Latest from IPE Magazine – Page 50
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Opinion PiecesLet’s not get carried away about ESG ratings
Elon Musk’s reaction to Tesla dropping out of the S&P ESG 500 index and the publication of a high-profile paper on the ‘Aggregate Confusion’ of ESG ratings have helped trigger a renewed discussion about ESG ratings. At a time when the European Commission and UK rule-makers weigh potential regulatory action, it is important to be clear about what the problem is that needs to be solved and for whom.
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Opinion PiecesAustralia: Superannuation funds on a consolidation path
Australians are beginning to get used to super funds with names like Australian Retirement Trust, Aware Super and Spirit Super.
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Opinion PiecesUS: A cautious approach on private assets in DC plans
Will 2022 be the year when private equity is finally incorporated in US defined contribution (DC) plan line-ups? Possibly, following the Department of Labor’s (DoL’s) clarification of its position in a letter last December. But it will be a very slow process, according to industry experts.
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FeaturesSeeking clarity as stakeholders shine a light on ESG ratings
There is confusion about the objectives of ESG ratings and any regulation needs to be clear about what it is trying to achieve and for whom
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InterviewsExit interview: Christian Boehm
Christian Boehm, who stepped down as CEO of the Austrian Pensionskasse APK at the end of June, wasn’t expecting to retire in a year of seismic changes. He has spent his final months as CEO not only witnessing at first hand how the investment approaches of pension funds are rapidly changing, but also observing the wider effects of the war in Ukraine.
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InterviewsOn the record: Are asset managers serious about sustainability?
After a series of cases of alleged greenwashing by asset managers, institutional investors comment on whether the industry is truly committed to sustainable investing
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FeaturesImportant role for securities services firms in ESG metrics
The focus on environment, social and governance (ESG) or sustainability investing is almost always on the front office. Fund flows, strategies and research have been centre stage. Often forgotten are the asset-servicing firms working in the wings developing solutions to help their clients evaluate, validate and comply with rules and regulations, particularly in Europe.
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FeaturesA flawed EU crypto regulatory framework
The EU will soon have a specific regulatory framework for crypto currencies and markets. Under proposals soon to be adopted, only crypto coins authorised in the EU will be allowed to be offered to investors. But crypto assets and exchanges will have a very light supervisory regime, much less than what is in place for financial instruments and exchanges. This raises the question about the rationale for distinct rules. This question is even more acute in the context of the big decline in the crypto markets over the past weeks.
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Asset Class ReportsCredit: Inflation and the bond markets
Risks look likely to be building in credit as central banks wreak collateral damage on economies in their bid to tame inflation
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FeaturesAhead of the curve: solving the Russian share ban
Index investors inherently choose to follow the market through exchange-traded and index funds, but the recent prohibition on trading Russian stocks and their removal from global benchmarks has created something of a conundrum.
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FeaturesThe Dutch pension sector needs to explain why we need to move to a new system
The Dutch pension system has been recognised for many years as one of the best in the world. According to the Global Pension Index of Mercer and CFA Institute, the Netherlands has the best pension system after Iceland.
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Opinion PiecesHow to bridge a most obvious pension investment gap?
Investment luminaries were recently invited by the CFA Institute to give their opinion on the financial system in a publication to mark the quarter century of the institute’s research award to commemorate Jim Vertin.
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InterviewsStrategically speaking interview: Jose Minaya, Nuveen
Asset managers with a yield-hungry pension investor as a parent nowadays usually have to diversify their footprint into private markets, often by acquisitions in one form or another.
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Opinion PiecesNorway needs another pensions overhaul
It’s official – Norway’s state pension system needs another overhaul. The Pension Commission published its hefty report in June arguing for changes to make it socially sustainable – raising age limits, pegging minimum benefits to wage growth and shielding disability pensions from the effects of life expectancy adjustment.
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FeaturesChina calls the tune for emerging markets
If President Xi Jinping mismanages China, the careers of many emerging market asset managers could be over. It would also mean emerging markets as an asset class would become irrelevant, at least according to Xavier Hovasse, head of emerging markets at the French fund management house Carmignac, who has devoted his career to seeking opportunities in emerging markets.
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FeaturesA broader view on corporate pension disclosures
What is not to like? Finally, a principles-based approach to the disclosures in financial statements that aims to cut the clutter and home in on the material that is truly material.
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Features‘Painful’ private equity fees are hard to avoid
The Netherlands’ €551bn ($576bn) civil service scheme ABP paid a record €2.8bn in performance fees to private equity managers in 2021, prompting the fund’s president Harmen van Wijnen to announce an external investigation to assess ABP’s rising asset management costs. The €277.5bn healthcare scheme PFZW paid €1.26bn in performance fees to private equity last year, accounting for two thirds of total asset management costs.
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FeaturesAsset owners need to find the best stock pickers
For pension funds, an asset manager search is a high-stakes exercise. Get it wrong and the scheme could be saddled with an underperforming manager for an extended period of time, dragging down returns and potentially impacting member outcomes.
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FeaturesCustodians will be key as investors move into digital assets
Digital assets may seem to be the latest investment trend, but institutions are taking their time in embracing them. Moving interest to the next level will require not only greater regulation but also a solid network of custodians to provide the required security and protection.
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FeaturesFixed income, rates & currency: inflation battle in full swing
As we reach the midpoint of the year, there is little sign that the second half of 2022 will be any less turbulent than the first. The conflict in Ukraine slogs on – a destructive war of attrition, pain and fear. The repercussions are huge, global and unpredictable, be they surging energy prices or impending, but acute, shortages of basic foodstuffs, or of semi-conductors, so vital to 21st century life.
