NZZ reports the results of a survey among 172 Swiss institutional investors with CHF 211.7 Bio (EUR 128.3 Bio) assets under management. They have been asked to give their opinion on the rather restrictive set of detailed investment rules applicable to Swiss occupational pension funds. A majority of funds voiced their preference for the prudent investor rule to replace the incumbent detailed set of rules. The available exemption from detailed rules of Art. 59 BVV2 is reported to be used by 80% of funds and thus has become the rule.
Unfortunately, detailed results of the survey appear not to be available online.
Friday, May 18, 2007
Pensions in Russia
On Tuesday this week, I had the pleasure to give a presentation on occupational pensions to the members of CFA Russia in Moscow. The presentation has been recorded and will be made available on their soon to go live website. Meanwhile, the slides are available here.
Saturday, May 12, 2007
Opening up Switzerland
Friday, May 11, 2007
CFA Institute's XBRL page
The CFA Centre for Financial Market Integrity now has its very own XBRL page (no RSS feed, yet!) to watch. While it's great that the Institute endorses XBRL, one wonders why it is only actively involved with XBRL in one country (where the Institute happens to be domiciled) ...
Regulatory distortion
IPE refers us to an interesting OECD study modelling the optimal asset allocation for an identical pension fund, over a 30-year period, according to the regulations of five OECD pension jurisdictions. It found an identical pension fund which was fully funded according to UK standards would appear 87% funded in the Netherlands and 69% funded under German rules. Optimal asset allocation strategies also differ between the jurisdictions. Since good regulation should at least attempt to not distort economic reality, this certainly looks like an interesting paper.
Subscribe to:
Posts (Atom)
Posts
