Latest from IPE Magazine – Page 256
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Features
Special Report – Outlook 2015: Monetary politics
Central bank independence is both a recent and a far from universal orthodoxy, notes William White. But the financial crisis has left the world with less of it and the likely further erosion could have significant long-term consequences.
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Features
Special Report – Outlook 2015: Taxing times for investors
A crackdown on multinational tax avoidance could have significant impact on corporate strategy and portfolio investment theses, writes Anthony Harrington
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Features
Focus Group: Don't run with elephants
Half of the investors polled for this month’s Focus Group allocate to hedge funds. One additional fund manages hedge fund strategies in-house.
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Features
Diary of an Investor Praise indeed
My wife Jeanette is from France and it has been a great pleasure over the years to discover that country through her eyes and to get to know her family. This year, at the start of the autumn holidays, we drive down to Lyon with the children to stay with Jeanette’s sister Marie and her husband Jean-Baptiste.
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Opinion Pieces
Letter from the US: End to pensions taboo
Pension reform is no longer a taboo subject for voters: this is one of the outcomes of the 4 November mid-term elections.
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Book Review
Book Review: Exploding the fairy tale
Essays in Positive Investment Management, Pascal Blanqué,
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Interviews
On The Record: Veritas Pension Insurance Company, Finland, Niina Bergring CIO
The growth divergence between the US and Europe, and the different behaviours of the respective central banks, will simply mean two things: that the euro will be even weaker than it is, and that interest rates will be rigged for even longer in Europe than in the US.
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FeaturesInterview, John Corrigan, CEO, NTMA: Europe’s comeback kid
John Corrigan must have known he was not taking on the world’s easiest job when he became CEO of Ireland’s National Treasury Management Agency (NTMA) in November 2009. The National Asset Management Agency (NAMA) ‘bad bank’ had been set up to recapitalise the country’s ruined financial institutions, and plans were afoot to carve out a chunk of the National Pension Reserve Fund (NPRF) for the same purpose.
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Features
Briefing, Investment: Breakevens breakout
Some key indicators of markets’ inflation expectations have broken sharply downwards during 2014. Caroline Saunders asks, should we – and central bankers – be worried?
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Features
Global rating of pension systems, interview with David Knox, Melbourne Mercer Global Pensions index
Now in its sixth year, the Melbourne Mercer Global Pension index has become a yardstick for the world’s industry to assess the successes and failures of pensions policy.
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Features
A-shares on the rise
There are signs that European institutional investors find Chinese equities interesting. Finland’s Ilmarinen now separates China equity holdings (A and H-shares), in its reports, and Denmark’s AP Pension has boosted its China equity exposure to 5%, although it has excluded domestic property and banks.
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Country Report
Pensions In Nordic Region: Time for action on carbon
Investors like AP4, AP2 and the Church of Sweden are ahead of the game in portfolio decarbonisation, writes Caroline Liinanki
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Special Report
Active Management: Alpha? Bravo!
One of the interviewees who contributed to this month’s special report recalls meeting someone with an unusual business card. Instead of a run-of-the-mill job title – ‘Managing Director’, say – this person styled himself ‘Alpha Generator’.
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Asset Class Reports
Investing In Global Equities: Multiple problems
Does the vast amount of central bank liquidity in the system help to make sense of current equity valuations, and should investors therefore be worried about the ‘punch bowl’ being taken away? Joseph Mariathasan tries to evaluate today’s valuations
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Features
Asset Allocation: The big picture
There is an uncomfortable sense that many market outlooks and forecasts are too sanguine about future risks and the course of US interest rates. Some asset classes are already being severely buffeted.
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Special Report
Special Report – Emerging markets: Buying opportunity, or structural setback?
Over the past six years, few investment themes have invited such gyrations in sentiment, or generated so much contention, as the emerging markets. After an initial sell-off during the worst of the 2007-08 financial crisis, they clearly outperformed through 2009-11.
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Special Report
Active Management: Feast and famine
The ability to generate alpha might be a skill, but the amount of alpha available from the market is not a constant. Martin Steward asks how we might measure the alpha opportunity and whether investors should vary the risk budget they allocate to active management as a result
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Asset Class Reports
Investing In Global Equities: Global rotation
Martin Steward finds pure value and pure growth strategies starting to take the lead as the quality theme begins to run out of steam
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Features
Ahead of the Curve: Contagion spreads
Achilles Risvas assesses the potentially devastating knock-on effects of a fall in bond prices and a flight from credit
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Special Report
Special Report – Emerging markets: Emerging markets in transition
The rise of the emerging world, and especially China, has transformed the global economy over the past generation, while the past decade has transformed investors’ attitudes to its markets. Daniel Ben-Ami assesses where we are in an ongoing transition
