All illiquid assets articles – Page 9
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News
Expertise key to exploiting multi-asset solutions
Schemes looking to multi-asset strategies to generate positive cash flow while derisking may have to turn to specialist managers to reduce their potentially significant governance burden.
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OpinionTransaction costs – is there a problem, and how can it be solved?
A combination of increased regulation, a chastened banking sector, and large-scale bond market purchases by central banks (thereby reducing the available supply of readily tradeable securities) has led to a material reduction in market liquidity since the financial crisis in 2008.
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News
Risk-averse DC members shy away from DGFs
At a Pensions Expert event this week, panellists debated how best to incorporate multi-asset strategies into defined benefit and defined contribution portfolios, agreeing that such strategies will become much more geared towards DC in the future.
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NewsState of the nation: What's going on in DC accumulation?
One of the spectres that hung over the announcement of freedom and choice in the 2014 Budget was the fear the proposition would be so attractive people would abandon their defined benefit schemes to make the most of the flexibility.
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News
Illiquidity premiums move up agenda, but questions over cash flow remain
The new market liquidity regime will make it harder for pension schemes to access credit, says a new report, which recommends they take steps – in particular, to exploit illiquidity premiums – to protect themselves.
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News
Cash flow is important but not pressing, experts say
For the first time, the Pensions Regulator explicitly included cash flow considerations in its annual funding statement, published last week. Industry insiders welcomed the move, but said the statement has raised other equally important concerns.
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FeaturesNationwide targets 30% in illiquids
The Nationwide Pension Scheme is struggling to find suitable illiquid investments as it targets 30 per cent of its portfolio in the assets, the scheme’s chief investment officer has said.
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Opinion
What about cash flow: Balancing LDI and growth assets
Roundtable: Liability-driven investment can tie up a lot of cash. In the second part of this roundtable series, Bestrustees’ Huw Evans, HR Trustees’ Giles Payne, Aviva Investors’ Rakesh Girdharlal, KPMG’s Simeon Willis, Cambridge Associates’ Benoît Jacquemont and P-Solve Asset Solutions’ Barbara Saunders discuss if there is still room for schemes to absorb illiquidity.
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Opinion
Tough markets force funds to act smarter
UK pension funds have been searching for ways to invest in traditional assets in non-traditional ways, moving further into the alternatives and multi-asset spaces.
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Features
The Pensions Trust outperforms after investment governance change
Multi-employer scheme The Pensions Trust has changed its investment governance structure to reduce bureaucracy, beating its benchmark in the process.
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OpinionLow yields are here to stay... so what happens to pensions?
From the blog: Growing evidence suggests the long-term trend for real and nominal growth may be well below that of recent decades.
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News
East Riding moves deeper into niche alts in hunt for yield
East Riding Pension Fund has pushed further into the alternatives space over the past 12 months with an £80m investment in social housing plus increased allocations to aircraft leasing and healthcare royalties.
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NewsTfL tunnels further into alternative credit
Transport for London pension scheme has moved further into alternative credit investments including mezzanine debt, as it seeks to diversify its fixed income portfolio.
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NewsCentrica skirts pricey bonds with real assets, alts continue march
Centrica Pension Scheme is riding the wider trend towards real assets, in a bid to match liabilities, gain inflation linkage and reduce the need to buy overpriced bonds.
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Opinion
Lock into lending for rich rewards
When ancient Sumerian farmers needed tools they leased them from local officials. And when the officials dutifully noted down who had borrowed what and when, they unwittingly created the first recorded lease agreements.
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News
Essex latest pension fund to commit to direct lending
Essex Pension Fund has become the latest to introduce an allocation to direct lending into its alternatives portfolio, as scheme interest in the asset class ratchets up.
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OpinionEditorial: Confronting liquidity risk
Appraisals from audience members exiting the auditoriums at last week’s National Association of Pension Funds’ investment conference was that the sessions were ‘interesting’ or ‘insightful’ – for some, so much so that they were fizzing with enthusiasm.
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Features
Lancashire expands credit and sticks with EM despite volatility
Lancashire Pension Fund has moved deeper into non-investment grade credit and emerging market debt, aiming to ride out volatility, as it seeks return in a low-yield environment.
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Opinion
Why your bank's loss is your pension fund's gain
A low-yield environment has understandably driven many pension funds to think again about increasing credit risk in their investment portfolios.
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News
Pip to seed separate renewables fund as it seeks FCA approval
The Pensions Infrastructure Platform has said plans to expand its offering by adding a renewables fund this year, as UK schemes continue to seek inflation-linked returns.