All IPE articles in September 2012 (Magazine)
View all stories from this issue.
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Country Report
UK: The third way
Nearly two decades after Tony Blair espoused a ‘third way’ in UK politics, the current government is in favour of a defined ambition approach in occupational pensions that would combine elements of DB and DC. Jonathan Williams asks whether the industry wants it
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Country Report
UK: Questions remain
With auto-enrolment just a few months away, Pádraig Floyd assesses the future shape of DC pensions
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Country Report
UK: Trustee power
Matthew Claisse and Lorant Porkolab highlight important new proposals regarding the powers of pension fund trustees in corporate transactions
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Country Report
UK: Reassurance needed, not insurance
As longevity improves and fewer people are saving for pensions, Malcolm McLean argues for the industry to rebuild confidence
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Country Report
UK: Super trusts – how they work
Gail Moss takes the NAPF’s super trust idea and runs an international comparison
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Country Report
UK: Flawed model
Iain Morse reviews the market for custody services for UK pension funds
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Country Report
The Netherlands: From FTK to FBK
Jean Frijns, Guus Boender and Theo Kocken inspired a lively debate at the IPNederland conference in June. Leen Preesman and Mariska van der Westen report
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Country Report
The Netherlands: Fault lines
Leen Preesman and Mariska van der Westen read the runes of Dutch politics, which will be the crucial factor in determining the future of the country’s occupational pension system
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Special Report
OTC Swaps Regulation: PGGM: Keeping the faith
All asset managers running liability-driven mandates on behalf of pension funds fear that the European Market Infrastructure
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Special Report
OTC Swaps Regulation: The view from ESMA
Pension funds have expressed some alarm at the cost implications of EMIR. Rodrigo Buenaventura, head of markets division, offers ESMA’s perspective
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Asset Class Reports
Emerging Market Debt: Why liquidity matters
Lorenzo Naranjo offers a case study of the Chilean corporate bond market to show how difficult pricing can be in illiquid markets, and tenders a solution
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Country Report
The Netherlands: PPI to spur DC growth
The Dutch affinity with defined benefit schemes has limited the take-up of defined contribution, writes Nina Röhrbein. Could the PPI vehicle change this?
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Features
Kay seeks corporate governance ‘settlement’
John Kay’s long-awaited final report on long-term decision making within the UK’s equity market did not offer many surprises. Many of the proposals had already been hinted at in February’s interim report, such as the abolition of quarterly reporting to aid companies in more long-term thinking.
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Country Report
UK: Contributions and deficits to increase
Nick Bunch reviews the findings of LCP’s nineteenth annual report on the UK’s defined benefit landscape
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Special Report
OTC Swaps Regulation: Unintended consequences
The complexity and expense of complying with new collateralisation rules in the OTC market could encourage more risky practices, finds Anthony Harrington
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Special Report
OTC Swaps Regulation: Connecting the pipes
EMIR will introduce a huge range of new processes into both centrally-cleared and bilateral derivative trades. Iain Morse outlines the work custodians are facing
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Opinion Pieces
Long-term Matters: Hedge fund concerns
Hedge funds have, without doubt, delivered ‘loadsamoney’, especially for their staff and their richest and smartest customers over the past few decades. And there is also no doubt that short-selling can send a useful signal to the market about hidden risks.
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Country Report
UK: Bucking the trend
Jonathan Williams reviews the Strathclyde Pension Fund, a defined benefit scheme which is still open to new members as well as net cashflow positive.
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Asset Class Reports
Emerging Market Debt: Blurring the lines
Many emerging market credits look better than most in the developed world. But Joseph Mariathasan finds that progress towards approaching global sovereign debt as a single asset class has been slow
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Special Report
OTC Swaps Regulation: Betting on the house
EMIR could push huge volumes of OTC transactions into central clearing houses. But Cécile Sourbes finds that this is as big a challenge as it is an opportunity