Dutch pension schemes post solid 2009 returns

A strong year for risk assets propelled Dutch pension schemes to a gain of 14.6 per cent in 2009, according to State Street Investment Analytics.

A dark pool to be launched this year by UBS will not go head-to-head with the current crop of multilateral trading facilities (MTFs) such as Chi- Delta or Turquoise, delegates at this year’s World Exchange Congress in Barcelona heard.

Recovery is under way, but people’s expectations have shifted, says John Gripton.

Portfolio diversification works best when investors include strategies that protect against tail risk.

Political wranglings over reforms are creating opportunities, says Helen Ford.

Since its introduction last May, the ECB’s purchase programme increased covered bond issuance from €15bn to over €100bn, with predictions for 2010 sitting at €150bn.

The Chilean quake has forced some changes in policy that could create market opportunities in the medium term, writes Urban Larson.

PFZW’s managing director Peter Borgdorff has said he is unhappy with the €86.1bn pension fund’s solvency level, despite it returning to a healthier 108 per cent.

Government policy is affecting markets more than ever, writes Jason Pidcock.

Institutional investors need to radically shake up how they diversify assets in light of the financial crisis, research of buyside habits over the past year shows.

High double-digit hedge fund returns are unlikely in 2010 because the opportunity set today is less attractive than it was a year ago, according to Guy Saintfiet, senior hedge fund researcher at Hewitt Associates.

Despite failing them in their hour of need, most institutional investors are still hungry for diversification, writes Henry Smith.

Dark pools and MTFs are streamlining, but they serve different needs and should be treated as such, writes Will Rhode.

Bank’s launch announcement comes at a peculiar time, as Europe is saturated with multilateral trading facilities chasing limited liquidity.

Norway’s government pension fund has selected a mix of strategies, raising the question of whether anyone can really say which is more effective.

Naïm Abou-Jaoudé, Dexia’s alpha-motivated asset management boss, tells Yuri Bender how he transformed the company post-crisis.

As the tide of investment turns to growth rather than cost-cutting, firms must be attentive to the underpinnings of their strategy, writes Ian Yuill.

The new chief executive of Holland’s Robeco Group is storming in with a strong vision for the company’s future – and he isn’t afraid to take a firm stand for his priorities.

Scotland’s Strathclyde Pension Fund has rebounded from its repositioning and is angling for higher returns with an increase in risk bias – but its hefty weighting to passive investments such as index funds seems a defensive step back.

American markets may be unsure about the future, but they are clear on one thing: the field is wide open for reinvention, fresh approaches and new tactics aimed at finding sustainable returns and lowering liabilities.

Last month’s Mipim real estate conference was a much less extravagant event than in years past, but the glamour was replaced by a foundation of genuine optimism among attendees.

While Australian and Canadian retirement schemes have embraced infrastructure investment, European institutions have been slow to commit. But that may be changing.

For years, demand for actively managed currency investments increased, owing to steady, solid performance. Now, liquidity and a low correlation to other asset classes is what's enticing investors.

Foreign exchange took a significant hit in the credit crisis, but it is surging back and is as strong as ever.

As pension funds make international investments to diversify their portfolios, hedging becomes pertinent.

Young markets offer a plethora of opportunities, but investors must choose their tactics carefully.

International bankers are worried by the possibility of mandatory third parties for foreign exchange deals.

Investors would do well to look at a combination of strategies that succeed in the good and bad times.

The economic uncertainty in Greece is causing many to consider the consequences of the nation’s departure from the eurozone.

At this year’s World Exchange Congress in Barcelona it was the turn of Europe’s multilateral trading facilities (MTFs) to explain how their business models would adapt to MiFID II, which has dominated the thoughts of the market this year.