What can the ppf teach schemes about alternatives?

29th November 2013

Are there lessons for other pension fund trustees in the news that the £20bn government-mandated Pension Protection Fund (PPF) is embracing alternative assets? We think so.

Read more

Products Du Jour

17th October 2013

A perennial feature of financial markets has always been their aptitude for innovation. After every crisis comes an inevitable wave of products promising a break with the old regime and a solution to the timeless tradeoff between risk and return.

Read more

Picking Winners

2nd October 2013

An academic paper published last month by Tim Jenkinson, Howard Jones and Jose Vicente Martinez, entitled "Picking winners? Investment consultants' recommendations of fund managers" has received much attention in the pension industry - and rightfully so.

Read more

China: A Buying Opportunity

29th August 2013

There are three things the financial press loves to hate: big banks, hedge funds and China. Any time one of these hits a rough patch, journalists seem to have difficultly containing their schadenfreude.

Read more

A Contrarian View on Commodities

5th August 2013

Through most of the past decade there seemed to be a consensus amongst investors that commodities were going through a "supercycle" driven by growth in demand from emerging market consumers and increasingly constrained sources of supply.

Read more

Fiduciary Conflicts: the Hidden Dangers

8th July 2013

With the fiduciary market on the rise and more and more clients turning to this type of management, we are increasingly being asked by sponsors and trustees to review some of the fiduciary offerings being touted by advisers.

Read more

Will it be Different This Time?

21st June 2013

On the 22nd of May, Ben Bernanke uttered a few words that sent markets worldwide roiling. Since then 10-year yields on both Treasuries and Gilts have risen over 40 bps, and nearly every sector of the bond market has taken a hit.

Read more

Inflation And The Ketchup Bottle Effect

15th May 2013

As bonds continue their march upwards, we cannot help but think of the now infamous words spoken by Chuck Prince, then CEO of Citibank, in July 2007: "As long as the music is playing, you've got to get up and dance...We're still dancing."

Read more

Side Stepping The Bond Bubble

23rd April 2013

Bond yields are at all-time lows. This is not news - we have lived through a 30 year bull run in Gilts (10 year Gilt yields have fallen from 16% to 2% since the early 1980s).

Read more

Is Inflation a Greater Risk Than The Market Believes?

16th April 2013

With the monetary authorities of major developed market economies implementing unprecedented levels of stimulus in lock-step, many investors are worried about inflation over the long-term.

Read more