Financial Times Mandate articles from November 2006

Financial Times Mandate archives from November 2006

From the editor: Educating away trustee ignorance.(Editorial)
November 1, 2006... Byline: Henry Smith - Editor The importance of educating pension fund trustees in sophisticated investing was highlighted again and again at a recent institutional investment conference in Dublin. Consultants and asset managers...

News & analysis: Strategies, products & mandates - NT and Citigroup nab China deals amid fresh scandals.(Company overview)
November 1, 2006... At a time when China is lurching from one financial scandal to another, both Northern Trust and Citigroup have won the first global custody mandates from a Chinese pension fund. The National Council for Social Security Fund (NCSSF) was...

News & analysis: Strategies, products & mandates - Asset managers baulk at LDI and hedge fund fees.
November 1, 2006... Byline: Henry Smith Asset managers have come under fire for the fees they charge for liability- driven (LDI) and alternative investments. At the recent UK and Irish Pension and Investing Summit in Dublin, David Bennett-Rees, trustee...

News & analysis: People and industry - CSD code of conduct a move to transparency.
November 1, 2006... Byline: Roger Aitken A significant "first step" towards an integrated, efficient and transparent post-trading market in the European Union has been taken with the introduction of a new 'code of conduct' for clearing and settlement. ...

News & analysis: People and industry - Spain gears up for first hedge fund products.
November 1, 2006... Byline: Paula Garrido The first Spanish-domiciled hedge fund launches are imminent, according to Carlos Arenillas, vice president of the Spanish securities market regulator, the Comision Nacional del Mercado de Valores (CNMV). Speaking...

Asset allocation: FTM interview - Gabriel Herrera - Making a break from asset manager herd mentality.
November 1, 2006... Byline: Henry Smith The pro-cyclical nature of the asset management industry is a favoured topic of discussion for Gabriel Herrera, head of EMEA at UBS Global Asset Management. Not that he claims to be able to do much to change it. Still,...

Asset allocation: The chief - Leading the way with a pure outlook.
November 1, 2006... Byline: Paula Garrido It's been just over a year since Mark Anson presented his resignation as CIO of the California Public Employees' Retirement System (CalPERS) and finding the right replacement hasn't been an easy task. During his...

Asset allocation: Market analysis - Europe - Flying in the face of a slow down.
November 1, 2006... Despite strong economic growth so far in 2006, a number of business surveys and economic forecasters are looking for a slowdown in the major eurozone economies in 2007. Given the impending VAT hike in Germany, tighter monetary policy, an...

Asset allocation: Market analysis - North America - Hoping for a winter warmer.
November 1, 2006... With US markets trading at near-record levels, investors are wondering whether the recent strong run can continue, despite evidence of a slowing economy. From an economic viewpoint, we believe that there is certainly scope for equities to make...

Asset allocation: Market analysis - South America - Surviving the election aftermath.
November 1, 2006... The 2006 Mexican presidential elections will long be remembered for the closeness of the vote, the bitterness of the post election legal fight, and the mutual antagonism of the candidates. After court challenges, vote recounts, rallies and...

Asset allocation: Market analysis - Asia Pacific - Asian individual excellence is key.(Industry overview)
November 1, 2006... Overall, we remain positive on Asia given solid economic growth prospects and valuations that remain attractive relative to those of developed markets. With global growth slowing however, Asia is no longer a one-way bet. As such, we favour...

Asset allocation: Portfolio flows - The dangers of a one way bet.
November 1, 2006... Byline: Neil Mellor The Bank of Japan left interest rates at 0.25 per cent last month and the governor's subsequent testimony before parliament was an exposition of a central bank maintaining full flexibility on the policy front whilst...

Asset allocation: The consulting room - The golden rules of a transition.
November 1, 2006... Byline: Jennyfer Stanley Although we do not frequently hear of transition management in the financial services industry, most large banks have a transition management division. Those without one are most likely planning to establish one....

Special report: Liability-driven investment - The shifting burden of responsibility.
November 1, 2006... Byline: Paula Garrido Over the past few months, liability-driven investment (LDI) has been the hot topic among those involved in managing pension assets. Trying to match long- term liabilities is nothing new to institutional investors, but...

Advertising feature: Offering the full fiducional service.
November 1, 2006... In August, ING Investment Management introduced its new Fiducional Investments and Services Department. The aim is to integrate its fiduciary services for institutional investors into one comprehensive package. Roelf Pater, head of...

Sponsored report: Liability-driven investment - The best way to link up LDI and swaps.
November 1, 2006... As pension fund trustees have become more familiar with liability-driven investment (LDI), schemes are increasingly considering the use of swaps within LDI solutions. The benefits of swaps are compelling: not only do they provide schemes with...

Strategy selection: Derivatives clinic - Getting to grips with alpha.
November 1, 2006... In the four previous articles of the Derivatives Clinic, we studied how to improve the asset allocation of a pension fund's portfolio using structured products. We considered a wide variety of underlying assets, from classic financial assets...

Special report: Portable alpha - Turning theory into reality.
November 1, 2006... Byline: Hugo Greenhalgh To say portable alpha is complicated is to underestimate the sheer complexity of the process. Yet, despite this apparent hurdle, the ability to provide non-market correlated returns has become much more popular...

Sponsored report: Portable alpha - Appetite whetted for innovative investments.
November 1, 2006... Recent changes to accounting standards, such as the introduction of FRS 17 in the UK, have helped develop the mindset in investing and product structuring known as liability-driven investment (LDI), where a fund is managed with respect to its...

Special report: Credit default swaps - Filling the supply gap sees massive CDS swell.
November 1, 2006... The credit derivatives market has experienced a period of exponential growth over the last few years. Since their appearance in Europe around 10 years ago, credit default swaps have won wide acceptance from many quarters - banks, asset...

Sponsored report: Credit derivatives swaps - The six degrees of separation.
November 1, 2006... By all accounts, the rapid growth in credit derivatives will continue unabated into 2007 following another year of growth in 2006. Behind the growth in demand has been new participants entering the market, continued structured credit issuance...

Roundtable: Transition management - Tailoring solutions and avoiding conflict.(Discussion)
November 1, 2006... Paula Garrido: The number of institutional investors hiring the services of transition managers has grown considerably over the recent past. In your opinion, what are the main drivers behind this growth? Lachlan French: I think the drivers...

Technology: Stock and derivatives exchanges - Learning to live with all these new bedfellows.
November 1, 2006... While the definitive agreement to merge the Chicago Mercantile Exchange (CME) and smaller Chicago Board of Trade (CBOT) creates the world's largest futures and most diverse derivatives exchange, will users - and the big banks in particular -...

Technology: Electronic trading - Tooling up for the new arms race.
November 1, 2006... Byline: Roger Aitlken While the value of markets around the globe may ebb and flow, equity and derivatives exchanges have been firing on all cylinders of late with zooming volumes, spiralling market data and algorithmic trading seemingly...

Securities services: News - Expert warns of UK fund admin job losses.
November 1, 2006... Byline: Roger Aitlken Following a KPMG report highlighting the UK's "failure" to attract new investment due to an unfavourable tax regime compared with other jurisdictions like Luxembourg, an ex-Schroders head of fund administration...

Support services: Fund administration - Institutions put heat on hedge fund administrators.
November 1, 2006... Byline: Ceri Jones Hedge fund assets under management have soared 21 per cent this year, to $1300bn (1015bn), according to Hedge Fund Research. Big Wall Street banks are jockeying for a piece of this expanding sector, which is increasingly...

Support services: Fund administration - Countering the Pacman effect.
November 1, 2006... Byline: Ceri Jones Dublin fund administrators now service more than $1000bn (789bn) in hedge fund assets. This represents slightly more than one-third of the global hedge fund market, and is around 30 per cent up on the year. "Business...

Support services: Fund administration - Grand Duchy makes play for top spot.
November 1, 2006... Byline: Hugo Greenhalgh Dublin has long held pole position for hedge fund and private equity fund administration. But Luxembourg has made a series of changes to its investment regulations the Grand Duchy believes could see it steal a march...

Sponsored report: Fund administration - Tax transparency - complexity for simplicity's sake.
November 1, 2006... In recent years tax transparency, long the holy grail of collective investment funds, has become synonymous with pooling. Some exponents of pooling as an anodyne to the frustrating tax inefficiencies of funds (often referred to as 'opacity')...

Sponsored report: Fund administration - Ensuring clear water before jumping into pooling.
November 1, 2006... Byline: Kerry Ann White While the Occupational Pensions Directive was an important first step towards enhancing and streamlining the investment and oversight of European pension schemes, Europe's 'single market' still poses significant...