Latest from IPE Magazine – Page 35
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Opinion PiecesAustralia: Super funds shift to fixed income
With fear of recession in Australia and globally, superannuation funds have gone into defensive mode. Cash and liquidity are two key considerations for CIOs, and some are waiting to take advantage of attractive market opportunities.
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Country ReportCountry Report – Pensions in Germany (March 2023)
Angela Merkel’s governments largely dodged the political hot potato of first-pillar pension reform, which means the current overhaul to the state system is overdue. But it barely gets to grips with the issues. For one, it does not deal with entitlements or increase the retirement age; second it introduces a funded component that will probably only take effect in the 2030s, when the post-war demographic peak is passing.
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Special ReportSpecial Report – Natural capital
Incorporating nature risk into financial analysis remains the - for now elusive - goal for investors, but this is hard given the lack of consensus on what information should be collected and how it should be presented. Such questions are the domain of the Taskforce for Nature-related Financial Disclosures (TNFD), the group founded in 2021. As well as striving for transparency and consistency in data disclosure, asset owners are also keen to deter inflated and exaggerated claims by asset managers on biodiversity impacts.
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Asset Class ReportsPortfolio strategy – Private debt
The rise in interest rates and inflation throughout 2022 brought traditional fixed-income assets back into focus for investors. The threat of a recession, the pressure on investors to maintain liquidity in portfolios and the ‘denominator effect’, which sees investors over-allocated to unlisted assets after a torrid 2022 for listed equities and bonds, are all facts that would suggest that private debt markets will suffer. However, investors are still backing experienced private debt managers and allocations to the asset class are forecast to grow further in the medium term.
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Country ReportGermany: First pillar pension reforms in need of political and financial capital
Berlin’s new ‘Generationenkapital’ concept is intended to revamp the ailing first pillar but political consensus is lacking and more capital will be necessary to endow the planned state fund
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Special ReportNatural capital: Industry turns its gaze on biodiversity
Taskforce on Nature-related Financial Disclosures sets out to create a framework to help financial institutions and companies report their dependencies and impacts on nature
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Asset Class ReportsPrivate debt: Managers take back control
Steady demand for private credit puts lenders in a strong position to negotiate beneficial terms, but discipline in lending remains crucial
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Country ReportGermany: Aba's perspective on pension reforms
Klaus Stiefermann, managing director of the German occupational pension association Aba, tells Luigi Serenelli about the main proposals to change the pension system
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Special ReportNatural capital: Investors press for impact
The focus is starting to shift from pure risk reporting to ensure that investments have a positive effect on declining biodiversity
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Asset Class Reports
Private debt: European markets try to power ahead
Private debt in Europe is still feeling the impact of the war in Ukraine and the surge in inflation, but there are reasons for optimism
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Country ReportGermany: Viewpoints on corporate pension proposals
IPE asked leading practitioners for a progress report on company pensions
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Asset Class ReportsPrivate debt: Sustainable lending set for comeback
Issuance of sustainability-linked paper took a hit in 2022, but managers are now introducing ESG KPIs to incentivise borrowers
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Special ReportNatural capital: Asset owners start to engage
Two new global initiatives are under way to help investors focus on issues such as deforestation, while some managers have been on track for a while
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Country ReportGermany: Financing the Energiewende
German professional pension funds like ÄVWL and BVK are keen to support the energy transition process
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Special ReportNatural capital: KLP hopes for a nature-positive economy
The asset manager’s head of responsible investments speaks to Sophie Robinson-Tillett about her optimism that the COP15 agreement will lead to regulatory change
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Asset Class ReportsPrivate debt: Leases make plane sense after COVID
With plenty of pent-up demand for air travel, aeroplane operating leases may be an attractive investment option
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Country ReportGermany: Clash of views on private pension reform
Discussions on third-pillar reforms have begun but views differ, particularly about setting up a public fund
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Special ReportNatural capital: New nature fund aims to halt loss of flora and fauna
Global Biodiversity Framework fund is targeting $200bn per year by 2030, but there is uncertainty about private sector participation
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Special Report
Natural capital: First nature benchmark shows the time to act is now
Investors can contribute to a nature-positive world now by understanding their portfolio company impacts on nature and prioritising action
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Opinion PiecesMight Ukraine’s distressed assets one day look attractive to pension funds?
Russia’s invasion of Ukraine in February 2022 has tested Europe’s political and economic resolve. But where Vladimir Putin attempted to sow discord, he instead has failed to divide the West.
