All Spence Johnson articles
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OpinionData Crunch: DC property allocations set to catch DB
It seems logical that long-term savings should be invested in long-term assets, and property would seem a candidate for this type of investment.
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OpinionHow demand for multi-asset strategies is changing
For many years now we have seen growth in a new type of multi-asset in the UK and elsewhere in Europe.
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OpinionData Crunch: Why DC market measures are so confusing
Each year we set about estimating the assets in workplace defined contribution schemes in the UK. Our latest conclusion is that the UK DC workplace market contained £338bn in assets in 2016.
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OpinionData Crunch: An unhelpful binary
Everyone knows that passive investment is growing, but what do we mean by passive? The story is in some places more nuanced than it first appears.
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OpinionData crunch: Net flows highlight a European derisking trend
Although there are nuances between different markets, a derisking trend continues to be pervasive across Europe.
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OpinionData Crunch: Drawdown is the number one choice for new retirees
The extent of the impact pension freedoms are having on the retirement income market are becoming evident.
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OpinionData crunch: Why DB schemes will change their investments
The investment world's ceaseless quest for three-letter shorthand for jargon has now delivered CDI, or cash flow-driven investment – the younger sibling of liability-driven investment.
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OpinionData crunch: The DB market is growing fast
I often catch people talking about the ‘shrinkage’ of defined benefit. There are lots of things about this market that are shrinking: memberships are shrinking; the number of open DB schemes is shrinking.
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OpinionData crunch: How are DC schemes adjusting to the freedoms?
Less than 10 per cent of defined contribution default options intend to be targeting annuities in 2019. But what our research also shows is that while schemes are increasingly targeting drawdown as an outcome for members, few are planning to offer this within their scheme.
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News
DGF growth expected to continue despite challenges
Experts predicted the continued growth of the diversified growth fund market this week, even as the asset class comes under increased scrutiny over performance and competition from advisers.
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OpinionData crunch: How big is the workplace DC market?
Eight years ago a client asked me how big the UK workplace defined contribution market is. The question was quite understandable. They were saying: “How big is this market? If I am going to invest to build products for it, I obviously need to know how big it is today.”
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OpinionSmart beta: What it can do for DC, and how the sector needs to change
Five experts discuss the current state of the smart beta market, what schemes should consider when investing, and what role smart beta can play in the defined contribution space.
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Features
What changes are needed in the smart beta sector?
What risks still exist in smart beta investing, and how can pension funds spot them? Does the industry need to change to attract greater scheme interest? AQR’s Scott Richardson, Capital Cranfield’s Jonathan Reynolds, RPMI Railpen’s Steve Artingstall, SpenceJohnson’s Robert Holford and Xerox HR Services’ Simon Hill discuss.
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Features
Is there a place for smart beta in DC portfolios?
Are smart beta products suitable for default defined contribution funds, or are they too complex? Could reduced volatility address problems with DC saving? AQR’s Scott Richardson, Capital Cranfield’s Jonathan Reynolds, RPMI Railpen’s Steve Artingstall, SpenceJohnson’s Robert Holford and Xerox HR Services’ Simon Hill discuss.
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Features
What factors should schemes consider within smart beta?
Are there too many factors in the smart beta industry, and which ones present attractive opportunities? AQR’s Scott Richardson, Capital Cranfield’s Jonathan Reynolds, RPMI Railpen’s Steve Artingstall, SpenceJohnson’s Robert Holford and Xerox HR Services’ Simon Hill discuss.
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Opinion
What is limiting scheme uptake of smart beta products?
Is a lack of education and transparency around smart beta confusing schemes and trustees? AQR's Scott Richardson, Capital Cranfield's Jonathan Reynolds, RPMI Railpen's Steve Artingstall, SpenceJohnson's Robert Holford and Xerox HR Services' Simon Hill examine the challenges facing the sector.
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OpinionData crunch: Investors revise fixed income mindsets
Traditionally labelled as ‘boring’, the fixed income asset class has livened up in recent years. The low-yield climate has created a waterfall effect where institutions move down the credit landscape in search of yield.
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Opinion
Data crunch: Small schemes, small problems?
In general, the story of defined benefit pensions in the UK is that smaller schemes started to close to new members and then to future accrual much earlier than larger ones.
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OpinionData crunch: Scale of UK institutional market eases Brexit fears
The Brexit vote raises many concerns in the investment world. UK institutional investors may be worried that asset managers may move their teams out of the UK, thus potentially reducing client service and investment innovation.
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OpinionData crunch: What is behind the growth in unconstrained fixed income?
As investors look for yield and interest rate protection, unconstrained fixed income is a category that has seen strong inflows in particular from institutional investors.