In Depth – Page 38
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Interviews
M&G Fixed Income: Shining a light in the cracks
IPE editor Liam Kennedy sits down with M&G chief executive Simon Pilcher
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Features
More than meets the eye
The usual selling point for ETFs is that they are cheap, but that has rarely held for institutional investors. Anthony Harrington finds less obvious, but arguably more compelling, advantages
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Features
Nurturing Europe’s mid-market
Taron Wade and Alexandra Dimitrijevic look into efforts to expand Germany’s Schuldschein debt private-placement market to the rest of Europe
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Interviews
Bradesco AM: Taking local global
Surprisingly, for its size, Bradesco has spent most of its first 50 years as a resolutely local firm
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FeaturesBe smart with smart beta
Stefan Dunatov emphasises the importance of consistency between strategy, investment beliefs and implementation when exploiting techniques like smart beta
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Interviews
Beyond US sub-prime
If Philip Weingord, co-founder and CEO of Seer Capital Management, isn’t ‘Mr Structured Credit’, then co-founder and CIO Richard d’Albert would be just as good a candidate.
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Features
Rating hybrids
Issuance of hybrid capital in Europe surged at the start of the year and is likely to remain elevated in the near term. Taron Wade discusses how such instruments are rated and why new issuers are getting involved
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FeaturesA high-yield lesson from history
Richard Ryan warns investors not to respond to apparently tight spreads in investment-grade bonds by simply stretching for the extra 260 basis points available from high yield
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Features
The case for the investment book of record
It is essential for investment decisions to be based on accurate and complete information, but obtaining that in the form of an investment book of record is easier for some asset managers than others, according to John Mayr
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Features
Is history quietly repeating itself?
With the system already as heavily leveraged as it was in 2007, markets are hanging on every word from Ben Bernanke. Dan James thinks this only adds to the feeling of déjà vu
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Features
If it looks like a duck
Hybrid corporate bonds are taking off as investors scramble for yield. But Martin Steward wonders if the hybdridity balance is shifting against investors
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Features
Rock ‘n’ roll yield
Music publishing rights are a proven inflation-sensitive cash-flow asset, and Martin Steward finds that fast-changing music consumption habits are generating not threats, but opportunities
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Features
Caution in the face of opportunity
Despite the growing clamour for funding, pension funds remain cautious about investing in infrastructure. Michael Wilkins analyses some of the barriers holding back potential investors
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FeaturesUnlocking alpha
New statistical techniques and the computing power to put them to work is opening a space for effective factor modelling of hedge funds, writes Robert J Frey
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Interviews
Of orange blood and quieting storms
It has been a stormy four years at ING Investment Management – but the skies are finally starting to clear.
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Features
The fallacy of CB independence
Central banks are no longer independent of politics, argues Kommer van Trigt, and investors should take that into account
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Features
Stuck in the middle
The mezzanine-debt opportunity has not gone away. But Martin Steward finds that success will probably depend on both greater focus and flexibility
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Features
Choosing the middle way
René Biner offers a 21-year data set that reveals surprising facts about historical loss rates in European mezzanine debt – and the advantages of vintage-year diversification
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Features
Once upon a time in the East
It may not quite be cowboy capitalism, but a showdown is due in China, writes Gary Greenberg
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Interviews
An emerging markets coup
After a burst of acquisitive growth during its years as the investment division of Lehman Brothers, Neuberger Berman’s time as an independent asset manager has instead been spent redefining its brand, building track records and expanding its global reach.
