Tue, 25 Apr 2017 15:34:44 GMT
Part 6 of the Asset Class ‘Back to the Future’ series. Head of DB Pensions, Dan Mikulskis, looks at four key themes from the 2015 edition of Asset Class – what’s changed for pension schemes?
What were some of the key themes of Asset Class 2015 and how have they fared in the two years since?
What did we say?
Investing in illiquid assets has continued to be a theme for UK pension schemes.
Deficits had widened, the search for returns had become more pressing and trustees had become comfor ...
Wed, 19 Apr 2017 11:21:37 GMT
Part 5 of the Asset Class ‘Back to the Future’ series. series. Head of Manager Research, Pete Drewienkiewicz, looks at how liquid and illiquid opportunities have evolved since we produced Asset Class 2013.
Asset Class 2013 discussed, as ever, a wide range of opportunities.
From the liquid (Risk Parity, Trend Following)...
...to the less so (Commercial Real Estate Debt, Private Finance Initiative Debt, and Middle Market Lending).
We also revisited a couple of previously mentioned asset classes. Namel ...
Wed, 12 Apr 2017 09:22:37 GMT
Part 4 of the Asset Class ‘Back to the Future’ series. Karen Heaven looks at the 2012 Asset Class’s approach to opportunities in infrastructure and whether those opportunities remain.
What we said...
In Autumn 2012, Asset Class focused on opportunities for pension schemes in infrastructure.
Namely, a subset of what we call “Flight Plan Consistent Assets” (or “FPCAs”).
FPCAs are assets that provide stable, long-dated, often inflation-linked, cashflows. They offer an illiquidity premium and hence have chara ...
Tue, 04 Apr 2017 17:08:34 GMT
Part 3 of the Asset Class ‘Back to the Future’ series. Chief Investment Officer, Philip Rose, reflects on the 2011 Asset Class and our approach towards illiquid assets.
What we said...
Investors need a clear process on two levels:
1. At the strategic asset allocation level
The key consideration is that an allocation to illiquid contractual asset should “do no harm”. It should not compromise other strategic objectives, whether they be increasing expected returns or reducing funding level volatility.
The dis ...
Fri, 31 Mar 2017 12:59:28 GMT
As an industry we all know we have a challenge to create a truly diverse workforce. Diversity is not a one dimensional challenge. It’s not just about having more women, or a workforce that looks more like our society. At Redington we focus a lot on cognitive diversity, yet we felt there was more we could do to attract women into senior roles across the firm. We wanted to specifically find women who had taken a career break, and could bring broader life experience to our firm.
So I was excited to work with Dominie Moss from The Return Hub to talk about a retur ...
Thu, 30 Mar 2017 16:06:25 GMT
Today The Pensions Regulator has published new Investment Guidance for Defined Benefit Pensions Trustees.
They have set their guidance out in six sections:
2. Investing to fund defined benefits
3. Matching assets
4. Growth assets
In summary, the guidance is all very sensible and we are delighted to see a very strong alignment with the approach we have been using with our clients. Specifically, we would ...
Tue, 28 Mar 2017 16:57:31 GMT
Part 2 of the Asset Class ‘Back to the Future’ series. The Autumn 2010 edition of Asset Class looked at attractive investment opportunities for pension schemes as traditional investors began looking elsewhere
In the Autumn of 2010, Asset Class focussed on attractive investment opportunities that were starting to draw the gaze of pension schemes.
Traditional investors, like banks and insurance companies, had become far less active in certain areas.
This was not because these assets were low quality.
Rather, they had become far less ...
Tue, 28 Mar 2017 12:58:49 GMT
Adjust your interview approach
When we were interviewing for the program we met some incredibly capable individuals. But while they had skills and experience we thought the business could benefit from, we didn't always have defined existing role vacancies.
On the one hand, this presented a great opportunity to think big-picture and add roles to the business for which there is a clear need.
But it also presented a practical problem in an interview. You can't approach it with the standard interview mindset of “here’s a role, let me try and u ...
Thu, 23 Mar 2017 09:01:12 GMT
Part 1 of the Asset Class ‘Back to the Future’ series. Robert Gardner revisits seven strategies from the original Spring 2010 Asset Class and asks what has changed.
In order to help pension schemes achieve their goals, we believed asset classes could offer three things that could help fund deficits;1. growth e.g. equities and private equities;2. risk control e.g. Liability Driven Investment (LDI);3. cashflow matching e.g. Investment Grade Credit (IGC)
We felt there were asset classes that offered all three benefits.
Wed, 22 Mar 2017 13:15:18 GMT
I’ll admit, when I was first approached about the concept of taking on a “returner”, I can remember harbouring doubts.
I was concerned about the practicalities of taking on experienced hires (albeit often experienced in different fields) into an intense, technical and hectic environment on a temporary basis.
Would they be able to contribute? What if they weren’t able to work the same hours as everyone else? Would they learn quickly enough?
For me there was a specific challenge - the ability of the “returners” to participate evenly i ...