Follow Us

Follow us on Twitter  Follow us on LinkedIn
 

03 November 2011

年金向け情報サイトIPE:EFSF(欧州金融安定ファシリティー)への投資を見送る欧州の年金基金


Default: Change to:


European pension funds have adopted a 'wait and see' approach on the possibility of investing in the European Financial Stability Facility (EFSF), as doubts grow over the fund's future.


Henrik Jepsen, chief investment officer at €67 billion Danish pension fund ATP, said it was difficult to know how the new facility would be designed or how the risk profile would look.  He told IPE: "In terms of sovereign debt, we believe these investments can do well when the risky assets are doing poorly. As a result, we have to make sure we are not embedding too much credit risk into that part of our portfolio."

Jaime Martínez Gómez, chief investment officer at Spanish pension fund Fonditel Pensiones – which manages three individual pension plans and three corporate plans representing a total of €3.4 billion of assets – largely agreed, saying it currently had no plans to invest in the EFSF due to the lack of details on its ultimate structure.  But Charles Vaquier, chief executive at €5.2 billion French pension scheme UMR Corem, insisted that the fund's establishment was imperative for the stabilisation of the eurozone, regardless of Greece's situation. He told IPE: "Whether or not Greece will adopt the new bailout plan, the EFSF should be set up to help other countries such as Spain, Portugal or Italy in the future, as they could also need a financial support". "The facility would also help to stabilise financial markets and give investors faith in the eurozone."

Vaquier said it was European pension funds' duty to invest in the EFSF, should the facility ultimately be launched. "Long-term investors in Europe have a civic duty", he said.

Full article (IPE subscription required)



© IPE International Publishers Ltd.


< Next Previous >
Key
 Hover over the blue highlighted text to view the acronym meaning
Hover over these icons for more information



Add new comment