Re-evaluating Investment Risk Presentation given to Institute of Chartered Accountants in England and Wales (ICAEW) in London outlining how pension funds need to think differently about investment risk and recognize that taking risk, especially in equities, does not necessarily mean returns will be high. Beyond traditional investment thinking Presentation given at Institutional Investor forum in Hanbury Manor UK outlining new thinking for investors. FTfm 'Feedback' column, why BT trustees should not just switch from equities to long bonds Article published in FTfm explaining why suggestions that BT's pension fund accounting problems and long-term asset-liability mismatch will not be solved by switching from equities to bonds. More radical and broader thinking is required. New Thinking for Pension Fund Investing Presentation at Absolute Return Partners conference in Iceland, explaining new investment thinking and reasons for the need to manage both returns and risks when investing for pension funds – and the need to consider absolute return strategies. Impact of recent market turbulence on pensions Ros' comments on how the recent turbulence in credit and equity markets is likely to affect pensions, both final salary and money purchase. Delivering Members' Pensions Presentation given at Coombe Abbey, Coventry for PwC explaining Ros' thoughts on the new world for trustees and dealing with deficits, risk and member protection. Overcoming deficits and paying pensions Presentation given at Man Group breakfast briefing session explaining the challenges facing pension fund trustees in trying to achieve asymmetric return profiles for their investments. Alternative investing – new thinking on Asset Allocation Presentation given at Nordic Alternative Investment conference in Stockholm outlining new thinking for institutions considering moving away from traditional asset allocation models. New approaches to asset allocation Presentation given at UK Pension and Investment Summit in Brighton, explaining Ros’s opinions on pension funds considering new approaches to asset allocation, emphasising risk control, diversification and protection. New investment thinking for trustees Article published in ‘Trustee newsletter’ Volume 2, Issue 3, explaining that pension fund trustees need to focus on risk as well as returns in their investment portfolios. Demographic dangers for growth - Sunday Telegraph Article published in the Sunday Telegraph, explaining how the Chancellor, Gordon Brown, has squandered the benefits of favourable demographic trends and is leaving the next administration to cope with the economic dangers of ‘demographic drag’. Trustee Challenges – Facing up to deficits Presentation given to European Pension Fund Investment Forum in Marlow, explaining Ros’ ideas on new ways for trustees to think about managing both the risk and the return of their assets, in order to address pension deficits and more directly target meeting liabilities and over time. FT Trustee summer school – Trustee investment duties Article published in FTfm for their Trustee Summer School examining the demands for Trustee Knowledge and Understanding (TKU) of investment issues and using modern techniques to replace the traditional hopeful ‘punt’ on equities and bonds. Concerns about USS pension fund Letter published in Financial Times following John Plender’s article about the decision by Universities Superannuation Scheme to leave employer contributions unchanged, despite large deficit and suggesting that asset allocation can help overcome deficits. FTfm article on swaps and liability matching Article published in FTfm comment section explaining why pension funds may be able to better match their liabilities by using swaps and derivatives, rather than just switching to bonds. FT letter discussing why switching to bonds is likely to prove unwise for pension funds with large deficits Letter published by Financial Times explaining why switching to bonds will be unlikely to cure pension fund problems and could make them worse, whereas considering swaps may be a better alternative. Explanation of possible new structured products to help pension funds overcome deficits Powerpoint description of a possible structured product approach to overcoming pension fund deficits and meeting liabilities over time. DC pensions issues being overlooked as trustees focus on sorting out DB Article published in Financial Times FTfm November 2005 discussing concerns about a ‘governance gap’ in UK occupational pensions, as trustees and the industry seem to be focussing primarily on sorting out problems of defined benefit schemes, while not paying enough attention to the needs of new defined contribution arrangements. FT conference, should pension funds be switching to bonds? Speech delivered at FT Business Conference ‘Hidden Treasures in Bonds’ in London, discussing Ros’s thoughts about pension fund asset allocation and the investment considerations for pension funds when considering switching into bonds. FTfm opinion piece on need for including Opinion piece published in Financial Times FTfm supplement, arguing that pension fund trustees need to consider diversified range of investments, not just equities and bonds and that switching from equities to bonds, if funds are in deficit, may be the least efficient way of reducing risk.
Pension Reform in 2005/6
Article published in 'Pensions and Investments UK', discussing implications of planned pension reforms for occupational and personal pensions in 2005/2006. Impact on investment of pension fund assets, trustees of occupational schemes and the new tax regime for contributions.
Liability Driven Solutions and Regulatory Changes for Investors -
Finance IQ Conference Presentation given at Finance IQ Liability Driven Investment Conference in Zurich, 1st December 2004. Looking at the need for liability driven solutions and regulatory changes which will impact pension investors. Financial
Adviser feature on structuring investment options for money purchase
pensions Feature article published in Financial Adviser, October 2004, outlining Ros's suggestions for structuring investment options for money purchase and stakeholder pensions, with sensible default options. Strategic
asset allocation for pension funds Article published in ‘FTfm in September 2004 outlining the differences in strategic asset allocation aims between defined benefit and defined contribution schemes and the issues trustees should be considering. Hedge
fund investing for institutions to become mainstream Article published in the Alternative Institutional Investment Review, July 2004, explaining why Ros believes hedge fund investing will become mainstream and institutions will come to realise that including hedge fund investments can reduce portfolio risk and improve overall portfolio efficiency for long term investors. Presentation
on pension scheme governance to SPC roundtable, 22 June 2004 Presentation made to SPC roundtable on 22 June 2004. Topics addressed include aims of investment for DB and DC schemes, responsibilities of trustees and importance of improving trustee skills. Important
Issues for Fund Managers: Stakeholder/Money Purchase Pension Funds Diversifying
Traditional Balanced Portfolios Framework
for Myners Review of UK Institutional Investment |
