All IPE articles in September 2014 (Magazine) – Page 2
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Special Report
Special Report - Securities Services: In time, every time
Ido de Geus outlines what pension funds and their service providers need to do to ensure they are ready for the collateral-hungry regulatory environment that awaits them in a few months’ time
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Special Report
Special Report - Securities Services: Margin of error
It’s tough making an honest euro in custody banking. Users of these services might be forgiven for thinking that wherever banks can bury sharp practices in obscure parts of their businesses, they will – and the findings of the UK finance regulator’s recent investigation into transition management won’t put their minds at rest.
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Country Report
Dutiful fiduciaries
Paul Lee outlines the perspective of the NAPF on the Law Commission review and its implications for pension funds
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Features
Minimum variance, maximum duration
The prevalence of highly-indebted companies and sectors in minimum-variance portfolios could expose investors to interest rate risk, warns Mehdi Guissi
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Opinion Pieces
Learning disabilities
Who would invest in a sector that has lagged the Stoxx 600 by 1.1% in overall growth and by 0.3% in EPS growth for the last 19 years on an annual basis?
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Features
Not the destination but the path
Vassilios Papathanakos and David Schofield explain why it’s easier to estimate volatility than forecast returns, and why it matters for superior returns and better risk management
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Asset Class Reports
Emerging Market Debt: Grade deflation
Take out the 2008-09 crisis, and the past 18 months have seen emerging market credit rating downgrades outnumber upgrades for the first time in over a decade. Joseph Mariathasan asks if the loss of momentum in ratings convergence is a sign of weakening fundamentals or a return to old prejudices
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Asset Class Reports
Emerging Market Debt: Default judgement
The US Supreme Court judgement that led to Argentina’s eighth debt default is an alarming precedent for both emerging and developed sovereigns, argues Rani Mina
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Country Report
A nationwide debate
Leen Preesman sets the stage for the consultative debate on the pensions system that will take place throughout the Netherlands this autumn
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Features
Time for a debate
This autumn our government is orchestrating what it calls a ‘national debate’ on the future of our Dutch pension system. We at Wasserdicht Nederland have always taken a prudent approach to our pension schemes and we have remained well funded. Unlike many other Dutch funds, we have not had to implement benefits cuts – something I hope our members appreciate.
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Special Report
Special Report - Securities Services: The custodian cornerstone
As the UK continues its discussion of ‘Dutch-style’ collective DC schemes, Carl Giannotta examines changes in the securities services landscape in the Netherlands and how custodians can support such collective schemes across both sides of the North Sea
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Features
Collective lessons from professionals
Experience shows that the benefits of intergenerational solidarity and collective pension risk sharing are often not appreciated, particularly by those who feel they are shouldering a greater share of the burden than they ought.
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Special Report
Special Report - Securities Services: Collateral transformations
Is the securities services industry betting on a new set of complex solutions to a collateral management problem that might never materialise? Brian Bollen investigates
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Asset Class Reports
Emerging Market Debt: Carry through the crises
Navigating the switch from fundamentals-driven volatility to carry-driven calm in 2013-14 has been a challenge for emerging market debt managers, Martin Steward writes. The eruption of political crises simply adds to the complexity
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Country Report
Does DC stand for Duty of Care?
Sally Ling looks at two areas that came under the scrutiny of the Law Commission in its review of the fiduciary duties of UK investment intermediaries – defined contribution (DC) providers and investment consultants
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Country Report
An emotional business
Tim Jones, CEO of NEST, tells Carlo Svaluto Moreolo how the master trust is dealing with its customer base in its attempt to raise awareness of pensions and its model to reduce transaction
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Features
Burying IFRS Stateside
For more than a decade, international accountants have dreamed of a single set of global accounting standards. But the failure of standard setters on both sides of the Atlantic to agree on a common treatment for bad-debt provisioning by banks leaves the world facing a multi-GAAP environment for at least a generation, writes Stephen Bouvier
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Country Report
A buoyant de-risking market
Charlie Finch reviews market practice in buy-ins, buyouts, longevity swaps and LDI
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Features
I’ll have my bond; I will not hear thee speak
The court scene from The Merchant of Venice dramatises the balance between justice and equity. Argentina’s conflict with its ‘holdout’ creditors, which led to default on its New York-law bonds, suggests that it ought to be required reading for sovereign debt investors.
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Features
The changing bond climate
Green bonds, until very recently a niche product, are gaining in prominence as the market grows above $500bn (€369bn).
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