The Chief

Ayaz Ebrahim believes there are three keys to stock-picking in Asia – throwing away the benchmark, local knowledge. . .and a degree of scepticism. He talks to Paula Garrido.

With markets operating in a low nominal return mode, trying to outperform benchmarks doesn’t seem to be the most attractive strategy for investors seeking absolute returns. According to Ayaz Ebrahim, chief investment officer of Asian-Pacific equities at HSBC Investments, this is particularly true in Asia where inefficient markets makes it possible for a stock picker to find hidden gems to invest in.

FTM Interview

While initiatives to boost the institutional investment market in Spain have failed to deliver, Fonditel – the country’s biggest independent pension fund – continues to attract the big names through its impressive track record. CEO Luis Peña Kaiser talks to Paula Garrido.

In the last few years there have been two developments in the Spanish pensions industry, which many believed would drive real growth in the sector. First came the legal requirement for companies with pension assets in their balance sheets to externalise them via a pension fund or insurance arrangement. Then the possibility arose of creating pension plans for civil servants that could open the door to the establishment of industry-wide occupational pensions.

So far, neither of these developments has translated into real growth in the still underdeveloped private pension markets.

Editorial

Only ten minutes after the announcement that London will be holding the 2012 Olympic Games, press releases regarding the economic impact on the city and those stocks that could perform better as a result were sent to every editor’s inbox across the capital.

Bender agenda

UBS GAM is keen to address profitability issues through structural reform rather than involving itself in the latest round of mergers and acquisitions.

The summer of 2005 has been full of financial stories, which will have a lasting impact on the way investments are managed.

A series of mergers and acquisitions has straddled the annual Fund Forum event held in Monte Carlo, where structural issues affecting the world’s asset management community are typically discussed.