Latest from IPE Magazine – Page 75
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FeaturesLong term matters: It’s corporate tax, stupid
Bill Clinton used the slogan “It’s the economy, stupid” to help him win the 1992 US presidential election. The same now applies to corporate tax in 2021.
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Features
Accounting: The Friedman conundrum
The world, or rather capitalism, has come a long way since Milton Friedman’s 1970 New York Times opinion piece The Social Responsibility of Business is to Increase Its Profits. Corporations, he argued, have no responsibility beyond the duty they hold to shareholders.
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Features
Research: Stewardship is key to the ‘S’ pillar
Simon Klein and Amin Rajan show the reliance of social-related passive funds on equities
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FeaturesAhead of the curve - Green assets: An alternative to green bonds
Policy performance bonds, in which returns are linked to ESG outcomes, would be a positive alternative to green bonds
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InterviewsOn the record: Unlisted priorities
Two pension funds discuss how their strategies for non-listed investments are evolving
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FeaturesStrategically speaking: Lyxor & Amundi
Lyxor has made a mark over the 20-plus years of its existence, pioneering managed accounts for hedge funds, including the first dedicated institutional managed account platform, that it created for PGGM in 2010.
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Opinion PiecesLetter from Australia: When the ‘kill switch’ misfires
The Australian government is attempting to push through Parliament legislation that would selectively benchmark the performance of superannuation funds – but has given up its intention to override investment decisions made by super funds.
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Opinion PiecesLetter from US: Hybrid plans in focus
The move from defined benefit (DB) pension plans to defined contribution (DC) has been ongoing for years in the US, both in the private and public sector. But more recently many state and local governments have adopted hybrid designs.
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FeaturesPerspective: Swensen’s legacy grows
The late David Swensen achieved a remarkable performance edge for the Yale Endowment, can it be replicated by pension funds
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Opinion PiecesGuest Viewpoint - Cyril Demaria: Three lessons on private market investing
Writing our book Asset Allocation and Private Markets has led its authors to revisit an old adage, venture on an unusual path, and confront an academic theory.
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Features
Pensions insider: A DIY approach could harm large transactions
In the second in a series of articles aimed at empowering trustees, our expert contributor describes how to diplomatically sidestep problems when your good in-house team isn’t right for a complex task
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FeaturesBriefing - Growth private equity: From margin to multiple
Private equity may have a reputation for buying cheap, levering up and selling high. But with a record $30bn (€25bn) sitting in European growth vehicles, true business growth is expected to play a greater role in coming years.
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FeaturesBriefing - Energy: IEA sets net-zero target
The energy sector is the source of about three-quarters of greenhouse gas emissions at present and yet until only recently, the influential International Energy Agency (IEA), an inter-governmental group, had not produced a fully-fledged aligned pathway with the goal of limiting the rise in global temperatures to 1.5°C above pre-industrial levels.
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FeaturesBriefing: Central bank digital currencies take shape
Central bank digital currencies (CBDCs), also sometimes called govcoins, have suddenly become a subject of public discussion. Until recently the topic was mainly the preserve of a coterie of technical experts working for central banks and niche technology firms. But now there seems to be immense excitement about their potential to transform finance. There are even some who suggest the new technology could allow the renminbi to overtake the dollar as the world’s leading cross-border currency.
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FeaturesBriefing: Bonds on the blockchain
Bitcoin’s wild ride has been hard to ignore this past year. However, it has mainly attracted its stalwart audience of retail investors, family offices and hedge funds. Institutional investors mostly sat on the sidelines, although interest has been piqued. Digital assets, most notably bonds and not cryptocurrencies, are likely to garner the inflows owing to the comfort of regulation and established market infrastructure.
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FeaturesFixed Income, Rates, Currencies: Trickier than usual
Amongst the myriad of investment conundrums facing investors, one of the more pressing today is whether – or not – the US economy will overheat. Though the Federal Reserve has done a good job assuring the markets that while (US) inflation data may indeed print higher than “target”, Chair Jerome Powell will be “looking through” any rises. They have argued that these should be temporary and a dovish outlook will remain.
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FeaturesIPE Quest Expectations Indicator - July 2021
At the time of writing, over half of the US population was vaccinated against COVID-19 with the EU at 40%. UK figures give a positive picture but the threat of new strains remains. The G7 have announced plans to supply vaccines to developing countries.
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FeaturesIPE Quest Expectations Indicator - August 2021
The next wave of COVID-19 has come to pass earlier than expected, largely due to new variants. The UK is hard hit, being sensitive to variants Alpha, Beta and Delta. The EU is next in line, with the Netherlands, Spain and Denmark in the forefront and Delta playing a leading role, but other member states are right behind. There is no sign of the next wave in the US yet, but it is sensitive to the variants Gamma and possibly Alpha, which plays a role in Canada.
