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White Papers

White Papers

In-depth, expert analysis on the changing landscape of investments around the world. Leading asset managers reports uncover trends, highlight changes and consider future strategic impact.

Invesco - Responsible investing and active ownership

The consideration of environmental, social and governance (ESG) issues in investing has grown in importance and developed in its implementation in recent years. Different terms, often used interchangeably, are used to express the various approaches: these include responsible investing (the term preferred at Invesco) and sustainable investing.

Company: Invesco
Date added: 23-11-2018
Sector: Environmental, social and governance (ESG)

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Invesco - Sub-investment grade opportunities for insurers: Senior secured loans

With the introduction of Solvency II at the start of 2016, and with interest rates continuing to remain at historically low levels, insurers are increasingly looking for ways to deliver attractive risk-adjusted returns that are efficient from a capital perspective.

Company: Invesco
Date added: 23-11-2018
Sector: Securities Services

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Invesco - The role of absolute return multi asset strategies in a defined contribution plan

Multi asset strategies – particularly diversified growth funds (DGFs) – have found a broad appeal within DC portfolios due to their potential to provide an attractive combination of growth, diversification, and lower volatility within a single investment vehicle. In this paper, Elena Zhmurova (DC Strategist) looks at the use of multi asset strategies and considers the benefits of an absolute return multi asset strategy in a DC portfolio.

Company: Invesco
Date added: 23-11-2018
Sector: Absolute Return

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Allianz - German economic forecast 2018

The German economy clearly moved up a gear in the first half of 2017. At an annual rate, real gross domestic product (GDP) growth came in at 2.7%, the strongest since the first half of 2011. “It can be assumed that healthy economic growth will continue in the second half of the year as well, although GDP growth rates are likely to be somewhat more moderate than in the first six months”, said Michael Heise, Chief Economist of Allianz SE. 

Company: Allianz
Date added: 23-11-2018
Sector: European Equities

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Schroders - UK Budget: Stamp duty cut buys time for Hammond but can't hide challenges

The economics view - Azad Zangana, Senior European Economist & Strategist, said:

"The inaugural Autumn Budget was meant to be a quiet affair when first conceived, but the result of the snap general election earlier this year made this event crucial not only for the government, but for the Chancellor himself.

Company: Schroders
Date added: 22-11-2018
Sector: Financial Services

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Schroders - Pound devaluation: how the lessons of 1967 apply today

The UK actively devalued its currency in 1967, but the 20% fall in the pound since the Brexit vote continues a long-term trend of devaluation.

Company: Schroders
Date added: 21-11-2018
Sector: Currency

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Schroders - Europe is booming

Strong growth and falling inflation means investors can continue to enjoy the Goldilocks environment.

Company: Schroders
Date added: 31-10-2018
Sector: European Equities

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Schroders - Political risks simmering: Spain, Italy and Austria divided

We look at the political risks simmering in Europe and the potential issues with global growth without wage inflation.

Company: Schroders
Date added: 31-10-2018
Sector: European Equities

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Schroders - Sustainable Investment Report Q3 2017

In this quarter's infographic we update the climate change dashboard and look at when the drugs don't work.

Company: Schroders
Date added: 13-10-2018
Sector: Environmental, social and governance (ESG)

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BMO Global Asset Management | Breaking Bad: Business ethics in the pharmaceutical sector

Business ethics breaches have emerged as the most material ESG concern for investors in the pharmaceutical and broader healthcare sector, and has been the key focus of our engagement with the sector in recent years. The industry has been repeatedly become embroiled in allegations with regards to marketing and sales related fraud and other lapses in compliance.

Companies have been hampered by substantial risks and mounting costs associated with the prosecution by authorities. We estimate that $50 billion have been paid out by leading pharmaceutical companies in
the past decade in conduct related regulatory, settlements fines and costs.

Company: BMO
Date added: 20-07-2018
Sector: Environmental, social and governance (ESG)

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Vigeo Eiris | Social Dialogue: a corporate responsibility ‘blind spot

Based on the assessment of more than 2,400 companies listed worldwide, this paper analyses how businesses commit to promote labour relations, especially through the establishment of collective agreements, and the analysis of topics addressed in these agreements. The paper also touches on employee representation at Board level. Examples of best practice of labour relations are also provided, as well as an analysis of some observed controversy cases, and how companies reacted to them.

Company: Vigeo Eiris
Date added: 20-07-2018
Sector: Environmental, social and governance (ESG)

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Vigeo Eiris | Oil Sands: What does the future hold?

The oil sands industry receives much international criticism because of its heavy social and environmental impact, which can in turn generate complex legal, regulatory and social risks to shareholder value.

This paper examines the social and environmental impact of oil sands production, providing insights from Vigeo Eiris’ research and analysing different perspectives on future industry developments.

Company: Vigeo Eiris
Date added: 20-07-2018
Sector: Environmental, social and governance (ESG)

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TOP PERFORMING EQUITY INCOME FUNDS: SPOT THE DIFFERENCE

The ‘hunt for income’ has been a theme institutional investors have been battling with since record low interest rates have seen the continued erosion of lucrative yields. 

Company: Style Analytics
Date added: 17-07-2018
Sector: European Equities

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PwC - Emerging Trends in Real Estate: The global outlook for 2018

Real estate has rewarded investors with strong returns in a world of falling interest rates and established business models. The positive outlook for the global economy is an encouraging sign that the rewards will continue for some time to come.

Company: PwC
Date added: 28-03-2018
Sector: Real Estate

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CBRE - 2018 Global Real Estate Market Outlook

Real estate markets are buzzing with innovation. A new class of occupier is rethinking the office sector by using technology to provide a broader range of services, more flexibility and a greater sense of place. This outlook report by CBRE explores other industry trends for 2018.

Company: CBRE
Date added: 28-03-2018
Sector: Real Estate

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Dept for Work & Pensions - 2018 Protecting UK Defined Benefit Pension Schemes

This detailed white paper (73 pages) sets out the UK Government's approach for ensuring that the country's Defined Benefit pensions system continues to work in the best interests of those involved - members and pensioners, today's workforce and employers.

Company: DWP
Date added: 20-03-2018
Sector: Defined Benefit

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Electroneum - White paper and Overview

Electroneum, built on its own blockchain, has been developed with the explicit intention of gaining mass adoption via the 2.2 billion smart phone users. It launches via a token sale on September 14th and represents a unique opportunity.

Company: Electroneum
Date added: 16-03-2018
Sector: Cryptocurrency

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Knight Frank - The Wealth Report 2018

From geopolitical shifts to luxury spending trends, this private equity report brings together the latest intelligence and the sharpest insights into the issues that matter most to the world’s wealthiest people.

Company: Knight Frank
Date added: 14-03-2018
Sector: Briefing - Investment

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Invesco - "Generation Income" - looking beyond traditional real estate

Investors need income, but how can it be generated in a low-return environment? For real estate investors, it may be time to look beyond the well-known. In this article, we present three alternatives that can enhance real estate investments or multi-asset portfolios: European hotels, income-focused investing in the US and global income securities.

Company: Invesco
Date added: 01-02-2018
Sector: Real Estate

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Allianz - 2018 Outlook Guard against real-world inflation

The gradual reversal of expansionary monetary policies – at differing paces globally – will require some investors to adjust their approaches. Protecting purchasing power will remain a priority as official inflation understates real-world costs.

Company: Allianz
Date added: 15-12-2017
Sector: Markets

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PRI Reporting Framework 2018: Indirect - Manager Selection, Appointment, and Monitoring

The PRI presents a module explicating the process in place for selecting, appointing, and monitoring external managers that are mindful of ESG integration.

Company: PRI
Date added: 15-12-2017
Sector: Environmental, social and governance (ESG)

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M&G Real Estate - Asia Pacific Outlook

The Asia-Pacific economic outlook appears healthy in the near-term, but policy uncertainty globally poses risks. Regional property total returns look set to taper as yield compression slows; and development, alternatives, and tactical opportunities could drive the next wave of investments.

Company: M&G Real Estate
Date added: 01-12-2017
Sector: Real Estate

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Allianz - Euro area: Inflation target will be achieved if unemployment continues to fall

The labor market in the euro area has been improving since 2013. Although the number of people in work exceeds 2008 levels, the number of unemployed is still over 3 million higher. 

Company: Allianz
Date added: 30-11-2017
Sector: European Equities

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Allianz - Economic Insight: Three questions on the global economic cycle

Where are we in the global economic cycle? Since the recovery from the Global Financial Crisis, the global economy has been stuck in a post-crisis malaise characterized by low economic growth, deflationary pressures in some regions and ultra-low interest rates in the context of very accommodative monetary policies in advanced economies.

Company: Allianz
Date added: 30-11-2017
Sector: Briefing - Investment

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Allianz - Economic Insight: Germany - Lasting economic success cannot be taken for granted

On 24 September, this year of European elections will reach its next climax: the election of a new German government. These elections are taking place against the backdrop of a pronounced boom in the German economy.

Company: Allianz
Date added: 30-11-2017
Sector: European Equities

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Allianz - Economic Insight: ECB - a secret tapering recipe?

The ECB has to make a move towards normalization. Soft tapering – though not our own core scenario – is an option. It consists of stopping or reducing reinvestments of principal payments before reducing Quantitative Easing (QE). Why choose different sequencing from the Fed?

Company: Allianz
Date added: 30-11-2017
Sector: Markets

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Schroders - Bon Bonn? What the UN Climate Conference taught us

We did not expect many announcements at COP23 that would reshape how we look at the world. None surprised us.

In our view, the key takeaways lie in the picture painted of global commitment and the platform built for tougher action in the future. Here there was some progress. Outside the formal proceedings, the EU reached an initial agreement to tighten its emissions trading scheme and a group of 19 countries launched an alliance to phase out coal-fired power.

Company: Schroders
Date added: 23-11-2017
Sector: Environmental, social and governance (ESG)

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M&G Real Estate - UK Autumn Statement 2016 – impact on real estate

Unlike George Osborne’s Budget back in March, the Autumn Statement delivered by the new Chancellor Philip Hammond on 23 November contained little with direct consequences for real estate investors. 

Company: M&G Real Estate
Date added: 01-11-2017
Sector: Real Estate

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FSB - Reducing misconduct risks in the financial sector

This report responds to the request of G20 Leaders at the 2016 Hangzhou Summit for the FSB to report to the 2017 Hamburg Summit on authorities’ work to address misconduct risks in the financial sector.

Company: Financial Stability Board
Date added: 14-07-2017
Sector: Anti-bribery and Corruption

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FSB - Ten years on – taking stock of post-crisis resolution reforms

This sixth report on the implementation of resolution reforms describes progress in implementing the agreed resolution policies agreed for systemically important financial institutions (SIFIs). The report provides an update on the implementation of the FSB’s Key Attributes of Effective Resolution Regimes for Financial Institutions which are the internationally agreed standards for resolution of SIFIs.

Company: Financial Stability Board
Date added: 06-07-2017
Sector: Governance

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Schroders - Talking Economics: Global liquidity and emerging markets

Emerging markets have benefited from an extremely accommodative environment but global liquidity conditions are becoming less easy than they used to be. We look at where the vulnerabilities may lie.

Company: Schroders
Date added: 05-07-2017
Sector: Emerging & Frontier Markets

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FSB Chair’s letter to G20 Leaders - building a safer, simpler and fairer financial system

This letter from the FSB Chair to G20 Leaders ahead of their Summit in Hamburg from 7-8 July sets out four main points:

  • G20 reforms are building a safer, simpler, fairer financial system. 
  • Some unfinished business to finalise and implement reforms merits attention. 
  • The financial system is evolving, so the FSB will continue to scan the horizon to identify, assess and address new and emerging risks to financial stability. 
  • G20 countries now have a strategic opportunity to build on this foundation to create an open, global financial system. 

 

Company: Financial Stability Board
Date added: 03-07-2017
Sector: Anti-bribery and Corruption

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OECD Secretary-General Report to G20 Leaders

Fixing the international tax system to close down loopholes, improve transparency and make sure that multinational enterprises pay tax where they carry out their activities has been a key priority of the G20 since its inception. Major progress has been achieved, making the fight against tax avoidance and tax evasion a success story of the G20, with the support of the OECD. With recent recognition of the backlash against globalisation, and a stronger-than-ever need to deliver an agenda of inclusive growth, the work of the G20/OECD work on tax is one of the most important contributions to these challenges, and one which is having a concrete impact to address the concerns being raised. 

Company: OECD
Date added: 01-07-2017
Sector: Governance

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New Capital - The Fed’s balance sheet: answers to seven questions

In this edition of Infocus, Stefan Gerlach answers seven frequently asked questions about the US Federal Reserve’s huge balance sheet and ways it may be reduced.

Company: New Capital
Date added: 25-05-2017
Sector: Interest Rates

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LaSalle - The case for investing in U.S. core real estate

The large size of the U.S. and its variety of economic drivers provide both investment opportunity and diversification benefits to international real estate portfolios.

Company: LaSalle
Date added: 15-05-2017
Sector: Real Estate

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LaSalle - The case for UK Private Rented Sector

Investing in UK residential property through its Privately Rented Sector (PRS) is a compelling opportunity today. The sector has a place in a balanced diversified investment portfolio, given its low historical correlation with other asset classes and the potential to deliver attractive risk-adjusted returns.

Company: LaSalle
Date added: 15-05-2017
Sector: Residential

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LaSalle - China Logistics – Riding the Tide of Economic Rebalancing and the Internet Economy

The Chinese economy is still expanding at a rapid pace relative to other major world economies despite slower growth rates in recent years. LaSalle believes that the strong fundamentals and structural changes that are underway in China have the potential to translate into a favorable risk-adjusted return profile for opportunistic investing in the logistics sector. 

Company: LaSalle
Date added: 15-05-2017
Sector: Real Assets

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LaSalle - Anticipating Real Estate Capital Markets Downturns

LaSalle’s 2015 Investment Strategy Annual (ISA) focuses closely on cycles; we delineate the different cycles that impact real estate (RE) returns, estimate where we are in those cycles, and propose strategic and tactical actions to take in response. The three most important cycles that we analyze relate to the economy, real estate markets, and capital markets. 

Company: LaSalle
Date added: 15-05-2017
Sector: Real Estate

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Unison - LGPS Guide

Welcome to our Local Government Pension Scheme (LGPS) fund bulletin! Dedicated to helping you understand how the LGPS works so that you can be better informed. 

Company: LGPS
Date added: 15-05-2017
Sector: LGPS

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LaSalle - China’s impact on Australian Real Estate

China has become enormously important to the Australian economy as its largest export destination, a rapid source of growth in inbound international tourism and migration, plus a strong source of foreign investment.

Company: LaSalle
Date added: 15-05-2017
Sector: Real Estate

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New Capital - Wage dynamics and the ECB’s monetary policy

In this edition of Infocus, Stefan Gerlach and GianLuigi Mandruzzato argue that weak wage dynamics support the European Central Bank’s monetary policy patience.

Company: New Capital
Date added: 25-04-2017
Sector: Markets

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FSB - Peer Review of Brazil

This peer review examines two topics relevant for financial stability in Brazil: trade reporting and its use in systemic risk monitoring, and the regulation and supervision of investment funds. The review focuses on the steps taken by the authorities to implement reforms in these areas, including by following up on relevant FSB initiatives and recommendations.

Company: Financial Stability Board
Date added: 19-04-2017
Sector: Brazil

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FSB - Thematic Review on Corporate Governance

This peer review examines the implementation of the G20/Organisation for Economic Co-Operation and Development (OECD) Principles of Corporate Governance. The peer review takes stock of how FSB member jurisdictions have applied the Principles to publicly listed, regulated financial institutions, identifying effective practices and areas where good progress has been made while noting gaps and areas of possible weakness.

Company: Financial Stability Board
Date added: 16-04-2017
Sector: Governance

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FSB - Peer Review of Japan

This peer review examines two topics relevant for financial stability in Japan: the macroprudential policy framework, and the framework for resolution of financial institutions. The review focuses on the steps taken by the Japanese authorities to implement reforms in these areas, including with respect to the relevant recommendations in the 2012 Financial Sector Assessment Program (FSAP) report by the International Monetary Fund.

Company: Financial Stability Board
Date added: 16-04-2017
Sector: Japan

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FSB - Peer Review of India

This peer review examines two topics that are relevant for financial stability and important for India: the macroprudential policy framework, and the regulation and supervision of non-banking finance companies and housing finance companies. The review focuses on the steps taken by the Indian authorities to implement reforms in these areas, including with respect to the relevant recommendations in the 2012 Financial Sector Assessment Program (FSAP) report by the International Monetary Fund and the World Bank.

Company: Financial Stability Board
Date added: 16-04-2017
Sector: Emerging & Frontier Markets

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CBRE - EMEA Investor Intentions Survey 2017

Highlighting the most popular investment markets in EMEA, and investigating the obstacles faced by investors when deploying capital, the Investor Intentions Survey is an annual barometer of real estate investor sentiment, illustrating investor priorities and strategies, for the coming year. 

Company: CBRE
Date added: 06-04-2017
Sector: Emerging & Frontier Markets

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CBRE - European Commercial Real Estate Finance 2017 Update

CBRE’s European Commercial Real Estate Finance report identifies the underlying trends explaining the European debt market. We highlight principal features affecting the European loan sale market in 2016, while also providing a deeper review for 2016 and a 2017 outlook for key jurisdictions across Europe.

Company: CBRE
Date added: 06-04-2017
Sector: Real Estate

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Invesco - 2016 Investment Stewardship and Proxy Voting Annual Report

ESG is becoming a key focus for EMEA institutional clients. Invesco's ESG approach is rooted in our investment strategies, products, proxy voting, active ownership, engagement and other oversight practices, to ensure we are meeting the highest levels of fiduciary and corporate responsibility. Inside the 2016 report you will find: An introduction from Marty Flanagan; Facts and figures outlining Invesco’s ESG capabilities; Examples of some of our leading ESG strategies; Details of Invesco’s proxy voting in action.

Company: Invesco
Date added: 06-04-2017
Sector: Environmental, social and governance (ESG)

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Invesco - Sizing up Europe's corporate pension gap

The well documented decline in corporate bond yields driven by central bank monetary stimulus has led to a substantial rise in reported deficits among corporate Europe’s defined benefit pension schemes.

Company: Invesco
Date added: 06-04-2017
Sector: Pension Reports

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Invesco - Risk & Reward Research and investment strategies

We are pleased to share with you our latest Risk & Reward article. This issue examines the effect of rising interest rates in the US on bond investors, the favourable conditions for Emerging Markets and an article on Risk-based currency management. The publication also looks at factor investing, which we see as a timely investment approach. We examine how to construct a balanced portfolio using factors. Our analysis compares a multi-factor portfolio against combinations of single-factor portfolios, and seeks to answer whether a third way is possible.

Company: Invesco
Date added: 06-04-2017
Sector: Risk Management

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Invesco - UK Private Rented Residential Sector: An income generative infrastructure investment?

For the Local Government Pension Scheme (LGPS), the Government’s recent regulatory changes and the Brexit vote have fuelled economic uncertainty and created fresh challenges and opportunities. This paper asks What constitutes infrastructure, why is it increasingly important to the LGPS and if the UK Private Residential Sector can benefit LGPS Funds?

Company: Invesco
Date added: 06-04-2017
Sector: Residential

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River and Mercantile Group PLC Interim Financial Report for the six months ended 31 December 2016

River and Mercantile Group PLC, the advisory and investment solutions business today publishes its interim results for the six months ended 31 December 2016.

Company: River & Mercantile
Date added: 04-04-2017
Sector: Active Management

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Schroders - Article 50: what’s next for investors?

On the day the UK prime minister triggered Article 50, beginning a two-year process that will see the country leave the EU, we find out from our economists what they expect now for the UK economy.

Company: Schroders
Date added: 29-03-2017
Sector: Brexit

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Schroders - Artificial intelligence: A New Machine

Artificial intelligence (AI) may be one of the most important developments of our time. While most are familiar with the term, few understand the architectures and processes behind it, nor why it is finally to become relevant. Yet to comprehend AI is to gain an insight into the future. The impact will be felt across all industries and aspects of life itself. Its importance should not be underestimated. 

Company: Schroders
Date added: 28-03-2017
Sector: Venture Capital

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Schroders - Harnessing the data science revolution

The process of collecting and analysing data has undergone a revolution. No longer is it sufficient for active investors to tease investible insights from familiar information like trading figures, market shares and economic updates.

Company: Schroders
Date added: 28-03-2017
Sector: Venture Capital

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Schroders - The international route to a truly diversified property portfolio

Real estate is often seen as a diversifier for a traditional equity and bond portfolio. Yet, while most investors are aware of the importance of portfolio diversification, many with property investments still exhibit varying degrees of “home bias”, a tendency to favour domestic markets over those in other countries.

Company: Schroders
Date added: 28-03-2017
Sector: Real Estate

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CBRE - How Millennials Live

As millennials become a larger segment of the workforce, grow in affluence and start forming their own families, it’s important to understand their true preferences and how their choices are impacting multifamily, office and retail real estate globally. To see a clearer picture of this generation chooses to live, work and play, CBRE conducted one of the most extensive and detailed global studies of millennials

Company: CBRE
Date added: 28-03-2017
Sector: Residential

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CBRE - What is the role of placemaking in the Retail Sector

Very simply, placemaking is an effort to draw people to a place by creating compelling reasons for them to visit.

Company: CBRE
Date added: 28-03-2017
Sector: Real Assets

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CBRE - Global and Emerging Logistics Hubs

Over the past 35 years, global trade has increased by nearly 600%, propelling the growth of logistics hubs in virtually every country around the world.

These hubs are connected via hub-and-spoke systems centered around 30 global logistics hubs—including the likes of Los Angeles, Chicago, Hong Kong, Tokyo, London and Paris—that form the backbone of today’s global supply chain.

However, as emerging markets grow and new centers of production materialize, 20 emerging markets are on the verge of becoming global logistics hubs over the next decade, including South Florida, Bajio, Busan, Suzhou, Berlin and Amsterdam.

These locations warrant close attention from the marketplace, as logistics hubs are typically home to large clusters of distribution facilities that are highly sought after by major real estate investors and logistics operators.

Company: CBRE
Date added: 28-03-2017
Sector: Real Assets

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CBRE - European Investment Quarterly Marketview Snapshot Q4 2016

Europe had a record quarter in Q4 2016 with €86.8 billion invested; up 4% on the strong Q4 last year. The active German market represented a significant boost to the European total with a record €19.8 billion.

Company: CBRE
Date added: 28-03-2017
Sector: Real Estate

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CBRE - EMEA Major Report - Always On: Real Estate Response for a Rapidly Changing World, January 2017

With technology changing our world at unprecedented speed, many people are feeling apprehensive about the future and questioning what it holds for themselves, their children and the generations to come. Those operating in the real estate sector are not immune from this profound sense of uncertainty.

Company: CBRE
Date added: 28-03-2017
Sector: Real Estate

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CBRE - EMEA - Top Trends In Facilities Management January 2017

Increasingly people want to choose where and when they work and they look to the workplace – wherever that may be – to deliver much more in the way of services and amenities. Every day it seems technology is pushing the boundaries of what real estate can deliver for organisations.

Company: CBRE
Date added: 28-03-2017
Sector: Real Estate

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Schroders - Is Denver the best place to live and work in America?

With its close proximity to the Rocky mountains, a rich cultural scene and growing population, we explain the city's popularity and what that means for global real estate investors. 

Company: Schroders
Date added: 28-03-2017
Sector: Real Estate

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Invesco - How to generate income in a low interest rate environment?

Since mid-2013, global market volatility has become more pronounced and frequent, while interest rates have remained low. Given the increasing level of market volatility, it is appropriate to ask “how can you generate income and manage the risk in a low interest rate environment”?

Company: Invesco
Date added: 21-03-2017
Sector: Interest Rates

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Invesco - Annual Economic Outlook 2017

With widespread misunderstanding about the stance of monetary policy in the financial markets, John Greenwood, Chief Economist at Invesco Ltd. discusses, in further detail, the macro economic outlook for 2017 and beyond, sharing his insights on: How the economic recovery might differ across developed and emerging economies; the impact of China’s credit explosion on emerging economies; the U.S. economy under Donald Trump’s leadership; how the continued Brexit fallout is expected to slow Britain’s GDP; the current European political climate and economic growth.

Company: Invesco
Date added: 06-03-2017
Sector: Markets

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FTSE Russell - Volatility reduction: How minimum variance indexes work

Minimum variance indexes, which apply rules-based methodologies with the aim of minimizing an index’s volatility, are popular among market participants interested in smart beta. In this FTSE Russell Insights, the third in a series of three covering risk-based indexes and their applications, we review minimum variance indexes in detail. 

Company: FTSE Russell
Date added: 14-02-2017
Sector: Indices

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FTSE Russell - Small Cap Perspectives 2017

No big worries? Global uncertainties loom, but equities continue positive momentum, for now.

Company: FTSE Russell
Date added: 14-02-2017
Sector: Small Cap

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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.

Company: FTSE Russell
Date added: 14-02-2017
Sector: Indices

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Citi - Digital Disruption Revisited: What Fintech VC Investments Tell us About a Changing Industry

This 100-page paper by Citi GPS follows the fintech investments money trail from VC and corporate sources. It revisits the theme of the expansion of Chinese fintech dragons investing heavily both at home and abroad.

Company: Citi
Date added: 02-02-2017
Sector: Venture Capital

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Fundamentals of Efficient Factor Investing

Combining long-only-constrained factor subportfolios is generally not a mean–variance-efficient way to capture expected factor returns. For example, a combination of four fully invested factor subportfolios—low beta, small size, value, and momentum—captures less than half (e.g. 40%) of the potential improvement over the market portfolio’s Sharpe ratio. In contrast, a long-only portfolio of individual securities, using the same risk model and return forecasts, captures most (e.g. 80%) of the potential improvement. We adapt traditional portfolio theory to more recently popularized factor-based investing and simulate optimal combinations of factor and security portfolios, using the largest 1,000 common stocks in the US equity market from 1968 to 2015.

Company: CFA
Date added: 02-02-2017
Sector: Multi Asset

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CFA - Quantitative Investing Is Fundamental

The quant manager has the same set of tools that any active manager has: Quants simply apply them using the ever-increasing power of computers. These tools allow the manager to pursue reward and deal with risk, costs, fees, and buying themselves the time necessary to distinguish investment skill from luck.

Company: CFA
Date added: 02-02-2017
Sector: Active Management

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CFA - Inefficiencies in the Pricing of Exchange-Traded Funds

In late 2008, some investors spotted an attractive opportunity to buy municipal (muni) bonds or junk bonds, because both types of bonds had declined dramatically in value in the immediate aftermath of the Lehman Brothers collapse, arguably more than could be justified by realistic expectations of future defaults. Exchangetraded funds (ETFs) provided a convenient new vehicle for investors to take advantage of this opportunity: Any investor, including a retail investor, could easily buy a diversified portfolio of muni bonds or junk bonds, pay a low expense ratio, trade positions intraday, and use leverage to capitalize more aggressively on the opportunity. Efficiently executing such trades with ETFs, however, turned out to be more complicated.

Company: CFA
Date added: 02-02-2017
Sector: Alternatives

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M&G - How direct lending is opening up new opportunities for private debt investment

The evolution of Europe’s lending landscape over the past two decades has created opportunities for institutional investors to expand their presence in private corporate loans. The post-financial crisis shift by borrowers, from traditional bank funding towards alternative lenders, has been particularly rapid in mid-market direct lending.

Company: M&G Real Estate
Date added: 02-02-2017
Sector: Private Debt

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Venture Capital Trusts Industry Report 2016/17

We know that advisers are increasingly interested in VCTs. It will be no surprise to any of our readers that our market research found that lower limits on the amounts that can be saved in pensions are starting to have an impact. Advisers looking for alternative tax efficient investments have naturally turned to VCTs.

Company: Alternative Investment Report
Date added: 01-02-2017
Sector: Venture Capital

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S&P Dow Jones Indices - Evaluating Sustainable Investment Trends

We are in a period of flux; the world is undergoing multiple complex transitions, but shocks and release of tension could also brighten the risk outlook. Meanwhile, a number of key developments are likely to shape environmental, social, and governance (ESG) trends over the course of 2017.

Company: S&P Dow Jones
Date added: 01-02-2017
Sector: Environmental, social and governance (ESG)

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A draft of an executive order issued by the Trump administration is raising questions among the thousands of immigrant STEM workers it could potentially impact.

Following through on his campaign promise to create more jobs for American workers, President Trump seeks to use the order to limit the number of immigrant employees that technology companies hire through work-visa programs. A draft of the proposal states “visa programs for foreign workers … should be administered in a manner that protects the civil rights of American workers and current lawful residents, and that prioritizes the protection of American workers -- our forgotten working people -- and the jobs they hold.”

Company: US Politics
Date added: 31-01-2017
Sector: US Equities

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KPMG - Foresight: A global infrastructure perspective 2017

This paper by KPMG examines ten emerging infrastructure trends in 2017.

Company: KPMG
Date added: 30-01-2017
Sector: Infrastructure

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LGA - The provisional 2017/18 local government finance settlement: confirming the offer to councils

Government funding measures will force more than two thirds of councils to find millions more in savings than expected to plug funding gaps in 2017/18, the Local Government Association warns today.

The LGA is calling for government to reverse unexpected reductions in New Homes Bonus (NHB) payments to councils in 2017/18 and find genuinely new money to properly fund social care.

The provisional Local Government Finance Settlement, published in December, failed to provide any additional new government funding for councils in 2017/18.

Company: LGPS
Date added: 27-01-2017
Sector: LGPS

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LGA - Business Plan December 2016/November 2017

Britain's exit from the EU means that we are reshaping the way our country is run. Our vision is one of a rejuvenated local democracy, where power from Westminster and from the EU is significantly devolved to local level and citizens feel they have a meaningful vote and real reason to participate in civic life and their communities.

Company: LGPS
Date added: 27-01-2017
Sector: LGPS

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Schroders - EuroView: Rotation, earnings recovery and a view from the US

Rory Bateman discusses key themes in European equities, including the rotation towards value, prospects for corporate earnings, and the investment implications of a Donald Trump presidency.

Company: Schroders
Date added: 25-01-2017
Sector: European Equities

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Schroders - Outlook 2017: Emerging market debt relative

2017 may prove a challenging year with consensus expecting a firm US dollar; however any change to this view could see a considerable rally and fundamentals for many emerging markets have improved.

Company: Schroders
Date added: 25-01-2017
Sector: Emerging Market Debt

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Schroders - Will ‘value investors’ win in 2017?

Value investing enjoyed a turnaround in fortunes in 2016, but after many years of underperfomance compared with growth could 2017 be the year for value investors?

Company: Schroders
Date added: 25-01-2017
Sector: Markets

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S&P Dow Jones Indices - Momentum: A Practitioner’s Guide

As an investable concept, momentum is straightforward — purchase (avoid) stocks that have performed relatively well (poorly) recently. The period over which returns are evaluated is important for momentum; for example, there is evidence of a one-month reversal effect in stock prices.

Company: S&P Dow Jones
Date added: 23-01-2017
Sector: Indices

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Credit Suisse - The Future of Monetary Policy

This Credit Suisse paper looks at the transformative changes central banks in advanced economies have undergone since 2008. The report concludes that the key issue for decision-makers globally remains to consider which fundamental direction monetary policy ought to take next, assessing two alternative scenarios that may evolve: a return to a pre-crisis "normal", or fiscal dominance.

Company: Credit Suisse
Date added: 23-01-2017
Sector: Markets

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Schroders - How big was the global Trump rally – and where does it leave valuations?

The prospect of a Trump presidency has fuelled a rally in stockmarkets. We explain why and look at the latest valuations.

Company: Schroders
Date added: 19-01-2017
Sector: Markets

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M&G Real Estate - 2017 Market Outlook

The economy has proved resilient in the face of Brexit uncertainty and investor concerns seem to be abating after a turbulent summer. The outlook for performance is moderate with some downside risks and defensive investments are likely to hold investors in good stead over the short term. In this report we look at some key trends that may affect UK property over the next year

Company: M&G Real Estate
Date added: 18-01-2017
Sector: Real Estate

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M&G Real Estate - What the national living wage and business rates review means for the UK retail sector

The introduction of the National Living Wage (NLW) in April 2016 and the resetting of business rates in April 2017 have ramifications for the UK retail market. But just what exactly remains unclear, not least in the case of the living wage. This paper aims to offer some early pointers.

Company: M&G Real Estate
Date added: 18-01-2017
Sector: Real Estate

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M&G Real Estate - Pooled Pensions Q4 2016 Quarterly Market Outlook

Economies around the world appear to be relatively resilient, with data signalling that in many countries, economic activities are expanding at a faster pace than was previously believed. Most commentators believe that the policies of president-elect Donald Trump will encourage further strength in the US economy, which could spread to other countries. There is, however, some concern that he may impose measures that could dampen global trade.

Company: M&G Real Estate
Date added: 18-01-2017
Sector: Pension Reports

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Schroders - Diverse demographics and 'the pizza ATM': how Singapore stacks up as a global city

A strategically positioned trade centre, Singapore continues to adapt and evolve as a global property hotspot. The Global Cities team recently visited Singapore to explore the reasons why, as well as consider some of the challenges faced by the market.

Company: Schroders
Date added: 17-01-2017
Sector: Asia Pacific

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Schroders - Quarterly markets review - Q4 2016

An overview of markets in Q4 2016 when the US presidential election dominated the news and bond yields generally rose.

Company: Schroders
Date added: 06-01-2017
Sector: Markets

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Hymans Robertson - 2017 Investment Perspectives for UK Pensions Funds

Investment Perspectives is a monthly publication from Hymans Robertson. This month's issue discusses a variety of themes, for example: how to use factor-based investing in enhance equity portfolios; how to improve DC members' outcomes through smarter default investing; why to revisit infrastructure investing, and more.

Company: Hymans Robertson
Date added: 02-01-2017
Sector: Markets

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M&G Real Estate - Infrastructure debt in Europe

Interest in gaining exposure to infrastructure has been growing globally in recent years, particularly among long-term investors such as insurance companies and pension funds. Investors are attracted by some of the key features of infrastructure, notably the security, reliability and longevity of cashflows, often extending over decades, and often with the income streams having some link to inflation. 

Company: M&G Real Estate
Date added: 01-01-2017
Sector: Infrastructure

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M&G - Emerging market equities: opportunities in improving fundamentals

Many emerging market companies are making good progress on self-help initiatives; adopting better capital discipline and focusing on profitability rather than growth. Although the asset class has seen significant outflows in recent years, investors are starting to pay attention to these positive changes, however, many remain underweight the asset class.

Company: M&G Real Estate
Date added: 01-01-2017
Sector: Emerging & Frontier Markets

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Invesco - Investment strategies for institutional investors

In financial markets, predictability is a rare commodity. Following the largely unexpected results from the UK referendum on EU membership and the US presidential election – along with the far-ranging impact these political events promise – the need for portfolio diversification has been further underlined.

Company: Invesco
Date added: 01-01-2017
Sector: Briefing - Investment

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Invesco - Global Equities: Thinking differently about the world

We have been investing across global equity markets for more than 30 years and while markets have changed, we have always remained true to our investment principles, even if that has meant taking a very different view. We know from experience that to outperform the market, you often have to be different to the market.

Company: Invesco
Date added: 01-01-2017
Sector: Global Equities

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Invesco - European equities: Because experience matters

The past few years have not been easy for the European economies, with the global financial crisis followed closely by the sovereign debt crisis. However, these events have led to both social and economic reforms across the region that have resulted in a European financial system significantly more robust relative to previous years, and with much to be optimistic about in terms of the economy and corporate earnings. Ultimately, the region has emerged strengthened.

Company: Invesco
Date added: 01-01-2017
Sector: European Equities

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Invesco - Enhanced Index funds: Bringing investment skill to index investing

More and more investors are including index funds in their investment portfolios due to cost considerations by some and the diversification benefits they can offer alongside more traditional strategies by others. However, index funds will only ever perform in line with their index, and we believe that by adding investment skill to index investing, we can deliver a better return for investors.

Company: Invesco
Date added: 01-01-2017
Sector: Index-Linked Gilts

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Invesco - Enhanced Index funds: Bringing investment skill to index investing

Invesco Perpetual believe that enhanced index funds can bring investment skill and expertise to the world of index investing to deliver a better return for investors.

Company: Invesco
Date added: 01-01-2017
Sector: Index-Linked Gilts

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Invesco - Global Factor Investing Study 2016

At Invesco we have a single focus: to help clients achieve their investment objectives. We do this through understanding what their objectives are and a commitment to investment excellence.

Company: Invesco
Date added: 01-01-2017
Sector: Index-Linked Gilts

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Invesco - Talking Credit

With uncertain times ahead, our experience in bond markets gives us an informed viewpoint, and the ability to act with conviction.

For the past two decades we have taken investment opportunities when they exist, and placed an emphasis on preserving capital by reducing risk when they don’t. 

Company: Invesco
Date added: 01-01-2017
Sector: Fixed Income

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CBRE - The Property Perspective UK Logistics H2 2016

2016 will go down as a truly eventful and remarkable year in the political annals and for logistics real estate the record will be equally noteworthy. Based on CBRE’s analysis of modern logistics units of over 100,000 sq ft, occupational take-up for logistics space pushed to a record high of 29.35 million sq ft, around 10 million sq ft ahead of the previous long-run annual average. 

Company: CBRE
Date added: 01-01-2017
Sector: Real Estate

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Goldman Sachs - The Equity Investor's Guide to a Low Carbon Economy, 2015-25

This 50 page report from Goldman Sachs examines the low carbon world that we are moving towards, with a focus on low carbon technologies and low carbon regulation.

Company: Goldman Sachs
Date added: 18-12-2016
Sector: Environmental, social and governance (ESG)

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FTSE Russell - China through the mosaic of its share classes

China’s global competitiveness is not a recent phenomenon. The “Opium Wars” of 1839-1860 left China aspiring to the technological and industrial capabilities of Britain and France. 

Company: FTSE Russell
Date added: 15-12-2016
Sector: China

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CBRE - Law in London 2017: The drive for more efficient and better quality space

In this fifth edition of CBRE’s Law in London report we analyse the way the largest 100 law firms in London are using their office space.

Company: CBRE
Date added: 12-12-2016
Sector: Real Estate

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RARE - Impact of the oil price collapse

The oil price collapse in the second half of 2014 is likely to be seen as one of the most significant developments in the world economy since the Global Financial Crisis.

Jonathan Mirrlees-Black, Head of Research at RARE discusses the implications for infrastructure and equity markets.

Company: RARE
Date added: 07-12-2016
Sector: Infrastructure

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Schroders - How low rates affect stock market returns

The world has been living with low interest rates for eight years but such periods are not new. Both the US and UK saw rates below 1% for most of the two decades spanning the Second World War, while Japan has been living with sub­1% rates since 1995. 

Company: Schroders
Date added: 05-12-2016
Sector: Markets

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Schroders - Renzi's resignation will hurt Italy's long­term outlook

Italian Prime Minister Matteo Renzi is set to resign after losing his referendum on constitutional and voting reforms. Having staked his political career on the vote, the larger­ than­ expected defeat (59% vs. 41%) left him no choice but to announce his intended resignation. 

Company: Schroders
Date added: 05-12-2016
Sector: Markets

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Schroders - Outlook 2017: Global Cities

Volatility is likely in 2017 in a changing landscape for real estate, but a longterm focus on the strongest companies in the strongest global cities should prove beneficial.

Company: Schroders
Date added: 05-12-2016
Sector: Real Estate

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Schroders - Employment report seals December rate rise in the US

Today’s US jobs report showed payrolls rose 178,000 in November, in line with expectations. Alongside a surprise drop in the unemployment rate to 4.6%, this gives the US Federal Reserve (Fed) the case to raise rates. 

Company: Schroders
Date added: 05-12-2016
Sector: US Equities

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Schroders - Outlook 2017: Japanese Equities

If the higher US interest rates and stronger dollar that have prevailed since the election are sustained, the Japanese equity market would be well supported by improved earnings expectations and extremely low longterm domestic bond yields. However, the lead up to presidentelect Trump’s inauguration in January and his initial period in office could easily see a series of unpredictable events.

Company: Schroders
Date added: 05-12-2016
Sector: Japan

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Schroders - The '75%' chance that the Santa Rally exists

Stockmarket superstitions should be treated with caution. However, analysis of decades of data suggests December has normally been a good month for equities.

Company: Schroders
Date added: 05-12-2016
Sector: Global Equities

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Schroders - Outlook 2017: European Equities

2017 could be a volatile year for European equities but this can create significant investment opportunities, particularly as earnings look poised to improve.

Company: Schroders
Date added: 05-12-2016
Sector: European Equities

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Schroders - How will Trump’s presidency affect Asian trade?

When assessing the impact of the new US president­in­waiting on trade, the importance of overseas trade relative to GDP is not equal across all Asian countries. China, India and the Philippines have a high proportion of exports going to US, but they are actually relatively closed economies; the apparent economic impact is less troubling. 

Company: Schroders
Date added: 05-12-2016
Sector: Asia Pacific

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Schroders - TalkingEconomics: Europe forecast update - higher inflation to dampen growth

In the UK, the Bank of England (BoE) is likely to remain on hold now given better growth, but the

government has missed a great opportunity to boost public investment and longterm

productivity growth.

Company: Schroders
Date added: 05-12-2016
Sector: European Equities

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Schroders - TalkingEconomics: Global forecast update - growth and risks rise under Trump

We have upgraded global growth for the first time in nearly two years. Better near-term activity plus a more favourable outlook for the US, UK and emerging markets are behind the move.

Company: Schroders
Date added: 05-12-2016
Sector: Global Equities

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Cambridge Associates - The Value of ESG Data: Early Evidence for Emerging Markets Equities

This 20-page paper by Cambridge Associates examines the incorporation of ESG factors into the stock selection process for two major MSCI indexes. It reveals that the addition of ESG factors added value in EM equities but not DM equities.

Company: Cambridge Associates
Date added: 05-12-2016
Sector: Environmental, social and governance (ESG)

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PWC - Private Equity and Digital Transformation Survey

This 25-page paper by PwC provides the findings from a recent survey on digitisation within the European private equity industry. About 100 industry players were asked their views for this survey.

Company: PwC
Date added: 05-12-2016
Sector: Private Equity

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M&G Real Estate - A world view: the case for global core real estate investment

Real estate has earned itself a firm place in institutional portfolios, with worldwide investment in property reaching a record $13.6 trillion1. However, one key difference remains between investor attitude to real estate and to other asset classes. Pension funds and other institutions tend to see international allocation as an integral element of bond or equity holdings. In real estate, however, many still only invest in the domestic market and are willing to consider global property only in exchange for a premium return (and therefore higher risk).

Company: M&G Real Estate
Date added: 01-12-2016
Sector: Real Estate

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Schroders - Global Investor Study 2016 – Plan Sponsors

A global study of pension fund investors, with a focus on investment outcomes and environmental, social and governance issues. 

Company: Schroders
Date added: 01-12-2016
Sector: Pension Reports

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Invesco - 360° magazine: magazine - views, ideas and analysis from the Multi Asset team (Vol 2)

Do you remember what you were doing three years ago?  As I recall, global equity markets were continuing their strong run from the lows of summer 2012, as several risks receded and market sentiment improved.  However, the effects of the global financial crisis were still being strongly felt by institutional investors, leading many to look for alternative ways to generate growth while limiting further drawdowns.

Company: Invesco
Date added: 01-12-2016
Sector: Briefing - Investment

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Invesco - Risk & Reward Research and investment strategies

At Invesco, we’re dedicated to delivering an investment experience that helps people get more out of life. In fact, our entire firm has been built over many years with a single focus: to help clients achieve their investment objectives.

Company: Invesco
Date added: 01-12-2016
Sector: Risk Management

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New Capital - European recovery helped by ongoing reforms

European equities started the year with a bang as the hype of the European Central Bank’s (ECB) quantitative easing programme boosted markets. The positive sentiment later turned negative as weaker economic data out of China signalled a slowdown in the world’s second largest economy, and investors and the Federal Reserve alike were uncertain over the future of US monetary policy. However, over the last few months positive news from Europe has yet again encouraged the market and we are now back near the previous highs hit earlier in the year.

Company: New Capital
Date added: 25-11-2016
Sector: European Equities

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Devolution - our offer to support

Devolution is fundamentally changing the way local decisions are made and how public services are funded. It provides greater freedoms and flexibilities at a local level, resulting in more effective, better targeted public services, greater growth and stronger partnerships between public, private and community leaders.

Company: LGPS
Date added: 16-11-2016
Sector: Brexit

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Carnegie - Benefits of Digitalisation Overlooked

Digital products offer huge benefits of scale, giving the market leader huge cost benefits compared with the rest of the market. Add to this the so-called “network effects” that can create demand effects that further boost the dominant producer of a digital product.

Company: Carnegie
Date added: 11-11-2016
Sector: Environmental, social and governance (ESG)

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£SONET (sterling secured overnight executed transactions)

FTSE Russell has been partnering with LCH and Euroclear to demonstrate a prototype secured overnight rate based upon repo transactions submitted for clearing to LCH Repoclear and uncleared DBV transactions settled in CREST. The rate, to be known as £SONET (sterling secured overnight executed transactions), is one of a number of rates being evaluated by the Working Group on Sterling Risk Free Reference Rates set up by the Bank of England. The Working Group was set up in response to the July 2014 Financial Stability Board’s report on reforming major interest rate benchmarks in the light of the LIBOR scandal and is tasked with identifying an alternative nearly risk-free rate which would represent best practice for use in certain new derivative and other contracts.

The presentation made to the 02 November 2016 meeting of the Working Group can be found here. Please note that the rate as described in the presentation was created to demonstrate the properties and characteristics of a rate based on cleared and uncleared repo transactions with a maturity of one business day. Should a rate based on repo transactions be put into production, it is possible that it will differ in certain respects from the prototype. To that extent, FTSE Russell potential users of such a rate are encouraged tocontact us with any feedback.

Company: FTSE Russell
Date added: 02-11-2016
Sector: Currency

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S&P Dow Jones Indices - The Persistence of Smart Beta (2015)

As Smart Beta and factor strategies become increasingly popular, will this impact their performance? Certainly, persistent outperformance from systematic strategies seems to run contrary to efficient markets theory. In this 18 page document, S&P Dow Jones examine the arguments.

Company: S&P Dow Jones
Date added: 26-10-2016
Sector: Smart Beta

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New Capital - US Growth Equities – Reasons to be Bullish

As the US Presidential Election approaches, market volatility and uncertainty are likely to increase from their current subdued levels. Following the Election, we believe that the market can climb the proverbial Wall of Worry into year-end, and we have positioned the portfolio accordingly.

Company: New Capital
Date added: 20-10-2016
Sector: US Equities

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TIAA - Investing in Education

Investments in student housing can offer diversification, strong current income and the potential for long-term growth.

Company: TIAA
Date added: 30-09-2016
Sector: Real Estate

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LA Forum - Engaging For a Low Carbon Transition: The 2˚C business model

This report shows that a 2-degree business model is less risky than ‘business-as-usual’. It also destroys less shareholder value during periods of low oil prices. And if the greater risk of a ‘business-as-usual’ approach is taken in to account, the 2-degree model would deliver superior value for shareholders unless oil prices were to match or beat historic highs.

Company: LGPS
Date added: 27-09-2016
Sector: LGPS

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Triennial Central Bank Survey: Interest rate derivatives market turnover in 2016

This 23-page document provides the results of a recent Bank for International Settlements survey. Trading in foreign exchange (FX) markets averaged $5.1 trillion per day in April 2016, according to the 2016 Triennial Central Bank Survey of FX and over-the-counter (OTC) derivatives markets. This is down from $5.4 trillion in April 2013. FX spot trading declined for the first time since 2001, even as activity in FX derivatives continued to increase. Trading in OTC interest rate derivatives averaged $2.7 trillion per day in April 2016, up from $2.3 trillion in April 2013.

Company: Bank for International Settlements
Date added: 27-09-2016
Sector: Foreign Exchange

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UBS Asset Management - Real estate yearly update 2016 - all you need to know

Adding flavor to your portfolio – This extract from the Pension Fund Indicators publication gives great insight into real estate as an asset class - a superb foundation for both internal and external audiences.

Company: UBS
Date added: 27-09-2016
Sector: Real Estate

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Grosvenor - Real Estate Outlook: Global growth continues to overwhelm - Aug 2016

In this briefing, Grosvenor presents its latest research perspective on global real estate markets. 

Company: Grosvenor
Date added: 27-09-2016
Sector: Real Estate

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S&P Dow Jones Indices - Long-Termism: Index Impossible?

Short-termism (or quarterly capitalism) is defined as companies’ fixation on managing for the short term, with decisions driven by the need to meet quarterly earnings at the cost of long-term investment. Short-termism at its worst has the potential to be problematic, as underinvestment can impede future economic growth, manifesting in low GDP growth, higher unemployment levels, and lower future investment returns for savers. In our previous paper in this two-part series, “Long-Termism Versus Short-Termism: Time for the Pendulum to Shift?”, we wrote about short-termism and how market participants are responding to this issue.

Company: S&P Dow Jones
Date added: 22-09-2016
Sector: Indices

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BlackRock - Digital Investment Advice: Robo Advisors Come of Age

The financial services industry is undergoing a significant transformation in the way that advisory services are provided and delivered to individual investors. This evolution is being driven by a variety of factors from new regulations, to changing demographics, to technological advances. These changes are occurring at a time when the need for financial advice has never been greater, as savers grapple with global and geopolitical uncertainty, prolonged low and negative interest rates, and longer lifespans. Despite these significant headwinds, many innovators in the financial advice industry are working to ensure that individuals have access to financial advice that can meet their needs. New solutions are beginning to emerge in many forms. 

Company: BlackRock
Date added: 21-09-2016
Sector: Active Management

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Hymans Robertson - UK Pensions - Independent Trustee Survey 2016

This survey by Hymans Robertson provides important insights into the current state of the UK's independent trustee sector. It examines the challenges for trustee boards going forward, particularly in light of Brexit.

Company: Hymans Robertson
Date added: 21-09-2016
Sector: Brexit

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TIAA - Commercial real estate and farmland are compatible diversifiers

U.S. commercial property and farmland are real assets that offer diversification for stock-bond portfolios. But their diversifying power is driven by different forces making them diversifiers for each other as well. Property is largely driven by domestic forces while farmland is influenced by global markets largely denominated in dollars.

Company: TIAA
Date added: 21-09-2016
Sector: Real Assets

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Local Government Pension Scheme - Guidance on Preparing and Maintaining an Investment Strategy Statement

This guidance has been prepared to assist administering authorities in the local government pension scheme in England and Wales with the formulation, publication and maintenance of their Investment Strategy Statement. 

Company: LGPS
Date added: 21-09-2016
Sector: LGPS

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S&P Dow Jones Indices - Why Does the S&P 500 Matter to the UK?

This paper examines the S&P 500 from the perspective of a UK-based investor. We examine the concentration and sectoral makeup of the U.K. equity market, and the motivations for British market participants to diversify internationally; the role of the UK and the U.S. in the global economy and global equity markets; potentially complementary aspects of an S&P 500-linked investment for a broad-based British equity portfolio denominated in British pound sterling (sterling); and the differences between the S&P 500 and other indices or active portfolios tracking U.S. equities. Although this paper provides a perspective on the S&P 500 through the specific filter of an investor with an expected existing bias toward UK equities, many of our observations hold more generally for international investors considering U.S. equities.

Company: S&P Dow Jones
Date added: 21-09-2016
Sector: Indices

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S&P Dow Jones Indices - Mergers & Acquisitions: The Good, the Bad, and the Ugly (and how to tell them apart)i

Year-to-date through July, over $800 billion of merger-and-acquisition (M&A) activity has been announced in the U.S. Should acquiring-company shareholders expect to benefit? In this study we show that, among Russell 3000 firms with acquisitions greater than 5% of acquirer enterprise value, post-M&A acquirer returns have underperformed peers in general. A number of deal-related and fundamental attributes can be used to separate the ‘good’ from the ‘bad’ (and, sometimes, the really ugly).

Company: S&P Dow Jones
Date added: 21-09-2016
Sector: Indices

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S&P Dow Jones Indices - Strategy 101: S&P GIVI Developed

The S&P GIVI® (Global Intrinsic Value Index) is a rules-based index series that is designed to deliver both low volatility and performance, weighted by intrinsic value rather than by traditional market capitalization. The indices are designed to provide those factor tilts while maintaining benchmark-like characteristics (low overall tracking error and similar region, country, and sector bets as the benchmark), along with high capacity.

Company: S&P Dow Jones
Date added: 21-09-2016
Sector: Indices

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S&P Dow Jones Indices - How Market Participants Found Light With Commodity Indices in a Dark Decade

To many market participants, it may seem like a “lost decade” for passive commodity indexing. After all, the most widely-recognized passive commodity index, the S&P GSCI (TR), lost about 10% annualized over the past 10 years. It is not the most impressive statistic, and what is worse is that the drop was not from a one-time crisis event. It was the result of an ongoing saga of dismal fundamental factors like slowing Chinese demand growth and an oversupply of oil from OPEC and U.S. producers, in conjunction with a range of unfavorable macro factors like a strong U.S. dollar, low interest rates, low inflation, and low growth. However, as with all crises, opportunities arise.

Company: S&P Dow Jones
Date added: 21-09-2016
Sector: Commodities

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S&P Dow Jones Indices - Commodities 101: Drilling Down Commodities

Investors have historically used commodities for its diversification and inflation protection benefits. The concept of commodities as an asset class, however, is not widely understood. Unfortunately, there is no single acceptable definition of an asset class or of commodities as an asset class. However, the way one chooses to define asset class is an essential part of asset allocation.

Company: S&P Dow Jones
Date added: 21-09-2016
Sector: Commodities

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S&P Dow Jones Indices - Fed Serves Notice From Jackson Hole: We Are Keeping Our Options Open

While recent commentary by an assortment of Federal Reserve officials provides worthwhile insights into current thinking within the Federal Open Market Committee (FOMC), it still boils down to the same message the Fed has been giving for a couple of years now: The path of monetary policy remains data-dependent. Collectively, the Fed would clearly like to resume normalizing U.S. monetary policy, but the question remains if the economy actually warrants a tightening of U.S. monetary policy.

Company: S&P Dow Jones
Date added: 21-09-2016
Sector: Indices

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New Capital - Fortune Favours The Brave

Tony Jordan, Senior Portfolio Manager, of the New Capital Asia Pacific Equity Income Fund, provides his latest insight into the evolving Asia Pacific ex-Japan equity market, and why this asset class is now coming back into favour

Company: New Capital
Date added: 19-09-2016
Sector: Asia Pacific

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Willis Towers Watson - Investing long term - A sustainable investing roadmap

The paper defines sustainable investing as encompassing long-term, finance-driven strategies that integrate environmental, social and/or governance factors in investment arrangements. The result is long-term investing that is efficient and intergenerationally fair, positioning sustainable investing in line with fiduciary principles of loyalty to all beneficiaries without undue bias to any one segment. This promotes long-term and inter-generational equity in strategy, reflects good risk management and supports a robust investment industry.

We outline an approach for determining allocation to sustainable investing, beginning with the establishment of beliefs in sustainable investment. Missions and values derived from that evaluation influence the focus on integrated and/or targeted investments.

Company: Willis Towers Watson
Date added: 15-09-2016
Sector: Environmental, social and governance (ESG)

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Schroders - Over confident investors and the help they want: an overview of engagement

Misplaced belief in the understanding of investments could hurt investors planning their financial future. However, a strong desire to learn and seek advice from financial professionals presents a perfect opportunity for the investment industry to engage with consumers.

Company: Schroders
Date added: 12-09-2016
Sector: Briefing - Investment

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BlackRock - Adapting Portfolios to Climate Change: Implications and strategies for all investors

Investors can no longer ignore climate change. Some may question the science behind it, but all are faced with a swelling tide of climate-related regulations and technological disruption. Drawing on the insights of BlackRock’s investment professionals, we detail how investors can mitigate climate risks, exploit opportunities or have a positive impact. Climate-aware investing is possible without compromising on traditional goals of maximizing investment returns, we conclude. We then reflect on steps that stakeholders in the climate debate are considering, including the use of carbon pricing as a cost-effective way to reduce emissions. We believe all investors should incorporate climate change awareness into their investment processes.

Company: BlackRock
Date added: 09-09-2016
Sector: Environmental, social and governance (ESG)

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S&P Dow Jones Indices - U.S. Equities in Aug 2016 - some highlights

The S&P 500® decreased 0.12% in August, bringing its YTD return to 6.21%. The Dow Jones Industrial Average® returned -0.17% for the month and was up 5.60% YTD. The S&P MidCap 400® was up 0.34% for the month and up 11.88% YTD. The S&P SmallCap 600® returned 1.22% in August, with a 12.11% YTD return.

Company: S&P Dow Jones
Date added: 07-09-2016
Sector: US Equities

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S&P Dow Jones Indices - SPIVA® Institutional Scorecard - How Much Do Fees Affect the Active Versus Passive Debate?

SPIVA® (S&P Indices Versus Active) is extending its coverage beyond retail mutual funds to institutional managed accounts and examining the impact of fees on performance. This report addresses three questions that are pertinent to the active versus passive debate: 

  • Do institutional asset managers deliver relative outperformance over their respective benchmarks?
  • Do mutual funds outperform their respective benchmarks on a gross-of-fees basis?
  • Do institutional managers fare better than their retail fund counterparts in particular asset classes?

Company: S&P Dow Jones
Date added: 07-09-2016
Sector: Active Management

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DTZ Investors - The case for international real estate investment: Why do domestic investors venture overseas?

There is no denying that the UK property market has been an exciting playground for real estate investors over recent years. Landlords have enjoyed rebounding rents on the back of widespread economic recovery, coupled with strong price inflation thanks to large waves of capital targeting the sector. Market returns in excess of 10% p.a. over the past 5 years have kept property investors busy in their home market. However, with domestic and global headwinds well reported, many are predicting that the good times could soon stop rolling. We at DTZ Investors are forecasting total returns from UK real estate to slow considerably in the period 2016 – 2020. Such subdued UK predictions are encouraging increasing numbers of traditionally domestic-focused property investors to consider
opportunities overseas.

Company: DTZ Investors
Date added: 05-09-2016
Sector: Real Estate

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Schroders - Economic and Strategy Viewpoint: October 2016

This month we look at political risk, both in the US and Europe, as the US presidential election and Italian referendum approach.

Company: Schroders
Date added: 03-09-2016
Sector: Briefing - Investment

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Bank for International Settlements Triennial Survey of FX and OTC Interest Rate Derivatives Markets - UK Data - Results Summary

In April this year, central banks and monetary authorities in 52 countries, including the United Kingdom, conducted the latest triennial survey of turnover in the markets for foreign exchange (spot, forwards, foreign exchange swaps, currency swaps and options) and over-the-counter (OTC) interest rate derivatives. The survey is co-ordinated on a global basis by the Bank for International Settlements (BIS), with the aim of obtaining comprehensive and internationally consistent information on the size and structure of the corresponding global markets. The Bank of England conducted the UK survey, which covers the business of leading financial institutions located within the United Kingdom in these markets. The results of the UK survey are summarised below.

Company: Bank of England
Date added: 01-09-2016
Sector: Foreign Exchange

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PwC - Love it or list it: Brexit, U.S. financial institutions, and UK real estate

Following the UK's vote to leave the European Union, this paper by PwC examines how this might affect U.S. institutional investors with UK commercial real estate.

Company: PwC
Date added: 01-09-2016
Sector: Real Estate

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World Economic Forum - The future of financial infrastructure: An ambitious look at how blockchain can reshape financial services

This paper explains recent research by the World Economic Forum on the impact of distributed ledger technology on the future of financial services. The authors focus on six key findings.

Company: World Economic Forum
Date added: 01-09-2016
Sector: Financial Services

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S&P Dow Jones Indices - The Volatility of Active Management

The long-term returns of active funds and their relationship to passive alternatives have been the subject of celebrated studies, famous bets, and endless debate. But returns are only one part of the picture; proponents of active investing increasingly emphasize their capacity for risk management, as opposed to return generation. This paper examines the merits of such claims, along with how individual funds achieve higher or lower volatility than their benchmarks - and whether these tilts are persistent. Our focus is on the volatility of mutual funds available across Europe and the U.S.

Company: S&P Dow Jones
Date added: 01-09-2016
Sector: Active Management

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Invesco - 360° magazine: magazine - views, ideas and analysis from the Multi Asset team (Vol 1)

I am delighted to welcome you to 360° magazine, our new publication for institutional investors. As a professional investor, you’ll know how challenging it can be to find reliable sources of return in volatile market conditions, with value often being created and eroded rapidly. This has generated an increasing demand for investments that can provide effective diversification: dampening volatility, while delivering alpha. 

Company: Invesco
Date added: 01-09-2016
Sector: Briefing - Investment

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Mercer - Sustainable and 'Fossil Fuel Free' - Investment Considerations for Investors

This 19-page paper gives some insights into findings from a project on divestment conducted by Mercer. According to the authors, there is a growing trend of strategies (or funds) with policies that restrict exposure to fossil fuel companies. This however is currently the exception rather than the rule.

Company: Mercer
Date added: 30-08-2016
Sector: Environmental, social and governance (ESG)

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Pensions Institute - Milking and Dumping: The Devices Businesses use to Exploit Surpluses and Shed Deficits in Their Pension Schemes

This paper gives examples of UK defined benefit pension schemes suffering losses in the 1980s and early 1990s, mostly by fraud or questionable practices. It gives examples of the means, mostly in the 1990s, by which actuarial surplus was extracted from schemes. It then indicates techniques by which proprietors of businesses have since then sought to shed or avoid scheme deficits. It sketches briefly the changing legal bases over employers’ contributions and funding obligations, how pension schemes became so large and the responses of Government to schemes exhibiting surplus or deficit.

Company: Pensions Institute
Date added: 30-08-2016
Sector: Governance

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Hymans Robertson - Risk Transfer Report

This paper by Hymans Robertson tracks key changes and trends in the bulk annuity market across four important areas: bulk annuity insurers; insurance company strategies; regulation; and demand from DB schemes. The authors explain what these changes mean for UK DB pension schemes. They also give their expectations for the medium- to long-term and the possible implications for defined benefit pension schemes seeking to capture opportunities to transfer risk to insurance companies.

Company: Hymans Robertson
Date added: 30-08-2016
Sector: Risk Management

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FTSE Russell - Small Cap Perspectives August 2016

Russell Indexes’ annual Reconstitution took place on June 24th this year — the same day the world woke up to a ‘Yes’ result in the UK’s so called Brexit vote. The unexpected vote by the UK to leave the European Union sent currency and equity markets worldwide into a temporary tailspin. That such a significant geo-political event happened on Reconstitution day was unprecedented. That the market was able to process the additional volume brought on by Brexit and Reconstitution was several decades in the making.

Company: FTSE Russell
Date added: 28-08-2016
Sector: Small Cap

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S&P Dow Jones Indices - The Rise of Indices Is Changing the Face of Investing

This report by S&P Dow Jones takes an in-depth look at how indices are changing the face of investing. Specifically, it examines whether passive investing can grow too large and what the possible implications of this are for active management.

Company: S&P Dow Jones
Date added: 28-08-2016
Sector: Indices

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CBRE - The Property Perspective: Global Capital Markets

Commercial real estate investment sales volume fell 19% globally in Q1 2016 compared to a year earlier. Is this a sign of change in the capital markets after five years of steady growth, or a temporary blip induced by global economic jitters?

Company: CBRE
Date added: 28-08-2016
Sector: Real Estate

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BlackRock - Strategic Perspectives for UK Pensions

This quarterly issue from BlackRock is aimed at UK investors, and considers the five year view for a variety of asset classes following the UK's EU referendum. BlackRock have lowered their return forecasts for most asset classes, reflecting the fall in bond yields and reduced global growth expectations. They have also increased their allocation to liability-hedging assets for UK pension portfolios. This issue also examines the path to pension buyout for investors with relevant liabilities.

Company: BlackRock
Date added: 11-08-2016
Sector: Markets

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S&P Dow Jones Indices - Mid-Cap Indexing in Australia

The mid-cap space has often been described as the “sweet spot” of equity investing—and with good reason. Mid caps tend to offer a balance between the high growth (and high risk) offered by small caps and the stability (but slower growth) of large caps. In addition, the Australian mid-cap segment has a more diverse sector representation than both large-cap and broad-market Australian benchmarks, which are dominated by banks. Over the long term, these unique characteristics have helped the Australian mid-cap segment outperform all other size categories on both an absolute and risk-adjusted basis. Despite these characteristics, the mid-cap segment of the Australian stock market is often overlooked and underappreciated. Pure mid-cap investing is not common, and often, mid- and small-cap companies are lumped together for investment purposes, diluting the unique characteristics of mid-sized companies.

Company: S&P Dow Jones
Date added: 08-08-2016
Sector: Indices

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KPMG - Survey of UK Liability-Driven Investing

The UK LDI market continues to grow strongly, with over £741bn of liabilities now believed to be hedged across the industry. KPMG has produced this definitive survey of the UK LDI marketplace, revealing that an additional 256 LDI mandates were deployed in 2015.

Company: KPMG
Date added: 02-08-2016
Sector: Liability-Driven Investment (LDI)

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S&P Dow Jones Indices - Long-Termism Versus Short-Termism: Time for the Pendulum to Shift?

Kelly Tang, CFA and Christopher Greenwald, PhD of S&P Dow Jones Indices have co-authored this paper. In it, they examine the short- versus long-term debate, analyzing how institutional investors are suggesting to minimize short-term thinking. They explore how integrating long-term metrics is a crucial step in the transition to long-term thinking.

Company: S&P Dow Jones
Date added: 02-08-2016
Sector: Indices

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UBS Asset Management - APAC Real Estate Outlook – 2H16

APAC domestic demand drivers remained resilient in 2Q16, supported by further monetary easing, relatively healthy jobs markets and the ongoing structural shift towards services sector production. The latter is being driven by changes in consumer preferences, improvements in technology, wage growth (in emerging markets) but also lower global growth. Weaker trade volumes as a result of slower global growth, increasing trade restrictions and lack of significant liberalization agreements in recent years means that Asia's historical drivers of capital spending and exports have taken a back seat to services based consumption and jobs.

Company: UBS
Date added: 01-08-2016
Sector: Real Estate

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UBS Asset Management - Real Estate Research Blast – Brexit: The Asia Pacific perspective July 2016

As investors come to terms with the outcome of the UK's referendum on its EU membership, the vote to exit will have implications for the global economy and financial markets. Investors should brace themselves for a period of heightened volatility by taking advantage of selective opportunities and positioning their investment strategies accordingly

Company: UBS
Date added: 01-08-2016
Sector: Real Estate

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UBS Asset Management - UK Real Estate Outlook – 2H16

Expectations for UK economic growth underwent some fairly significant downward revisions prior to the EU Referendum, and these have now been revised downwards again, although we do not envision the UK entering a recession as the main scenario.

Company: UBS
Date added: 01-08-2016
Sector: Real Estate

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UBS Asset Management - Real assets, real expertise (Global ex-UK real estate exposure

Across most real estate markets, the conventional practice for investors has been: (a) invest in their domestic market; and then (b) consider cross border opportunities. Real estate investment has not been exclusively domestic, but there has been a strong home bias for the majority of investors. Real estate markets differ across the globe and are subject to different risks and local practices. With investor expertise typically focused on domestic markets, this forms a deterrent to those wishing to invest beyond their domestic markets, above and beyond the very real concerns around currency risk, transparency, and tax issues.

Company: UBS
Date added: 01-08-2016
Sector: Real Assets

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UBS Asset Management - Riding a new wave – Emerging markets: The new normal

For the last several years, global markets have experienced a “New Normal” of low economic growth and persistently low inflation. The tepid economic recovery from the great financial crisis of 2008-2009 is one factor driving the New Normal. Low long-term bond yields and a flat yield curve bears evidence that the markets believe in the New Normal as the base case scenario.

Company: UBS
Date added: 01-08-2016
Sector: Emerging & Frontier Markets

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S&P Dow Jones Indices - Fooled by Conviction

Advocates of active management have argued that managers are overdiversified and should hold more highly concentrated portfolios. We argue that such high conviction investing will increase risk, make genuine manager skill harder to detect, raise asset owners' costs, and reduce the number of outperforming funds. This applies even if we accept the prevalence of security selection skill among active managers. Concentration only makes sense if managers have a particular type of skill, and this skill must be intrinsically rare.

Company: S&P Dow Jones
Date added: 27-07-2016
Sector: Active Management

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Barnett Waddingham - Buy-outs and Buy-ins Report 2015

Following a record-breaking year in 2014 where over £13bn of bulk annuity transactions were completed, experience over the first half of 2015 suggests another potentially strong year for the market. The emergence of some new entrants into the market over the remaining part of the year will also help further boost the level of competition amongst providers.

Company: Barnett Waddingham
Date added: 27-07-2016
Sector: Annuities

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M&G Real Estate Investment case: The UK private rented sector (PRS)

The UK private rented sector (PRS) has doubled in size in the past decade and is now increasingly attracting the attention of pension funds, insurers and other institutional investors. The investment case is backed up by proven diversification benefits (versus both commercial real estate and other classes), attractive rental growth prospects, a long-standing supply demand imbalance, and more.

Company: M&G Real Estate
Date added: 06-07-2016
Sector: Residential

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M&G Real Estate - Brexit: First views from our institutional fund managers

Our fund managers share their thoughts on the impact of the referendum outcome on their markets.

Company: M&G Real Estate
Date added: 06-07-2016
Sector: Brexit

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M&G Real Estate - UK Offices Life beyond London?

M&G Real Estate’s proprietary ‘vital signs’ index measures the heartbeat of UK’s top regional cities. Find out which of them have sufficiently large and diverse economies to present an attractive long-term investment proposition to rival London.

Company: M&G Real Estate
Date added: 06-07-2016
Sector: Real Estate

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M&G Real Estate - Real Estate Market Outlook Continental Europe

Europe is enjoying sound and improving fundamentals, which in turn are starting to translate into rental growth. This – coupled with scope for more yield compression in some markets – should help generate total returns of circa 6.5% pa over the next three years.

Company: M&G Real Estate
Date added: 06-07-2016
Sector: Real Estate

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Allen & Overy - Impact of Brexit on Asset and Fund Managers

This paper by Allen & Overy examines the major risks and legal implications of "Brexit" for fund and asset managers. The authors analyse the possible short- and long-term impact on the sector as a whole. They discuss contingency planning, the different post-Brexit models and the difficulties associated with each one.

Company: Allen & Overy
Date added: 05-07-2016
Sector: Brexit

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LGA - What next for devolution? a discussion paper

We are launching this green paper, which has been developed with the involvement of councils, to encourage local debate and generate wider scrutiny of the whole devolution process.

Company: LGPS
Date added: 05-07-2016
Sector: LGPS

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LGA - English Devolution: Learning lessons from international models of sub-national governance

The LGA commissioned Professor Robin Hambleton of the University of the West of England to carry out an international review of different models of sub-national governance, assess them according to six principles of good governance and draw out the key points of learning for those faced with strategic choices regarding devolved governance arrangements.

Company: LGPS
Date added: 05-07-2016
Sector: LGPS

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J.P. Morgan - Life after Brexit A mid-year update on the global economy and markets

We had hoped to move into the second half of 2016 with uncertainties around the UK’s relationship with Europe removed. Instead, they have intensified, with the Brexit vote bringing volatility to markets, a sharp fall in the pound and the prospect of a new British Prime Minister by the autumn.

Company: J.P.Morgan
Date added: 04-07-2016
Sector: Brexit

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Automatic enrolment – lessons and key issues

Automatic enrolment – lessons and key issues

Company: LGPS
Date added: 01-07-2016
Sector: Auto Enrolment

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UBS Asset Management - Eurozone Real Estate Outlook – 2H16

The slowdown in China and other emerging markets viewed in conjunction with the uncertainties surrounding Brexit, has led to a downward revision of economic growth prospects in the eurozone. However, the threat of contagion appears limited for now. Domestic demand in the eurozone has expanded at a healthy rate so far in 2016, and the recovery has broadened away from household spending. While Brexit could be a shock that brings the current self-sustained recovery to halt, it seems to be far too soon to assume that this is inevitable.

Company: UBS
Date added: 01-07-2016
Sector: Real Estate

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UBS Asset Management - Research Blast - Thoughts and views in the wake of Brexit

Real estate and the rise of populism, a changed political landscape brings new challenges for real estate.

Company: UBS
Date added: 01-07-2016
Sector: Brexit

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UBS Asset Management - Research Blast – NPLs in the Italian banking system and potential impacts on commercial real estate

The Italian banking sector is currently seen one of the weakest in the eurozone, with the European Banking Authority reporting a Tier 1 ratio of 12% and a Return of Equity (RoE) of 3.3% in their 1Q16 Risk Dashboard.

Company: UBS
Date added: 01-07-2016
Sector: Real Estate

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UBS Asset Management - Research Blast – European Real Estate Summary – Edition 3, 2016

Despite uncertainties, occupational demand continues to strengthen. Shortage of good quality CRE for occupation is driving prime rental growth. Sharp slowdown in UK investment activity while rest of Europe sees a bounce-back on 1Q. Market fundamentals remain strong but geopolitical risks are accentuated.

Company: UBS
Date added: 01-07-2016
Sector: Real Estate

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UBS Asset Management - Real Estate Research Blast – The market needs to correct, not be forced to collapse July 2016

On the face of it, the past week has been a tumultuous one for UK commercial real estate. In the more liquid equity markets we have continued to see share prices for UK house builders and REITs slide, whilst the impacts of the Brexit vote are now filtering into direct, retail real estate funds.

Company: UBS
Date added: 01-07-2016
Sector: Real Estate

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UBS Asset Management - Real Estate Research Blast – European financial office markets post-Brexit July 2016

Let us say it upfront: London is the number one global financial center and is not easily replaced. Were London's position to be challenged, it would not only be a major risk for the UK economy but also a broader threat to the EU, if not the rest of the world.

Company: UBS
Date added: 01-07-2016
Sector: Brexit

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UBS Asset Management - Limbo Lower

The combination of an ageing demographic, unconventional monetary policy, and increased financial market regulation post the global financial crisis has left real interest rates globally in a structurally lower regime. Like a limbo stick that has shifted down, lower real rates implies the capital markets line across all asset classes has shifted down leaving expected returns structurally lower.

Company: UBS
Date added: 01-07-2016
Sector: Interest Rates

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CMS - International Investment Arbitration

Having CMS represent your interests brings genuine competitive advantages. Whatever the nature of the investment dispute you are contemplating or are already caught up in, we will help you resolve it.

Company: CMS
Date added: 01-07-2016
Sector: Arbitration

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New Forests - Timberland Investment Outlook

New Forests is a sustainable real assets investment manager offering leading-edge strategies in forestry, land management, timber processing, infrastructure, and conservation. Founded in 2005, we offer institutional investors targeted opportunities in the Asia-Pacific region and the United States and have over AUD 2.5 billion in assets under management, as of 1 July 2015.

Company: New Forests
Date added: 01-07-2016
Sector: Timber

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Environment Agency - Cumbria Flood Action Plan: Reducing flood risk from source to sea

The floods in Cumbria were truly terrible. They were horrendous in their extent: three complete river systems – the Eden, the Derwent and the Kent – flooded simultaneously.

Company: Environment Agency
Date added: 30-06-2016
Sector: LGPS

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UBS Asset Management - Real Estate Research Blast – Brexit: The outcome June 2016

The full impact of the vote to exit will take longer to emerge in the real estate market than other more liquid asset classes. Real estate transactions which would provide indications of the impact on pricing will take months to complete, whilst the valuation based property index in the UK will also have a lag in reflecting the impact of the decision.

Company: UBS
Date added: 30-06-2016
Sector: Brexit

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New Capital - Thematic Spotlight: Hey big spender

Confidence in the US economy is positively affecting a change in consumer buying behaviour as they switch to spending rather than saving.

Company: New Capital
Date added: 29-06-2016
Sector: US Equities

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House of Lords - The process of withdrawing from the European Union

The European Union Committee is appointed each session “to scrutinise documents deposited in the House by a Minister, and other matters relating to the European Union”. In practice this means that the Select Committee, along with its Sub-Committees, scrutinises the UK Government’s policies and actions in respect of the EU; considers and seeks to influence the development of policies and draft laws proposed by the EU institutions; and more generally represents the House of Lords in its dealings with the EU institutions and other Member States.

Company: House of Lords
Date added: 29-06-2016
Sector: Brexit

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House of Lords - Housing Market: Key Economic Indicators

On a seasonally adjusted basis, house prices on the UK House Price Index were broadly flat between March 2016 and April 2016. Prices were 8.2% higher in April 2016 compared with a year ago. These data are from the first release of the new UK House Price Index.

Company: House of Lords
Date added: 29-06-2016
Sector: Residential

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Schroders - 2016 Q1 Results

Schroders - 2016 Q1 Results

Company: Schroders
Date added: 29-06-2016
Sector: Global Equities

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Robeco - The Brexit’s mid-term consequences for investors

The mid-term outlook for investors depends on whether the Brexit either unifies or further breaks up the European Union in a domino effect, says Lukas Daalder.

  • Brexit vote could lead to referendum calls in other EU nations
  • Negative fallout seen in data, but outcomes unknown until Autumn
  • Mid-term depends on political outcomes; hedging risk is a priority

Company: Robeco
Date added: 29-06-2016
Sector: Brexit

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Derbyshire County Council : our experience so far

Derbyshire County Council : our experience so far

Company: LGPS
Date added: 29-06-2016
Sector: Auto Enrolment

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Essex County Council : our experience so far

Essex County Council : our experience so far

Company: LGPS
Date added: 29-06-2016
Sector: Auto Enrolment

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Robeco - Efficient factor investing strategies - A ‘Sharper’ approach to harvesting factor premiums

There is a shift towards allocating to the factor premiums momentum, value and low volatility. However, since common factor indexes are a suboptimal way to harvest factor premiums, this paper shows the improved results of a more sophisticated approach. Factor strategies developed by Robeco lead to higher returns, while lowering the risks, resulting in higher Sharpe ratios.

Company: Robeco
Date added: 28-06-2016
Sector: Briefing - Investment

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House of Commons - Tax after the referendum

This short note discusses the possible implications of the UK leaving the EU for the UK tax system and collates the comment that has been made on this specific aspect of Brexit following the vote on the EU referendum.

Company: House of Lords
Date added: 27-06-2016
Sector: Brexit

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World Economic Forum - The Role of Financial Services in Society

The Role of Financial Services in Society initiative aims to consider the impact of accelerated growth in technology-enabled innovation on the risk profile of the financial system. As part of this work, the World Economic Forum has completed a series of interviews with industry executives and experts to better understand the technological transformation taking place in financial services, providing a summary of findings and recommendations identified during the interviews.

Company: World Economic Forum
Date added: 26-06-2016
Sector: Financial Services

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Schroders - Britain votes for Brexit; but where do investors go from here?

The UK’s EU referendum battle is finally over, but now is the time that the UK’s fight for growth really begins.

Company: Schroders
Date added: 24-06-2016
Sector: Brexit

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New Capital - Brexit: What Next?

The results are in; but what does this mean for the markets, central bank policy, economics, and the politicians? Read our initial thoughts on Brexit, as discussed in this morning's EFG Asset Management post EU referendum investment meeting.

Company: New Capital
Date added: 24-06-2016
Sector: Brexit

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Unison - The new state pension from 6 April 2016 What does it mean for members NI Contributions?

From 6 April the Basic State Pension and Second State Pension (S2P) will end and be combined/ replaced by a new State Pension. Those who are paying reduced rate NI Contributions at the moment because they are in a work place pension scheme that is better than the Second State Pension will start to pay the standard NI contributions and start to earn a higher State Pension.

Company: Unison
Date added: 24-06-2016
Sector: LGPS

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Unison - The new state pension from 6 April 2016 What does it mean for members NI Contributions?

From 6 April the Basic State Pension and Second State Pension (S2P) will end and be combined/ replaced by a new State Pension. Those who are paying reduced rate NI Contributions at the moment because they are in a work place pension scheme that is better than the Second State Pension will start to pay the standard NI contributions and start to earn a higher State Pension.

Company: Unison
Date added: 24-06-2016
Sector: LGPS

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Flood Prevention - South Queensferry Housing Development, Edinburgh

Built on the south shore of the Firth of Forth, a new 450-home development in South Queensferry, Edinburgh, required an underground drainage system that would address surface water run-off and alleviate fl ood risk. A combination of more than 6,000 AquaCell geocellular stormwater management units from Wavin proved the ideal solution.

Company: LGPS
Date added: 24-06-2016
Sector: Environmental, social and governance (ESG)

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House of Commons - Brexit: what happens next?

Now that the UK has voted to leave the EU, what will happen next? This Commons Library briefing paper looks at the immediate consequences of the vote and some of the longer term implications. This paper considers various questions about UK withdrawal from the EU and what is likely to happen in the coming weeks and months. The issues include the method of leaving the EU, continuing parliamentary scrutiny of EU business and the withdrawal negotiations, and the implications of Brexit for Scotland and Gibraltar.

Company: House of Lords
Date added: 24-06-2016
Sector: Brexit

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House of Commons - Pensions after the EU referendum

The implications of the vote to leave the EU on 23 June are as yet unknown. This note brings together some responses from relevant organisations. It does not attempt to analyse them, merely to present of what was immediately available. Other material will be added as it becomes available.

Company: House of Lords
Date added: 24-06-2016
Sector: Brexit

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House of Commons - Financial services after the referendum

Several City groups, official bodies and academic commentators have given their opinions of the immediate impact of the referendum result.  This note collates some of these.  Before the referendum took place the majority view of representatives of the financial services sector was that membership of the EU was advantageous.

Company: House of Lords
Date added: 24-06-2016
Sector: Brexit

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Schroders - Live – EU Referendum Special

At a special event following the result of the European Union referendum, four Schroders experts assess the possible implications of the Britain’s decision to leave the economic bloc.

Company: Schroders
Date added: 24-06-2016
Sector: Brexit

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Schroders - Brexit: 25 years of FTSE history and what happened in the years that followed the biggest one-day falls

Brexit: 25 years of FTSE history and what happened in the years that followed the biggest one-day falls.

Company: Schroders
Date added: 24-06-2016
Sector: Brexit

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Schroders - Assessing the impact of Brexit on emerging markets

Schroders - Assessing the impact of Brexit on emerging markets.

Company: Schroders
Date added: 24-06-2016
Sector: Brexit

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Robeco - Financial markets get a ‘nasty surprise’ from Brexit vote

Markets got the biggest shock from the Brexit vote since the financial crisis of 2008 and now face months of uncertainty, say Robeco’s portfolio managers for the major asset classes.

Speed read:

  • Robeco Asset Allocation looks to reduce risk and manage volatility
  • Global Total Return Bond Fund positions for flatter yield curves
  • Flagship equities fund looks for stock-specific post-Brexit opportunities

Company: Robeco
Date added: 24-06-2016
Sector: Brexit

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Robeco - Britons stun the world by voting for a Brexit

Britons stunned the world and sent financial markets into freefall after voting to leave the European Union in an historic referendum. “It was contrary to what the polls and betting markets were predicting, so it comes as a huge shock,” says Robeco Chief Economist Léon Cornelissen. “But then it is a narrow margin, so this doesn’t mean that the UK will automatically leave the EU, because it is up to the UK government to trigger Article 50 of the Lisbon Treaty which would start the divorce process.”

Company: Robeco
Date added: 24-06-2016
Sector: Brexit

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New Capital - Chinese tourism is taking off

China’s economy may be slowing, but this has not stopped consumers spending more to improve their lifestyles – travel and tourism being the biggest winners.

Company: New Capital
Date added: 22-06-2016
Sector: China

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Schroders - Investing in the future: Japan's focus on sustainability

Japanese companies are increasingly thinking long term in order to thrive and grow in the future. 

Company: Schroders
Date added: 21-06-2016
Sector: Japan

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Schroders - Euro 2016: Where are the best equity opportunities among the tournament favourites?

With the Euro 2016 football tournament about to get under way, we assess the investment opportunities offered by some of the main contenders. 

Company: Schroders
Date added: 18-06-2016
Sector: European Equities

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OppenheimerFunds - Institutional Investors: Shared Expectations, Divergent Paths

In this survey, we take an in-depth look at the viewpoints, practices and most pressing issues facing these institutions today — from asset-allocation strategies and risk management to return objectives. The survey embodies our commitment to listening to our clients and helping them find appropriate solutions to serve their needs. 

Company: OppenheimerFunds
Date added: 16-06-2016
Sector: Markets

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State Street Global Advisors - How to use Smart Beta to strengthen a passive portfolio

The year’s first quarter provided ample evidence of the investment challenges we previewed in our Global Market Outlook for 2016.

Company: State Street Global Advisors
Date added: 16-06-2016
Sector: Smart Beta

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The Brexit briefs: Our guide to Britain's EU referendum (Economist, June 2016)

This compilation of EU referendum "factual briefs" has been produced by The Economist. It covers a range of big issues related to the vote such as trade, sovereignty, business, the view from Europe, and more.

Company: The Economist
Date added: 16-06-2016
Sector: Brexit

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Erste Group - Any impact on CEE if Britain leaves?

Main impact via uncertainty on how Britons vote and how potential Brexit would be facilitated. So far, visible relations in exports, funds, etc., appear manageable.

Company: Erste Group
Date added: 16-06-2016
Sector: Brexit

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Schroders - EU referendum: The problem with polls and what it means for markets

With a week to go until the UK's referendum on its EU membership, Marcus Brookes looks at what the polls are saying and whether to believe them, and what the vote will mean for various markets. 

Company: Schroders
Date added: 16-06-2016
Sector: Brexit

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Schroders - Are the wheels falling off the autos sector?

Auto stocks have hit the skids as investors fear earnings have peaked. We discuss the sector’s outlook, including areas where we see potential for continued earnings growth, and whether stocks are now “cheap enough” regardless. 

Company: Schroders
Date added: 16-06-2016
Sector: Auto Sector

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Willis Towers Watson - UK: Effective pension scheme governance - the good-bad governance gap and its impact on asset performance

Summary: Research suggests that better governance leads to better outcomes – between 1% and 2% per annum* additional returns, compared to weak governance; The most important success factor** in exceptional scheme governance is the investment executive, allowing separation between the governing function and the executive function where this function can be in-house or delegated to a fiduciary manager; A fast growing fiduciary management industry provides the opportunity for pension schemes to position themselves very competitively versus others in the search for investment and de-risking opportunities.

Company: Willis Towers Watson
Date added: 15-06-2016
Sector: Governance

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Willis Towers Watson - Global Pension Finance Watch — Second quarter 2016

Market volatility with investment returns and interest rates continues during 2016, driven by various global events and economic news. The recent decision by the U.K. electorate to leave the European Union (i.e., Brexit) has resulted in interest rates dropping dramatically in all global regions during the first half of 2016. Despite positive investment returns in almost all regions during the quarter and the year to date, the downward movements in interest rates resulted in pension liability increases outweighing the portfolio returns, which resulted in overall declines in the pension index over the quarter and the year to date.

Company: Willis Towers Watson
Date added: 15-06-2016
Sector: Markets

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Schroders - What would helicopter money mean for markets?

The Multi-Manager View: the team looks at one of the next possible policy weapons in the monetary arsenal - helicopter money - and considers its market implications.

 

Company: Schroders
Date added: 13-06-2016
Sector: Multi Asset

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The Pensions Regulator - Survey on Exit Charges in UK Defined Contribution (DC) Schemes

This report summarises the results from the February - March 2016 research survey carried out by OMB Research, an independent market research agency, on behalf of The Pensions Regulator (the regulator). The report follows previous research on the prevalence of exit fees and charges in occupational pension schemes. The main objective of the research was to develop this evidence base further to inform the Department for Work and Pensions (DWP) consultation on an exit charge cap for members of occupational pension schemes.

Company: The Pensions Regulator
Date added: 10-06-2016
Sector: Defined Contribution

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Legal & General - De-Risking Journeys of Mid-Sized Pension Schemes

This 50-page document examines the long-term de-risking objectives and strategies of mid-sized UK schemes. Over the last couple of years, there has been a marked rise in the number of larger pension schemes using de-risking strategies, with the largest buyout, buy-in and longevity insurance transactions to date completed. Smaller schemes tend to follow where larger schemes go which makes this report a timely read. Over 40 mid-sized schemes with total assets of between £100 million and £1 billion were surveyed.

Company: Legal & General
Date added: 09-06-2016
Sector: Risk Management

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Schroders - US jobs data provides boost for EM debt and currencies

The slowdown in US jobs growth highlighted by Friday’s non­farm payroll data is a significant positive for emerging markets, their debt and their currencies. 

Company: Schroders
Date added: 06-06-2016
Sector: Emerging Market Debt

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Infrastructure Roundtable - Three infrastructure fund managers discuss why active asset management might be more important than ever

With fierce competition for assets and increasing pressure on returns, Bruno Alves and three infrastructure fund managers discuss why active asset management might be more important than ever.

Company: M&G Real Estate
Date added: 06-06-2016
Sector: Infrastructure

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J.P. Morgan - Brexit: What investors should consider

Stephanie Flanders, Chief Market Strategist for the UK and Europe, examines the investment implications of a potential Brexit from the EU.

Company: J.P.Morgan
Date added: 03-06-2016
Sector: Brexit

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UBS Asset Management - US Real estate summary – edition 2 June 2016

US commercial real estate rents are rising faster than inflation. Transactions volume appears to be leveling off near record highs. Appreciation remains higher than history but slowed during 1Q16, as expected. Positive outlook for 2016 even with reduced expectations for total return.

Company: UBS
Date added: 02-06-2016
Sector: Real Estate

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FTSE Russell - Achieving Controlled and Meaningful Factor Exposure via Factor Indexes

Asset owners and asset managers are increasingly interested in so-called “smart beta” indexes, a category that includes factor and alternatively weighted indexes. In a series of four FTSE Russell Insights, we explore the concept of factors in depth. We examine the differences between factor indexes and other types of smart beta index, illustrate how factor exposure is embedded in an index and suggest how factors can be combined most effectively.

Company: FTSE Russell
Date added: 01-06-2016
Sector: Smart Beta

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State Street Global Advisors - Pensions With Purpose: Meeting the Retirement Challenge

This 37-page document provides important insights into the pension fund industry. 400 senior executives representing private and public pensions systems across 20 different countries were interviewed for the survey. Key themes covered include: investment strategy; managing risks; efficiencies; talent; accountability.

Company: State Street Global Advisors
Date added: 01-06-2016
Sector: Pension Reports

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Barnett Waddingham - Big Schemes Survey: £1b+

This 15-page survey by Barnett Waddingham provides some important insights into 160 UK private sector Defined Benefit schemes with assets of over £1 billion. The survey examines scheme type, investment performance, deficit contributions, asset allocation, and adviser fees.

Company: Barnett Waddingham
Date added: 01-06-2016
Sector: Pension Reports

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Sacker & Partners LLP - UK Pensions Law - Quarterly Brief June 2016

This latest issue of Pensions Law by Sacker & Partners LLP covers a wide range of UK pensions-related issues such as: the effect of "Brexit" on UK pensions law; pensions reform; new automatic enrolment regulations and guidance; and more.

Company: Sackers
Date added: 01-06-2016
Sector: Pension Reports

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GIRA Global Governance Survey Results (2015)

This small survey of 32 pensions funds in Australia, US and UK seeks to understand the similarities and divergences in the approach to decision-making within the three regions, with particular emphasis on investment beliefs.

Company: Frontier Advisors
Date added: 01-06-2016
Sector: Governance

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Deloitte - From Dirt to Data: The second green revolution and the Internet of Things

The first “green revolution” — a series of rapid technological and agronomic advances that took place after World War II—transformed agriculture, saving over a billion people from starvation and setting the stage for the world’s population to increase from 3 billion in the late 1960s to an estimated 7.3 billion today. Despite this phenomenal growth, however, there are significant challenges to the continued expansion of this first green revolution, and in some ways it has been the victim of its own success.

Company: Deloitte
Date added: 01-06-2016
Sector: Environmental, social and governance (ESG)

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J.P. Morgan - Decoding the Elements of Sustainable Investing

The authors of this paper outline the range of approaches included under the umbrella of “sustainable investing”—a term that now reflects not just a move toward more explicit consideration of environmental and social issues, but also the belief of some investors that maximizing the long-term financial value of a portfolio requires the integration of these factors.

Company: J.P.Morgan
Date added: 01-06-2016
Sector: Environmental, social and governance (ESG)

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Association of British Insurers (ABI) - Pension Finder White Paper

The Association of British Insurers (ABI) has committed to taking forward the next phase of a UK pensions dashboard, including potentially creating a prototype.

The announcement came at the launch of the Pension Finder White Paper, outlining how the dashboard could be created.

The White Paper was drawn up by the Pension Finder working group, a collaboration of 14 organisations led by the Money Advice Service and including the ABI, Aviva, NEST and Standard Life.

It includes recommendations on a dashboard model, implementation and governance.

Company: Association of British Insurers
Date added: 01-06-2016
Sector: Briefing - Investment

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Schroders - Monthly markets review ­ May 2016

A look back at markets in May 2016 when stronger US macroeconomic data fuelled expectations of a summer rate hike from the Federal Reserve. 

Company: Schroders
Date added: 01-06-2016
Sector: Markets

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Schroders - Investment Horizons Issue 5

We’re pleased to announce the publication of the latest edition of Investment Horizons, our regular look at vital themes relevant for institutional investors.

Company: Schroders
Date added: 01-06-2016
Sector: Markets

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Schroders - Pension funds and index-­linked gilts: a supply/demand mismatch made in hell

A severe supply/demand imbalance means that pension funds waiting for index-­linked gilt yields to rise to “attractive” levels are fighting a losing battle. 

Company: Schroders
Date added: 01-06-2016
Sector: Index-Linked Gilts

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Schroders - Property: a firm foundation for pension scheme derisking plans

The strong run in property values over the past few years is likely to have boosted the funding levels of those pension funds with reasonable­sized allocations to real estate. The temptation may now be to sell out while the going is good. We can understand the urge, but wonder whether trustees and governance committees will find anything quite as suitable for their needs in the current climate? 

Company: Schroders
Date added: 01-06-2016
Sector: Real Estate

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Schroders - Three ways to head off threats to your funding ratio

There are many techniques to manage equity market risk, but most tend to be onerous from a governance standpoint and are typically short term, while their objectives may not be aligned with the specific pension scheme’s longer­term needs. 

Company: Schroders
Date added: 01-06-2016
Sector: Risk Management

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Schroders - DC: Steering a smarter path to retirement

The turbulence that investment portfolios have experienced this year is likely to have given many defined contribution (DC) pension schemes pause for thought. How can they best protect their savers from volatile markets, while also generating returns that maximise what are often inadequate contributions?

Company: Schroders
Date added: 01-06-2016
Sector: Defined Contribution

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Schroders - Three key questions to ask in an effective investment review

Navigating an investment strategy review can be a daunting task. To help trustees, we have distilled down the process to the three key questions we believe they need to focus on.

Company: Schroders
Date added: 01-06-2016
Sector: Briefing - Investment

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Schroders - Three key questions to ask in an effective investment review

Navigating an investment strategy review can be a daunting task. To help trustees, we have distilled down the process to the three key questions we believe they need to focus on.

Company: Schroders
Date added: 01-06-2016
Sector: Briefing - Investment

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Brown Advisory - Active Alpha

The latest academic research suggests that there are certain common characteristics of active equity managers who deliver persistent outperformance.

Company: Brown Advisory
Date added: 01-06-2016
Sector: Active Management

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Hymans Robertson - UK Pensions: Current issues June 2016

This latest issue of Current Issues looks at various aspects of the UK pensions industry. The authors examine the new Pensions Bill, the secondary annuity market, the new Defined Contribution Code of Practice, and more.

Company: Hymans Robertson
Date added: 01-06-2016
Sector: Pension Reports

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FTSE Russell - ESG: Road Blocks or the Road to Integration?

Recent international forums such as COP21 and the World Economic Forum (WEF) have drawn increased attention to global economic risks arising from corporate environmental, social and governance (ESG) practices and performance. In particular, WEF concluded that climate change was the greatest global risk in their latest survey1 and made a call to action for ESG integration by investors.

Company: FTSE Russell
Date added: 01-06-2016
Sector: Environmental, social and governance (ESG)

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FTSE Russell - China Bond Research Report

This report details recent perspectives on the China Bond market including performance of the FTSE Russell China Bond Indexes.

Company: FTSE Russell
Date added: 01-06-2016
Sector: China

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The FTSE China Onshore Bond Index Series

China is now the world’s largest economy (when measured by purchasing power parity (PPP)) and the largest trading nation2. The country’s domestic currency bond market is the third-largest in the world, following the United States and Japan, and has been growing rapidly in recent years.

Company: FTSE Russell
Date added: 01-06-2016
Sector: China

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FTSE Russell - Capturing dividend growth stocks while maintaining representation and diversification

Interest among market participants is growing in “dividend growth” companies – those that pay increasing dividends over time. The Russell Dividend Growth Index Series is designed as a tool for use by market participants in this area, and the indexes are designed to avoid concentrated individual constituent or sector exposures. We examine the construction methodology, along with performance and characteristics of the indexes.

Company: FTSE Russell
Date added: 01-06-2016
Sector: Dividend Growth

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FTSE Russell - Small Cap Perspectives: Russell 2000 Index Quarterly Analysis

The article below is from the March 15, 1848 publication of The Californian announcing the discovery of gold at Sutter’s Mill. Two months later, the paper had to shutdown because its entire staff had left to prospect for gold.  Two years later, the population of San Francisco had swelled from 1,000 residents to more than 20,000.1 Fast forward about 150 years to the first quarter of 2016 and another gold rush of sorts appeared to be underway.

Company: FTSE Russell
Date added: 01-06-2016
Sector: Small and Mid Caps

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FTSE Russell - Combining Factors

set owners and asset managers are increasingly interested in so-called “smart beta” indexes, a category that includes factor and alternatively weighted indexes. In a series of four FTSE Russell Insights, we explore the concept of factors in depth. We examine the differences between factor indexes and other types of smart beta index, illustrate how factor exposure is embedded in an index and suggest how factors can be combined.

Company: FTSE Russell
Date added: 01-06-2016
Sector: Smart Beta

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FTSE Russell - Russell 2000 Reconstitution Effects Revisited

The costs to investors of passive investing and the relative merits of transparent index reconstitution rules are important investment management topics and subjects of perennial interest to researchers and investors alike. This is particularly true regarding the Russell 2000 Index, the preeminent benchmark index for the US small capitalization equity market.1 This paper updates prior research on the impact of index reconstitution on the performance of the Russell 2000 Index and reviews related work.

Company: FTSE Russell
Date added: 01-06-2016
Sector: Pension Reports

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Schroders - Commodities: the bear market is over

We believe the majority of commodities have bottomed, heralding the start of a new bull market. 

Company: Schroders
Date added: 27-05-2016
Sector: Commodities

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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.

Company: New Capital
Date added: 26-05-2016
Sector: Brexit

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UBS Asset Management - Global Real Estate Summary

This UBS paper provides some important insights into the global real estate market. The authors posit that the global macroeconomic environment is healthier than most people realise.

Company: UBS
Date added: 26-05-2016
Sector: Real Estate

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Legal & General - UK Local Government Pensions Schemes: An unprecedented opportunity

As UK Local Governmance Pension Scheme funds write their business plans outlining their approach to creating asset pools, the authors of this brief paper assess the opportunities and challenges at each stage of the process and conclude that not all transitions are equal.

Company: Legal & General
Date added: 16-05-2016
Sector: LGPS

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Schroders - Responsible Investment Report ­ Q1 2016

This quarter's report focuses on the convergence of environmental, social and governance (ESG) considerations with fiduciary duties and the investment industry's challenge to turn those good intentions into practice.

Company: Schroders
Date added: 06-05-2016
Sector: Environmental, social and governance (ESG)

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S&P Dow Jones Indices - What Is In Your Smart Beta Portfolio? A Fundamental and Macroeconomic Analysis

This paper reviews some typical smart beta strategies that seek to track the more common factors in the U.S. market, with the aim of better understanding the characteristics of these strategies. Using a risk model, the paper starts by examining primary and secondary exposures; next, it examines the macroeconomic environments in which the various strategies outperformed; finally, it examines the preceding analysis on four stylized multi-factor portfolios.

Company: S&P Dow Jones
Date added: 05-05-2016
Sector: Smart Beta

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Economic Volatility: Hidden Societal Cost of Prevailing Approaches to Pension Reforms

The authors of this 24-page study seek to examine whether current pension reforms have increased economic volatility. They analyze the relationship between these so-called reforms and financial, economic and revenue volatility at local, state and national level. The study has been produced by the National Conference on Public Employee Retirement Systems.

Company: NCPERS
Date added: 01-05-2016
Sector: Pension Reports

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Economic Volatility: Hidden Societal Cost of Prevailing Approaches to Pension Reforms

This comprehensive 56-page report by the OECD provides interesting insights into the performance and investment behaviours of the world's biggest institutional investors, examining in depth the trends observed at a national and regional level.

Company: OECD
Date added: 01-05-2016
Sector: Briefing - Investment

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Legal & General - UK Pensions: Will LISAs win over the young generation?

It's been two months since UK Chancellor of the Exchequer George Osborne announced the new Lifetime ISA, or 'LISA'. Will it be viewed just as another complicated structure for the lucky few, or does it have the potential to revolutionise long-term savings? LGIM's Veronica Humcle, Senior Investment Strategist, examines further.

Company: Legal & General
Date added: 01-05-2016
Sector: Pension Reports

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The Pensions Regulator - UK Pensions: A Guide to Investment Governance

This guide aims to help pensions trustee boards in meeting the standards set out in the Pension Regulator's Code of practice 13. It provides practical information and examples of different approaches to take, as well as factors to consider.

Company: The Pensions Regulator
Date added: 01-05-2016
Sector: Governance

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The 300 Club - Governance Practices of European Pensions: The gap between rhetoric and reality

Significant changes have taken place in European pension fund business models since the global financial crisis. A more serious and fundamental shift in behaviour is however needed to address the vast gap between talk about good governance and the reality on the ground. This paper has been authored by Sally Bridgeland and Professor Amin Rajan.

Company: The 300 Club
Date added: 01-05-2016
Sector: Governance

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Schroders - Can small caps prosper in a world of deflation and disruption?

The recent underperformance of small caps in a number of markets has prompted some to suggest that they may have lost their particular investment advantages. We disagree.

Company: Schroders
Date added: 01-05-2016
Sector: Small Cap

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Schroders - Economic and Strategy Viewpoint May 2016

In this month's Viewpoint we discuss the options available to policymakers in a world of low growth, the consequences of negative interest rates and emerging market reform progress.

Company: Schroders
Date added: 01-05-2016
Sector: Markets

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UBS Asset Management - Real Estate Research Blast – Japan's negative interest rate policy May 2016

The Bank of Japan (BoJ) joined the negative interest rate club earlier this year, following in the footsteps of central banks in Europe – including the ECB, Swiss National Bank, Riksbank and Danish National Bank – and which have pushed deposit rates on bank reserves below the zero threshold, albeit to varying degrees.

Company: UBS
Date added: 01-05-2016
Sector: Real Estate

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UBS Asset Management - Asia Pacific Real estate summary – edition 1 May 2016

APAC leasing demand in line with historical averages. Rental growth limited to supply constrained CBD and submarkets. Liquidity focused on key APAC markets and cities. Generally positive outlook for 2016 but macro and geopolitical risks persist.

Company: UBS
Date added: 01-05-2016
Sector: Real Estate

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Schroders - Global Market Perspectives Q2 2016

Economic and asset allocation views covering Q2 2016. This includes our global growth update, 30­year return forecasts, and our research note assessing the risk of a US recession. 

Company: Schroders
Date added: 08-04-2016
Sector: Global Equities

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UBS Asset Management - Lower for longer - The impact of sluggish inflation on expected returns

As market volatility, liquidity issues and low yields challenge investment returns, investors also need to consider whether and how inflation will affect their portfolios. In this paper, we review the underlying factors that have suppressed inflation in the recent past, look at the latest macroeconomic data for pointers to the likely trajectory of inflation in the near future, and suggest some effective tactical solutions for investors.

Company: UBS
Date added: 02-04-2016
Sector: Interest Rates

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FTSE Russell - ESG: Road Blocks or the Road to Integration? April 2016

Recent international forums such as COP21 and the World Economic Forum (WEF) have drawn increased attention to global economic risks arising from corporate environmental, social and governance (ESG) practices and performance. In particular, WEF concluded that climate change was the greatest global risk in their latest survey1 and made a call to action for ESG integration by investors.

Company: FTSE Russell
Date added: 01-04-2016
Sector: Environmental, social and governance (ESG)

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Schroders - Economic and Strategy Viewpoint April 2016

In this month's Viewpoint out top economists analyse the global economy and ask whether the panic is over, and what's next? They consider Brexit risks and whether now is the right time to buy emerging markets. 

Company: Schroders
Date added: 01-04-2016
Sector: Markets

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Housing Minister Unveils One Of The UK’S First Build To Rent

Housing and Planning Minister Brandon Lewis will later today unveil a landmark ‘Build to Rent’ housing development in North Acton, West London. The £43.5 million scheme, which is being developed by mid-market specialist developers HUB, is owned and funded by M&G Real Estate, one of the UK’s largest property investors.

Company: M&G Real Estate
Date added: 30-03-2016
Sector: Real Estate

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Alliance Trust Investments - Sustainable Future Fund Range

At Alliance Trust Investments (ATI) we believe that sustainable investment means investing for a positive future. We aim to deliver strong investment returns for our clients by investing in companies making a positive contribution to our world and society. Our view is that these firms are inherently in a better position to prosper than those that don’t, and when undervalued, make better investments than the market.

Company: Alliance Trust Investments
Date added: 22-03-2016
Sector: Environmental, social and governance (ESG)

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BlackRock - Infrastructure Rising - An Asset Class Takes Shape

Amid strong demand for infrastructure investments and a deep need for infrastructure capital, infrastructure has emerged as a distinct asset class. While the theoretical market is huge, the addressable one is much smaller, and competition for core equity assets is strong. Investors are learning to work with an expanded toolkit of strategies. This 14 page document provides a broad overview of the opportunity set and how to navigate it. With many investors still focused on larger deals and on operating assets in developed economies, casting a wide net may be a logical course.

Company: BlackRock
Date added: 19-03-2016
Sector: Infrastructure

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Lloyds - The role of financial services in the UK economy

As a trading nation, financial services have played a pivotal role in the economic wellbeing of the UK. The UK’s financial services sector, built up over many years, is critical in helping the country to prosper and makes it an ideal place in which to invest and to grow a business.

Company: Lloyds
Date added: 18-03-2016
Sector: Special Focus

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New Capital - Latest Insights Asia Pacific Fund Focus: 10 Minutes with Tony Jordan

We talk to Senior Portfolio Manager, Tony Jordan, who gives us insight into the investment process behind the New Capital Asia Pacific Equity Income Fund, and shares with us his outlook for the rest of 2016.

Company: New Capital
Date added: 17-03-2016
Sector: Asia Pacific

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CBRE - U.S Watch March 2016

While the growth of the U.S. economy persists, the tumultuous start to 2016 and increased likelihood of slower growth going forward has prompted a less sanguine near-term economic outlook.

Company: CBRE
Date added: 17-03-2016
Sector: Real Estate

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CBRE - Europe Watch March 2016

Although the Dutch path towards recovery looks favourable, is could be a winding one. The main cause of concern is the ramifications of a British exit from the EU that could mean that exports to Britain, its second largest trading partner, slow sharply. On the other hand, should ‘Brexit’ be the outcome of the June 23rd UK referendum vote, then a large pool of European and foreign capital is likely to look harder for European placement. If that is the case, the Netherlands will be favourably positioned as one of Europe’s most attractive investment destinations.

Company: CBRE
Date added: 17-03-2016
Sector: Real Estate

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CBRE - Asia Pacific Watch March 2016

Several Asian cultures celebrated the arrival of the Lunar New Year in recent weeks, and in the Chinese  astrological tradition this will be the Year of the Fire Monkey!

Company: CBRE
Date added: 17-03-2016
Sector: Real Estate

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CBRE - U.S Early Indicators Q1 2016

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. This quarter’s release shows that while real estate fundamentals remain positive, a contracting cap rate spread, stock market volatility and a deceleration in the growth of a number of leading economic variables necessitates a more cautious approach moving forward. Following several years of “fair” pricing, real estate is now “expensive” relative to corporate debt. Total returns for privately owned real estate remain buoyant, while REIT returns, though also positive, have flattened. The Leading Economic Indicators index points to further economic growth but at a less robust pace relative to recent periods.

Company: CBRE
Date added: 17-03-2016
Sector: Real Estate

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BlackRock - Investment Direction: Year of the Bear?

BlackRock sets out their current investment strategy views. This includes their views on US equity factors, their reasons for downgrading both financials and high yield to neutral. The Appendix explains how BlackRock formulates their asset allocation views.

Company: BlackRock
Date added: 16-03-2016
Sector: Briefing - Investment

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Standard Life - Solvency II and Absolute Return Investing

In this paper, the authors examine the implications the Solvency II "look-through" principle has for calculating solvency capital needs. The principle assesses the individual investments held in a fund and their true risk characteristics. The authors highlight how it may change the way various asset classes are viewed by insurers, among other issues

Company: Standard Life
Date added: 16-03-2016
Sector: Absolute Return

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Credit Suisse - How Corporate Governance Matters

This report by the Credit Suisse Research Institute explores several important aspects of the connection between sound governance and improved business performance. It provides new data to support the growing investor interest in governance-related rules and practices and introduces innovative ways to assess corporate performance, such as the HOLT governance scorecard, to support more effective governance-oriented decision making. Moreover, our experts identify specific company types and sectors, in which governance can serve as a particularly robust investment strategy instrument

Company: Credit Suisse
Date added: 16-03-2016
Sector: Environmental, social and governance (ESG)

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Agricultural Market Information System - Monthly Agriculture Market Monitor - March 2016

From Agricultural Market Information System, a monthly report on soft commodity markets. This is the latest in a regular series of monthly reports.

Company: Agricultural Market Information System
Date added: 16-03-2016
Sector: Farmland

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DGC Asset Management - Critical Insights - Ecology and the Environment

So far in this Critical Insights report series we have focussed on the main threats to wealth facing the modern investor. To do this we have analyzed global demographic trends, social economics in emerging economies and the 21st century economic policy book.

As we now come the final stage of the first section of the report series, we look at how rapid changes in the environment – man-made or otherwise – are driving changes in the global supply chain, and how this new ecology is supporting a shift in value away from financial markets and into sustainable real assets.

We are confident that you will find value in our report series, and the information will be crucial in understanding our conclusions in the second part of this report series; ‘Impact for Investors’ which will begin next week.

Company: DGC Asset Management
Date added: 14-03-2016
Sector: Environmental, social and governance (ESG)

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Local Government Pensions – Improving Governance and Accountability

In June 2014 the first of two consultations on Local Government Pension Scheme governance were issued. The views of respondents to the first paper were incorporated into the second consultation paper, which was issued in October 2014. The draft regulations that were included in the October consultation exercise incorporated sugestions made by respondents.

Company: LGPS
Date added: 14-03-2016
Sector: LGPS

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DGC Asset Management - Critical Insights - Inflation vs Deflation vs Stagflation

The European Central Bank announced today that they will be cutting interest rates from 0.05% down to 0% and increasing their Quantitative Easing Programme by a third to 80 billion euros from April.

This is very interesting timing as in Part 5 of our series, we begin to examine the current economic climate; one that is largely manipulated by monetary and fiscal policy, and increasingly influenced by geopolitics. This report contains an insight into inflation and we look at the major influencers of value growth, from aforementioned policy decisions designed to float a potentially deflationary economy in the West (highlighted in the news today), to the socio-economic factors driving rapid expansion in emerging economies.

We look at how the dynamics of demographics we pointed out in Part 1 of this series are advancing emerging market economies whilst weighing down long-term growth prospects elsewhere. We now aim to weigh to this combination of inflationary and deflationary pressures, and seek to find some answers as to how this might play out in the global economy.

Company: DGC Asset Management
Date added: 14-03-2016
Sector: Briefing - Investment

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Preqin Investor Outlook: Alternative Assets H1 2016

The alternative assets industry continued to grow in size in 2015, with alternative assets fund managers now managing an all-time record $7.4tn, up $500bn from this time a year ago. This increase in assets has been driven by investor demand as institutions globally look to further diversify their portfolios to include an ever wider range of asset classes to generate strong returns, reduce volatility, act as an infl ation hedge and deliver reliable income. This report brings together the results of a series of in-depth interviews with over 460 institutional investors, conducted by Preqin’s analysts for the latest editions of the Preqin Global Alternatives Reports. This has enabled us to provide detailed information on investors’ portfolios, future plans, confi dence in different asset classes, concerns for the future and more.

Company: Prequin
Date added: 14-03-2016
Sector: Alternatives

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Newton Investment Management - Exploring the use of alternative investments: Finding the right alternative (2016)

Alternative investments have historically been an under-researched area of investing in which many traditional investors have not participated, owing primarily to concerns over transparency and liquidity. However, today there is a growing trend towards alternatives as investors search for more reliable sources of returns. Paul Flood, lead manager of the Newton Multi-Asset Income and the Newton Multi-Asset Diversified Return strategies, explores some of the benefits and risks of alternatives, and how they can be used as part of a well-diversified portfolio.

Company: Newton Investment Management
Date added: 14-03-2016
Sector: Alternatives

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Implementing the Paris Climate Agreement: An Action Framework for Investors and their Financial Advisors (UN, 2016)

This report by the UNEP Finance Initiative helps debt investors and their financial advisors to develop ESG integration strategies, focusing on materials risks and opportunities.

Company: UNEP
Date added: 14-03-2016
Sector: Environmental, social and governance (ESG)

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Newton Investment Management - The impact of ethical investing on returns, volatility and income

Faith-based investors, charities and institutions are rapidly adopting more ethical investment approaches to their strategies. It goes without saying: ethical investing is now a mainstream issue. There however have been some studies that question the idea of imposing such constraints on an investment portfolio. This paper, by Drs Lucius Li and Chendi Zhang, analyses the impacts of commonly applied ethical frameworks. The authors seek to provide an independent and academic starting point for interested investors.

Company: Newton Investment Management
Date added: 14-03-2016
Sector: Environmental, social and governance (ESG)

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Pensions Institute - UK Pensions: "We Need a National Narrative: Building a Consensus around Retirement Income" - review of retirement income 2016

This paper presents the results of a report, commissioned in June 2014 by the former UK Shadow Work and Pensions Secretary Rachel Reeves MP, to examine how to increase DC savers' retirement income following the Government's pensions 'freedom and choice' reforms. The research has been conducted by Professor David Blake, Director of the Pensions Institute

Company: Pensions Institute
Date added: 14-03-2016
Sector: Briefing - Investment

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Prudential - The $260bn Pension Risk Transfer Market: Going Global

The UK has led the way in pensions risk transfer, and the trend is now going global.  By transferring longevity risk to insurers, pension plan sponsors can both strengthen their own financial stability and also improve the financial security of retirees. This 16 page report from Prudential discusses the global marketplace for longevity risk transfer, examining individual transactions and exploring the process for determining the optimal solution for an individual fund

Company: Prudential
Date added: 14-03-2016
Sector: Risk Management

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Pensions Institute - UK Pensions: The medical underwriting revolution in the DB de-risking market 2016

This report seeks to understand the potential impact of medical underwriting on the bulk annuity market generally. To do that, the authors examine the costs and benefits of medical underwriting. They start by considering the theoretical underpinnings for underwriting before discussing a range of other matter, such as: the evolution of medically written bulk annuities to date; the factors to be considering before purchasing a medically-underwritten bulk annuity; the process involved in a medically-underwritten transaction; and the potential evolution of the market in the future.

Company: Pensions Institute
Date added: 14-03-2016
Sector: Risk Management

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Aviva Investors - The Role of Multi-Manager Real Estate Solutions in the Age of LGPS Asset Pooling

The new initiative for local government pension schemes (LGPS) to pool their assets creating ‘collective portfolios’ in different asset classes has much to commend it, but it is likely to be a complex process for real estate assets. As Global Indirect Real Estate Senior Fund Manager Alistair Dryer explains, there are a number of likely benefits to the idea, but local government schemes need to ensure that they do not ignore the fundamentals in the drive to reduce costs.

Company: Aviva Investors
Date added: 14-03-2016
Sector: Real Estate

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Vanguard - A framework for institutional portfolio construction

Typically, institutional investors around the world pursue one of four investment goals: absolute return, liability-driven investment, total return or principal protection. Generally, they choose from four different investment approaches: static tilts, traditional active management, market-capitalization exposures and alternative investments. Given the aforementioned potential goals and approaches, this paper considers which are the best for investors building their portfolio

Company: Vanguard
Date added: 14-03-2016
Sector: Asset Allocation

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Willis Towers Watson - Global Pension Assets Study 2016

The 2016 GPAS (Global Pensions Asset Study) adds Chile, India and Spain to its study of the 19 largest pension markets in the world, (other countries being: Australia, Brazil, Canada, France, Germany, Hong Kong, Ireland, Japan, Malaysia, Mexico, Netherlands, South Africa, South Korea, Switzerland, the UK and the US). The 2016 GPAS study analyzes asset size (comparison with GDP and growth statistics), asset allocation, DC (Defined Contribution) and DB (Defined Benefit) shares of pension assets, and six medium-term factors that are increasingly influential on pension fund development known as 'The Faces of Change'.

Company: Willis Towers Watson
Date added: 14-03-2016
Sector: Briefing - Investment

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Willis Towers Watson - Is Performance Management Working?

It’s not surprising that employers, managers and employees all question their current performance management processes. The prevailing approach — with its single year-end rating and a reliance on past results — is hardly a formula for ensuring effective performance management and keeping up with evolving business demands.

Yet, despite headline grabbing accounts of companies going ratingless, only a small number of organisations have actually abandoned performance management programs or plan to eliminate ratings altogether.

Company: Willis Towers Watson
Date added: 14-03-2016
Sector: Active Management

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Willis Towers Watson - Management Presentation

Willis Towers Watson - Management Presentation December 2015

Company: Willis Towers Watson
Date added: 14-03-2016
Sector: Briefing - Investment

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Deloitte - How can Fintech facilitate fund distribution?

Fintech is proving to be an asset management industry game changer. This report seeks to describe the impact this recent phenomenon is having on the distribution model of the industry and the strategies to be adopted by incumbent players.

Company: Deloitte
Date added: 14-03-2016
Sector: Asset Allocation

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New Capital - Latest Insights Equity Spotlight: The Growth is Out There

Much of 2016 has seen fundamental thinking thrown to the wind as fears abounded about a China slowdown, oil price depression and the fairy tale story of global economic growth. Despite this macro setting, there are plenty of opportunities for growth equities across the world.

Company: New Capital
Date added: 11-03-2016
Sector: Global Equities

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BlackRock - Brexit: Big Risk, Little Reward

A vote on whether the UK should remain a member of the European Union will take place on 23 June 2016. This paper provides the views of BlackRock's Investment professionals on the economic, policy, market, regulatory and financial industry implications of a potential "Brexit".

Company: BlackRock
Date added: 09-03-2016
Sector: Markets

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Schroders - Where does real estate fit in pension scheme derisking plans?

De­risking has been a key trend for UK pension schemes over the last 10 years. In an attempt to attain and retain higher funding levels, allocations to growth assets such as equities and real estate (property) have been reduced, whilst holdings of bonds have been on the rise. However, is blanket de­risking across growth assets, or even a move wholly out of real estate, necessarily the best way to reduce risk?

Company: Schroders
Date added: 07-03-2016
Sector: Risk Management

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J.P. Morgan - The ECB fights back

The European Central Bank (ECB) fights back to support the eurozone economy and raise inflation.

Company: J.P.Morgan
Date added: 03-03-2016
Sector: European Equities

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Department for International Trade's - Venture Capital Unit.

Brochure outlining opportunities for venture capital investors in the UK, and government support for investment via the Department for International Trade's (DIT) Venture Capital Unit.

Company: LGPS
Date added: 03-03-2016
Sector: Venture Capital

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M&G Real Estate - UK Market Outlook 2016

The UK economy looks set to record a healthy pace of growth in 2016, continuing to expand at a much faster rate than the majority of advanced economies.

Company: M&G Real Estate
Date added: 03-03-2016
Sector: Real Estate

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M&G Real Estate - Investment Case: The UK private rented sector (PRS)

The UK private rented sector (PRS) has doubled in size in the past decade and is now increasingly attracting the attention of pension funds, insurers and other institutions.

Company: M&G Real Estate
Date added: 03-03-2016
Sector: Real Estate

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Prequin - 2016 Preqin Global Infrastructure Report: Fund Manager Outlook

This document by Preqin observes that there has been, in recent years, a rise in competition for infrastructure assets which is pushing prices up as a result. Using data from two previous surveys, the paper presents the thoughts and opinions of over 65 infrastructure firms. It analyses the main issues facing infrastructure managers over the next 12 months, and their views on competition, regulation, deal flow and fundraising

Company: Prequin
Date added: 02-03-2016
Sector: Infrastructure

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Schroders - Economic and Strategy Viewpoint March 2016

In this month's Viewpoint we update our global growth forecasts, look at Europe which has become a source of comfort in an uncertain world, and ask whether emerging markets have reached their nadir? 

Company: Schroders
Date added: 01-03-2016
Sector: Markets

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UBS Asset Management - US Real estate summary – edition 1 March 2016

US commercial real estate performance reflects the strength of fundamentals. 2015 produced a sixth year of above-average appreciation and strong income growth.Tax reform passed in December 2015 potentially benefits qualified foreign pension plans. Positive outlook for 2016 even with reduced expectations for total return.

Company: UBS
Date added: 01-03-2016
Sector: Real Estate

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UBS Asset Management - Real Estate Research Blast – What's in a statistical area? March 2016

Awash in acronyms, the hierarchical nature of CBSAs (Core Based Statistical Area) and MSAs (Metropolitan Statistical Area) is not immediately apparent to the ordinary observer. This is markedly true in witnessing the term's common usage. A particular geographic region may commonly be referred to as an MSA and a CBSA; both usages would be completely correct.

Company: UBS
Date added: 01-03-2016
Sector: Real Estate

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CalPERS - ESG Integration into the Investment Process

This presentation by CalPERS gives an outline of how ESG factors can be integrated into the investment process. It touches on investment beliefs, public markets, private markets and portfolio tilting.

Company: CalPERS
Date added: 16-02-2016
Sector: Environmental, social and governance (ESG)

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Islamic Finance - SRIs & The Case For Islamic Investment Funds

This paper provides a brief history of the growth of Socially Responsible Investing (SRI). It's within this context the authors state their case for Islamic finance and investing in Islamic Funds.

Company: Islamic Finance
Date added: 16-02-2016
Sector: Environmental, social and governance (ESG)

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Agricultural Market Information System - Monthly Agriculture Market Monitor - February 2016

From Agricultural Market Information System, a monthly report on soft commodity markets. This is the latest in a regular series of monthly reports.

Company: Agricultural Market Information System
Date added: 16-02-2016
Sector: Farmland

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Barnett Waddingham - Southern European companies with UK defined benefit schemes

This survey relates to constituent companies of the Spanish IBEX and Italian FTSE MIB share indices that have UK subsidiary companies with defined benefit (DB) pension schemes. The survey covers 13 Southern European companies with around £39.5bn of UK pension liabilities between them.

Company: Barnett Waddingham
Date added: 05-02-2016
Sector: Defined Benefit

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Amundi - Cross Asset Investment Strategy

Concerns over world growth – and China – and geopolitical tensions combined to create a difficult start to the year for the financial markets.

Company: Amundi
Date added: 02-02-2016
Sector: Markets

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World Economic Forum - The Global Risks Report 2016

The Global Risks Report 2016, 11th Edition is published by the World Economic Forum within the framework of The Global Competitiveness and Risks Team.

Company: World Economic Forum
Date added: 02-02-2016
Sector: Risk Management

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Barnett Waddingham - PPF Levy Forum Survey 2015

The results of Barnett Waddingham’s fifth PPF levy forum survey show that the industry broadly supports the PPF’s decision to switch to using a bespoke model developed with Experian as the means for assessing insolvency risk.

Company: Barnett Waddingham
Date added: 02-02-2016
Sector: Risk Management

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Schroders - A study of global best practice in government funds: The opportunity for the LGPS

The details of the new Local Government Pension Scheme (“LGPS”) arrangements are yet to be agreed, but the principles are clear: to reduce costs while maintaining overall investment performance. Our aim in this paper is to identify best practice in the design of equivalent-sized investment organisations in an attempt to maximise the chances of achieving these twin objectives.

Company: Schroders
Date added: 01-02-2016
Sector: LGPS

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JLT - Interim Results 2015

Organic revenue growth of 2%, lower than recent years as a result of:

- Shift in phasing of revenues and trading profit between two halves of the year – 200 basis point

impact on organic revenue growth

- Accelerated reduction in commission payments within UK Employee Benefits – 100 basis point

impact on organic revenue growth

- Ongoing challenging rating environment

• Full year organic revenue growth anticipated to be in line with previous year

• Encouraging progress with build-out of US Specialty business

• Excluding US Specialty investment, underlying trading profit would have increased by 3%

• Acquired 5 new businesses for a total consideration of £18.9 million

• Disposed of stake in Siaci St Honoré for £80.2 million

• Continued investment in talent – 530 new colleagues joined the Group in the period

• Increased interim dividend by 5% to 11.1p

Company: JLT
Date added: 28-01-2016
Sector: Active Management

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CMS - Company Overview

When we set out to create CMS in 1999, our three guiding principles were: stay close to our clients‘ long-term goals and specific business challenges, recruit lawyers who really focus on quality and keep up with changes and developments in the industries we serve and the countries we work in.

Company: CMS
Date added: 28-01-2016
Sector: Active Management

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CMS - UK Construction & Engineering Team

Our people have excellent experience from working closely both domestically and internationally with governments, developers, contractors, sub-contractors, consultants, banks and financial institutions on all sorts of different projects.

We are able to draw on a team of over 100 people with expertise in all aspects of work in Construction and Engineering. What follows is detail of the core Construction and Engineering team.

Company: CMS
Date added: 28-01-2016
Sector: Real Assets

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CMS - Global construction and engineering specialists: The Middle East & North Africa

We have 59 offices around the world including in the UAE, Oman, Algeria, Turkey and Morocco, providing an extensive offering in MENA.

Company: CMS
Date added: 28-01-2016
Sector: Real Assets

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CMS - Energy Disputes

At CMS, we strive to spend more time looking outward at your world than inward at ours. As a leading and trusted adviser to the energy sector, we aim to give you an advantage today by anticipating your challenges of tomorrow.

Company: CMS
Date added: 28-01-2016
Sector: Real Assets

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CMS - Shipping and Maritime

CMS Cameron McKenna has extensive experience advising across the maritime industry, from ferries to fishing boats and from FPSOs to offshore support vessels. As a result, we regularly advise on a wide range of matters within the maritime industry.

We are recognised as a leading and trusted adviser to a wide range of clients within the sector, including the Scottish Government, local authorities, financial institutions, leading national and international private companies and the ‘supermajors’ in the oil and gas market.

Company: CMS
Date added: 28-01-2016
Sector: Real Assets

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New Capital - Oil Price Concern

With oil prices falling below $30 a barrel, Michael Leithead addresses concerns in the market and provides insight into how the New Capital Wealthy Nations Bond Fund is positioned to benefit from these conditions.

Company: New Capital
Date added: 27-01-2016
Sector: Commodities

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CBRE/Clarion - Global Real Estate Securities Market Commentary

Despite improved fundamentals and solid earnings growth, real estate stock prices did not increase commensurately as fears of rising interest rates, geopolitical concerns, and slowing global economic growth weighed on investors’ confi dence.

Company: CBRE/Clarion
Date added: 27-01-2016
Sector: Real Estate

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Lazard - Chinese Banking: Are Risks Misunderstood?

Starting in 2009 credit growth in China expanded at a dramatically fast pace. Credit has reached high aggregate volumes, but growth has not been uniform across sectors.

Company: Lazard
Date added: 26-01-2016
Sector: China

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Lazard - Risk and Opportunity in Changing China

Asia Matters is a series of papers from the

Lazard Asia ex-Japan Equity Team that looks

at the major investment, economic, and political

trends unfolding in the region. ‘Risk and

Opportunity in a Changing China’ is the first in the series, it contains our perspectives on local markets and companies after our extensive travel throughout China. We explore several investment themes— the corruption crackdown, mass consumption, the stimulation of the services sector—and why they are important for investors.

Company: Lazard
Date added: 26-01-2016
Sector: China

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Lazard - Outlook on Europe

Europe’s economic backdrop has become relatively robust. Total third-quarter 2015 GDP for the 28 economies of the European Union (EU) was up 1.9% year-on-year and the unemployment rate has fallen to 9.3%, the lowest level in more than six years.

The unemployment level in Italy has been stubbornly high for the past few years, but has been improving since September 2014 (Exhibit 1). According to Italy’s national statistics office, it fell to 11.3% in November, its lowest level in three years, with the number of unemployed dropping by nearly 500,000 year-on-year.

Company: Lazard
Date added: 26-01-2016
Sector: European Equities

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Lazard - Europe: Where are we now?

 

 

How soon we have come to measure the euro zone crisis in years. From the race to save the Greek economy from bankruptcy to the rise of the populist right in the recent EU Parliamentary Elections, one thing now clear is that the number of commentators predicting the end of the union has diminished with every hurdle overcome.

Company: Lazard
Date added: 26-01-2016
Sector: European Equities

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Lazard - An Unconstrained Approach to Generating Equity Income

The economic and capital market volatility in recent years has reduced the attractiveness of equities to many investors, and it has led to unprecedented flows into fixed income. However, the yields available in fixed-income markets were already low by historical standards, and additional capital flows have further reduced those yields.

Company: Lazard
Date added: 26-01-2016
Sector: Global Equities

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Lazard - Outlook on UK Equities

Heading into 2016, we are positive in our outlook for UK equities.

The UK economy is in good shape; market expectations are for GDP growth of 2.25% to 2.5%, with unemployment continuing to fall and wage growth nudging up to 3%, as the labour market tightens and the introduction of the national living wage from April 2016 exerts a knock-on effect for up to a quarter of the workforce, according to estimates from the government’s budget watchdog.

Company: Lazard
Date added: 26-01-2016
Sector: UK Equities

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CBRE/Clarion - Listed Infrastructure: Disruptive Technology Creates Growth Opportunities

Disruptive technologies are an area of signifi cant market interest given shorter cycles and increasing velocity of transformative innovations.

Company: CBRE/Clarion
Date added: 26-01-2016
Sector: Infrastructure

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CBRE/Clarion - Renewable Energy: Emerging Core Infrastructure

The word “infrastructure” conjures up thoughts of roads, bridges and tunnels. Increasingly, however, investors are including solar panels and wind turbines, otherwise known as renewable energy assets, as a growing category of core infrastructure.

Company: CBRE/Clarion
Date added: 26-01-2016
Sector: Infrastructure

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CBRE/Clarion - Global Listed Infrastructure: An Introduction to the Asset Class

Investment in infrastructure is among the world’s leading growth drivers and is a strategic priority for countries worldwide. Listed infrastructure companies are playing a dominant role in the accelerating growth of the infrastructure asset class globally.

Company: CBRE/Clarion
Date added: 26-01-2016
Sector: Infrastructure

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CBRE/Clarion - Global Listed Infrastructure: The Case for an Allocation by Institutional Investors

To date, infrastructure allocations for institutional investors have typically focused on unlisted investment options, including direct investment and private funds. Listed infrastructure has often been overlooked on the basis that it does not provide “pure” real asset exposure, being viewed as equities with more volatile characteristics than private infrastructure and lacking control over management of assets.

Company: CBRE/Clarion
Date added: 26-01-2016
Sector: Infrastructure

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CBRE/Clarion - Global Listed Infrastructure: A Port in the Rising Tide of Inflation

We believe that investors should hold assets that are resilient to infl ation. Global listed infrastructure is an asset class that has a record of delivering superior infl ation adjusted returns over time.

Company: CBRE/Clarion
Date added: 26-01-2016
Sector: Infrastructure

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CBRE/Clarion - Why Rising Interest Rates are Actually Good for Real Estate Stocks

According to conventional wisdom, the specter of rising interest rates foreshadows poor share price performance for global real estate stocks (REITs). But our research shows that’s not the case for the investor.

Company: CBRE/Clarion
Date added: 26-01-2016
Sector: Real Estate

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CBRE/Clarion - How REITs are Positioned in a Rising Interest Rate Environment

What was the catalyst for the sell-off in U.S. property stocks YTD?

Company: CBRE/Clarion
Date added: 26-01-2016
Sector: Real Estate

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CBRE/Clarion - International Listed Real Estate: Investment Opportunities Abroad Complement a U.S. Property Allocation

Exposure to Institutional Quality Commercial Real Estate – Listed real estate offers investors immediate exposure to prime properties in major gateway cities world-wide.

Company: CBRE/Clarion
Date added: 26-01-2016
Sector: Real Estate

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CBRE/Clarion - The Benefits of Active Management for Real Estate Securities

While the discussion of active management versus passive management in various asset classes may continue for some time, evidence suggests that active management wins out versus a passive approach when investing in listed real estate.

Company: CBRE/Clarion
Date added: 26-01-2016
Sector: Real Estate

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CBRE/Clarion - The Case for Global Listed Real Estate Securities in a Mixed Asset Portfolio

Since the advent of REIT legislation a little more than a half-century ago, the global listed real estate investment universe has grown to include more than 40 countries, comprised of more than 900 companies.

Company: CBRE/Clarion
Date added: 26-01-2016
Sector: Real Estate

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CBRE/Clarion - Lower Oil Prices and the Implications for U.S. REITs

Oil prices have declined by nearly 50% since mid-2014. This has both positive and negative implications for U.S. REITs. Lower energy costs positively impact economic growth and tenants’ demand for space, but they also negatively impact energy production in key U.S. energy markets where REITs own properties.

Company: CBRE/Clarion
Date added: 26-01-2016
Sector: Real Estate

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CBRE/Clarion - MLPs: Impact of Oil Exports on Midstream MLPs

The U.S. produces approximately 9.5 million barrels per day of oil (as of latest EIA data, May 2015). On average in 2012, the U.S. produced 6.5 million barrels of oil per day.

Company: CBRE/Clarion
Date added: 26-01-2016
Sector: Real Assets

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CBRE/Clarion - MLPs: Oil and Gas Drilling Technology Leads to Efficiency Gains

U.S. producers are responding to lower oil prices by improving effi ciencies and reducing costs.

This should lead to more resilient production and a secular shift to lower marginal production costs in the U.S., and continued production growth over the next few years as oil prices recover to the $65-$75/bbl range. MLPs should benefi t from increased volumes on pipelines and the long-term need for infrastructure investment to support production.

Company: CBRE/Clarion
Date added: 26-01-2016
Sector: Real Assets

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CBRE/Clarion - Master Limited Partnerships: Globalization of Energy Markets Leading to Secular Growth

Investment in select Master Limited Partnerships (MLPs) can provide targeted access to the secular growth in U.S. energy export activity.

Company: CBRE/Clarion
Date added: 26-01-2016
Sector: Real Assets

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CBRE/Clarion - MLPs Key Role in the U.S. Energy Renaissance

Investment in Master Limited Partnerships (MLPs) is an ideal way for investors to participate in the growth of production from U.S. energy resources in the future while collecting an attractive distribution today.

Company: CBRE/Clarion
Date added: 26-01-2016
Sector: Real Assets

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IDS Capital - All-In-One Presentation

We wanted to give you an update on the estimated performance of IDS Umbrella Fund – F&F All-in-One (equity oriented strategy) so far in January and comment on the portfolio current positioning. I also attach November letter in case you are missing it.

Company: IDS Capital
Date added: 25-01-2016
Sector: Global Equities

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CapitalatWork - What the companies in which we invest tell us about the state of the world economy

Global equity markets started the year with a new plunge. The crash on the Chinese equity market pulled Western markets in its wake. European indices have lost nearly 10% since the start of the year and are about 20% down from their peak levels of April last year.

Company: CapitalatWork
Date added: 25-01-2016
Sector: Global Equities

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Hermes - Economic Outlook 2016

Despite China’s slowdown, concerns about Greece, & imminence of the US Fed’s fi rst rate hike, global growth should not be completely  derailed. But, clearly, these are headwinds, & another reason for central banks to take only baby steps to normalising rates.

Company: Hermes
Date added: 23-01-2016
Sector: Markets

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EFG - Market Update January 2016

As we wrote in our note last week “Tis the Season to be…nervous?”, we believe that the heightened financial market distress of the past few weeks reflects overly fearful sentiment. In the points below, we outline our key thoughts as to our positioning in the context of our views at the beginning of the year and, more importantly, what our strategy is in the short and long-term.

Company: EFG
Date added: 22-01-2016
Sector: Markets

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Baillie Gifford - ESG Research Programme

The views expressed in this article are those of Andrew Cave and Michelle O’Keeffe and should not be considered as advice or a recommendation to buy, sell or hold a particular investment. They reflect personal opinion and should not be taken as statements of fact nor should any reliance be placed on them when making investment decisions.

Company: Baillie Gifford
Date added: 19-01-2016
Sector: Environmental, social and governance (ESG)

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Newton Investment Management - Investment Comment January 2016

Fans of the Beatles were celebrating at the end of 2015 as the iconic band finally made its 13 studio albums available on streaming services such as Spotify and Apple Music. For financial-market participants, meanwhile, there were plenty of twists and shouts during the closing months of the year, not least in relation to monetary policymaking.

Company: Newton Investment Management
Date added: 19-01-2016
Sector: Markets

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Newton Investment Management - Finding true value in your EM investments

In recent months the emerging markets universe has been increasingly characterised by diverging performances at regional, industrial sector and company levels. Against this backdrop, we explain why we believe being active in managing emerging market investments may help you find real value.

Company: Newton Investment Management
Date added: 19-01-2016
Sector: Emerging & Frontier Markets

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Newton Investment Management - Investment themes in practice

Our investment themes are vital in providing a global perspective and helping us identify forces of change. This article looks in detail at how some of our themes influence specific aspects of portfolio construction across our key strategies

Company: Newton Investment Management
Date added: 19-01-2016
Sector: Markets

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Newton Investment Management - Seeking a ‘glass half-full’ approach to bond investing

Bond investors have been focused on whether the Federal Reserve will raise rates. Paul Brain, leader of our fixed income team, considers the implications of an increase and identifies steps investors can take to try to manage risk and avoid being damaged by short-term volatility.

Company: Newton Investment Management
Date added: 19-01-2016
Sector: Developed Market Sovereign Bonds

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Newton Investment Management - Finding the right alternative

Paul Flood explores some of the benefits and risks of alternative investments, and how they can be used as part of a well-diversified portfolio.

Company: Newton Investment Management
Date added: 19-01-2016
Sector: Alternatives

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Newton Investment Management - Equity income investing: Debunking the myths

Nick Clay challenges some of the preconceptions surrounding equity-income investing.

Company: Newton Investment Management
Date added: 19-01-2016
Sector: Global Equities

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BNY Mellon - The Green Beta Investment Strategy

As investors, what solutions do we have in our hands to build a greener economy? In this paper, we discuss an investment approach that we term Green Beta, which we believe can help contribute to a lower carbon economy.

Company: BNY Mellon
Date added: 19-01-2016
Sector: Environmental, social and governance (ESG)

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BNY Mellon - Trends in Environmental, Social and Governance Investing

BNY Mellon Asset Servicing survey results explore the role of socially responsible investing and environmental social governance strategies in asset management and institutional investing.

Company: BNY Mellon
Date added: 19-01-2016
Sector: Environmental, social and governance (ESG)

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BNY Mellon - New Investing for New Times

Curtis Arledge, BNY Mellon's Investment Management CEO, considers the secular and structural changes recalibrating global financial markets and explains why now is a better time than ever to be an investor.

Company: BNY Mellon
Date added: 19-01-2016
Sector: Environmental, social and governance (ESG)

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BNY Mellon - Social Finance at Scale: Creating Value for Investors

We seek to answer: why hasn’t social finance caught on in the past and what is needed to extend and broaden the recent growth

Company: BNY Mellon
Date added: 19-01-2016
Sector: Environmental, social and governance (ESG)

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World Economic Forum - 2016 Outlook - Subdued Demand, Diminished Prospects

Global growth, currently estimated at 3.1 percent in 2015, is projected at 3.4 percent in 2016 and 3.6 percent in 2017. The pickup in global activity is projected to be more gradual than in the October 2015 World Economic Outlook (WEO), especially in emerging market and developing economies.

Company: World Economic Forum
Date added: 19-01-2016
Sector: Markets

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TIAA-CREF - 2016 Economic and Investment Outlook: Modest global growth and market returns

Executive summary

  • Diverging monetary policy reflects varying rates of economic growth, with the Fed tightening as central banks in Europe and Asia ease further.
  • U.S. inflation will rise, but probably not by as much as the Fed thinks. For that reason, our base case calls for three interest-rate hikes in 2016, one fewer than the Fed projects.
  • Growth and a gradual return to normalized U.S. interest rates should drive demand for dollar-denominated assets, but we do not foresee a repeat of 2015’s sharp dollar appreciation.
  • Low valuations and improved corporate earnings trends should help European equities outperform U.S. shares. Identifying compelling opportunities in emerging-market equities will require selectivity and a degree of caution.
  • We expect modestly positive returns for U.S. investment-grade fixed income, while high-yield bonds may be choppy, despite the firming economy and a potential trough in oil and commodity prices

Company: TIAA
Date added: 19-01-2016
Sector: Global Equities

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Legal & General - Defined Contribution Pension Solutions

Amid the jargon and legislation, it is sometimes easy to overlook the goal of any pension scheme: to provide employees with a decent standard of living in retirement. Legal & General Investment Management is a leading provider of solutions designed to help pension schemes meet their objectives.

Company: Legal & General
Date added: 18-01-2016
Sector: Markets

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Legal & General - Pooled Liability Driven Investment Solutions

With unrivalled scale and experience in the UK pension market, Legal & General Investment Management offers pooled and leveraged investment solutions that are specifically designed to hedge interest rate and inflation risk.

Company: Legal & General
Date added: 18-01-2016
Sector: Liability-Driven Investment (LDI)

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Legal & General - Buy-Out Aware

Preparing for the endgame: a fund range specifically designed for DB pension schemes targeting buy-out, from the UK’s leading pension solutions provider.

Company: Legal & General
Date added: 18-01-2016
Sector: Defined Benefit

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Legal & General - LDI Monthly Wrap

After last month’s action in gilt z-spreads there was more of the same in November with the key 30 year gilt z-spread metric hitting 60bps before ending the month at less extreme levels albeit elevated compared to recent history.

Company: Legal & General
Date added: 18-01-2016
Sector: Liability-Driven Investment (LDI)

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Legal & General - Fixed Income Focus

Liquidity concerns aren’t a new issue for bond markets. While it’s tempting to look at liquidity as a straightforward technical issue, we think it is more complex than that.

Company: Legal & General
Date added: 18-01-2016
Sector: Fixed Income

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Ashmore - The EM Fixed Income Outlook 2016

The EM fixed income asset class likes that Fed hikes are underway and has traditionally performed well after the start of sustained hiking cycles. Flows in EM will become more two-way in 2016.

Company: Ashmore
Date added: 18-01-2016
Sector: Fixed Income

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Ashmore - EM Equities Outlook 2016

Emerging Markets (EM) equities delivered the second worst market decline since the financial crisis in 2008, ending 2015 down -14.9% according to MSCI EM Index Net. Eastern Europe held up better than markets in Asia, while Latin American markets declined the most.

Company: Ashmore
Date added: 18-01-2016
Sector: Emerging & Frontier Equities

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Ashmore - A Chinese fig leaf for US weakness

Selling China has become a favourite way for the market to express negative sentiment about the global outlook, but the bodies are buried in the developed markets, not in China. The tensions between Iran and Saudi Arabia are unlikely to result in outright war, but both sides are likely to welcome some distractions on the foreign policy front while they adjust to lower oil prices. We also discuss Indonesian and Chinese FX reserves, inflation in Brazil, politics in Venezuela and talks between the government and holdout investors in Argentina. In the global section, we suggest that short-duration strategies could do well this year given likely volatility in the US Treasury market and high levels of risk aversion, which have pushed EM spreads wider than justified by fundamentals.

Company: Ashmore
Date added: 18-01-2016
Sector: China

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Amundi - Hybrid Pensions Schemes with Risk-Sharing: Are They the Future of Occupational Pensions?

This note highlights the design of various contemporary hybrid pension schemes and discusses the main challenges related to their design.

Company: Amundi
Date added: 18-01-2016
Sector: Special Focus

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Barnett Waddingham - German companies with UK defined benefit schemes

This survey looks at German companies, almost all of which are constituents of the DAX index, which have UK subsidiary companies with defined benefit (DB) pension schemes, covering 22 German companies with around £26.9bn of UK pension liabilities between them.

Company: Barnett Waddingham
Date added: 18-01-2016
Sector: Defined Benefit

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Barnett Waddingham - French companies with UK defined benefit schemes

This survey looks at French companies, almost all of which are constituents of the CAC40 index that have UK subsidiary companies with defined benefit (DB) pension schemes. The survey covers 18 French companies with around £21.4bn of UK pension liabilities between them.

Company: Barnett Waddingham
Date added: 18-01-2016
Sector: Defined Benefit

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Infrastructure Investor - Interview with Mike Jenson CIO Local Pension Partnership

The Lancashire County Pension Fund’s investment chief tells Zak Bentley about its imminent pooling with the London Pensions Fund Authority to become the Local Pensions Partnership, Brexit and the lessons he’s learned from previous infrastructure experiences.

Company: LGPS
Date added: 15-01-2016
Sector: LGPS

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Aberdeen - The great DB balancing act

Meeting their investment objectives within a persistently low-rate, low-growth environment is an ongoing challenge for today’s defined benefit (DB) schemes. This article examines how dynamic liability-driven investment (LDI) and diversified growth strategies can help, and highlights the importance of looking beyond the traditional asset mix.

Company: Aberdeen
Date added: 13-01-2016
Sector: Liability-Driven Investment (LDI)

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Schroders - Global Market Perspectives Q1 2016

Economic and asset allocation views covering Q1 2016. This includes our 2015 review, three strategy questions for 2016 and a research note on the Federal Reserve's (Fed) rate hike. 

Company: Schroders
Date added: 11-01-2016
Sector: Global Equities

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JO Hambro - A view from Asia

Samir Mehta, manager of the JOHCM Asia ex Japan Fund, gives his unique take on developments in the economies and stock markets of Asia.

 

Company: JO Hambro
Date added: 08-01-2016
Sector: Asia Pacific

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Aberdeen - Treating all EM bonds the same is

The narrative over recent months has been one of emerging markets (EM) in crisis. Currencies have struggled, governance scandals have arisen, and growth has slowed while debt has grown.

Company: Aberdeen
Date added: 07-01-2016
Sector: Emerging Market Debt

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Aberdeen - Multi-Asset: Time to Diversify

In the eyes of many investors, bonds and equities enjoy a domestic relationship much like the man and woman in a traditional Alpine weather house. The female figure comes out with a sunshade when it’s dry, while the man comes out with a macintosh when it looks set to rain – and they are never out of the house at the same time.

Company: Aberdeen
Date added: 07-01-2016
Sector: Multi Asset

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Aberdeen - A fly on the boardroom wall

If you could have one super power what would it be?

Company: Aberdeen
Date added: 07-01-2016
Sector: Global Equities

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Deutsche AM - Chinese equities and currency suffer - what else?

The Chinese market should remain policy driven and therefore volatile – we remain moderately bearish on the China growth picture but expect more reforms and look to the next National Peoples’ Congress (NPC) meeting in March to gain more clarity.

Company: Deutsche AM
Date added: 07-01-2016
Sector: China

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Savills - Completing London’s Streets

How the regeneration and intensification of housing estates could increase London’s supply of homes and benefit residents

Company: Savills
Date added: 07-01-2016
Sector: Real Estate

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JO Hambro - Emerging Markets Spotlight

James Syme, lead manager of the JOHCM Global Emerging Markets Opportunities Fund, shines a light on the dynamic world of emerging markets from a top-down perspective.

Company: JO Hambro
Date added: 06-01-2016
Sector: Emerging & Frontier Equities

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JO Hambro - UK Equity Overview

James Lowen and Clive Beagles, co-managers of the JOHCM UK Equity Income Fund, provide an update on the Fund's performance, portfolio activity and their latest thoughts on the outlook for UK equities and the UK economy.

Company: JO Hambro
Date added: 06-01-2016
Sector: UK Equities

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Lloyds - Business in Britain Report January 2016

Lloyds Bank’s Business in Britain report is a bi-annual survey which gathers the views of over 1,500 UK businesses and tracks their overall balance of opinion on a range of important performance and confidence measures.

Now in its twenty-fourth year, the most recent survey findings include:

  • Economic activity is stabilising
  • British businesses relatively upbeat on economic outlook
  • Prospects for profits, investment and hiring remain in line with a maturing recovery and consistent with solid economic growth

Company: Lloyds
Date added: 06-01-2016
Sector: UK Equities

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Barnett Waddingham - Dutch companies with UK defined benefit schemes

This survey relates to constituent companies of the Dutch AEX share index that have UK subsidiary companies with defined benefit (DB) pension schemes. The survey covers 11 Dutch companies with around £12.8bn of UK pension liabilities between them.

Company: Barnett Waddingham
Date added: 05-01-2016
Sector: Defined Benefit

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Brown Advisory - Unicorns: Beyond the Myth

According to legend, the unicorn is a large, horselike beast with a spiraling horn protruding from its forehead. Numerous writers, particularly in ancient times, have described it, but contrary to popular belief, most accounts occur in the literature of natural history rather than mythology. Whatever the case, the animal possessed unusual powers to heal the sick and purify water, and it was considered extremely rare.

Company: Brown Advisory
Date added: 01-01-2016
Sector: Markets

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Carnegie - Moore's Law And Investing In Technology

As the market matures and some of these leading technology

companies experience slowing growth rates, their cash piles will

far exceed what they can reasonably be expected to channel to organic

investments or acquisitions. Last year, Microsoft announced

a USD 40bn share repurchase programme, which is equal to 10%

of the company’s market cap. To top it off, Microsoft is also paying

a 3% dividend. We believe that, as Microsoft migrates its dominant

customer base of Office and Windows Servers users from pc

solutions to its cloud platform, the company will further expand

its scale and cost benefits, securing stable cash streams for itself and

its shareholders for many years to come.

Company: Carnegie
Date added: 01-01-2016
Sector: Active Management

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Capital Group - 2016 Outlook: Seek bright spots in uncertain future

Volatility resurfaced in 2015 and with the US gaining strength and China transitioning towards a more balanced economy, we expect further volatility in 2016. As the year unfolds, investors who can see beyond macroeconomic headlines and seek out bright spots across the investment landscape stand to benefit.

Company: Capital Group
Date added: 01-01-2016
Sector: Markets

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Capital Group - High income bonds: Q&A with portfolio manager David Daigle

A decline in energy and commodity prices and weakness across a broader selection of industries has led to a widening of spreads on corporate high-yield bonds. In this new Q&A, GHIO portfolio manager David Daigle shares his outlook on the corporate high-yield bond market, including his view on valuations and the potential impact of US interest rate rises.

Company: Capital Group
Date added: 01-01-2016
Sector: Developed Market Sovereign Bonds

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Capital Group - High Income Bonds, Macro/Market views

Low inflation, a strong dollar, modest wage growth and other factors may lead the Fed to normalise rates slowly. In this paper, investment specialist Jim Hurlin discusses how investors who diversify away from their domestic bond portfolios and take a discrete approach to global bonds and currencies may benefit from more varied sources of income.

Company: Capital Group
Date added: 01-01-2016
Sector: Developed Market Sovereign Bonds

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Savills - UK Commercial Activity

UK commercial activity rises at slowest rate in almost three years

Company: Savills
Date added: 01-01-2016
Sector: Real Estate

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Savills - Hotels & Leisure Market in Minutes

Ireland’s economy continues to outperform with the latest national accounts indicating GDP growth of 7% in the year to September.

Company: Savills
Date added: 01-01-2016
Sector: Real Estate

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Savills - MiM Poland Investment

It has been almost a tradition in Poland that the last quarter of the year has a massive influence on the end-year investment volume. Last quarter of 2015 was no exception, with the highest in history quarterly investment volume.” Savills Investment Team

Company: Savills
Date added: 01-01-2016
Sector: Real Estate

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JO Hambro - Under the Bonnet

Alex Savvides, manager of the JOHCM UK Dynamic Fund, provides a comprehensive monthly review of his portfolio with its focus on corporate change.

Download this document

Company: JO Hambro
Date added: 01-01-2016
Sector: UK Equities

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TIAA - Revised 2016 Economic Forecast: Despite slowdown, a recession is not imminent

Article highlights

  • There are two different lenses through which to view the recent slowdown in the U.S. economy: one emphasizes real growth, while the other highlights nominal growth.
  • Economists—and the Fed—typically focus on real growth because it reflects the true level of underlying demand in the economy. From the Fed’s perspective, we should begin to see a marked increase in wages and inflation this year, factors supporting a stronger pickup in real economic activity.
  • The nominal view, which is how the markets perceive the economy, is currently more pessimistic. Nominal GDP growth could fall below 2% this summer, and subtracting inflation from that level would necessarily result in weaker real growth.
  • These two contrasting views cannot be reconciled; either one or the other is correct, but not both. Over the next few months, we will know which one, based on the direction of unemployment and inflation, as well as other key indicators.
  • While we do not foresee an imminent recession, there is enough evidence to lower our forecast for 2016 average GDP growth from 2.6% to 2.0%.

Company: TIAA
Date added: 01-01-2016
Sector: US Equities

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Deutsche AM - The Fed: A good start to what could be a bumpy ride

 

 

 

The Fed has finally increased the range of the federal funds rate by 25 basis points, from 0.25 to 0.5%. The decision was unanimous. This is in line with our and the overall market expectations.

There were few surprises in the accompanying statement. According to the Fed, the labor market and the economy are in a reasonably good shape, and the risks are now "balanced", as opposed to "nearly balanced" in October.

Company: Deutsche AM
Date added: 17-12-2015
Sector: Developed Market Sovereign Bonds

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Deutsche AM - The Fed: Time for more excitement

 

 

 

There is now near unanimous agreement that the Fed will raise rates at the FOMC meeting ending on December 16 – federal funds futures imply a 74% probability. Anything else would surprise markets. Markets are on the edge already, due to a plunging oil price, downward pressure on the Chinese yuan, and troubles in the high-yield market. With the hike widely anticipated, low liquidity in many asset classes ahead of Christmas would further accentuate price movements. This is hardly what the Fed would possibly want.

Company: Deutsche AM
Date added: 14-12-2015
Sector: Developed Market Sovereign Bonds

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Prequin - Private Equity Co-Investment Outlook

Private equity LPs and GPs are increasingly choosing to invest alongside each other. This idea of "co-investing" is increasingly becoming a part of the PE conversation. This Preqin survey reveals that in today's competitive environment, LPs are increasingly seeking out co-investment opportunities. GPs, in return, will be looking to become more open to offering LPs co-investing rights to improve their chances of successful fundraising. A total of 321 GPs and 222 LPs were surveyed for this paper from North America, Europe and Asia mainly.

Company: Prequin
Date added: 14-12-2015
Sector: Private Equity

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Savills - Key Themes for UK Real Estate in 2016

The investment fundamentals of property are expected to become paramount in 2016, with much greater focus being placed on the income producing potential of the various asset classes and the ability to unlock the latent value of individual assets through management action.

Company: Savills
Date added: 10-12-2015
Sector: Real Estate

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Deutsche AM - The new Draghi: what can be expected from the ECB?

 

 

 

The ECB did decide to extend the duration of its asset-purchase-program (APP) to at least March 2017, to reinvest proceeds and to include purchases of debt issued by regional and local governments. This last move will make any further increases in APP easier to implement, by mitigating any shortages in the debt issued by some countries, notably Germany. The ECB also cut its deposit rate from -0.2% to -0.3%.

Company: Deutsche AM
Date added: 07-12-2015
Sector: Developed Market Sovereign Bonds

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Robeco - Expected Future Asset Class Returns for 2016-2020

In this excellent 120 page document, Robeco present their forecasts for expected returns for major asset classes during 2016-2020. They also set out in detail the building blocks underlying these forecasts. They argue that longer-term forecasting is more reliable than short-term forecasting. Valuation corrections, for instance, are impossible to forecast on a three month horizon, but over a five-year period, some reversion to normal valuations is likely to occur. Furthermore, the impact of unexpected economic or political developments is more likely to even out, during a five year time frame. Robeco forecast five year global equity returns at 5.5%pa.

Company: Robeco
Date added: 01-12-2015
Sector: Markets

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BNY Mellon - Global Listed Infrastructure: the liquid alternative

This 12 page document from BNY Mellon examines the arguments for allocating to global listed infrastructure - an asset class that is receiving increasing attention from asset allocators. Originally seen as investment primarily for governments and banks, the need for external capital and the trend towards privatisation has resulted in an expansion of listed infrastructure companies. Historic returns from the asset class are strong, with positive diversification characteristics, and with growth opportunities particularly in renewables.

Company: BNY Mellon
Date added: 01-12-2015
Sector: Infrastructure

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BBVA - Infrastructure investment in Latin America

Infrastructure, growth and infrastructure gap. Pension funds and the rational behind investing in infrastructure. Financial regime and financial vehicles in LatAm. Factors behind investing in infrastructure: what really matters?

Company: BBVA Research
Date added: 01-12-2015
Sector: Infrastructure

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Savills - The Future of Manchester

Even before the idea of a Northern Powerhouse crossed the Chancellor’s desk, Greater Manchester had established itself as Britain’s second city in terms of regeneration, growth and governance.  Compared to both London and some other regional cities, Manchester and Salford have seen relatively little office to residential conversion during the latest cycle. We expect to see more conversions over the next five years, now that Permitted Development Rights (PDR) have been extended and made permanent. This trend will be driven by both the limited supply of developable land and rising differentials between the capital values per square foot that are achievable on the different uses.

Company: Savills
Date added: 01-12-2015
Sector: Residential

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Legg Mason - Why Abe's economic revolution is helping to put the focus back on growth

After a strong year for the largest and most well-known companies in Japan, Hideo Shiozumi, manager of the Legg Mason IF Japan Equity Fund1 , expects the focus to shift to companies that can show credible strong growth, especially those in the small and mid-sized part of the market.

Company: Legg Mason
Date added: 01-12-2015
Sector: Japan

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Legg Mason/Martin Currie - A European equity fund that seeks to capture gains, whilst aiming to protect your capital from downward market movements

The Legg Mason Martin Currie GF European Absolute Alpha Fund employs a long/short strategy which seeks to benefit from both upwards and downward movements in share prices. The aim is to capture European equity returns while providing some protection from downward market movements. 

Company: Legg Mason
Date added: 01-12-2015
Sector: European Equities

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Legg Mason/Western Asset - Macro views, tactical opportunities

After years of low interest rates and strong equity markets, bond investors face many challenges – among them, heightened volatility and the prospect of higher interest rates at some point in the future. The Legg Mason Western Asset Macro Opportunities Bond Fund offers investors a flexible, high-conviction approach that has the potential for attractive returns in all environments and low correlations to traditional investments.

Company: Legg Mason
Date added: 01-12-2015
Sector: Global Equities

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Legg Mason - Targeting European equity market-beating long-term returns with below market risk

The Legg Mason QS MV European Equity Growth and Income Fund is an actively-managed UCITS Fund that aims to provide equity market returns and potentially attractive yields with less volatility (smoother return profile) than traditional equity portfolios.

Company: Legg Mason
Date added: 01-12-2015
Sector: European Equities

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Legg Mason - Multi asset solutions

We offer three multi-asset funds designed to help investors achieve their financial goals – “Conservative”, “Balanced” and “Performance”. For greater flexibility, each portfolio has the option of a euro or US dollar share class.

Company: Legg Mason
Date added: 01-12-2015
Sector: Multi Asset

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Legg Mason - Leading the way in U.S equities

A range of US equity funds designed to meet diverse investor needs – from Legg Mason Global Asset Management, an experienced investor in US securities.

Company: Legg Mason
Date added: 01-12-2015
Sector: US Equities

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Legg Mason - The US growth opportunity

Don’t let the name fool you. The Legg Mason ClearBridge US Aggressive Growth Fund is a defensively-minded fund that invests in companies that can grow their earnings and cash flows aggressively. The managers have assembled a high-conviction portfolio of companies with compelling products and services. They believe the key to long-term growth is finding innovative companies with a competitive advantage, capable of dominating their markets – that’s what they mean by ‘aggressive growth’.

Company: Legg Mason
Date added: 01-12-2015
Sector: US Equities

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Legg Mason - Investing in a diverse selection of US companies paying high and growing dividends

The Legg Mason ClearBridge Tactical Dividend Income Fund aims to deliver a high and consistent level of income, with income growth and capital appreciation as important secondary objectives. The Fund has a considerable allocation to income generating energy infrastructure companies and real estate investment trusts (REITs). This combination offers investors invaluable exposure to the improving US economy at a time when the environment for US dividends is increasingly positive. 

Company: Legg Mason
Date added: 01-12-2015
Sector: US Equities

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Legg Mason - US aggresive growth fund, manager Q&A

Although some areas of the market appear overvalued, the manager still sees plenty of undervalued growth stories around. This Q&A is based on a webcast that took place on 20 July 2015 in which Evan Bauman looks at the Fund’s approach, positioning and outlook.

Company: Legg Mason
Date added: 01-12-2015
Sector: US Equities

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Legg Mason - Income optimiser fund, Manager Q&A

As bond yields race to zero, the Legg Mason Income Optimiser Fund continues to deliver its objective of relatively high levels of income and capital protection. This Q&A is based on a webcast that took place on 20 April 2015 in which Regina Borromeo outlines the opportunities and risks in global bond markets.

Company: Legg Mason
Date added: 01-12-2015
Sector: Developed Market Sovereign Bonds

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Legg Mason - Macro opportunities bond fund, Manager Q&A

Joe Filicetti believes global pressures are dampening the outlook for inflation. This Q&A is based on a webcast that took place on 18 February 2015, in which Joe considered the implications for Fed policy and highlighted recent changes to the portfolio.

Company: Legg Mason
Date added: 01-12-2015
Sector: Developed Market Sovereign Bonds

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Legg Mason - Global multi strategy fund, Manager Q&A

Ian Edmonds believes Europe is the main area of weakness within the global economy. This Q&A is based on a webcast that took place on 8 October 2014, in which Ian considered the outlook for global bonds and discussed the key themes underpinning the fund’s positioning. 

Company: Legg Mason
Date added: 01-12-2015
Sector: Global Equities

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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.

Company: Legg Mason
Date added: 01-12-2015
Sector: Fixed Income

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Capital Group - 2016 Outlook: Identify investment opportunities in a slow-growth world

With the slowing of China’s economic growth, weak global oil prices and uncertainty over the timing and path of US rate rises, it’s been a tough year in the financial markets. However, despite the turbulence we believe that there will continue to be ample opportunity for long-term investors.

Company: Capital Group
Date added: 01-12-2015
Sector: Markets

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Capital Group - Fed rate decision: Liftoff at last, but no cause for panic

With the slowing of China’s economic growth, weak global oil prices and uncertainty over the timing and path of US rate rises, it’s been a tough year in the financial markets. However, despite the turbulence we believe that there will continue to be ample opportunity for long-term investors.

Company: Capital Group
Date added: 01-12-2015
Sector: Markets

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Capital Group - Taking India's pulse

In this Investment Insights paper on India, we assess the long-term impact of reforms put in place by Prime Minister Narendra Modi. We also discuss factors that are in India’s favour, including demographic trends and the penetration of technology.

Company: Capital Group
Date added: 01-12-2015
Sector: Emerging & Frontier Markets

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Capital Group - Emerging Market Debt: Local and dollar bonds provide different routes to returns

There is currently a large amount of value in emerging market debt, but diverging economic growth patterns and fundamentals are likely to drive significant return differences among emerging market bonds and currencies. For this reason, we believe that taking a flexible approach, and investing across the asset class, can be beneficial.

Company: Capital Group
Date added: 01-12-2015
Sector: Emerging Market Debt

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DekaBank - A silver lining on the distant interest rate horizon.

What sort of a year was 2015 for the securities markets? In a low-interest environment it turned out, as expected, to be a year for equities, as was 2014. And otherwise? There was more market volatility than in 2014. A varied mixture of news, much of it bad, reached us and had to be processed by the markets. Here the central banks once again played a decisive role.

Company: DekaBank
Date added: 01-12-2015
Sector: Markets

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Deutsche AM - Chinese yuan enters IMF reserve basket

SDR inclusion could boost the Chinese yuan’s attractiveness as a reserve currency: Although the IMF decision to add the CNY to the SDR basket does not trigger compulsory CNY purchase for IMF members, we believe this marks a first step towards the world’s central banks restructuring their reserve currencies to holding more CNY, depending on the availability and liquidity of China’s currency.

Company: Deutsche AM
Date added: 01-12-2015
Sector: Currency

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Hermes - Turning down the heat

Carbon risk is becoming ever-more important to investors. The current economic model is leading to a world that will exceed warming of 2°C and breaches the guidelines we, as a society, have set for ourselves. There is very strong evidence indicating it is too late to stop this?

Company: Hermes
Date added: 01-12-2015
Sector: Environmental, social and governance (ESG)

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Savills - Boom in German retail property investment continues

The investment market for retail property is witnessing exceptional levels of activity. Almost €19.4bn was invested in German retail property in 2015, which is more than double the volume achieved in the previous year.

Company: Savills
Date added: 01-12-2015
Sector: Real Estate

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E&Y - Trends in Real Estate Private Equity - Global Market Outlook 2016

This 36 page paper by EY provides an overview of the increasingly complex environment in which real estate fund managers operate. The report examines the changing landscape for both primary and secondary investment, with helpful regulatory/compliance sections on AIFMD, BEPS and reporting requirements, and the US FIRPTA regulations. The report also examines businesses processes and controls for real estate fund managers. Finally, the report examines the economic backdrop for future returns from commercial property. The authors recommend a "twin-track" approach - focusing on fundamentals whilst keeping an eye on global events and impact on their local investments - to help protect against overreaction and promote stability in investment strategy

Company: E&Y
Date added: 01-12-2015
Sector: Real Estate

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LGT - How art exemplifies our values

In 2014 and 2015, we undertook a complete renovation of the client area in our Vaduz headquarters, where murals and reproductions of numerous works held in the Princely Collections are now exhibited for our clients to see and enjoy.

We are now delighted to present you with this book, which provides an overview of the works exhibited and of the periods from which they originate.

Company: LGT
Date added: 26-11-2015
Sector: Real Assets

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Savills - Estate Benchmarking 2015

With diversification vital to a rural estate, we look at the benefits of Permitted Development.

Company: Savills
Date added: 23-11-2015
Sector: Farmland

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FSB - Peer Review of Turkey

The peer review examined two topics relevant for financial stability and important for Turkey: the macroprudential policy framework and tools, and bank resolution. The review focused on the steps taken by the authorities to implement reforms in these areas, including with respect to relevant recommendations in the 2011 Financial Sector Assessment Program report by the International Monetary Fund and the World Bank.

Company: Financial Stability Board
Date added: 19-11-2015
Sector: Emerging & Frontier Markets

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GMO - Who Ate Joe's Retirement Money? Sequence Risk and its Insidious Drag on Retirement Wealth

In this white paper, Peter Chiappinelli and Ram Thirukkonda discuss how Defined Contribution plan participants are haunted by an invisible risk called sequence risk (sometimes called sequence-of-returns or path dependency risk), that is, getting the "right" returns but in the "wrong" order.

Sequence risk in the retirement phase has been studied extensively, but not as much attention has been paid to sequence risk during the accumulation phase. Sequence risk rears its head in this way:

Even if an individual employee does everything "right" - participates in the plan, defers income religiously, takes full advantage of the company match, and even gets his exact expected return from his investments - he can still fall victim to disappointing final wealth outcomes if the order of those returns works against him.

Current models of asset allocation – the most popular being static, or predetermined, target date glide paths - "know" that sequence risk exists, but behave as if there is nothing that can be done to mitigate it. Valuation- based dynamic allocation, on the other hand, can help soften the bite.

Company: GMO
Date added: 11-11-2015
Sector: Risk Management

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Carnegie - Solar Photovoltaic Power System and Disruption in Energy Markets

Our view is that between now and 2025-2030, the cost-competitive economies that solar power, energy storage, and electric vehicles are approaching today will compound into stark differences in cost, reliability, pollution, and carbon emissions.

Company: Carnegie
Date added: 11-11-2015
Sector: Environmental, social and governance (ESG)

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FSB - Peer Review of Saudi Arabia

The peer review examined three topics relevant for financial stability and important for Saudi Arabia: the macroprudential policy framework, bank resolution and deposit insurance. The review focused on the steps taken by the authorities to implement reforms in these areas, including with respect to relevant recommendations in the 2011 Financial Sector Assessment Program report by the International Monetary Fund and the World Bank.

Company: Financial Stability Board
Date added: 05-11-2015
Sector: Emerging & Frontier Markets

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New Capital - China: The New Five Year Plan

Fifth Plenary Session Concluded

The proposals in the 13th Five Year Plan look very encouraging with an aim to boost domestic consumption supported by rise in urbanisation rate, minimum wage and social safety-net. We discuss:

 

A) Targeting growth of around 6.5%.

B) Financial sector reform

C) Improvements in foreign relationships

D) Globalization and "One Belt, One Road"

E) Reform policy covers both new and old economies

F) Innovation and reform seen as keys to development

G) Potential inclusion of RMB into the SDR currency basket

Company: New Capital
Date added: 05-11-2015
Sector: China

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Pinsent Mason - Tackling Africa's infrastructure deficit through strategic focus on PPP

In this monthly update, Pinsent Masons provide a snapshot of some of the challenges across African infrastructure and energy sectors.

Company: Pinsent Mason
Date added: 01-11-2015
Sector: Infrastructure

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KPMG - Power in Africa

This paper by KPMG examines the current state of the energy investment sector in Africa, particularly the challenges and the opportunities.

Company: KPMG
Date added: 01-11-2015
Sector: Emerging & Frontier Markets

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Aberdeen - De-risking Asian property and accessing its growth

Asia Pacific’s (APAC) property market offers overseas investors wide ranging investment opportunities underpinned by its demographics, urbanisation and rapidly rising incomes.

Company: Aberdeen
Date added: 01-11-2015
Sector: Real Estate

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Capital Group - Emerging Markets: Where do we go from here?

It has been a difficult few years for emerging markets. Having been beset by challenges – from a potential rise in US interest rates to low commodity prices and slower economic growth – many investors are asking where we go from here. While the asset class faces headwinds, we believe the long-term case is strong and intact.

Company: Capital Group
Date added: 01-11-2015
Sector: Emerging & Frontier Markets

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Capital Group - US interest rate outlook: Expect a slower path to higher interest rates

The key question facing US monetary policy is not when the Federal Reserve will raise interest rates, but how far it can go given mixed economic conditions in the US and intensifying financial pressures around the world. This Investment Insights paper discusses these issues – and more.

Company: Capital Group
Date added: 01-11-2015
Sector: Markets

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DekaBank - Central banks remain dependent – on data.

It could have been so simple. If the Fed had just looked at the US economy and believed in its own assessment of 5 % unemployment as full employment, its interestrate lift-off would have been on September 17th. The Fed, however, had concerns over the state of the global economy and any further monetary policy decisions were to be “data dependent”.

Company: DekaBank
Date added: 01-11-2015
Sector: Markets

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Hermes - Extracting returns amid lower-for-longer energy prices

The slump in oil prices shows no sign of abating, as OPEC continues to maintain production levels Energy companies have been forced to adapt – some radically – particularly those in regions where the marginal cost of production is much higher.

Company: Hermes
Date added: 01-11-2015
Sector: Commodities

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Macquarie - Presentation to investors and analysts

 

 

Top 50 global asset manager with $A502.3b1 of assets under management

•Provides clients with access to a diverse range of capabilities and products, including infrastructure and real asset management, securities investment management and tailored investment solutions over funds and listed equities

Company: Macquarie
Date added: 30-10-2015
Sector: Markets

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LGT - Our understanding of sustainability

For more than four hundred years, the Princes of Liechtenstein

have been passionate art collectors. The Princely

Collections include key works of European art stretching over five centuries and are now among the world’s major private art collections. The notion of promoting fine arts for the general good enjoyed greatest popularity during the Baroque period. The House of Liechtenstein has pursued this ideal consistently down the generations.

Company: Lazard
Date added: 22-10-2015
Sector: Environmental, social and governance (ESG)

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LGT - A brief company portrait

Company brief portrait with financial highlights as of 30.06.2015

Company: Lazard
Date added: 22-10-2015
Sector: Markets

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New Capital - China SOE reform meeting update

After the Politburo Committee on 12 October 2015, the date of the fifth Plenum was set for 26-29 October in Beijing to discuss the development plan for the next five years (amendment from our earlier indication of 15-18 October, citing from the local press). The party is expected to approve a draft of the national economic and social development program from 2016 to 2020 during the meeting. The meeting is extremely important for China with a view of taking China's State-Owned Enterprises (SOE) to the next stage of its development: profit-driven global players. The full plan will then be sent to the National People’s Congress for rubber-stamp approval in March 2016, before each region and industry comes up with its own, more detailed plan.

 

Company: New Capital
Date added: 14-10-2015
Sector: China

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CMS - Our African Practice

CMS has been active in Africa for over 50 years, advising across all major industry sectors. By working with CMS in Africa, our clients benefit from the specialised experience of our market leading practices and a one-stop approach to providing high quality, coordinated and multi-jurisdictional legal advice.

Company: CMS
Date added: 13-10-2015
Sector: Emerging & Frontier Equities

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M&G Real Estate: Investment Case for Global Core Real Estate

Pension funds and other institutions tend to see international allocation as an integral element of bond or equity holdings. In real estate, however, many still only invest in the domestic market and are willing to consider global property only in exchange for a premium return (and therefore higher risk).

Company: M&G Real Estate
Date added: 05-10-2015
Sector: Real Estate

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New Capital - Global Macro Outlook

Global growth: looks reasonable if unexceptional. Improving developed market v deteriorating EM.

Company: New Capital
Date added: 05-10-2015
Sector: Global Equities

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New Capital - Global Equity Update

Global update on micro to macro trends.

Company: New Capital
Date added: 05-10-2015
Sector: Global Equities

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The Whole Story: Factors and Asset Classes

With a "zoo" of risk factors being proposed for smart beta or asset allocation purposes, how can we discern which factors are actually likely to persist in the future? Jason Hsu suggests that practitioners and academics now run so many backtests that the traditional t-statistic of 2 is no longer sufficient to validate a strategy. Instead the t-statistic required should be adjusted to allow for the quantity of data-mining that is happening.

Company: Research Affiliates
Date added: 05-10-2015
Sector: Briefing - Investment

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Deutsche AM - Bond-market turmoil – specific or systemic risks?

 

 

 

Increasing investor risk aversion has become even more evident in late September. While equities started their pronounced correction back in August, high-yield (HY) bonds, and a couple of investment-grade (IG) bonds took deeper dives in September. Higher risk assets are the main targets for sell-offs. The volatility measures for both the S&P 500 Index as well as the Euro Stoxx 50 Index remain at elevated levels.

Company: Deutsche AM
Date added: 02-10-2015
Sector: Developed Market Sovereign Bonds

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M&G Real Estate: Asia Pacific Outlook

Over 2015 and 2016, economic growth of the Asia Pacific region is forecast to hold steady at 5.5% per annum1, continuing to outperform the rest of the world by a large margin.

Company: M&G Real Estate
Date added: 01-10-2015
Sector: Real Estate

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M&G Real Estate: Investment Case for Residential Investment

The UK private rented sector (PRS) has doubled in size in the past decade and is now increasingly attracting the attention of pension funds, insurers and other institutions.

Company: M&G Real Estate
Date added: 01-10-2015
Sector: Residential

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M&G Real Estate: Technology in Global Retail

Retail is a dynamic business – retailers and investors alike can never stay complacent, but must adapt and respond to the changing needs and demands of the consumer.

Company: M&G Real Estate
Date added: 01-10-2015
Sector: Real Estate

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M&G Real Estate: Opportunities in the UK Leisure Sector

Leisure is, arguably, one of the most diverse sectors of the UK economy, catering to residents and tourists alike through restaurants, cinemas, casinos, bowling alleys, sport centres, spas, golf courses, etc.

Company: M&G Real Estate
Date added: 01-10-2015
Sector: Real Estate

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M&G Real Estate: The Impact of QE on European Property Markets

The European Central Bank (ECB) plans to inject €1.1 trillion into the eurozone economy through its new quantitative easing (QE) programme from March 2015 to September 2016.

Company: M&G Real Estate
Date added: 01-10-2015
Sector: Real Estate

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M&G Real Estate: UK Real Estate Market Outlook 2015

The UK was the fastest growing member of the G7 group of major advanced economies in 2014, outpacing even the US.

Company: M&G Real Estate
Date added: 01-10-2015
Sector: Real Estate

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M&G Real Estate: Continental Europe Real Estate Market Outlook

The euro zone formally came out of a recession in 2014, growing at a modest rate of 0.9%. Output in the peripheral countries is supported by healthy private consumption and falling unemployment.

Company: M&G Real Estate
Date added: 01-10-2015
Sector: Real Estate

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CBRE Global Investment Partners - Global farmland investment

CBRE Global Investment Partners focuses on farmland investments which capture growing global demand for food commodities.

Company: CBRE
Date added: 01-10-2015
Sector: Farmland

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M&G Real Estate: UK Residential, Europe's Rising Star

For investors, that creates a great opportunity to benefit from England’s growing private rented sector.

Company: M&G Real Estate
Date added: 01-10-2015
Sector: Residential

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Heitman - Dutch Residential Investment

The Dutch residential sector is one of the most promising segments of the European property market.

Company: Heitman
Date added: 01-10-2015
Sector: Residential

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Heitman - Germany Residential Investment

German residential assets offer an attractive combination of risk and reward.

Company: Heitman
Date added: 01-10-2015
Sector: Residential

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Internos Global Investors - Community Interest Company – Property Trust

CIC-PT provides investors with an opportunity to participate in an investment programme which through its innovative relationship with a Community Interest Developer.

Company: Internos Global Investors
Date added: 01-10-2015
Sector: Residential

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New Capital - China: Older, Slower, Wiser

A longer-term pragmatic view on China.

Company: New Capital
Date added: 01-10-2015
Sector: Emerging & Frontier Equities

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New Change FX (NCFX) - Financial Services

New Change FX (NCFX) offers two key Foreign Exchange (FX) services; FX Transaction Cost Analysis (TCA) and Live FX Benchmarking.

Company: New Change FX
Date added: 01-10-2015
Sector: Foreign Exchange

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Hermes - UK residential property: Accessing the opportunity

The UK private rented sector has made consistently strong returns.

Company: Hermes
Date added: 01-10-2015
Sector: Residential

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Hermes - UK residential property: Accessing the opportunity

The UK private rented sector has made consistently strong returns.

Company: Hermes
Date added: 01-10-2015
Sector: Residential

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Invesco PowerShares - Understanding Smart Beta

Smart Beta: An alternative selection and weighting index based methodology that may outperform a benchmark, mitigate portfolio risk, or both.

Company: Invesco Power Shares
Date added: 01-10-2015
Sector: Smart Beta

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Invesco PowerShares - White Paper Series on Active Passive Debate

Examining Smart Beta equity methodologies and their impact over market cycles.

Company: Invesco Power Shares
Date added: 01-10-2015
Sector: Smart Beta

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Nasdaq - Smart Beta: Sticking to the Plan

MAKING OUR MARK IN THE ETP BUSINESS
Leveraging cutting edge technology to bring high-quality, cost-effective benchmarking solutions to market.

Company: Nasdaq
Date added: 01-10-2015
Sector: Smart Beta

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GMO - China – King Canute Holding Back the Waves?

In this Emerging Thoughts piece, Arjun Divecha discusses the efforts of the Chinese government to slow the recent decline of its stock market.

Company: GMO
Date added: 01-10-2015
Sector: China

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GMO - The Idolatry of Interest Rates, Part II: Financial Heresy and Potential Utility in an ERP Framework

In this white paper, James Montier continues his discussion of the idolatry of interest rates with "Financial Heresy," while Ben Inker offers a counterpoint to James' thesis.

Company: GMO
Date added: 01-10-2015
Sector: Briefing - Investment

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GMO European Quarterly Update – June 2015

Q2 2015 GMO European Quarterly Update includes market commentary on all major asset classes as well as performance and characteristics of GMO's strategies.

Company: GMO
Date added: 01-10-2015
Sector: European Equities

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GMO's 7-Year Asset Class Forecast as of September 2015

GMO's 7-Year Asset Class Forecast as of September 30, 2015

Company: GMO
Date added: 01-10-2015
Sector: Briefing - Investment

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GMO - Intro to Farmland

Farmland is a real asset that combines solid investment fundamentals with the potential for attractive cash yields,

inflation hedging, and consistent returns from biological growth. Furthermore, farmland total returns tend to be

uncorrelated with financial asset returns, offering genuine portfolio diversification for institutional investors. While

institutional ownership within the asset class has grown steadily over the past few years, it still accounts for less than 1% of total global agricultural land ownership, presenting significant opportunity for sustainable yield enhancement

through targeted farmland investment in certain regions.

Company: GMO
Date added: 01-10-2015
Sector: Farmland

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GMO - Renewable Resources: Timber Investment Overview

Timber investments consist of growing trees and the productive land that supports them. The
trees can be growing in either natural forests or, more typically, plantations. They can be
softwoods (trees with needles such as pine, firs, hemlock, and spruce) or hardwoods (trees with
leaves such as cherry, oak, maple, and eucalyptus). Direct timber investments achieve a return
for investors through cash flow derived from harvesting trees (with some additional forms of
income such as leases) and resale of the asset based on the value of the trees and/or the
underlying land at the time of sale. Timber investments, by their nature, are long-term illiquid
investments which investors generally access through closed-end funds or separate accounts.
Separate accounts typically require a significant minimum investment, but offer investors a
greater measure of control. Open-ended funds and publicly-traded REITs offer more liquidity,
but the performance of public REITs tends to be influenced by capital market trends and other
factors apart from the underlying timber investment.

Company: GMO
Date added: 01-10-2015
Sector: Real Assets

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Aberdeen - Governing the ungovernable

Mark Twain once said, “If two people agree on everything, one of them is unnecessary”. Good governance is all about the quality of the interaction between the individuals within the boardroom, and making the most of the limited time they have together.

If those individuals always agree, they are wasting everybody’s time and adding no value as a board.

Company: Aberdeen
Date added: 01-10-2015
Sector: Global Equities

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Aberdeen - Europe’s investible residential landscape

 

In this paper, we examine the European residential sector at a country level. More specifically we are looking at the rented, institutionally owned element of the residential sector, also known as ‘multi-family’ in the United States and Asia or private rented sector (PRS) in the UK. We are specifically not looking at housing owner-occupied by private individuals, or social housing.

 

Company: Aberdeen
Date added: 01-10-2015
Sector: Residential

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Capital Group - Gain an advantage in Japan

In this Investment Insights paper, we examine the advantages of taking an active approach to investing in Japan. We also look at some defining features that have helped certain managers come out ahead.

Company: Capital Group
Date added: 01-10-2015
Sector: Japan

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Harcourt - Switzerland: Where does this success come from?

Switzerland. Where does this success come from?

Company: Harcourt
Date added: 01-10-2015
Sector: European Equities

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New Capital - A longer, pragmatic view on China

Recent market corrections have made headlines. We, however, continue to focus on strong fundamentals and the benefits of ongoing reforms.

Company: New Capital
Date added: 18-09-2015
Sector: China

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LGT - Middle East Overview

LGT is the largest Private Banking and Asset Management group in the world that is wholly owned by an entrepreneurial family. As the family office of the Princely Family of Liechtenstein, we possess extensive experience in the management of family assets. This expertise also forms the basis for collaboration with our clients. We combine triedand- tested private banking and asset management services with additional offerings in areas such as philanthropy.

Company: LGT
Date added: 16-09-2015
Sector: Asia Pacific

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Aberdeen - Hedge Funds for everyone: the rise of liquid alternatives

Hedge Funds for everyone: the rise of liquid alternatives

Company: Aberdeen
Date added: 10-09-2015
Sector: Hedge Funds

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Aberdeen - Benefiting from alternatives - How and why to get the most exposure

Alternative investments have become increasingly accessible to all types of investors. Established managers have institutionalised, new managers have sought to steal market share with innovative product design (including regulatory friendly structures); fees, in general, have come down. While these changes haven’t eliminated all the complexity associated with allocating to alternatives, they have enabled investors to find an array of strategies that can meet their needs and they have allowed alternatives to become core allocations within investment portfolios.

 

Company: Aberdeen
Date added: 10-09-2015
Sector: Alternatives

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Aberdeen - Treating all EM bonds the same is completely irrational

Old habits die hard, as the adage goes. So it is with emerging market bonds at the moment. Investors have reverted to type, and sold emerging market assets without distinguishing between their vast differences.

Company: Aberdeen
Date added: 01-09-2015
Sector: Fixed Income

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Capital Group - Emerging markets have become diverging markets

This paper discusses the challenges facing emerging markets – from a potential rise in US interest rates to low commodity prices and slower economic growth – as well as the opportunities for long-term active investors.

Company: Capital Group
Date added: 01-09-2015
Sector: Emerging & Frontier Markets

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ICG - The Rise of Private Debt as an Institutional Asset Class

The changing strategies of traditional institutional lenders in the wake of the recession continues to act as a drag on business expansion plans. This has spurred a rapid growth and increased interest in alternative forms of lending, with demand from Europe’s SMEs matched by a strong appetite from institutional investors faced with continuing low yields from traditional fixed interest vehicles.

Company: ICG
Date added: 01-09-2015
Sector: Private Debt

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UBS Asset Management - The investment drought - How can the problem of weak investment be fixed

In this White Paper we aim to address some of the potential causes of the recent investment malaise, and propose potential solutions. We also explore some of the structural shifts in the global economy that point to the most promising areas for long-term investment.

Company: UBS
Date added: 01-09-2015
Sector: Briefing - Investment

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CBRE/Clarion - Listed Infrastructure: Predictable and Stable Asset Growth

Infrastructure assets offer predictability and stability of future cash flows in an increasingly uncertain investment environment.

Company: CBRE/Clarion
Date added: 01-09-2015
Sector: Infrastructure

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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.

Company: Principle Financial Group
Date added: 01-09-2015
Sector: Asset Allocation

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LGT - Financial Stability for Asia

LGT distinguishes itself through a high level of stability, is very well capitalized and has a high level of liquidity. A long-term oriented family-owned company, LGT is extremely well positioned thanks to its strong balance sheet and the broad international diversification of its business.

Company: LGT
Date added: 25-08-2015
Sector: Asia Pacific

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DekaBank - Sharp slide continues in commodity markets

The downward trend in commodity prices has accelerated and has affected practically all commodities in the past four weeks. Some commodity prices even recorded double-digit rates of decline. The price decreases were accompanied, and magnified, by a marked loss of financial investor confidence in future price increases. In addition to the strength of the US dollar, concerns about China’s economic condition have increased due to the breaking of its equity bubble and currency devaluation. China is one of the most important consumers of many commodities in the world, and in some cases the most important. We do not, however, expect a sharp drop in Chinese growth, as the government and central bank are intervening to provide support and will continue to do so.

Company: DekaBank
Date added: 14-08-2015
Sector: Commodities

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Barnett Waddingham - Impact of Pensions on UK Business

We have recently published our fifth annual report considering the impact that pension provision is having on UK business.

Company: Barnett Waddingham
Date added: 04-08-2015
Sector: Defined Benefit

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Aberdeen - The fixed income garden

To everything there is a season, and a time to every purpose under the heaven: a time to be born, and a time to die; a time to plant, and a time to pluck up that which is planted.

We like to think of fixed income as a varied, colourful and interesting asset class which can help you not only with your income and capital returns but also with your liabilities.

Company: Aberdeen
Date added: 01-08-2015
Sector: Fixed Income

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Capital Group - The China syndrome: meltdown or recovery ahead

Our China-based economist, Stephen Green, and China affairs specialist, Andrew Dougherty, share their thoughts on the fallout from the unexpected devaluation of the Chinese renminbi versus the US dollar, and the outlook for the Chinese economy in the longer term.

Company: Capital Group
Date added: 01-08-2015
Sector: China

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Deutsche AM - European Infrastructure Update

In 2014 European unlisted infrastructure continued to attract interest among investors seeking to match their long-term liabilities, as it can offer relatively low long-term cash flow volatility, low correlation with other asset classes and inflation-hedged total re-turns. Europe represents a leading global market for infrastructure investment and of-fers a robust infrastructure investment pipeline, ranging from the fast-growing econo-mies of emerging Eastern Europe to the larger economies of Western Europe.

Company: Deutsche AM
Date added: 01-08-2015
Sector: Infrastructure

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CMS - Anti-bribery and Corruption

The UK is taking aggressive action to combat bribery and corruption, these comprehensive e-learning courses will help reduce the risk of an infringement taking place within your business.

Company: CMS
Date added: 15-07-2015
Sector: Anti-bribery and Corruption

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Harcourt - Vontobel: Art and Expertise

Vontobel’s mission is to protect and build the wealth our clients have entrusted to us over the long term. Specialising in active asset management and tailormade investment solutions, we provide responsible and forward- looking advice. In doing so, we are committed to Swiss quality and performance standards. With their good name, our owner family has stood by these principles for generations

Company: Harcourt
Date added: 01-07-2015
Sector: Real Assets

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S&P Dow Jones Indices - The Beauty of Simplicity: The S&P 500 Low Volatility High Dividend Index (May 2015)

In this paper, the authors first study the benefit of combining low volatility and high dividend strategies in a single index. They then take a closer look at the characteristics of the S&P 500 Low Volatility High Dividend Index, including sector composition, dividend yield, and historical return. Finally, they compare the S&P 500 Low Volatility High Dividend Index to other S&P Dow Jones Dividend Indices that are focused on the U.S.

Company: S&P Dow Jones
Date added: 30-06-2015
Sector: Indices

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DekaBank - Between hope and fear

The markets are going to find events in the coming weeks hard to swallow. Not only is Greece likely to prove unable to make its repayment to the IMF that falls due at the end of June, or will make it only with great difficulty, but soon after, namely at the end of July, the Fed will raise its key rates again in a lift-off that will signal the beginning of an exit from many years of crisis policy.

Company: DekaBank
Date added: 19-06-2015
Sector: Markets

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F&C UK Real Estate - Annual Report and Consolidated Accounts

The investment objective of the Company is to provide ordinary shareholders with an attractive level of income together with the potential for capital and income growth from investing in a diversified UK commercial property portfolio.

 

Company: F&C Real Estate
Date added: 16-06-2015
Sector: Real Estate

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Aberdeen - The need for stewartship

Where does corporate governance end and stewardship begin? What’s the difference? These were two key questions that Paul Lee, Head of Corporate Governance at Aberdeen and formerly Head of Investment Affairs at the National Association of Pension Funds, answered in his presentation at a Pensions Intelligence seminar in May.

Company: Aberdeen
Date added: 15-06-2015
Sector: Global Equities

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DekaBank - Half-year summary of commodity markets

The major commodity indices are currently very close to their levels at the beginning of the year. Energy commodities are in the lead with a slight gain. This is due to oil prices, as the US natural gas price is significantly below its value at the beginning of the year. The other three major commodity groups of precious metals, base metals and agricultural commodities will likely end the first half of the year with a loss. The strong US dollar is a major factor depressing commodity prices. In addition, the supply situation is satisfactory for most commodities, leaving little room for sustainable price increases.

Company: DekaBank
Date added: 15-06-2015
Sector: Commodities

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Aberdeen - Time to diversify

In the eyes of many investors, bonds and equities enjoy a domestic relationship much like the man and woman in a traditional Alpine weather house. The female figure comes out with a sunshade when it’s dry, while the man comes out with a macintosh when it looks set to rain – and they are never out of the house at the same time.

Company: Aberdeen
Date added: 06-06-2015
Sector: Alternatives

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Brown Advisory - Demystifying Sustainable Investing

For many investors, the topic of sustainable investing is a jungle of jargon and vague terms. When you cut through the confusion, though, you find that sustainable investing strategies have matured and improved, and now form the core of an increasing number of investors’ portfolios.

Company: Brown Advisory
Date added: 03-06-2015
Sector: Environmental, social and governance (ESG)

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Prequin - Special Report: Asia/Pacific Hedge Funds

This 10 page paper from Preqin provides an overview of the Asia-Pacific Hedge Fund industry, looking at a range of issues including the type of strategy and relative performance of locally domiciled hedge fund managers.

Company: Prequin
Date added: 03-06-2015
Sector: Hedge Funds

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Savills - Spotlight on US Farmland

Right product, right place US agriculture offers opportunities for investment performance

Company: Savills
Date added: 01-06-2015
Sector: Farmland

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Savills - Farmland Outperforms Alternative Investments

US farmland continues to outperform other investments, such as residential property and retail.

Company: Savills
Date added: 01-06-2015
Sector: Farmland

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Savills - Arable Benchmarking Survey

The survey focus is combinable crops and covers around 18,000 hectares of combinable cropping area representing 70% of the area of farms in the sample.

Company: Savills
Date added: 01-06-2015
Sector: Farmland

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ICG - The Whole Loan Market – Commercial Real Estate’s Unitranche

In the commercial real estate world, unitranche loans do not exist. In real estate 'whole loans' are pretty much the same as corporate unitranche financings; a single, first-ranking loan which covers both the senior debt and mezzanine tranches in a leveraged credit structure paying a blended return.

Company: ICG
Date added: 01-06-2015
Sector: Real Estate

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S&P Dow Jones Indices - Factor Investing in Japan: An introduction to the S&P Japan 500 GIVI (May 2015)

The S&P Japan 500 GIVI (Global Intrinsic Value Index) is a recent addition to the S&P GIVI Series, which was launched in March 2012. With history available back to Dec. 31, 1999, the S&P Japan 500 GIVI is constructed from the constituents of the S&P Japan 500, which seeks to represent the large-, mid-, and small-cap components of the investable Japanese equity market. The S&P Japan 500 GIVI is an alternative to the S&P GIVI Japan, which is constructed from the S&P Japan BMI (Broad Market Index), giving the S&P Japan 500 GIVI.

Company: S&P Dow Jones
Date added: 15-05-2015
Sector: Japan

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Aberdeen - The de-risking challenge for local authorities

Local authority pension funds have tended to shy away from liabilitydriven investment (LDI) solutions. In part, this may be due to a perception that LDI invariably involves derivatives, and that regulatory considerations may preclude local authority pension funds from following this path.

Company: Aberdeen
Date added: 05-05-2015
Sector: Fixed Income

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Carnegie - Navigating Emerging Markets

After our first year, we are unwavering in our belief that a combination

of structural growth themes – in some cases driven by

structural reforms, which can result in more favorable operating

conditions for companies – and in-depth stock-picking will generate

strong investment results over the long term.

Company: Carnegie
Date added: 01-05-2015
Sector: Emerging & Frontier Equities

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Deutsche AM - Why invest in infrastructure?

 

Infrastructure continues to gain recognition as a distinctive asset class and holds con-siderable appeal for investors, including pension funds and life assurance companies focused on yield and seeking to match their long-term liabilities. By the end of 2014, there were 144 infrastructure funds globally, with a combined target size of USD $93 billion1. The gap between current and targeted allocation amongst institutional inves-tors suggests there is further room for growth.

Company: Deutsche AM
Date added: 01-05-2015
Sector: Infrastructure

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Barnett Waddingham - Pensions update for universities

Welcome to the latest issue of our pensions update for universities. Pensions remain at the forefront of discussions, with changes to the USS, LGPS and TPS potentially resulting in universities conducting significant reviews of their overall benefit provision as well as dealing with changes as a result of the abolition of contracting out and the prospect of undertaking complex GMP reconciliations.

Company: Barnett Waddingham
Date added: 01-05-2015
Sector: Defined Contribution

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CMS - Infrastructure Funds

We are delighted to present our experience in the infrastructure funds sector.

We have drawn on the expertise of both our specialist Funds Group and our award winning Infrastructure and Project Finance Group, in order to demonstrate our ability to provide a seamless service in this segment of the market. Our experience extends across the full range of an infrastructure fund’s requirements.

Company: CMS
Date added: 10-04-2015
Sector: Infrastructure

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MSCI - Beyond Divestments: How to invest in a Low Carbon world?

Newer, innovative approaches that use re-weighting and optimization techniques, such as the MSCI Global Low Carbon Target and MSCI Global Low Carbon Leaders indexes, would have reduced exposure to carbon-intensive companies while limiting short-term risk against the benchmark.

The paper won the Best Practitioner Paper at the 2015 IRRCi Research Awards.

Company: MSCI
Date added: 09-04-2015
Sector: Environmental, social and governance (ESG)

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Carnegie - Man VS. Machine

Having a short-term investment horizon is an inherent human

bias and will likely be increased by a constant flow of news and

data. Machines in fund management may also to an increasing

extent be designed to focus on and identify the short-term opportunities.

Company: Carnegie
Date added: 01-04-2015
Sector: Asset Allocation

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Carnegie - Insights Learned Over The Last 25 Years

In the 25 years of actively managing global equities, we have steadily

built our long tradition of stock picking, consistently identifying

themes and trends that drive earnings growth and hence share

prices. In the process, we have gained valuable lasting knowledge

that also will guide us in the years ahead, as we diligently focus on

continuing the journey we began back in 1990.

Company: Carnegie
Date added: 01-03-2015
Sector: Markets

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KPMG - Timberland - the case for investment

What is Timberland Investment? How can it enhance portfolio returns whilst providing diversification, and should pension scheme trustees consider investing in it?

Company: KPMG
Date added: 09-02-2015
Sector: Timber

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J.P.Morgan - Guide to Infrastructure Investing

This paper from JP Morgan Asset Management and Af2i provides institutional investors with a 70 page introduction to investing in infrastructure. The report begins by considering the characteristics of infrastructure as an asset class, and how to invest, looking at the details of direct and listed investment strategies. The valuation of infrastructure assets is examined, together with how to integrate an allocation to infrastructure into a mixed asset portfolio.

Company: J.P.Morgan
Date added: 02-02-2015
Sector: Infrastructure

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Carnegie - Average Thinking Does Not Create Winners

Today our clients pick us in fierce competition with asset managers

from around the world, and our clients choose us because they

are confident that we will continue to deliver an excess return. We

look forward to the next 25 years, competing in the Champions

League of the asset management industry and safeguarding the

important role of active asset management.

Company: Carnegie
Date added: 01-02-2015
Sector: Active Management

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ICG - Investing in Europes CLOs

In the heady days before the financial crisis, Europe’s collateralised loan obligation (CLO) market was thriving, with at least 60 active CLO managers issuing funds. While smaller than its US stable-mate, the European CLO market entered the downturn with around Û130bn of funds outstanding, virtually all of which financed European leveraged loans in corporate buyouts. Banks, insurance companies, pension and other funds globally were investing into European leveraged loans through CLOs and it seemed that the asset class had come of age.

Company: ICG
Date added: 01-01-2015
Sector: Developed Market Sovereign Bonds

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UBS Asset Management - The New Global Context – Could economic transformations threaten stability? WEF 2015

The white paper for the World Economic Forum Annual Meeting 2015 in Davos (Switzerland), draws on analysis from across UBS to tackle the central theme of the Annual Meeting – The New Global Context faced by the world economy this year and beyond. The paper includes a foreword by Axel Weber, Chairman of the Board of Directors and Sergio P. Ermotti, Group Chief Executive Officer, as well as contributions from Andreas Koester in the Multi Asset team.

Company: UBS
Date added: 01-01-2015
Sector: Multi Asset

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UBS Asset Management - The New Global Context – Could economic transformations threaten stability? WEF 2015

The white paper for the World Economic Forum Annual Meeting 2015 in Davos (Switzerland), draws on analysis from across UBS to tackle the central theme of the Annual Meeting – The New Global Context faced by the world economy this year and beyond. The paper includes a foreword by Axel Weber, Chairman of the Board of Directors and Sergio P. Ermotti, Group Chief Executive Officer, as well as contributions from Andreas Koester in the Multi Asset team.

Company: UBS
Date added: 01-01-2015
Sector: Multi Asset

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Invesco Perpetual Global Equities and the impact of the Brexit Vote on the global economy and financial markets

On 6 July 2016, Nick Mustoe (NM), Chief Investment Officer and Head of Global Equities, and Stephen Anness (SA), Global Equities Fund Manager, answered questions from financial advisers on the impact of the Brexit Referendum outcome on the global economy and on financial markets, and discussed where they see potential opportunities and their outlook on monetary policies, industry sectors and the broader equity markets.  

Company: Invesco
Date added: 00-00-0000
Sector: Global Equities

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