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Investor Profile

Diversification key for pioneer of fiduciary management

For someone whose ideas have revolutionised the Dutch pension industry and carried significant international clout, Anton van Nunen strikes a humble tone. Widely credited with pioneering fiduciary management from its infancy, Van Nunen confesses with a chuckle that it is “quite a surprise” that the concept has grown to win over a significant proportion of […]
Investor Profile

Deutsche Bank’s carefully engineered fund

You would expect one of the biggest names in global finance to have a sophisticated pension fund, and on that measure the €7-billion ($9.2-billion) contractual trust arrangement (CTA) for Deutsche Bank’s German employees does not disappoint in the slightest. It has carefully engineered a diversified bond-led liability-driven investment (LDI) strategy that is supported by a […]
Analysis

Pension funds, where banks no longer go?

There continues to be potential for pension capital appearing where bank lending no longer wants to go. Commentators in the UK and continental Europe have heightened expectations that pension funds will step in to help fill the continent’s bank financing gap. Societe Generale, for instance, recently predicted further “disintermediation” by investors sidestepping banks and looking […]
Investor Profile

Equity enthusiasm grips Finnish state fund

Strong listed equity returns have seen the €15.8-billion ($20.8-billion) Finnish State Pension Fund, VER, increase the asset class to 40.3 per cent of its portfolio, up from 36.4 per cent at the end of 2011. Timo Löyttyniemi, chief executive of VER, explains that the fund made net equity purchases of $74 million in 2012 while […]
Analysis

Is the Great Rotation passing pension funds by?

The prospect of a seismic shift from bond to equity investments looks set to pass most of the world’s pension funds by, argue experts. The concept of a ‘Great Rotation’ rose to prominence following its use by Bank of America Merrill Lynch in October. It argued in a note that “the era of bond outperformance […]
Investor Profile

CERN fund: the collision of investment ideas?

Its core business involves expanding the realm of science by beaming particles close to the speed of light and it invented the web – as we know it – as a nice little side project. You would perhaps then expect the CHF 3.6-billion ($3.9-billion) pension fund of the European Organisation for Nuclear Research, CERN, to […]
Investor Profile

Autumnal Danish fund shows spring growth

Innovation is associated more with bold new businesses than gently declining ones, but Denmark’s Lønmodtagernes Dyrtidsfond (LD) is embracing change as it enters its final years. The pension fund’s inevitable disappearance has nothing to do with any lack of competitiveness or poor investment returns – the 9.9-per-cent net return it generated in 2012 is testament […]
Investor Profile

KLM funds ride out de-risking turbulence

Pension funds can face a lot of turbulence in the course of their investing journey and many funds thrown into shortfalls have found the need to de-risk their portfolios. There might be a few investment officers at those funds casting an enviable eye upwards to the pension fund of Dutch flag-carrying airline KLM. Toine van […]
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