All articles by Carlo Svaluto Moreolo – Page 3
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Opinion PiecesAgreement on Stability and Growth Pact spells Austerity reload
The reform of the Stability and Growth Pact (SGP) proposed by the European Commission (EC) in March 2023 had been criticised from all sides, but just before Christmas, European finance ministers agreed on new terms. The SGP had been suspended in response to the COVID-19 crisis but comes back into force in 2024.
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Opinion PiecesInvestors should focus on debt sustainability
The good news for institutional investors as 2024 approaches is that central banks seem to have accomplished something remarkable. Inflation is falling in the US and Europe after rising to levels not seen for decades, thanks to what have been among the fastest and sharpest rate hikes. Economic growth has held up, at least in the US. Many economists expect a soft landing there, and a mild recession in Europe.
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Asset Class ReportsEquities: Making sense of stock market concentration
The level of concentration within global equity markets is at record levels. This has significant implications for portfolio construction
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Country Report
Icelandic pension funds show readiness to face challenges
The proposed liquidation of Iceland’s Housing Finance Fund is the latest of a string of challenges for Icelandic pension funds
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InterviewsBenefits of travelling together in pensions: Wyn Francis’s journey from BT to Brightwell
Wyn Francis, CIO of Brightwell, talks to Carlo Svaluto Moreolo about the new phase of development for the organisation
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FeaturesRegulators set sight on private market fund valuations
The current waves of rising inflation and interest rates, economic uncertainty and market volatility may eventually be remembered as just a temporary setback for managers of unlisted assets. But the regulatory initiatives announced in recent months, following pressure from investors and the public, could bring about deeper changes to the buoyant private markets industry.
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Opinion PiecesRegulation of private markets is essential
The private markets industry is feeling the pinch. Private equity managers, in particular, are having a hard time raising capital and exiting investments. There are also questions about returns from recent vintages, as businesses struggle with inflation and a choppier trading environment. Meanwhile, private credit managers are pushing back loan repayments to safeguard returns as higher interest rates reduce borrowers’ ability to fulfil their obligations.
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InterviewsPrivate equity managers are keeping pension funds happy – in most cases
The private equity industry faces significant pressures. IPE asked Nordic pension funds about their experience with this growing asset class.
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InterviewsIceland’s LV: Coping with disruption
Arne Vagn Olsen, CIO of Lífeyrissjóður verzlunarmanna (LV), Iceland’s Pension Fund of Commerce, talks to Carlo Svaluto Moreolo about strategy and the prospects for financial markets
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InterviewsStan Moss, Polen Capital CEO: High conviction is the lifeblood of investing
The shift in macroeconomic conditions throughout 2022 must have been a relief for active managers from one perspective at least. For over a decade of low interest rates and low volatility they have had fewer chances to showcase their skills.
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InterviewsTech and pensions are becoming inseparable
Pension funds are busy building state-of-the-art data management systems, which are an essential tool in delivering their objectives
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Special ReportWho will be the asset management tech and data arms race winners?
Investment in technology and data is having a positive impact on asset managers’ revenue and market share, according to Casey Quirk
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Opinion PiecesPension funds can drive the AI revolution
Time and again we are reminded that the sole focus of pension funds should be on paying pensions. However, as stewards of capital, and because of their irreplaceable social function, they can aspire to be something greater than that. One outcome of pension funds’ decisions that is well within reach is positive technological innovation, including within the field of artificial intelligence (AI).
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Special ReportItaly: Government eyes pension reform despite lack of resources
Giorgia Meloni’s right-wing government wants to lower retirement age and secure retirement income for young workers, but it faces an uphill battle against inflation
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InterviewsPaul Lorentz, Manulife Asset & Wealth Management: Canada to Europe, via Asia
Values are changing rapidly in the world of asset management. Leaders come and go, but perhaps less so than in the past, and loyalty to a company is increasingly appreciated by clients, as a sign of commitment and stability.
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InterviewsUSS: British universities adopt modern pension investment governance
Mirko Cardinale, head of investment strategy and advice at USS Investment Management, speaks to Carlo Svaluto Moreolo about the recent changes in the scheme’s governance framework
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FeaturesHow the AT1 bond market shrugged off the Credit Suisse debacle
On a late Monday evening in August, the Italian right-wing government unexpectedly announced a new 40% tax on banks’ ‘windfall’ profits derived by the higher lending rates. Shares in Italian banks tumbled, banking executives cried foul, and analysts poured scorn over the measure. The government, which was hoping to raise up to €3bn to help families and small businesses, backtracked shortly after, scaling back the tax.
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Country ReportItaly: Pension investors raise their sustainability game
Pension funds and other institutions are making greater use of engagement and voting as they pursue their ESG goals
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Country ReportItaly: Byblos consolidates private markets portfolio
The industry-wide fund has opted for a single external multi-asset mandate for private equity, private debt and infrastructure
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Opinion PiecesLessons learned from Berlusconi’s pension reforms
To some, the death of Silvio Berlusconi on 12 June this year, is the end of an era for Italian politics. Berlusconi was the longest-serving prime minister in the history of the republic and a highly controversial figure, at home and abroad. He can be described as the first modern European populist leader.
