All Alternatives articles – Page 186
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News
SEB name change could herald Swedbank merger
SWEDEN – As a prelude to a possible merger between Swedish banks, Svenska Enskilda Banken (SEB) and FöreningsSparbanken (Swedbank), the former has removed paragraph 12 from its articles of association, which stated that the bank could not change its name – a precursor to any merger deal....
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Dutch Origin fund in huge investment restructure
NETHERLANDS – The e400m Utrecht based pension fund of Dutch communications group Origin - the former IT subsidiary of electronics group Phillips - has undergone a mammoth investment restructuring, almost halving its exposure to Phillips owned asset manager Schootse Poort in favour of a range of specialist mandates....
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Robeco to launch hedge fund of funds product
NETHERLANDS – Rotterdam based Robeco Alternative Investments is to launch a hedge fund multi-manager structure in September/October this year, to meet institutional and private client demand for guaranteed products linked to hedge funds...
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Features
Have a robust policy
If derivatives are used directly by a pension fund carrying out its own management, the fund should have clear policy guidelines on their use. Similarly, to obtain permission to deal in derivatives for a client, an investment manager should clearly define their policy. This would need to cover such criteria ...
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Features
Not yet ready to go naked
On the face of it, there are few businesses that should be more enthusiastic about derivatives than the asset management industry. Corporate use of derivatives, typically to protect earnings, remains controversial: do shareholders really want to be ‘protected’ from volatile earnings drivers, or is the promise of higher risks and ...
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Features
Structures to tame hedge funds
Pension professionals are expending considerable amounts of energy on alternative investments, and particularly that category labelled ‘hedge funds’, at a time when the traditional asset mixes of equity, bonds and property are failing to deliver the required level of return and are becoming increasingly correlated. However, even if hedge funds ...
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Features
Never mind the quality, feel the width
In times gone by, in a market that has long since evolved, there was just one way to tell whether an institution was getting value for money from its forex provider. Luckily for the investor, it was a very simple measure of value, easily observed. This universal metric was, of ...
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Features
Obtaining fair value for money
All investment transactions are the result of the interplay between the investment fundamentals of risk, return and cost. Transacting derivative deals enables the risk and return characteristics of portfolios to be altered and costs to be controlled or reduced. The fact that, by definition, the value of a derivative is ...
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Features
Innovative products enliven the market
The major trend in European derivatives has been the degree of innovation in terms of the listed derivatives markets. This ranges from the initiatives into single stock futures as developed by the London International Financial Futures & Options Exchange (Liffe), which include both domestic and a range of European and ...
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Features
A useful tool, but handle with care
Pension fund trustees increasingly agree that derivatives, used correctly and with adequate controls, can provide benefits to their funds by lowering costs and allowing for the efficient implementation of investment strategies. At times, they can also boost performance and lower risk. Paul Myners, chairman of Gartmore Investment Management, suggests that ...
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Features
No need to shy away
European pension funds are not the most prolific users of derivatives. However, for some, options, futures and swaps form an integral part of the asset management process. This article provides a broad overview of the use of derivative instruments in several European markets and, more importantly, how these instruments can ...
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Features
Attitudes are changing
Pension funds are beginning to use derivatives more and more, particularly for asset allocation purposes, hedging their positions and portfolio transitions. Though the use of derivatives is now more common in the UK and the Netherlands, their use across Europe appears to be gaining acceptance. Trevor Robinson of Trevor Robinson ...
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Features
An asset class in their own right?
Given the use of derivatives it is an interesting question to consider whether derivatives should be considered as an asset class in their own right. Derivatives are all about managing risk. They give a financial exposure to the underlying asset or assets on which they are based. There is also ...
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News
PGGM leading strategist retires
NETHERLANDS – Marinus Keijzer, an adviser to the director of investments at Zeist based NLG110bn (e50bn) Dutch superfund PGGM is to take early retirement from the scheme....
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News
UK pension fund pursues private equity strategy
UK – The London Borough of Newham is looking to appoint a private equity manager to invest between £5-15m (e8-24m) in a private equity fund of funds mandate....
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Indocam buys alternative investment outfit
FRANCE/US – Indocam, the asset management arm of France’s Crédit Agricole group, has entered into an agreement to buy Alternative Investment Partners (AIP), the Franco-American alternative investment management specialist, for an undisclosed sum....
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Hedge fund adviser appoints European head
UK/EUROPE – Melissa Miller has been appointed as head of European client relations at alternative investment adviser Tremont TASS Europe….
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News
Hedge funds make five star offshore fund rating
UK – Only two offshore funds have received a five-star rating from independent investment consultant Global Fund Analysis (GFA), with many funds plummeting down the ratings as a result of the technology stock blow-out....
