All Special Report articles – Page 78
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Special ReportTop 400: Smart factor investing
It is important but insufficient to focus on the factor exposure of an index – it is also necessary to optimise the associated risk and return, according to Noël Amenc
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Liability-Driven Investments: The other 30%
Martin Steward looks at swaptions strategies to cover contingencies around the rump of LDI users’ un-hedged liabilities
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Special ReportTop 400: Global assets up 8.9% in 2013
M&A has featured highly in asset management in recent years. Until now, this has largely been dictated by external circumstances, such as bank parent companies seeking to increase capital adequacy or to abide by competition regulations.
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Credit: Loan rangers
The disintermediation of credit markets in Europe is just beginning, finds Rachel Fixsen, and there is no guarantee that interests are aligned well enough to sustain the momentum
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Credit: Not-so-high yield
Investors in the super-hot high-yield market are finding terms and documentation moving significantly against them. Charlotte Moore uncovers the details and looks for signs of a tipping point
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Credit: A third way
Liam Kennedy outlines how Natixis, in partnership with insurers Ageas and CNP Assurance, has created an alternative to direct infrastructure lending and investment through funds
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Credit: Preparing the ground
A latecomer to credit asset classes, the UK’s East Riding Pension Fund has nonetheless built a rich and varied foundation for its longer-term portfolio strategy, finds Martin Steward
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Credit: The waiting game
The big rush of distressed assets anticipated from the financial crisis never materialised. Jennifer Bollen asks if the delayed opportunity is about to come good, and what kind of opportunity it might be
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Credit: Doing what it says on the tin?
A multi-asset approach to credit makes a lot of sense. But, as Emma Cusworth finds, it is easier said than done and the choices are complex and diverse
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Near the cliff edge
Elisabeth Jeffries asks whether investors will be discouraged by an end to specific renewables targets for EU member states
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Credit: Bridge loans
Debt offers a different set of cash-flow risks for pension fund investors in infrastructure. Lynn Strongin Dodds looks at the variety of assets available and the regulatory background to investment decisions
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Credit: Don’t bank on it
The disintermediation of Europe’s credit markets is getting everyone excited. But Martin Steward asks how easy it will be for asset owners and managers to reproduce the banking business models
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Credit: A comeback for asset-backed?
While US ABS markets have roared back to life, Europe lags. Charlotte Moore finds that most banks have cheaper ways to get financing at the moment, but that regulation may ultimately play into the hands of pension fund investors
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Africa: African horizons
Four years ago I attended the launch of a Middle East and North Africa fund. Much was made of the long-term potential of the region’s young population, which seemed to compare so favourably with Europe’s – not to mention Russia’s and large parts of Asia’s. I asked about the risks associated with a preponderance of young men in the event of sluggish growth or job-creation and the portfolio manager politely played them down. Nine months later Mohamed Bouazizi set himself alight in Tunisia.
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Africa: The capital of Africa
Charlotte Adlung looks at how the changing nature of the sub-Saharan African economy should generate more private investment capital, institutionalising markets and improving governance
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Africa: Crossing the borders
Charlotte Adlung outlines changes to the pension fund regimes of South Africa and Nigeria that have the potential to unlock significant capital for investment in sub-Saharan Africa
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Africa: Pivotal point
African countries tapped the eurobond market for a record amount of funds in 2013, and now stand at a pivotal point. Christopher O’Dea finds those with sound financial policies will continue to attract capital, while those that squander proceeds will fall out of favour with global investors
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Africa: A work in progress
Daniel Ben-Ami looks at North Africa and finds that, while pursuing the positive stories associated with Egypt may still be something of a gamble, Morocco offers a less risky way to exploit some similar themes
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Africa: Out of Africa, off-exchange
Joseph Mariathasan considers the pros and cons of listed and unlisted sectors in Africa, and concludes that investors should probably let the lines blur to get the most out of the region
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Africa: Could Africa feed the world?
Anthony Harrington asks whether the inextricable links between agriculture and infrastructure will constrain or unleash investment in Africa’s food-production potential
