Asset Allocation – Page 165
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Features
Commission clawback
With cost cutting a priority for most pension funds, providers of commission recapture programmes should have no trouble persuading funds to sign up. After all, commission recapture gives investors a systematic way of recouping some of the brokerage commission they pay. But not all pension clients make use of it, ...
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Chasing new rainbows?
In the last two years, investment banks have truly woken up to the fact that there is a vacuum in the investment product range offered to pension funds. Many houses have set up dedicated pensions groups, and all of them are vying for new business. Some are finding it harder ...
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Still waiting for changes
The source of the major challenge for Portuguese pension funds is clear: it’s the state. But not in the way seen elsewhere in Europe, where governments place investment and other restrictions on pension funds. Rather it’s its all-encompassing presence in the pensions arena and the resulting universally held belief this ...
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More challenges to come
If they haven’t already, many pension fund investment managers will shortly be considering how to position their funds to meet the challenges of the new year and it certainly looks as though the new year will produce just as many challenges as this year has. It does not look like ...
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Portfolio managed to meet global challenges
An important component in creating long-term competitive returns for life insurance savers is to set up an efficient portfolio construction process. In particular, effective portfolio management can best equip a fund to meet global challenges such as the EU occupational pensions directive and the new traffic light model being used ...
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Embracing the challenge of a changing pensions system
It will come as no real surprise to see Barclays walk away again with IPE’s Country Award for the United Kingdom. Last year, it won for its innovative ‘afterwork’ concept, a hybrid defined benefit and defined contribution scheme. This year, its success is thanks to its excellent stakeholder engagement policy. ...
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The poisoned chalice?
Germany’s got a new minister responsible for pensions – which is interesting for two reasons. First is the scale of the problem, then there is the minister himself. Out of the turmoil of the election and the horse-trading behind the grand coalition, the SPD’s Franz Muentefering has emerged in the ...
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Confidence and diversity builds portfolio that protects
Given its innovative and efficient approach to building its portfolios, it’s no wonder Inarcassa continues to be one of Italy’s leading pension funds and has won the IPE Award 2005 for portfolio construction. The objective behind the €3bn self-employed engineers’ and architects’ fund is generating maximum returns with minimum risk, ...
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Limits set by risk budget help to boost funding rating
Over the past year, Danish pension fund ATP has amended its approach to liability-driven investments, splitting the investment portfolio into separate alpha, beta, and liability hedge portfolios. This approach has won it the themed award for risk management. Risk management has been a cornerstone in the fund’s investment management for ...
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Focus on liabilities that safeguards future benefits
To win an individual country or themed IPE Award for pension fund excellence sets you up as something of a benchmark. To walk away with overall Best European Pension Fund Award 2005, however, means you are defining your industry. There can be no doubt Denmark’s ATP fund won this highly ...
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Basque fund develops venturesome role
Geroa EPSV is a defined contribution pension fund which was set up to complement the Spanish state pension scheme. It covers employees in Gipuzkoa, one of the three provinces making up the Basque Country region. The fund has 100,000 contributing members and is currently worth about €500m. Geroa was started ...
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Balancing risk and return to protect value of benefits
In recent years, liability-side issues have had a very substantial influence on Danish pension fund ATP’s investments. During the past year, therefore, ATP has radically changed its approach to liability-driven investments. Its work in splitting the investment portfolio into separate alpha, beta and liability hedge portfolios has helped ATP carry ...
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Don't look back
The Finnish pension system is still over-regulated and not structured in way that meets the long-term interests of pension funds. Lobbying has had some impact but as yet this is insufficient . It appears that the market has yet to convince its regulator that the idea that taking a forward-looking ...
