More comment – Page 46
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Opinion Pieces
Felix Goltz, Head of applied research, EDHEC-Risk Institute
EDHEC-Risk Institute conducted a study on corporate bond indices in 2011 to analyse construction methodologies, risk and return properties, and the stability of their risk exposures. Subsequently, EDHEC-Risk Institute organised a ‘call for reaction’ in which it asked investment professionals to give their reactions to the research. Here, we report on the results.
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NewsFive action items for institutional investors
Charles Prideaux lists the five things investors should bear in mind for the rest of 2013.
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NewsRisk models for capital and margin: The need for public standards
To regain the trust of regulators and the public, a common framework is vital.
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NewsWaiting for Gilt yields to rise?
Pension schemes should adopt a more structured approach to hedging, says SEI's David Hickey.
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News
See a storm? Smash the barometer!
Paul Marsh mocks proposal to change liability calculation to improve deficits.
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NewsThe dangers of short-termism in pension policy
Do politicians have the mettle to implement policies that truly benefit overburdened systems?
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NewsSomething rotten: The UMR's failed cross-border plans
The case of UMR's failed cross-border plans may not be about French protectionism after all.
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News
This is big: The growing importance of 'big data'
Benjie Fraser explores the impact of ‘big data’ on Australia’s super industry.
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Opinion Pieces
Letter from Brussels: Social and labour issues
Disputes between Brussels and national governments are likely to emerge when the European Commission unveils in June its position on the rules concerning national social and labour law (SLL).
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Opinion Pieces
Big picture questions
BlackRock, the world’s largest money manager, has reached a record $3.8trn (€2.8trn) in assets, about 60% of which is for institutional clients, including pensions. CEO Larry Fink, commenting on his firm’s 2012 results, said that the institutional business will launch a “strategic client programme” this year.
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Opinion Pieces
Rhodri Preece, director of capital markets policy, CFA Institute
Does dark trading hurt market quality? It is a question that has vexed policymakers for some time, and has attracted renewed focus recently following certain exchange initiatives to establish non-displayed trading pools for retail orders. Understanding the relationship between dark liquidity and market quality has become central to the debate on market structure as authorities around the world consider revisions to their respective regulatory frameworks. Measures to support fair competition between displayed and non-displayed trading venues should be the focus of those efforts.
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NewsGilt yield reversion: Fact or fiction?
Gilt yields are like fashion, where themes recur but in an unpredictable way.
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NewsEuropean distressed: Myth or reality?
Is it a myth attractive returns cannot be generated in the current environment?
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Opinion Pieces
Letter from Brussels: Enforcement problems
Enhancement to the EU’s successful UCITS legislation for cross-border collective investments is now underway. But there are nagging concerns that whatever the outcome for UCITS V, the good work could be undone by member states and their judicial systems failing to enforce common rules.
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Opinion Pieces
Letter from the US: Back from the edge
If there was a clear message from the whole ‘fiscal cliff’ debate, it is that social security will be affected sooner or later. Employees need to realise that company-sponsored pension plans will become an even more important supplement to their retirement income.
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Opinion Pieces
Heinz Rudolph, Lead pension specialist, World Bank
Between 1997 and 2008, 11 countries in central and eastern Europe (CEE) implemented multi-pillar pension reforms, which involved the creation of mandatory funded schemes. These reforms were motivated by a foreseeable reduction in future pension contributions and extended benefit payments as a result of falling birth rates and people living longer.
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NewsThe big question: Has the wave of ultra-loose monetary policy crested?
Charles Prideaux explores what might happen if governments begin to abandon their QE policies.
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NewsThe growing importance of transparency
Australia may well be ahead of the game when it comes to pensions governance, say Benjie Fraser.
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NewsThe IORP Directive: A new boss
Brussels is about to announce the appointment of a key decision maker for pension regulation.
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NewsShining a light on political lobbying
Investors have neglected companies' political lobbying practices for too long, says David Tozer.
