Investment Strategies – Page 28
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Interviews
Facing forward, facing outward
Janus was the Roman god of doorways, and by extension of beginnings and endings. Double-faced, he looked both forward and backward, which is why he lent his name to the month of January. Janus Capital Group also takes its name from this god, but rather than facing forward and backward, ...
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Special ReportGerrmany: Walk the talk
Murat Ünal argues that genuine corporate social responsibility should go hand in hand with socially responsible investment. Despite the prevalence of CSR policies in Germany, Austria and Switzerland, by contrast, only 10% of institutional investors actively invest along SRI criteria
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Special ReportGermany: Kandlbinder 2010
Till Entzian charts the consolidation trend in his annual review of the German Spezialfonds marketplace, during and after 2009’s year of asset recovery
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Features
Barbarians at the gate
Gold may be a good hedge against an investment portfolio’s fiat currency exposures. But, Martin Steward asks, does it matter that some investors may be holding it for very different reasons?
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Features
Spanish custody is set for change
Iain Morse reports on the expected effects of Target2 Securities
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Asset Class ReportsEmerging Market Debt: Localising, globalising
Joseph Mariathasan finds that fast developing emerging debt markets present opportunities for risk-taking and challenges for benchmarking and performance measurement
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Asset Class Reports
Emerging Market Debt: Local currency bonds
Emerging market debt (EMD) originated as a hard currency debt market but today it is the local currency issuance that dominates the sovereign debt marketplace, while hard currency issuance in 2007-08 was 70% corporate.
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Asset Class Reports
Emerging Market Debt: What role do indices play?
The key sub-components of the emerging market debt (EMD) are the original hard currency sovereign debt, followed now by local currency sovereign debt and, increasingly, hard currency corporate debt. At some stage local currency corporate debt may also come to have significant size. There are two questions that need to ...
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FeaturesNatural Catastrophe Risk - Cats land on their feet
Catastrophe risk delivered positive returns in 2008 amid rising downside correlation but was not immune from credit exposure, finds Martin Steward
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Asset Class Reports
Emerging market debt: Emerging market debt goes local
Building out term structures, liquidity and diversity in emerging market debt will improve the efficiency of both emerging economies and investors portfolios, write Peter Botoucharov and Edouard Stirling
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Special Report
Securities Services: Managed accounts: an efficient way to build hedge fund portfolios?
There has been a buzz around managed accounts for some time – but the problems with liquidity mismatches and outright fraud that bubbled up in 2008, and investors like CalPERS setting out plans to use them wherever they can, seem to have made the case even more airtight.
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Special Report
Securities Services: Regulatory arbitrage: herd mentality
Systemic wrisk has to be limited say industry bodies, inter-dealers, consultants, lawyers and those on the operational side of the OTC market. But they also say that, following the financial crisis, there have been changes in markets that are heading in the exact direction that the regulators would want. They ...
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Special ReportSecurities Services: Clearing for take-off
Central clearing of OTC derivatives is supposed to increase transparency and reduce systemic risk. But Richard Hemming finds that pension funds might be among those counting the costs
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Special Report
Securities Services: One-frastructure
Working with ATP, Citi has developed a single data management platform that can facilitate risk management across the life cycle of the investment process, says Nick Roe
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Special Report
Securities Services: Liabilities into assets
As large, maturing pension schemes turn to liability-driven investing, Benjie Fraser talks to Martin Steward about the opportunities available to custodians that can draw on broader institutional capacity and expertise
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Special Report
Securities Services: Testing times ahead
With consolidation and growth expected in the European custody markets in the coming years, Luxembourg could be one of the biggest beneficiaries, says Iain Morse
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Special Report
Securities Services: A matter of choice
Andrew Baker says the Alternative Investment Fund Managers Directive could restrict choice and impose some unreasonable burdens on depositaries
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Special Report
Securities Services: Risk and return
The credit crisis has focused the minds of lenders on getting their risk-reward parameters right, as Susan Pike explains
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Special ReportBP, investors’ blind spot
Has the need for dividends compromised the green credentials of pension funds when it comes to oil companies such as BP? Nina Röhrbein reports
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Asset Class Reports
Emerging Market Debt: Portfolio focus: Fringe benefits
As an asset class, emerging market debt (EMD) is generating a real buzz among asset managers and investors. It may take some time, but pension fund allocations are expected to rise, given the mismatch between current allocations to the emerging markets and their increasing economic importance. Insight Investment head of EMD, Colm McDonagh, says: “Less than 1% of global pension fund assets are in emerging markets; it should be significantly higher. Within 10 years, emerging market countries will have 50% of global GDP.”
