Latest from IPE Magazine – Page 243
-
Features
Pensionsfonds: Still ironing out the kinks
The industry has welcomed a new proposal that could give German Pensionsfonds more flexibility, but some are disappointed it is not part of a broader reform.
-
Features
German Discount Rates: Biases in pension discounting
In common with many countries, falling interest rates have hit German companies and pension funds significantly by increasing their discounted liabilities.
-
FeaturesHow we run our money: Nobel Foundation
Gustav Karner, CIO of the Nobel Foundation, explains how the eponymous awards are funded
-
Special ReportBronze: Alternatives 2015 - Merchant Navy Officers' Pension Fund
Judge’s comment: “An interesting starting point, working on an improved governance structure prior to entering into a new and more complex alternatives strategy.”
-
Special ReportBronze: Equities 2015 - SEB Pension
Judge’s comment: “Rigorous approach to decomposing equity return factors based on well-established theory and sophisticated use of derivatives provides a cost-effective solution.”
-
Special ReportSilver: Passive Management 2015 - West Midlands Pension Fund
Judge’s comment: “A no-nonsense fund with solid performance, making full use of solid investment tools and best-practice methods combined with low costs.”
-
Special Report
Silver: Corporate Pension Fund 2015 - Santander UK Group Pension Scheme Common Fund
Judge’s comment: “A well-rounded submission that ticks a lot of boxes, with lots of innovation and detail. Santander focuses on developing a reputation for attracting good investment.”
-
Special ReportSilver: Public Pension Fund 2015 - The Church Commissioners
Judge’s comment: “An excellent entry highlighting excellence, innovation, diversification and commitment, while its excellent long-term record also deserves a mention.”
-
Special ReportSilver: Industry-Wide Pension Fund 2015 - Pension Protection Fund
Judge’s comment: “Continues to impress with its funding strategy and investment model. Expansion of the portfolio to include hybrids should help it maintain its risk-adjusted return objectives.”
-
Special ReportSilver: Small Pension Fund 2015 - Frjalsi Pension Fund
Judge’s comment: “Displaying innovation and forward thinking, the opportunities taken have resulted in strong returns, carefully managed risk and a happy clientele.”
-
Features
High-Yield Bonds: Uncharted waters
Is the sell-off in high-yield bonds an indicator of broader weakness, or an opportunity for contrarians to pick up yield?
-
Features
Assessing AIFMD
Kai Braun considers the Alternative Investment Fund Managers Directive (AIFMD) and finds that operating models have stabilised
-
Special ReportSilver: Sovereign Reserve Fund 2015 - FRR and NLB Penziski Fond
Judge’s comment: “These two funds may be poles apart in terms of size and remit, but both make excellent use of the respective resources at their disposal.”
-
Features
Asset Allocation: The big picture
The US Federal Reserve’s decision in September not to hike rates, along with its comments about soft inflation trends and global developments, surprised the markets with its dovishness. However, although rates fell across the curve and the dollar weakened, equities and other risk assets have not taken much solace from these easier financial conditions.
-
Features
Ahead of the Curve: ASEAN - the next emerging economy?
Andrew Graham asks whether the ambitious integration plan of the Association of Southeast Asian Nations will unlock the region’s potential, or whether the complexity of the task will overwhelm any chance of success
-
Features
Focus Group: General belief in FX hedging
Three-quarters of the investors surveyed for this month’s Focus Group hedge some of their foreign exchange (FX) risk, while just one fund hedges it all. This is a similar proportion to when investors were last polled in April 2013 (81% in 2015 compared with 78% in 2013).
-
Features
Diary of an Investor: Independent spirit
My friends at BIG Asset Management are here for one of their regular client visits. At Wasserdicht we don’t do lunches and the format is the traditional Dutch one, with rolls and buttermilk.
-
Special ReportSilver: Active Management 2015 - PenSam
Judge’s comment: “An impressive, well-considered approach and response to a changed environment that is not reliant on consultants.”
-
Special ReportGold: Long-Term Strategy 2015 - Trafalgar House Pension Trust
Judge’s comment: “A strong focus on liabilities, a dynamic investment process and impressively high returns, given its low risk budget.”
-
Special ReportGold: Outstanding Industry Contribution 2015 - Theo Kocken, Cardano
Judge’s comment: “A truly innovative approach to communication and an enrichment to the industry. One of the strongest contributors to the pensions sector with his depth, profile and innovation over the years.”
