Investor Profile

New investment mix for Philips pension fund

The Dutch Philips pension fund has traditionally had a low risk profile, managing a separate liability-matching porfolio and a return-seeking portfolio. A new agreement with its members means it will rethink its  investment strategy, with inflation-sensitivity one of the priorities.   The €15 billion ($20 billion) Philips Dutch pension fund is set to go “back... Read more »
Investor Profile

Conservatism to stay for Norway’s DNB Liv

The $46 billion Norwegian DNB Livforskiring has a conservative strategy but it should not be confused with a static approach. The fund revises the investment strategy of its defined benefit offering on an annual basis.   Norwegian pension investor DNB Livforsikring is set to stick to a conservative investment strategy due to continued regulatory pressures,... Read more »
RESEARCH

A new understanding of responsible investing preferences

Investors with a large proportion of educated female members have extra reason to take socially responsible investing seriously, but can possibly relax about poor returns. That is a fascinating finding of Rachel Pownall, an associate professor of Tilburg University, who has published groundbreaking work on the nuances of responsible investing. Pownall, together with Arian Borgers... Read more »
Investor Profile

Danish PFA mutes Euro pessimism

Danish pension investor PFA is continuing a switch out of European government bonds in favor of global equities, but has begun reinvesting in Europe’s southern periphery. DKK-350-billion ($63-billion) PFA announced a $900 million purchase of equities in April, commenting at the time that the crisis in Cyprus had increased the risk to its European bond... Read more »
ANALYSIS

Stock exchanges ‘need nudge on sustainability disclosure’

 A study ranking the world’s stock exchanges against disclosure on sustainability themes ranks the BME Spanish Exchange at the top. But the study’s author managing director of CK Capital, Doug Morrow, says stock exchanges need a nudge by regulators to enforce tougher disclosure standards.   The world’s stock exchanges “need a bit of a nudge”... Read more »
Investor Profile

Longevity storm in Nedlloyd’s cruise to safety

Setting a strategy to keep an ageing pension fund in fine health is “a lot more challenging than selecting where to invest premiums flowing into a young fund,” reflects Frans Dooren, chief investment officer of the Nedlloyd Pension Fund. Dooren began to skipper investment strategy at the €1.2-billion ($1.6-billion) fund in 2011, taking over after... Read more »
IN CONVERSATION

Lepelmeier: interest rates ruin German strategy

German institutional investors face an urgent need to reconsider their bond-heavy investment strategies, argues Dirk Lepelmeier, a former investment head at one of the country’s largest pension funds. Herr Prof Dr Dirk Lepelmeier, to use his appropriate German titles, would rather be addressed as Dirk. That might be of no surprise to many, but it... Read more »
Investor Profile

The Finnish line: Varma tackles low interest

The scourge of low interest rates looks likely to be confronting investors for at least a little longer after Washington’s budgetary shenanigans delayed the Federal Reserve’s plans to taper quantitative easing. Over in the more sedate surroundings of Helsinki, this is keeping the pressure on the investment policy of Varma, a €36-billion ($49-billion) Finnish pension... Read more »
IN CONVERSATION

ATP: experiments with alpha and beta

“There is very little pure alpha” said Henrik Jepsen, chief investment officer of ATP, at the Fiduciary Investors Symposium in Amsterdam when reflecting on the giant Danish fund’s experiences with the return class. The DKK 624-billion ($114-billion) ATP decided to merge the alpha and beta platforms of its investment portfolio earlier this year. This wound... Read more »
FIDUCIARY INVESTORS SYMPOSIUM AMSTERDAM

Negative real interest rates a clear sign of financial repression

Sylvester Eijffinger, a Tilburg University professor and renowned international monetary policy expert said “financial repression is everywhere in the OECD” in a keynote address to the Fiduciary Investors Symposium in Amsterdam. Eijffinger says “the globalisation of monetary policy makes it very hard for emerging economies to shield themselves from these influences”. Eijffinger points to negative... Read more »
FIDUCIARY INVESTORS SYMPOSIUM AMSTERDAM

Pension design, regulation barriers to long-term investing

Fundamental questions of pension system design and regulation are serious barriers to fulfilling the global long-term investing agenda, according to a panel of major European asset owner heads at the Fiduciary Investors Symposium in Amsterdam. Eloy Lindeijer, chief of investment management of €140-billion ($191-billion) Dutch investor PGGM said “maybe politicians still don’t realise that there... Read more »
FIDUCIARY INVESTORS SYMPOSIUM AMSTERDAM

PFZW: new beliefs
for a new world

The €140-billion ($191-billion) Dutch pension fund PFZW is in the midst of completely rethinking its investment philosophy, Jaap van Dam, managing director of PGGM, told the Fiduciary Investors Symposium in Amsterdam. PGGM manages the investments of PFZW and has traditionally guided them. Van Dam explains that ownership of the investment strategy is to shift decidedly... Read more »