Latest from IPE Magazine – Page 265
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Special Report
Special Report ESG: Carbon Risk, Two tactics are better than one
As investors come under increasing pressure on fossil fuels, Gordon Noble and Matthew Kiernan urge them to remember that divestment without engagement is as futile as engagement without the threat of divestment
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Features
Briefing: Pension Funds and ETFs, Still in the future
Exchange traded product providers claim improving costs make them better than derivatives or traditional passive solutions for both tactical and strategic investment. Brian Bollen finds Europe’s pension funds yet to be fully convinced
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Features
Briefing: Energy Investments, Oil plunge shakes up shale
Seven months of plunging crude prices has devastated cash flow projections of the US’s nascent shale oil production industry. But David Turner finds investors looking for bargains, especially among less-exposed infrastructure providers
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Features
High Yield Bonds Commentary: Happy to be bullish contrarians
Louis Cohen believes fundamentals remain firmly in place for spread compression in high-yield and explains why his team is unconcerned about being contrarians in this market
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Interviews
Strategically speaking: Thriving on independence
“Our life at AXA was very good,” concedes Ardian’s Vincent Gombault, one year since the private equity firm completed its management buyout of a 52% stake from the insurance giant.
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Features
Asset Allocation Fixed Income, Rates, Currencies: The big picture
Markets seem worried there is too much consensus around, and are nervously looking for hidden dangers. The bond market has sensibly priced in rate rises from the US Federal Reserve later this year but financial markets are generally still relying on plenty of loose money from elsewhere – namely, the European Central Bank (ECB) and Bank of Japan.
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Features
UK pension funds face inflation risk
Given current forecasts, Andrew Brigden argues that the UK faces a huge shortage of inflation-linked bonds
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Features
Focus Group:Up in smoke?
Thirteen of the funds polled for this month’s Focus Group have formally discussed portfolio carbon or fossil fuel exposure, and 10 of those are signatories to at least one pledge or set of principles covering fossil fuel, carbon emissions or other environmental issues.
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Features
Diary of an Investor: When bigger isn’t better
These days, we at Wasserdicht Pension Funds are something of a rarity as the asset management bureau of a standalone company pension fund. Many of our brethren in the Netherlands have merged with a larger industry scheme or outsourced their investments to a fiduciary manager.
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Interviews
Philippe Desfossés, CEO, ERAFP, France, On The Record
How do you deal with underperformance?
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Interviews
Alfredo Granata, CIO, INARCASSA, Italy, How do you deal with underperformance?
How do you deal with underperformance?
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Opinion Pieces
Guest viewpoint: Bernhard Wiesner - Bosch Group
Does the new IORP II Directive reflect the needs of sponsoring companies and their IORPs in Europe?
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Opinion Pieces
Letter from Brussels: Pensions in their sights
EU big shots working on how to release capital flows from funds into SMEs under the new Capital Market Union (CMU) programme should look at an existing scheme with similar aims.
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Opinion Pieces
Letter from the US: A model for future cuts?
The pension industry is concerned with the consequences of a bipartisan amendment to the $1.1trn (€924 bn) ominbus spending bill that Congress approved in December. This cuts benefits for multi-employer plan members and experts are now debating whether it is a model for further cuts across the industry.
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Special Report
Special Report ESG: Carbon Risk, Accounting for carbon
To avoid putting garbage into the atmosphere, companies need to stop putting garbage into their accounts and investors need to stop putting garbage into their risk models. Elisabeth Jeffries finds a complex web of carbon disclosure protocols making that a big challenge
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Special Report
Special Report ESG: Carbon Risk, Borderless potential
Energy security concerns have pushed international power connectivity up the European agenda. Jonathan Williams finds early pension fund investors attracted by stable cash flows in the low-yield environment
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Special Report
Special Report ESG: Carbon Risk, Yielding results
Green, or climate bonds, are gradually becoming a mainstay in the market. Jonathan Williams assesses who is active in the market, whether it remains dominated by government-backed bonds – and who is assessing the impact of capital raised in this way
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Special Report
Special Report ESG: Carbon Risk, How green are your govvies?
On the face of it, sovereigns and their debt should be very sensitive to carbon and climate-change risks. Mike Scott finds that uncertainty around data and the lack of a price for carbon is holding back the discounting of those risks
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Country Report
Pensions In Central & Eastern Europe: A fresh start for pensions
Polish pension funds have been taking stock of a drastically changed landscape following last year’s large-scale asset transfer to the state system. Krystyna Krzyzak asseses how they have managed the process
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Special ReportSpecial Report, The M&A Cycle: When CEOs go shopping
The charts on this page, which you will find illustrating articles elsewhere in the January 2015 issue of IPE, tell of the M&A cycle that we explore in this month’s special report.
