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Publications

LA Forum publications provide a comprehensive overview of the end to end research and investment process across a range of asset classes.  Our aim is to help our members understand complex problems and plan efficiently.

Please note: some of the media sources, publications or articles featured on LA Forum may require registration to gain access.

Forthcoming Publications

Winter 2018: Fixed Income, Hedge Funds, High Yield & Loans

Spring 2018: Global Equity, US Equity, European Equity, Private Equity

April 2018: Special Report - UK & Eurozone Outlook

Summer 2018: Real Assets, Residential Investment, Infrastructure

July 2018: Special Report - Global Currency Markets

Autumn 2018: Emerging Markets, Frontier Markets, African Investment

October 2018: Special Report -Responsible investment incorporating (ESG) factors into investment decisions

Winter 2019: Fixed Income, Hedge Funds, High Yield & Loans

LA Forum's thought provoking documents are written and published for Local Authority officers as a means of highlighting issues, available options and trends in key areas of the UK's public sector investment space.

Targeting investment officers, policy makers, industry specialists, and the pensions board in order to promote debate and understanding.  It is not intended for use directly in either market forecasting or for investment decision purposes, where specialist advice should be sought.

Interested parties should contact Mark Turnbull (Director: LA Forum) T: 01260 226610 E: mark@laforum.co.uk

The Purple Book DB PENSIONS UNIVERSE RISK PROFILE

The Purple Book 

The Purple Book is published annually by the Pension Protection Fund. It provides comprehensive data and analysis on the defined benefit pensions' landscape. The Purple Book 2017 was published on 5 December 2017.

The Purple Book is published annually by the Pension Protection Fund. It provides comprehensive data and analysis on the defined benefit pensions' landscape. The Purple Book 2017 was published on 5 December 2017.

Date added: 20-07-2018

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The Purple Book DB PENSIONS UNIVERSE RISK PROFILE

The Purple Book DB PENSIONS UNIVERSE RISK PROFILE

The Purple Book 

The Purple Book is published annually by the Pension Protection Fund. It provides comprehensive data and analysis on the defined benefit pensions' landscape. The Purple Book 2017 was published on 5 December 2017.

The Purple Book is published annually by the Pension Protection Fund. It provides comprehensive data and analysis on the defined benefit pensions' landscape. The Purple Book 2017 was published on 5 December 2017.

Date added: 20-07-2018

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The Purple Book DB PENSIONS UNIVERSE RISK PROFILE

TATA - We Dream of a Better World

his report by the Tata group represents a useful resource in terms of helping business understand the relevance of the SDG agenda, and acting as a source of inspiration for action. It underlines key ways in which business can contribute to the realization of each of the 17 SDGs, while also articulating the business opportunities that the goals represents. It also highlights 65 separate case studies which highlight different ways in which the Tata group is working to align with the SDGs globally throughout its various operations.

Date added: 17-07-2018

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TATA - We Dream of a Better World

Accelerating SDGs through ICT: 2018 ICT SDG Benchmark

This report leverages detailed data analysis and a series of case studies to highlight the pivotal role that the ICT sector has to play with regard to the realization of the SDGs. It also presents a benchmark which explores the degree to which a selection of 49 countries are currently leveraging ICT in the context of achieving sustainable development. The study represents a useful tool for both the public and private sectors to help identify opportunities for the further deployment of ICT solutions to tackle environmental, social and economic challenges globally

Date added: 17-07-2018

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Accelerating SDGs through ICT: 2018 ICT SDG Benchmark

SDGs and Business in Practice - Early Actions by Japanese Private Companies

This new research report— based on surveys and personal interviews with as many as 250 Japanese companies—represents a first look at actions being undertaken by Japanese companies on SDG implementation.

Date added: 17-07-2018

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SDGs and Business in Practice - Early Actions by Japanese Private Companies

Taking on Sustainable Development in Germany: A business view on the SDGs

This White Paper outlines why the SDGs are important and relevant for business in Germany. It advocates for an open dialog between business and all relevant stakeholders to discuss the operationalization of the 2030 Agenda and to support the achievement of the SDGs. The report includes short case examples of German companies, including: BASF, Deutsche Bahn, Covestro, Evonik, SAP and Siemens among others.

Date added: 17-07-2018

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Taking on Sustainable Development in Germany: A business view on the SDGs

Business and the SDGs : A survey of WBCSD members and Global Network partners

The World Business Council for Sustainable Development (WBCSD) & DNV GL have conducted a global survey to explore trends around how business is currently working to align activities with the Sustainable Development Goals (SDGs). This survey drew responses from around 250 companies across 43 countries and four continents. 

Date added: 17-07-2018

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Business and the SDGs : A survey of WBCSD members and Global Network partners

Sustainable investing in Rio de Janeiro

The EEB Laboratory brought together specialists and representatives from several parts of the construction sectors in Rio de Janeiro, including investors, architects, engineering companies, building management companies, users and public authorities. Through inter-sectoral discussions, four main areas of action were identified:

Knowledge and perception of value (of the benefits of energy  efficiency); Capacity-building of the workforce; Investment and financing; Public policies and regulation.

Based on the knowledge acquired from the exchange of ideas between the various representatives of the construction sector, and considering the four key areas of action, it was possible to identify the main barriers and to prepare recommendations for actions to foster the development of energy efficiency in buildings in the Rio de Janeiro city. This data was used to create a Roadmap for transforming Energy Efficiency in the city of Rio de Janeiro, and identifies the main challenges and propose actions for each area.”

Date added: 17-07-2018

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Sustainable investing in Rio de Janeiro

Co-Living and the Common Good - RSA

Co-living is a form of housing that seeks to build community and social capital by combining private living space with shared communal facilities. In this collection of essays, we ask a number of thought leaders and practitioners to explore the potential of alternative housing models such as co-living to help meet the challenges of today, with a particular focus on cities and urban areas.

Date added: 22-03-2018

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Co-Living and the Common Good - RSA

Understanding public sector pension scheme asset allocation: The case for ESG integration

An ESG investing approach where investors seek long-term competitive returns while simultaneously creating positive societal impact.

Until now, for the LGPS being a “socially responsible” investor meant avoiding investments in companies whose products or services were “unethical.”  This includes companies that produced alcohol or tobacco, advocated gambling, manufactured weapons or burned fossil fuels and harmed the environment.  Continuing with this trend, investment managers now proactively screen for a wide range of ESG factors for potential long-term advantages.  With almost 80 percent of institutional investors incorporating ESG factors into their decision-making, “socially responsible” investors increasingly seek opportunities that contribute positively to society to generate sustainable and financial value.  Given this spike in interest and demand, we hope this report assists LGPS officers about key ESG investing topics today.

Date added: 01-12-2017

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Understanding public sector pension scheme asset allocation: The case for ESG integration

Impax - Environmental Impact Report 2017

Impact investing is gaining momentum, In this report we set out: especially in liquid asset classes. Many investors are not only interested in making superior, long-term, risk-adjusted returns, but in also ensuring that their investments have a positive impact on the environment. 

Date added: 30-11-2017

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Impax - Environmental Impact Report 2017

The Schroders Global Investor Study (GIS) 2017

Non-retired Investors globally, are saving an average 11.4% of their salary specifically for retirement, a major new study has found.

However, the research, which covered 30 countries, also found two-thirds (66%) of retired investors wished they had put away more.

The Schroders Global Investor Study (GIS) 2017, which surveyed more than 22,000 people who invest, found the proportions of income saved for retirement were highest on average in Asia, at 13.0%, and lowest in Europe, at 9.9%. In the Americas, the average investor saved 12.5% of their income for retirement.

Date added: 30-11-2017

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The Schroders Global Investor Study (GIS) 2017

Macroprudential policy at the Bank of England

A vital element of recent reforms to the UK architecture of financial regulation is the creation of a macroprudential authority at the Bank of England — the Financial Policy Committee (FPC). This article explains the role and powers of the FPC. It also describes some of the processes supporting the Committee.

Date added: 30-11-2017

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Macroprudential policy at the Bank of England

Bank of England - Asset Purchase Facility Quarterly Report

The Bank of England Asset Purchase Facility Fund was established as a subsidiary of the Bank of England on 30 January 2009, in order to fulfil the remit of the Chancellor of the Exchequer given to the Bank on 19 January 2009 and detailed in an exchange of letters with the then Governor on 29 January 2009.  This remit was subsequently expanded to enable the Fund to be used as a monetary policy tool, at the request of the Monetary Policy Committee (MPC), as detailed in the exchange of letters on 17 February and 3 March 2009.  

Date added: 30-11-2017

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Bank of England - Asset Purchase Facility Quarterly Report

The 2017 Climate Survey Evaluating Progress on Climate Change

Two years after the breakthrough achievement of the Paris Agreement, we asked global sustainability experts representing business, government, NGOs and academia to evaluate progress made by the global community on addressing climate change generally and implementing the Agreement specifically. Our expert panel’s assessment is bleak. 

Date added: 24-11-2017

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The 2017 Climate Survey Evaluating Progress on Climate Change

Schroders - Global investor study Global perspectives on sustainable investing 2017

Sustainable investing has become more important in recent years to people who invest around the globe. But there is still some way to go before the majority recognise sustainable investing as an effective means of having a positive impact on the world. 

Date added: 23-11-2017

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Schroders - Global investor study Global perspectives on sustainable investing 2017

LSH - Northern Powerhouse Office Market Report

It’s been a turbulent few months for the Government’s Northern Powerhouse initiative yet, for the region's office markets, 2016 has been something of a ‘Goldilocks year’ – not too hot and not too cold!

Date added: 24-10-2017

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LSH - Northern Powerhouse Office Market Report

CBRE - Asia Pacific Watch August 2017

The APAC lodging sector recorded strong growth momentum in 2016 and this has been sustained through 2017. In addition to continued appetite for key city hotels, investors have been expanding their focus to second-tier markets in search of higher yielding opportunities. 

Date added: 07-08-2017

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CBRE - Asia Pacific Watch August 2017

CBRE - Europe Watch August 2017

Recent sentiment data suggest that Continental Europe is currently enjoying its most robust and broad-based economic activity since 2007. Amidst the noise surrounding Brexit, rising populism and increasing global uncertainty, Continental Europe has quietly staged an economic comeback. 

Date added: 07-08-2017

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CBRE - Europe Watch August 2017

CBRE - Americas Watch August 2017

Seven months into the year as midyear data starts to roll in for property market fundamentals and capital markets, it is a good time to take stock. For forecasters like us, it is a chance to course correct. How close were we on what we thought 2017 was going to turn out to be? Do we need to re-think 2018? 

Date added: 07-08-2017

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CBRE - Americas Watch August 2017

CBRE - US Early Indicators Q1 2017

The U.S. Early Indicators report is a simple early warning system designed to alert us to changes in economic conditions, as well as property and debt markets. Through the final months of 2016, commercial real estate entered "fairly valued" territory relative to coporate debt, as corporate bond yields spiked. Private real estate returns continued to edge upwards, while listed sector returns were negative. Leading economic indicators point to continued moderate economic growth through early 2017. Spreads widened through the final months of the year, and given the steepness of the yield curve, the risk for a near-term recession remains low. Commercial and industrial lending continued to grow but at a significantly more modest pace relative to earlier in the cycle.

Date added: 07-08-2017

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CBRE - US Early Indicators Q1 2017

Investment opportunities in infrastructure debt

This GFM Special Report examines the rise in popularity of infrastructure and infrastructure debt, and unravels the investment vehicles, structures and asset services available to institutional investors in this burgeoning asset class.

Date added: 11-07-2017

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Investment opportunities in infrastructure debt

2017 Guide to setting up an Alternative Investment Fund in Europe

The 2017 edition of GFM's Guide to setting up an Alternative Investment Fund in Europe, focuses on AIFs, AIFMs, regulation and compliance, choosing a European domicile, selecting service providers, and fundraising and distribution.

Date added: 11-07-2017

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2017 Guide to setting up an Alternative Investment Fund in Europe

EFG Asset Management - Inview: House View & Investment Perspectives June 2017

Welcome to the June edition of Inview: Global House View. In this publication we consider significant developments in the world’s markets, and discuss our key convictions and themes for the coming months.

Date added: 04-07-2017

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EFG Asset Management - Inview: House View & Investment Perspectives June 2017

EFG Asset Management - UK election aftermath

In this updated edition of Indepth, Daniel Murray, Deputy CIO and Global Head of Research, EFG, examines the aftermath of the UK’s snap general election, which confounded the pollsters as the young turned out to vote.

Date added: 04-07-2017

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EFG Asset Management - UK election aftermath

EFG Asset Management - UK election: déjà vu

In this edition of Indepth, Daniel Murray, Deputy CIO and Global Head of Research, EFG, examines the UK’s snap general election on 8 June – the background, the polls and what the outcome could mean for the markets.

Date added: 04-07-2017

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EFG Asset Management - UK election: déjà vu

EFG Asset Management - Market Outlook 2017

The recurrent concern of many, that the developed world will tip back into recession, will prove wrong again in 2017 in our view. Indeed, we think that average gross domestic product (GDP) growth across the main developed (OECD) economies will be just over 2%, compared to just under 2% in 2016.

Date added: 04-07-2017

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EFG Asset Management - Market Outlook 2017

EFG Asset Management - Quarterly Market Review Q2 2017

Expectations of more reflationary policies around the world have so far run ahead of actual events. Hard data show a relatively tranquil global economy, with reasonable real growth and low inflation.

Date added: 04-07-2017

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EFG Asset Management - Quarterly Market Review Q2 2017

Cushman & Wakefield - The Great Wall of Money

Welcome to the twelfth issue of Cushman & Wakefield’s The Great Wall of Money, where we have been tracking the amount of newly raised capital across the globe and the factors driving this since the depths of the Global Financial Crisis in 2009.

Date added: 07-04-2017

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Cushman & Wakefield - The Great Wall of Money

FTSE Russell - China Bond Research Report

While China’s bond markets could offer myriad opportunities in 2017 as they open up further to foreign investment, issuers and market participants alike may face a shifting near-term outlook shaped by a continuing decline in the RMB, a surge in capital outflows, and a shifting geopolitical landscape in light of new fiscal, monetary and diplomatic policies following November’s US presidential election.

Date added: 07-04-2017

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FTSE Russell - China Bond Research Report

Sustainable Investment and ESG: The past, the present and the future

FTSE Russell held a forum on the Past-Present-Future of Sustainable Investing. Market participants from across the globe came together with listed companies to hear about the evolution of investor ESG approaches and where to go from here as an industry.

Date added: 06-04-2017

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Sustainable Investment and ESG: The past, the present and the future

Cutting Red Tape - A Review of House Building

This report summarises the findings of the Cutting Red Tape review of the house building sector which took place during 2016.

 

Date added: 23-02-2017

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Cutting Red Tape - A Review of House Building

Clear Path Analysis Report: The evolution of factor investing

Investors have long followed rules-based approaches to put together investment portfolios.

In fact, quantitative asset management has a heritage of at least eight decades. The merits of a simple, rules-based approach—choosing “value” stocks on the basis of accounting metrics like price to book value or price to earnings ratios—were set out by Benjamin Graham and David Dodd in their seminal book “Security Analysis”, published in 1934.

Date added: 14-02-2017

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Clear Path Analysis Report: The evolution of factor investing

Department for Communities & Local Government - Fixing our Broken Housing Market

This white paper sets out government’s plans to boost the supply of new homes in England.

It includes measures to ensure we:

  • plan for the right homes in the right places
  • build homes faster
  • diversify the housing market
  • help people now

Date added: 10-02-2017

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Department for Communities & Local Government - Fixing our Broken Housing Market

Stronger together: shared management in local government

Around 45 councils across England share a chief executive and senior management team in about 20 different partnerships.

Date added: 01-02-2017

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Stronger together: shared management in local government

Long Income Property Report 2016-17

Long Income Property is a relatively recent sector that is well placed to provide stable income yields at a time when political and economic uncertainties threaten to fuel volatility and struggling capital values in the wider property market. Intelligent Partnership report have published a 60 page sector report focused on this asset class, which was, until recently, the reserve of pension funds and other institutional investors. The intention is to give advisers and financial planners, an easy to read, CPD accredited resource that explains the strengths of Long Income Property for their clients.

Date added: 01-02-2017

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Long Income Property Report 2016-17

Enterprise Investment Scheme - Industry Report 2016/17

The report comprises a summary of EIS, an update on the market today, tips on how to advise on EIS, an analysis of current investment opportunities, and surveys and interviews with both IFAs and investment providers to get a temperature check on how they perceive the sector.

Date added: 01-02-2017

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Enterprise Investment Scheme - Industry Report 2016/17

Venture Capital Trusts - Industry Report 2016/17

The report comprises a summary of VCT, an update on the market today, tips on how to advise on VCT, an analysis of current investment opportunities, and surveys and interviews with both IFAs and investment providers to get a temperature check on how they perceive the sector.

Date added: 01-02-2017

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Venture Capital Trusts - Industry Report 2016/17

An independent guide to quoted investment companies

This guide is arranged in two parts. The first is designed to give you all the basic information you need to start using investment companies. The second part explains some of the more technical aspects of how they work.

Date added: 19-01-2017

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An independent guide to quoted investment companies

Jupiter - View on the UK

The report covers a raft of topics ranging from sentiment towards a number of sectors comprising the FTSE All-Share Index, as well as appetite to invest in different assets classes. It also canvasses opinion about specific issues currently affecting the UK, such as the decision to exit the European Union (EU), the outlook for dividend returns and the potential growth of value investing.

Date added: 19-01-2017

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Jupiter - View on the UK

World Economic Forum - The Inclusive Growth and Development Report 2017

Over the past several years, a worldwide consensus has emerged on the need for a more socially-inclusive approach to generating economic growth. However, inclusive growth and development remain primarily an aspiration. No systemic framework has emerged to guide policy and practice. 

Date added: 17-01-2017

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World Economic Forum - The Inclusive Growth and Development Report 2017

World Economic Forum - How Technology Can Unlock the Growth Potential along the New Silk Road

The ancient and historic trade route between China and Europe is coming back to life as one of the biggest infrastructure projects of the 21st century, with major implications for economies around the world. One Belt/One Road (OBOR) is an all-encompassing effort to restore old trade routes and streamline the transport of goods from Asia to Europe. It’s a wide-ranging endeavour that stands to create a significant economic boost to more than 60 countries that represent 70% of the global population, more than half of global GDP and 24% of global trade. 

Date added: 17-01-2017

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World Economic Forum - How Technology Can Unlock the Growth Potential along the New Silk Road

World Economic Forum - The New Plastics Economy Catalysing action

In January 2016, the World Economic Forum, the Ellen MacArthur Foundation and McKinsey & Company published the report The New Plastics Economy – Rethinking the future of plastics. It was produced as part of MainStream – a multi-industry, global initiative which aims to accelerate business-driven innovations and help scale the circular economy. For the first time, the report provided transparency on global plastics material flows and associated economics. It found that, while plastics and plastic packaging are a key part of the global economy, the current plastics economy has significant drawbacks that are becoming more apparent by the day. In addition, it presented a blueprint for a more effective plastics system based on circular economy principles – in effect, a New Plastics Economy.

Date added: 17-01-2017

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World Economic Forum - The New Plastics Economy Catalysing action

The LGA Housing Commission Final Report - Building our Homes, Communities and Futures

Local government shares the collective ambition to build more homes, and its focus is beyond bricks and mortar. The right homes in the right areas can have significant wider benefits for people and communities, and prevent future public service challenges and costs.

Date added: 10-01-2017

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The LGA Housing Commission Final Report - Building our Homes, Communities and Futures

A Sustainable Finance Plan for the European Union

This document has been developed by E3G as part of a joint initiative with 2 Degrees Investing Initiative, Ario Advisory, Carbon Tracker Initiative, ClientEarth, Climate Bonds Initiative, Climate Disclosure Standards Board, Eurosif, Future-Fit Foundation, Preventable Surprises, ShareAction, the University of Oxford Sustainable Finance Programme and WWF. 

Date added: 09-01-2017

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A Sustainable Finance Plan for the European Union

E3G - The EU Energy Union Legislative Package Benchmarks for Success

On 30 November 2016, the European Commission will launch a legislative package on energy. This represents a ‘once-in-a-decade’ set of reforms to the design of electricity markets, to renewables and energy efficiency targets and policies, and to the governance rules for planning and reporting on climate and energy. 

Date added: 09-01-2017

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E3G - The EU Energy Union Legislative Package Benchmarks for Success

E3G - European gas network plans based on industry fantasy

Today the network of gas system planners and operators ENTSO-G publishes its latest scenario analysis of European gas infrastructure needs to 2030. Yet according to E3G analysis, none of their scenarios fully meet the newly proposed 30% energy efficiency target for 2030. E3G said that taking gas infrastructure decisions on the basis of this analysis risks leading to stranded assets and to governments’ wasting taxpayers’ money.  

Date added: 09-01-2017

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E3G - European gas network plans based on industry fantasy

China plans to dominate clean tech race

In March 2016, China published its official 13th Five-Year Plan, which sets out their development pathway from 2016 to 2020. This Plan builds upon the previous five years and aims to create a strong foundation for China’s green, robust and resilient economy over the next two decades.

Date added: 09-01-2017

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China plans to dominate clean tech race

Clerus - A Practical Guide to Pension Fund Investment Costs

To help trustees and governance professionals.

The landscape for cost and charge discovery is rapidly changing for the better due to factors such as improving investor awareness, calls for increased cost transparency by industry bodies, regulatory and market initiatives and pressure to reduce pension fund deficits. The recent Asset Management Market Study – Interim report by the Financial Conduct Authority (FCA) and the potential impact it could have on institutional investors and their future governance arrangements is a good case in point.

The purpose of this guide is to assist the governance process in measuring and managing transaction costs, pooled fund costs and segregated mandate costs. The guide has been written in collaboration with Sunil Chadda, an experienced investment costs specialist and we believe it is the most comprehensive and detailed guide to investment costs and Value for Money available in the UK today.

Report Content:

  • Typical sources of investment costs for pension funds and other asset owners
  • How to evaluate Value for Money
  • Use the CLERUS self-assessment Check List to gauge the potential for hidden, or excess, investment costs in your fund
  • Get key insights and practical examples of where to find costs and charges

Henrik Pedersen, Managing Partner & Co-Founder of CLERUS said:

“The onus is now on pension fund trustees and governance professionals to demand transparency on all costs and charges related to the management of retirement funds and to assess if they provide ‘Value for Money’. We hope this Guide will be a useful tool to assist them in this pursuit.”

Date added: 22-12-2016

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Clerus - A Practical Guide to Pension Fund Investment Costs

Pushing Boundaries - The 2015 UK Alternative Finance Industry Report

Rarely a day goes by without a story about the growth of the online alternative finance market in the UK. In 2015, many peer-to-peer lenders reported continued growth and record-breaking financing rounds. At the same time, the equity-based crowdfunding market saw its first exits, while donation, reward and community based platforms funded more good causes than ever before. Looking beyond the headlines, what is the real state of the market in the UK?

Date added: 31-10-2016

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Pushing Boundaries - The 2015 UK Alternative Finance Industry Report

IREI - Global Real Estate Investment Managers Report 2016

This report captures data on 194 real estate investment managers around the globe. As a group, they control nearly $2.8 trillion of real estate assets. Also indicative of the jump in AUM, the top 10 largest managers, as a group, experienced a 12 percent increase from the previous year; the top 100 managers recorded a 14 percent increase.

Date added: 30-09-2016

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IREI - Global Real Estate Investment Managers Report 2016

2016 Guide to setting up an Alternative Investment Fund in the USA

How are AIFS set up in the USA? How do traders and prop desk alumni take the first the steps to setting up their own AIFs in the transparent and correct format required by investors and regulators? And, given regulatory differences on either side of the Atlantic, where should these funds be domiciled? To help answer these and other key questions GFM has prepared the 2016 Guide to Setting up an Alternative Investment Fund in the USA.

Date added: 27-09-2016

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2016 Guide to setting up an Alternative Investment Fund in the USA

Guide to ETFs for Wealth & Asset Managers - 2016

ETFs have over taken hedge funds in assets under management in recent years and are now set to push into the mutual fund space. This Global Fund Media Guide provide wealth advisers, asset managers and independent financial advisers an insight into what this growing asset class can bring to investment portfolios.

Date added: 27-09-2016

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Guide to ETFs for Wealth & Asset Managers - 2016

2016 Guide to setting up an Alternative Investment Fund in Europe

As the alternative fund management industry grapples with the post-Brexit world, AIF start-ups need to tread carefully. How do traders and prop desk alumni take the first the steps to setting up their own AIFs in the transparent and correct format required by investors and regulators? And, given Brexit and sharpening regulatory differences on either side of the Atlantic and across Europe, where should these funds be domiciled.

Date added: 27-09-2016

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2016 Guide to setting up an Alternative Investment Fund in Europe

Special Report - Cybersecurity for Fund Managers - 2016

With cyber attacks becoming increasingly commonplace, this Hedgeweek Special Report examines the implications, both for investors - in terms of how they should conduct cybersecurity due diligence on their portfolio funds - and for managers, in terms of how they should create strategies for preventing and dealing with cyber attacks, outlining the very latest thinking, tools and services available.

Date added: 27-09-2016

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Special Report - Cybersecurity for Fund Managers - 2016

Commodities 2015: The outlook for investors

Investing in commodities can yield handsome returns, but investors need to focus sharply on timing and diversify their portfolios away from traditional safe havens and into sectors such as agriculturals and products such as ETFs. As one expert reveals in this special report, "Gold is not the only yellow commodity one should have in their portfolio"

Date added: 27-09-2016

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Commodities 2015: The outlook for investors

Smart Beta 2015 - Special Report

Experts are forecasting that by 2020, around 30 per cent of investor assets will be in smart beta products, up from 5 per cent or less currently. This etfexpress Special Report examines the investor trends driving the growth of smart beta products and outlines the latest innovations in the sector from both product and index providers.

Date added: 27-09-2016

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Smart Beta 2015 - Special Report

Willis Towers Watson - The world's 300 largest pension funds - year ended 2015 (2016)

This comprehensive paper by Willis Towers Watson provides invaluable insights into the financial state of the largest 300 pension funds in the world. Total assets fell by over 3% in 2015 to a sum of US$14.8 trillion. Despite this first drop in assets, cumulative asset growth since then is almost 19%.

Date added: 21-09-2016

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Willis Towers Watson - The world's 300 largest pension funds - year ended 2015 (2016)

UBS Asset Management - Pension Fund Indicators 2016

The Pension Fund Indicators (PFI) 2016 is an annual publication produced by UBS AM with an enduring aim of putting current topics in their long-term context. As an industry-standard text on pension fund investment we hope that you will find it a useful source of data and practical explanations.

Date added: 21-09-2016

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UBS Asset Management - Pension Fund Indicators 2016

EFG Asset Management - September/October 2016 Global House View & Investment Perspectives

Welcome to the September/October edition of Inview: Global House View. In this publication we consider significant developments in the world’s markets, and discuss our key convictions and themes for the coming months. 

Date added: 20-09-2016

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EFG Asset Management - September/October 2016 Global House View & Investment Perspectives

EFG Asset Management - Quarterly Market Review Q3 2016

The concerns raised in the UK Brexit vote – sovereignty, globalisation and migration – reverberate around the world. Dealing with these challenges is a global, not just an EU, issue. 

Date added: 20-09-2016

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EFG Asset Management - Quarterly Market Review Q3 2016

LAPFF - Engaging for a Low Carbon Transition

The report sets out why a 2°C business model can be less risky than ‘business-as-usual’ for oil and gas companies and explains what this means for shareholder value.

Date added: 13-09-2016

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LAPFF - Engaging for a Low Carbon Transition

LAPFF - "Sorry Wrong Number" Post Mortem Part III

In this paper, LAPFF sets out how central figures in the accounting profession have consistently argued that the law is different to what the legislation provides; a clear example of regulatory capture (December 2015).

Date added: 13-09-2016

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LAPFF -  "Sorry Wrong Number" Post Mortem Part III

M&G Real Estate Perspectives Brexit: implications for real estate

The outcome of the referendum held on 23 June, 2016 is for the UK to leave the European Union. It is now over to the government to start the withdrawal process and the negotiations regarding the UK’s future relationship with the EU and its other trading partners. Given this result, we outline our view on the likely impact on the real estate markets.

Date added: 06-07-2016

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M&G Real Estate Perspectives Brexit: implications for real estate

COP-21 in Paris – a guide for investors

COP-21 could be a turning point in the world’s response to climate change – governments have decided that there will be an agreement. How strong this agreement will be is the vexing question for the little time left before the deadline. This guide introduces investors to the UNFCCC process. 

Date added: 06-07-2016

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COP-21 in Paris – a guide for investors

2016: From climate commitments to implementation

Guide to IIGCC's 2016 programmes and activities, featuring key policy interventions, corporate engagement initaitives and investor workshops on climate solutions.  

Date added: 06-07-2016

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2016: From climate commitments to implementation

Transforming the sustainability of Europe’s building stock

The revision of two EU Directives that govern energy efficiency and the energy performance of buildings provides a vital opportunity to drive radical improvements in the energy efficiency performance of Europe’s existing building stock. Measures that target new builds should focus on implementing the current framework effectively. The principle of ‘continuous improvement’ should be used to drive the retrofitting and refurbishment of existing building stock through transforming energy performance certificates from a static into a dynamic tool. The EU should consider setting a binding goal to bring the entire European buildings sector to a nearly-zero energy standard by 2050. Energy performance certificates should be upgraded to a dynamic electronic format that records, and more frequently updates, both the design and operational performance of property and which becomes the foundation of an electronic building passport.

Date added: 06-07-2016

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Transforming the sustainability of Europe’s building stock

The Promotion of Professional Standards

Invest Europe promotes the highest ethical and professional standards within the private equity, venture capital and infrastructure industry.

Ethical behaviour is fundamental to the success of our industry. Industry participants operate in an environment of trust. Invest Europe members are entitled to expect their peers to act in accordance with the highest ethical and professional standards and are expected to behave in a similar manner towards portfolio companies, service providers and other stakeholders. Further, in order to ensure sustainable, equitable and positive conditions for the industry across Europe, it is in members’ best interests to promote confidence in the industry for the public at large. Being a member of Invest Europe creates a responsibility to act in a manner that is both ethical and beneficial to the interests of the industry and its stakeholders. Observance of the standards set out in this Handbook enables Invest Europe to better represent and promote the interests of its members.

Date added: 27-06-2016

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The Promotion of Professional Standards

European Private Equity Activity Data 2007-2015

The Invest Europe Yearbook - 2015 European Private Equity Activity - is the most comprehensive source for European private equity fundraising, investment and divestment data. With data on more than 1,200 European private equity firms, the 2015 statistics cover 91% of the €564bn capital under management on the European market.

Date added: 27-06-2016

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European Private Equity Activity Data 2007-2015

2015 European Private Equity Activity

The Invest Europe Yearbook - 2015 European Private Equity Activity - is the most comprehensive source for European private equity fundraising, investment and divestment data. With data on more than 1,200 European private equity firms, the 2015 statistics cover 91% of the €564bn capital under management on the European market.

Date added: 27-06-2016

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2015 European Private Equity Activity

New Capital - Global House View & Investment Perspectives

Global House View. In this publication we consider significant developments in the world’s markets, and discuss our key convictions and themes for the coming months.

Date added: 22-06-2016

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New Capital - Global House View & Investment Perspectives

New Capital - Brexit: The Curse of the Conservatives

In a month’s time - on 23rd June - the UK will hold a referendum to determine whether or not the country remains part of the European Union (EU). The vote is of international significance because the consequences of a vote to leave would have global ramifications. Amongst other things it would call into question the future of the EU. In this latest Indepth research note, EFG’s Chief Economist Daniel Murray discusses the costs and benefits of EU membership and the market implications of a vote to remain.

 

Date added: 02-06-2016

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New Capital - Brexit: The Curse of the Conservatives

Alliance Trust Investments - Sustainable Future Newsletter October 2015

In this issue, we feature highlights from the preceding months regarding companies we invest in, campaigns we are involved in, and the sustainable development themes we have been analysing.

Date added: 20-05-2016

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Alliance Trust Investments - Sustainable Future Newsletter October 2015

Alliance Trust Investments - Sustainable Future Newsletter February 2016

Investment returns across our product range were strong versus benchmarks and comparable funds*. This builds on a growing long-term history of strong investment returns, showing that investing in companies that do good, is simply a sensible investment strategy. For instance, our largest fund, the Sustainable Future Managed Fund, has beaten the average for its peer group over one, three, five, seven and ten years. For more on our funds performance read our Funds in Focus section on page six.

Date added: 20-05-2016

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Alliance Trust Investments - Sustainable Future Newsletter February 2016

Alliance Trust Investments- Sustainable Future Newsletter April 2016

The Sustainable Future funds invest in companies whose activities improve our lives or help to reduce the environmental impact from human activity. We believe that these companies will be more successful because of this approach and that we can, therefore, deliver strong investment returns alongside the positive impact of the companies in which we invest. 

Date added: 20-05-2016

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Alliance Trust Investments- Sustainable Future Newsletter April 2016

The Alliance Trust Sustainable Future fund range and UK Ethical Fund Position on sustainability and ethical issues

This document sets out the screening approach for the Alliance Trust Sustainable Future fund range, as well as for our UK Ethical Fund. These funds are primarily positively screened. We are looking for well managed companies that provide products or services that are more sustainable than the market and are set to benefit from a shift towards more sustainable development.

Date added: 20-05-2016

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The Alliance Trust Sustainable Future fund range and UK Ethical Fund Position on sustainability and ethical issues

United Nations - International Migration and Development: Contributions and Recommendations of the International System

Human mobility is a fact of life. People have always migrated to adapt to, or escape from, difficulties and disasters, or spurred by curiosity and dreams of a better life. What has brought particular attention to migration in recent years is the scale and complexity of movements, touching almost all countries around the world, catalysed by speed of information flow and means of transportation, and the increasing awareness of the countless developmental opportunities and challenges which mobility offers to migrants, their families, communities and societies at large.

Date added: 15-03-2016

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United Nations - International Migration and Development: Contributions and Recommendations of the International System

United Nations - How the United Nations System Supports Ambitious Action on Climate Change

This brochure has been jointly written and produced by some 40 United Nations (UN) specialized agencies, funds, programmes and other bodies that coordinate their respective activities on climate change. The brochure has one simple purpose: to show Governments and the public how the diverse entities of the UN system work together to support ambitious international action on climate change. It introduces the comprehensive and multidisciplinary projects and programmes undertaken by the UN system, many of them through partnerships involving UN and other international organizations, civil society, the private sector and academia. Given the extraordinary breadth and depth of these activities, the text provides representative examples to illustrate how the UN system is working globally, regionally and nationally around the world.

Date added: 15-03-2016

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United Nations - How the United Nations System Supports Ambitious Action on Climate Change

DGC Asset Management - Critical Insights Part 3: Economic Policy

Moving into part 3 of the Critical Insights series, we now take a look at the economic and geo-political trends that are shaping the global economy, and influencing financial markets. Having already revealed in parts 1 and 2 how evolving global demographics and shifting patterns in consumption are shaping a new global supply chain, we now turn our attention to the impact of economic and wider political policy for investors today.

Week 3, Economic Policy: Within this report we look at the real drivers behind current economic policy such as quantitative easing and interest rate suppression, and how these will impact investment portfolios in 2016. An insight into the changing behaviour of the global population, and how future demand for goods and services will be most prevalent in a small number of niche sectors and markets.

Date added: 26-02-2016

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DGC Asset Management - Critical Insights Part 3: Economic Policy

DGC Asset Management - Critical Insights: Part 1 Demographics

In this series of 8 short reports – delivered weekly – we identify, analyze and interpret the most important developing trends in key fundamentals that are shaping the future of investing. In an economic climate beset by low growth, volatility and low interest rates, investors must look elsewhere to grow wealth sufficiently to provide an adequate retirement, and to protect and preserve it for the next generation. In this series we cover:

Week 1, Demographics: How the changing size, shape and demographic profile of the global population is impacting the economy, robbing traditional assets of long term returns, and shifting value and growth to other alternative asset classes.

Date added: 19-02-2016

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DGC Asset Management - Critical Insights: Part 1 Demographics

DGC Asset Management - Critical Insights: Part 2 Socio Economics

In this series of 8 short reports – delivered weekly – we identify, analyze and interpret the most important developing trends in key fundamentals that are shaping the future of investing. In an economic climate beset by low growth, volatility and low interest rates, investors must look elsewhere to grow wealth sufficiently to provide an adequate retirement, and to protect and preserve it for the next generation. In this series we cover:

Week 2, Socio Economics: An insight into the changing behaviour of the glob al population, and how future demand for goods and services will be most prevalent in a small number of niche sectors and markets.

 

Date added: 19-02-2016

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DGC Asset Management - Critical Insights: Part 2 Socio Economics

Bouwinvest - Nuances in Vacant Commercial Property

Summer is well on its way and that means we've already been hard at work over the past few months ensuring that this year's achievements are just as good as 2014 – and last year was especially rewarding for Bouwinvest.

Date added: 27-01-2016

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Bouwinvest - Nuances in Vacant Commercial Property

Bouwinvest - Attractive returns in an increasingly polarised retail market

Dutch retail real estate has generated strong returns over the past few decades. With average returns of more than 9%, retail investments have outperformed both residential and office real estate. In addition to its stable returns, retail real estate offers attractive risk premiums. This looks like a good moment for investors to enter the retail real estate market.

Date added: 27-01-2016

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Bouwinvest - Attractive returns in an increasingly polarised retail market

TH Real Estate - The Density Dividend: Solutions for growing and shrinking cities

This overview report focuses on urban change and addresses the different challenges involved in population growth and shrinkage, as well as how density might play a role in adapting and building strategies for future cycles.

Date added: 27-01-2016

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TH Real Estate - The Density Dividend: Solutions for growing and shrinking cities

TH Real Estate - The growth of emerging world cities and potential target markets for institutional investors

Global megatrends are reshaping the world economic order, with rapid economic growth in emerging countries leading to mass urbanisation in cities across Asia, Africa and South America.

Date added: 27-01-2016

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TH Real Estate - The growth of emerging world cities and potential target markets for institutional investors

TH Real Estate - Picking Tomorrows World Cities

In our latest research report, we advocate a city-level approach to real estate investment, in light of our longer-term research findings relating to global ‘megatrends’.

Date added: 27-01-2016

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TH Real Estate - Picking Tomorrows World Cities

Places for People - Inventing our Future: Annual Review 2014/15

This report contains corporate information from 2014-2015 including a look at our continued success in: placemaking, neighbourhoods, affordable housing, property management, care and support, retirement, leisure management, construction and development, environmental sustainability.

Date added: 12-01-2016

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Places for People - Inventing our Future: Annual Review 2014/15

London Councils - House prices in London: An economic analysis of London’s housing market

This paper looks at the level of London’s house prices from an economic perspective. It looks at the fundamental processes that drive the market for buying and selling homes, considering the extent to which the observed changes in house prices are reasonable, and the possible long-term consequences of house price inflation for London. While highlighting potential issues for particular groups which may have long-term economic consequences, this paper focuses on the price of homes and costs of housing in London in economic terms. It therefore primarily considers the private market for owner-occupied and mortgage-backed housing.

Date added: 12-01-2016

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London Councils - House prices in London: An economic analysis of London’s housing market

The cost of Londons long-term infrastructure

London is growing at its fastest rate in modern history. According to current estimates, its population is increasing by around one million individuals every ten years. This is equivalent to a rate of two thousand every eight days. Employment and economic activity are also rising.

Date added: 12-01-2016

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The cost of Londons long-term infrastructure

Enabling Infrastructure: Green, Energy, Water & Waste Infrastructure to 2050

This document is part of a suite of documents supporting the Mayor’s consultation on London’s long-term infrastructure requirements. ‘London Infrastructure Plan 2050 A Consultation’ sets out London’s strategic requirements to 2050 across transport, green, digital, energy, water and waste infrastructure, how much it will cost and how we might pay for it all. It invites responses on a range of issues, including those looked at in this document.

Date added: 12-01-2016

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Enabling Infrastructure: Green, Energy, Water & Waste Infrastructure to 2050

Population and employment projections to support the London Infrastructure Plan 2050

 

To support the work of the London Infrastructure Plan 2050 the GLA Intelligence Unit has produced a number of projections. Projections and forecasts are typically based on a number of simplifying assumptions and are, in part at least, only as reliable as the data on which they are based.

Date added: 12-01-2016

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Population and employment projections to support the London Infrastructure Plan 2050

London Infrastructure Plan 2050

In 2014 the Mayor launched London’s first long-term infrastructure plan. The London Infrastructure Plan 2050 is the first ever attempt to identify, prioritise and cost London’s future infrastructure. It considers how we might deliver and fund it, in order to support future growth.

Date added: 12-01-2016

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London Infrastructure Plan 2050

London Councils - Response to the Crossrail 2 Growth Commission's call for evidence

We have responded to the Crossrail 2 Growth Commission's Call for Evidence, expressing our support for the regional route and the housing and economic growth that it can deliver for London and the wider south of England. Our response also addresses allocation of land use and the importance of providing all the infrastructure a community needs, and not solely housing, to make sure new houses meet people's needs. - See more at: http://www.londoncouncils.gov.uk/our-key-themes/infrastructure/whats-new#sthash.ogudv2sc.dpuf

Date added: 12-01-2016

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London Councils - Response to the Crossrail 2 Growth Commission's call for evidence

London Councils - Response to the National Infrastructure Commission's call for evidence

Our response discusses the pressures on land for housing and the implications this has for employment land, a mix of housing tenures and wider infrastructure needs.

Date added: 12-01-2016

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London Councils - Response to the National Infrastructure Commission's call for evidence

Solace - Opportunity Knocks: An Alternative Manifesto

This ‘alternative manifesto’ creates a new vision of how better services could be delivered with local people. By setting a stress test against which political policies can be considered, it provides a mechanism to judge the likely effectiveness of future measures.

Date added: 12-01-2016

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Solace - Opportunity Knocks: An Alternative Manifesto

Scottish Government - The Future of Scottish Agriculture

This discussion document outlines a vision for the future of Scottish agriculture, in order to encourage discussion and feedback from stakeholders and the public, with a view to helping to inform future policy directions.

Date added: 12-01-2016

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Scottish Government - The Future of Scottish Agriculture

Scottish Government - European Structural Funds A Smart, Sustainable and Inclusive Scotland in Europe

This book is an overview of the 2007-2013 Programmes and also an introduction to the 2014-2020 Programmes. It includes case studies from both the European Social Fund and European Regional Development Fund.

Date added: 12-01-2016

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Scottish Government - European Structural Funds A Smart, Sustainable and Inclusive Scotland in Europe

Scottish Government - One Million Acres by 2020

A report of the findings and recommended actions from the 1 Million Acre Short Life Working Group to deliver the target of achieving 1 million acres of land in community ownership by 2020.

Date added: 12-01-2016

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Scottish Government - One Million Acres by 2020

Scottish Government - Joint Housing Delivery Plan for Scotland

The Joint Delivery Plan, developed by the Joint Housing Policy and Delivery Group, identifies priority actions that representatives from across the housing sector agree need a specific focus to ensure we are able to deliver the strategic objectives set out in Homes Fit for the 21st Century, and other subsequent Scottish Government strategies with a bearing on housing.

Date added: 12-01-2016

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Scottish Government - Joint Housing Delivery Plan for Scotland

Scottish Government - Infrastructure Investment Plan 2015

The Infrastructure Investment Plan 2015 sets out priorities for investment and a long term strategy for the development of public infrastructure in Scotland. It is intended to complement the Draft Budget 2016-17 and support the objectives set out in Scotland’s Economic Strategy and the Programme for Government.

Date added: 12-01-2016

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Scottish Government - Infrastructure Investment Plan 2015

Quick reference guide: Engaging retailers on employee relations

This quick reference provides investors with an overview of why and how to engage retailers on employee relations, including red flags and engagement questions tested in a PRI-coordinated engagement. An investor guide on engaging retailers on employee relations provides greater detail on the case for engaging and describes how to engage on particular key aspects of employee relations, before providing a set of recommendations for future engagement.

Date added: 09-01-2016

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Quick reference guide: Engaging retailers on employee relations

Developing an asset owner climate change strategy

This pilot framework offers a step-by-step approach for addressing climate change across three main strategies: engage, invest and avoid. Case studies outline existing examples of asset owner action, including several initiatives that have been started by project participants during the project.

Date added: 09-01-2016

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Developing an asset owner climate change strategy

Legg Mason - Another arrow in the quiver: Diversifying income with REITs

The scarcity of yield that continues to challenge investors has driven many toward new sources of income. Equity investments such as dividend-paying stocks and master limited partnerships1 have attracted significant inflows despite a generally tepid economic environment.

Date added: 11-12-2015

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Legg Mason - Another arrow in the quiver: Diversifying income with REITs

Legg Mason - Low oil prices, low interest rates — A shift in perceptions

Our last letter discussed the possibility of a minor rise in interest rates. We concluded that it was hardly worth worrying about, because any lift would be small and gradual. The market had plenty of other things to worry about and rates seemed low on the list. We suggested that near zero rates were having an impact counter to the original intent of the Federal Reserve (Fed).1 The necessary zero interest rate policy of 2008–2013 was now harming savers and pension funds, both of which needed much higher returns to avoid financial stress. The ultra-low rates have affected spending by individuals and have created fiscal problems for municipalities trying to meet pension obligations. There are also warnings about bubbles in art and real estate because of the ultra-low rates, which made leveraged borrowing too easy.

Date added: 11-12-2015

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Legg Mason - Low oil prices, low interest rates — A shift in perceptions

Legg Mason - European equities; Gaining traction?

European equities have lagged those in the US, amid delayed monetary policy reaction to the financial crisis and the impact of Greece’s debt problems on confidence in the European Union.

Date added: 11-12-2015

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Legg Mason - European equities; Gaining traction?

Legg Mason - Pricing pressures and global high yield

Credit investors in developed and emerging markets (EM) have been trying to understand the rapid decline in credit and foreign currency valuations. The reasons for these valuation declines have been pinned on weak commodity prices and institutional structures in EM, lack of inflation and impotent monetary policy in developed markets, the ever present concern of lower growth emanating from China, and a broader EM malaise based on EM central banks facing a classic, but treacherous dilemma of having to keep policy tight in the face of slowdowns to avoid currency instability.

Date added: 11-12-2015

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Legg Mason - Pricing pressures and global high yield

Legg Mason - Spread sectors rally; but risks remain, No easy answers

Fixed-income markets have gyrated wildly this year, constantly shifting from pessimism to optimism and back. Early in the year, plunging oil prices and fears of European recession pushed German bund3 rates to near 0%, while 10-year US Treasury yields hit 1.6%. Then optimism returned with the spring, as growth sentiment about the US and Europe improved, oil prices stabilized in the $60s, stock prices rebounded and so did bond yields. During the summer, expectations of global growth dropped sharply, driven by fears of a pronounced slowdown in China, and knock-on fears for the emerging market (EM)4 sector as a whole. All this led to the most brutal performance for spread sectors5 since the euro crisis of 2011.

Date added: 11-12-2015

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Legg Mason - Spread sectors rally; but risks remain, No easy answers

Legg Mason - Why global bonds?

Global bonds are a unique “opportunity class” that can produce superior returns, provide diverse sources of alpha,1 and reduce the overall volatility of a purely domestic bond portfolio. We believe active global bond investors may have an intrinsic advantage due to an expanded opportunity set. Investors who focus on government bonds in a single country are limited largely to binary duration2 decisions, while global managers who have the skill to manage currencies can capture much more complex relationships. In allowing managers to invest globally, investors diversify their source of return and, in our view, allow greater potential for outperformance, in our opinion.

Date added: 11-12-2015

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Legg Mason - Why global bonds?

Legg Mason - Drilling down: The impact of low oil prices

A year ago, the oil price was in freefall. Brent crude prices had spent much of the first half of 2014 at around U.S.$100 per barrel, but by November 2014, the oil price had started to plummet. Twelve months on, and with the oil price now halved, the slump shows no sign of ending.

Date added: 11-12-2015

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Legg Mason - Drilling down: The impact of low oil prices

Legg Mason - Global bond review and outlook: European bonds rise on QE expectations

Policy accommodation from central banks around the world will continue to underpin growth given global inflationary pressures that remain very subdued and show little sign of increasing. The decline in commodity prices should support global growth by increasing real consumer incomes and corporate earnings in the medium term.

Date added: 11-12-2015

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Legg Mason - Global bond review and outlook: European bonds rise on QE expectations

Legg Mason - Emerging market equities: Looking to the long term

Cyclical downturn, not structural decline.  It’s been a torrid time for investors in emerging markets,1 who have seen 18% shaved off the MSCI Emerging Market Index2 over the last six months. At the eye of the storm has been China, where faltering economic growth has been compounded by stock market routs. In August, Shanghai’s benchmark index3 fell by 8.5% in a single session, prompting Chinese policymakers to undertake a spate of interest-rate cuts to bolster the flagging economy. For its emerging market peers, China’s decision to allow the yuan4 to devalue over three days was especially significant, and watched with consternation. The move led to fears of competitive devaluations across Asia and broader emerging markets, an unwelcome development to exporters already feeling the pinch of falling commodity prices.

Date added: 11-12-2015

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Legg Mason - Emerging market equities: Looking to the long term

Legg Mason - Balancing income and volatility, a dividend centric approach

Gone are the days when investors could satisfy their income needs with low-risk investments, like government bonds. The extraordinary intervention by central banks in the aftermath of the financial crisis has left behind an ultra-low rate environment, making it more difficult to meet income needs.

Date added: 11-12-2015

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Legg Mason - Balancing income and volatility, a dividend centric approach

Cornerstone - U.S. Research Quarterly - Economic and Real Estate Update and Outlook - July 2015

Strengthening and Broadening Office Market Recovery Current Vacancy and Forecast 2 Year Change The U.S. economy continues to improve on both an absolute basis and relative to other economies globally. A broad set of indicators show economic activity reaccelerated in 2Q after being challenged by global events and weather over the winter months. Events overseas remain the primary threat to the extended expansion underway, and Fed policymakers are clearly hesitant to begin tightening monetary policy until labor market and inflation metrics support such a move. Recent events have added a bit of uncertainty but overall trends seem to suggest a measured round of tightening to begin late this year.

Date added: 25-11-2015

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Cornerstone - U.S. Research Quarterly - Economic and Real Estate Update and Outlook - July 2015

Cornerstone - European Research Quarterly - Sept 2015

Despite intense concerns about Greece and a China slowdown, Europe still managed to record positive growth in 2Q 2015 (up 0.4% q-o-q, matching 1Q). The EU Economic Sentiment Indicator (ESI) increased in July to 106.6, up from 105.5 the month before. This reading is consistent with near term GDP growth continuing at a similar pace.

Date added: 25-11-2015

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Cornerstone - European Research Quarterly - Sept 2015

Cornerstone - Global Listed Property Review - Oct 2015

Anticipation and uncertainty will remain in global financial markets, through at least the end of 2015. Anticipation, that the FOMC will raise the fed funds rate in December or in the first quarter of 2016, after holding back in September. Uncertainty, over global economic events including those in China, an important export partner with the U.S. and Europe.

Date added: 25-11-2015

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Cornerstone - Global Listed Property Review - Oct 2015

Office for National Statistics - Investment by Insurance Companies, Pension Funds and Trusts Q2 2015

Information about the investment choices of insurance companies, self-administered pension funds, investment trusts, unit trusts and property unit trusts. This release contains quarterly net investment data arising from financial transactions (investments and disinvestments) made by these institutional groups. Also included are quarterly balance sheet data for short-term assets and liabilities, along with quarterly income and expenditure data for insurance companies and self-administered pension funds. All data are reported at current prices (effects of price changes included).

Date added: 27-10-2015

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Office for National Statistics - Investment by Insurance Companies, Pension Funds and Trusts Q2 2015

Environment Agency Pension Fund - Policy to address the impacts of climate change

Our objective is to ensure that our Fund’s investment portfolio and processes are compatible with keeping the global average temperature increase to remain below 2°C relative to pre-industrial levels, in-line with international government agreements.

Date added: 27-10-2015

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Environment Agency Pension Fund - Policy to address the impacts of climate change

Local Government Association - Councillor briefing pack - Sustainable housing

Reducing energy and water bills, flood risk, extreme cold and overheating in new and existing housing stock.

Date added: 21-10-2015

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Local Government Association - Councillor briefing pack - Sustainable housing

Principle Financial Group: Asset Allocation - Survival of the Fleetest

The quantitative easing (QE) programs in America, Europe and Japan have driven investors up the risk curve via ultra-low yields.  These have not only distorted asset valuations, they have also marginalized the navigation tools that investors have long relied on, such as risk-free rate, fair valuation and equity risk premium.  As a result, investors are on a journey into the unknown where value traps are just as likely as value opportunities.

Date added: 21-10-2015

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Principle Financial Group: Asset Allocation - Survival of the Fleetest

Spence Johnson - Opportunities in insurance asset management

Insurance companies are facing several pressures: low interest rates, the imminent implementation of Solvency II and reduced underwriting margins. As a result they are now having to think more creatively about how to achieve yield from their investments.

Date added: 16-10-2015

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Spence Johnson  - Opportunities in insurance asset management

Research Affiliates: The Whole Story - Factors and Asset Classes

Research Affiliates: The Whole Story - Factors and Asset Classes.

Date added: 08-10-2015

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Research Affiliates: The Whole Story - Factors and Asset Classes

Northern Trust: Choosing a Smart Beta Factor

Investors interested in reaping the benefits of factor-based investing in their portfolios have long believed the ultimate question to be, “Which factor should I choose?” Our most recent research shows, however, that investors should instead ask, “When should I favour each factor?”

Date added: 08-10-2015

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Northern Trust: Choosing a Smart Beta Factor

AQR Capital Management: Fact, Fiction and Value Investing

Value investing has been a part of the investment lexicon for at least the better part of a century. In particular the diversified systematic “value factor” or “value effect” has been studied extensively since at least the 1980s. Yet, there are still many areas of confusion about value investing, which we aim to clarify in this article.

Date added: 07-10-2015

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AQR Capital Management: Fact, Fiction and Value Investing

AQR Capital Management: Hedge Funds - A Dynamic Industry In Transition

The hedge-fund industry has grown rapidly over the past two decades, offering investors unique investment opportunities that often reflect more complex risk exposures than those of traditional investments. In this article we present a selective review of the recent academic literature on hedge funds as well as updated empirical results for this industry.

Date added: 07-10-2015

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AQR Capital Management: Hedge Funds - A Dynamic Industry In Transition

Spence Johnson - Excellent Client Management Provides Tangible Added Value

In late 2014 Spence Johnson interviewed 41 UK pension fund decision makers responsible for assets in excess of £13 billion on the subject of client retention.  This was a repeat of similar research undertaken in 2008.  Excellent client management today could buy an extra 20 months in some cases which translates into income of over £300,000 on a £100 million mandate.  This buys a lot more client servicing within an asset manager.  The actual time and fee income secured are highly dependent upon mandate and fee level (source:  LCP for fee levels).

Date added: 06-10-2015

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Spence Johnson  - Excellent Client Management Provides Tangible Added Value

Spence Johnson - Targeting growth markets in European Institutional

In our annual drawing together of key themes from the European institutional asset management markets, we project future annual growth rates in institutional assets varying from -0.5% to 31%.

Date added: 06-10-2015

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Spence Johnson - Targeting growth markets in European Institutional

Spence Johnson - Smart Beta ‐ Our fastest growing MI segment

The rapid expansion of the Smart Beta market in 2014 makes it the fastest growing market segment covered by Spence Johnson’s Market Intelligence Service.

Date added: 06-10-2015

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Spence Johnson  - Smart Beta ‐ Our fastest growing MI segment

Spence Johnson - Diversified Growth Funds: New players win market share

The DGF market grew 15% to £124bn at the end of 2014. UK DB and DC pension assets represent the key clients for almost all DGF managers, together representing 70%+ of the client base for most funds.

Date added: 06-10-2015

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Spence Johnson  - Diversified Growth Funds: New players win market share

Infosys - Use of big data technologies in capital markets

Realising business value through big data: accelerating insights, driving outcomes.

Date added: 06-10-2015

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Infosys - Use of big data technologies in capital markets

Towers Watson: The worlds largest 300 pension funds

Review of the worlds largest 300 pension funds.

  • This research shows that the world’s top 300 pension funds now represent around 43% of global pension assets

  • Total assets of the world’s largest 300 pension funds grew by over 3% in 2014 (compared to around 6% in 2013)

  • By individual region North America had the highest five-year combined compound growth rate of around 8%

Date added: 06-10-2015

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Towers Watson: The worlds largest 300 pension funds

LCP Investment Management Fees Survey 2015

This is the fifth edition of the Lane Clark & Peacock LLP (LCP) Investment Management Fees Survey.  It provides an in-depth analysis of  investment management fees and related fee issues.  In total, our survey covers 45 separate asset classes, representing all of the main asset classes invested in by UK pension funds.

Date added: 06-10-2015

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LCP Investment Management Fees Survey 2015

KPMG:Data and Analytics: A New Driver of Performance and Valuation

The findings of this research corroborate what we are hearing from corporate management and technology developers:

• D&A is viewed as a formal strategy, not just as a disparate set of technology projects;

• Many companies are starting to see disruption to their traditional business models as a result of D&A, and even more know that this trend is gathering momentum for the future;

• This business model disruption is triggering a formal re-evaluation of enterprise value; and

• Corporate management and financial analysts are searching for more consistency and rigor in the methods they use to assess D&A strategy.

Date added: 06-10-2015

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KPMG:Data and Analytics: A New Driver of Performance and Valuation

HSBC: Stranded assets: what next? How investors can manage increasing fossil fuel risks

Stranded assets are those that lose value or turn into liabilities before the end of their expected economic life. In the context of fossil fuels, this means those that will not be burned – they remain stranded in the ground. We believe the risks of this occurring are growing.

 

Date added: 06-10-2015

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HSBC: Stranded assets: what next? How investors can manage increasing fossil fuel risks

Pioneer Investments - Choosing an Actively Managed Portfolio: Evaluating Active Share

There has been a lot of recent discussion focused on the merits of “active share,” one measure designed to illustrate the level of active management being employed within an actively managed portfolio.  Active share can be useful when considered in the context of other metrics, such as a manager’s ability to add value and a portfolio’s relative risk or tracking error versus its benchmark index.  However, we believe an analysis of the exposures that result in a portfolio’s active share and tracking error is essential to truly evaluate the merits of an active approach.

Date added: 06-10-2015

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Pioneer Investments - Choosing an Actively Managed Portfolio: Evaluating Active Share

G20/OECD Principles of Corporate Governance

Good corporate governance is not an end in itself. It is a means to create market confidence and business integrity, which in turn is essential for companies that need access to equity capital for long term investment.  Access to equity capital is particularly important for future oriented growth companies and to balance any increase in leveraging.  The updated G20/OECD Principles of Corporate Governance (the Principles) therefore provide a very timely and tangible contribution to the G20 priority in 2015 to support investment as a powerful driver of growth.

Date added: 06-10-2015

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G20/OECD Principles of Corporate Governance

Bank of England - Breaking the Tragedy of the Horizon – climate change and financial stability

Breaking the Tragedy of the Horizon - climate change and financial stability.

Speech given by:

Mark Carney
Governor of the Bank of England
Chairman of the Financial Stability Board
Lloyd’s of London
29 September 2015

Date added: 06-10-2015

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Bank of England - Breaking the Tragedy of the Horizon – climate change and financial stability

Towards a Stock-Flow Consistent Ecological Macroeconomics

This paper describes the challenge of modelling combined economic, ecological and financial systems and sets out a series of objectives for modelling the socio-economic transition towards sustainability. It highlights the modelling needs in relation to full employment, financial stability, and social equity under conditions of constrained resource consumption and ecological limits. It outlines the development of a dedicated system-dynamics model for describing Financial Assets and Liabilities in a Stock-Flow consistent Framework (FALSTAFF) and presents some hypothetical results calibrated for the Canadian economy. The selected scenarios illustrate the complex relationships between real and financial aspects of the macro-economy and allow some initial tests on the financial viability of green investment.

Date added: 06-10-2015

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Towards a Stock-Flow Consistent Ecological Macroeconomics

Design Options for a Sustainable Financial Sector

Over 200 years ago, Adam Smith put forward the notion that individuals seeking to benefit themselves through trade were led as if by an invisible hand to a situation in which society as a whole could benefit. It can be argued, however, that social objectives such as sustainability and inclusiveness, do not emerge spontaneously through market forces. Such outcomes have to be designed through legal structures and institutions. In other words, for the invisible hand to operate, there needs to be a visible hand behind it. The financial inclusion experiment in South Africa provides lessons for the design of the type of financial sector required for the transition from greed to green.

Date added: 06-10-2015

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Design Options for a Sustainable Financial Sector

The Role of Policy-Driven Institutions in Developing National Financial Systems for Long-Term Growth

Policy-driven institutions such as national development banks (NDBs) and national green funds (NGFs) attract a growing interest to provide grants, credit-enhancement instruments or lend directly to project proponents in specific green sectors, with billions of dollars allocated by governments to support these interventions. As part of ongoing efforts to better understand their comparative effectiveness to deepen national financial systems, the paper discusses the role of NGFs in catalysing institutional innovations and facilitating access to long-term affordable finance for green, low carbon and climate resilient investment. It argues that the key added value of NGFs might rest in their capacity to foster institutional innovations and partner with other financial and regulatory institutions to increase the diversity and depth of local financial markets in order to enhance the domestic supply of green finance.

Date added: 06-10-2015

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The Role of Policy-Driven Institutions in Developing National Financial Systems for Long-Term Growth

Fiduciary Duty in the 21st Century

Fiduciary duty in the 21st century looks at fiduciary duty across eight markets (US, Canada, UK, Germany, Brazil, Australia, Japan and South Africa) through a series of events, interviews, case studies and a legal review. The report finds that fiduciary duty is not an obstacle to asset owner action on environmental, social and governance (ESG) factors and recommends that all of the players in the investment process take specific actions in order for ESG to be implemented on a truly global scale in order to move towards a sustainable financial and economic system.

Date added: 06-10-2015

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Fiduciary Duty in the 21st Century

Financial Reform, Institutional Investors and Sustainable Development

This study seeks to provide new perspectives and proposals on the relationship between institutional investors and sustainable development in the context of a more sustainable financial system. The report’s key messages advocate for systemic and dynamic policy reform that better aligns institutional investors with policy goals for sustainable development. Seven critical policy objectives that hold the strongest potential for positive change are explored in the report together with fourteen policy tools to get us there.

Date added: 06-10-2015

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Financial Reform, Institutional Investors and Sustainable Development

Scaling Green Bond Markets for Sustainable Development

This Briefing offers a range of options for building green bond markets which ultimately will help policymakers, regulators and public financial institutions meet their infrastructure investment needs, capital market development aims, and targets for climate action and environmental protection.

Date added: 06-10-2015

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Scaling Green Bond Markets for Sustainable Development

Exploring Financial Policy and Regulatory Barriers to Private Climate Finance in South-East Asia

Focusing on financial policy and regulatory developments in Indonesia, Vietnam, the Philippines, Cambodia and Malaysia, this reports explores the different barriers that exist to private climate finance flows in the region and concludes that capital is hindered from moving towards low-carbon infrastructure because of a number of policy and regulatory barriers, including a lack of policy consistency and alignment, potential liquidity issues in the banking sector, and structural barriers to climate finance innovation in financial markets.

Date added: 06-10-2015

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Exploring Financial Policy and Regulatory Barriers to Private Climate Finance in South-East Asia

Greening China's Financial System

The aim of this book is to develop specific proposals for greening China’s financial system, based on an analysis of current practice in China and an exchange of experience with international experts. It is based on an 18-month project carried out by the International Institute for Sustainable Development (IISD) and the Finance Research Institute (FRI), Development Research Center (DRC) of the State Council, in association with the UNEP Inquiry, and with support from the Fridtjof Nansen Institute.

Date added: 02-10-2015

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Greening China's Financial System

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