where now for UK pensions? Gill Wadsworth assesses progress, including the profound changes in the Pension Act 2008
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Interviews
Bigger in Japan
On 30 July Sumitomo Trust and Banking Company, the second biggest money manager in Japan, with assets under management at ¥26trn (€192.3bn), bought Nikko Asset Management, Japan’s seventh largest, with just over ¥9trn. It was second only to BlackRock-BGI in terms of this year’s biggest asset management M&A deals and will create Japan’s new number one, and yet media coverage in Europe was curiously muted.
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Features
Mending the buck
Martin Steward asks how investors might analyse money market funds after last year’s shock to the system
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Special Report
A climate of change driving SAA
A new research project by Mercer will look at the opportunities and risks inherent in climate change by region and asset class. Nina Röhrbein reports
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Special Report
Custodians seen in a changed light
Sponsors are increasingly seeking the help of custodians as they feel the pressure, along with trustees, to manage risk and achieve service quality, writes Iain Morse
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Features
Collateral quality is key
Many pension funds stopped their securities lending programmes last year, particularly after the collapse of Lehman Brothers. One year on, has this changed? This month’s Off The Record survey looked at how pension funds approach securities lending.
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Special Report
Custody in a post-Lehman world
While safe-keeping is now in the spotlight, it is in investment managers’ search for a business model to withstand a bull or bear market that a custodian can addtrue value, says Andrew Gelb
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Opinion Pieces
Target date woe
Target date funds (TDF) are still the fastest growing investment option in US 401(k) plans. They have survived the recent hearings held jointly by the Securities Exchange Commission (SEC) and the Department of Labor (DOL), and the industry’s fear that they were going to be constricted by new heavy rules has waned. But investment companies and plan sponsors must better explain TDF risks to workers if they want to grow further.
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Country Report
A DC smörgåsbord
Simon Pearse recommends that UK pension trustees should use the Personal Accounts model as a benchmark for their own DC schemes
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Features
Doing mortality to death
To invest time following the progress of International Accounting Standards Board’s (IASB) pensions project is generally to waste part of an otherwise productive existence.
