All liquidity articles
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NewsSNB Bills emerge as new tool for Swiss schemes’ liquidity management
SNB Bills can play an important role in negotiations with banks on interest rates, says PPCmetrics’ Lukas Riesen
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NewsCurrent policy initiatives could be detrimental to UK’s productive finance agenda
Any attempt to force providers to invest more heavily in certain asset classes is a direct challenge to trustees’ fiduciary duty, says Pensions Policy Institute
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NewsPayout of 13th month of pension pushes government bond investments
‘The AHV fund has to invest more in government bonds, which overall reduces return potential,’ says Veronica Weisser of the UBS Retirement Innovation Hub
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FeaturesSecondary markets and innovation boost private equity liquidity
Liquidity has reduced significantly in global private capital markets. Whilst private equity-backed IPOs are up this year, overall exit value is down by 66% and there is currently a large backlog of unsold assets, of which 40% are four years or older. The cumulative sum of unsold assets sits at $3.2trn (€2.9trn), according to Bain. Recent data from Preqin shows that capital called has exceeded capital distributed by $1.57trn since 2018, highlighting the lack of free capital in private markets.
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NewsRWE Pensionsfonds strengthens cash flow investment strategies
The scheme has fine-tuned its strategic asset allocation after conducting ALM studies
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NewsEIOPA: European occupational pensions sector ‘remains resilient’
… but still sensitive to monetary policy developments
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NewsIreland’s Pensions Authority launches trustee guidance on liquidity risk
The Authority’s guide highlights LDI, leveraged LDI, sale and repurchase agreements, swaps, currency hedging and inflation hedging as strategies to look out for
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NewsTiming private equity investments puzzles pension funds
Counter-cyclical strategies investing in private equity lead to only marginal gains compared to investing a fixed amount per year in the asset class, according to study
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FeaturesPrivate credit secondaries come of age
Since the secondaries market came into existence, private equity has been the dominant asset class, but the tide is turning. It is finally time for private equity’s more youthful counterpart, private credit, to receive more of our attention. The private credit secondaries market borrows various elements from its older sibling, including best practices and deal structures, and it is now demanding the spotlight as awareness of the asset class increases.
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Special ReportManager selection: Solving the pension liquidity puzzle
Advisers and fiduciary managers are working as hard as ever to meet the liquidity needs of pension funds
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Opinion PiecesA new era for pension fund liquidity management
With inflation past its peak and central banks signalling monetary easing, investors can look forward to a prolonged period when interest rates will be at normal levels – barring any surprise decline in economic growth or other kinds of shocks.
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NewsDutch pension funds’ bond sales push down prices, study shows
The extra price drops are only visible for short-duration bonds that pension funds use most to meet margin calls for their interest rate hedges
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NewsCurrency hedging can be big liquidity drain for UK schemes, says Railpen
‘Currency hedging can be a big risk to a portfolio’ says John Greaves
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NewsDutch pension funds well prepared for liquidity crunch, say regulators
The switch to obligatory central clearing will increase liquidity needs while the transition to DC will likely have the reverse effect, according to regulators DNB and AFM
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InterviewsPension funds ride out the macro uncertainty
European institutions reflect on their priorities for 2024, as the fundamental questions about inflation and the impact of higher interest rates remain unanswered
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NewsGerman schemes could face further liquidity risks
Substantial rating downgrades of securities held by German investment funds could lead to high outflows
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NewsUK pension schemes look for long-term lower returns, survey finds
As a result of the Gilt crisis, almost half of respondents said they would be reviewing the operational aspects of their investment strategy
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Opinion PiecesViewpoint: Gilts crisis won’t undermine attractions of private markets for long-term investors
Many of the government’s ambitions to reboot growth in the UK economy require solutions which private assets are well equipped and prepared to provide in a timely manner
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NewsEC proposes EMIR amendments to make EU clearing more attractive
The Commission aims to build a ‘safe and resilient’ clearing system, by strengthening the EU supervisory framework for CCPs
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News
Rohde warns some Danish pension funds have just one repo counterparty
Similar scenario to UK’s LDI crisis less likely for “better-equipped, less-leveraged” Danish pension companies, says head of central bank
