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16 September 2011

IPE: NAPF says solvency standards driving pension funds into short-termism


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NAPFのリンゼー・トムリンソン会長はソルベンシー規制と会計基準によって年金基金は短期投資家の思考を取り入れることを強いられていると主張する。


Mr Tomlinson highlighted that, while institutional investors ideally invest over a longer time horizon, in practice, this stance was made problematic by the regulatory burden placed upon them. He argued that it made little sense to berate short-termism "without thinking about the pressures that are applied to long-term investors", such as life assurance companies and pension schemes – referencing both accounting standards and solvency regulations.

"We built an investment system in which many people collect substantial rewards for stimulating short-term behaviour", he said. "You can't create a system of this sort and then complain when that stimulus works – so don't just look at the investors, look also at the investment banks and the other players in the chain."

Full article (IPE subscription needed)



© IPE International Publishers Ltd.


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