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Pension funds in search of yield at risk of ‘herding’, Swiss experts warn

first_imgThe search for yield is driving institutional investors into illiquid assets, but the market may already be overcrowded, delegates at the Swiss Pensions Conference were warned.Guido Bolliger, co-head of quantitative investment solutions at SYZ Asset Management, said liquidity risk was “on the rise” as investors ramped up exposure to less liquid instruments.But he added: “Long-term thinking is a competitive advantage for Pensionskassen in today’s markets, and they can act anti-cyclically”.Nannette Hechler-Fayd’herbe, head of investment strategy at Credit Suisse, said she was concerned about a “herd mentality” among institutional investors triggered by their search for yield. The illiquidity problem is made worse, she argued, by the “convergence” in the returns of various asset classes, particularly equities and alternative assets.Vera Kupper-Staub, vice-president at the Swiss regulator (OAK), said she was concerned about “herding” arising from too many Pensionskassen using the same investment consultant.“This reduces the diversification needed to reduce the risk in portfolios,” she said. Meanwhile, Bolliger argued that, before the financial crisis, there had been a kind of “natural hedge” in balanced portfolios that “no longer exists”.He said pension funds, when shifting investments, should not only consider risk but also “avoid pro-cyclicality”.“It’s not too late to make changes to portfolios,” he said. “The question is whether the changes will happen fast enough.”Speaking with IPE after the conference, Lukas Riesen, a partner at PPCmetrics, said he was concerned Pensionskassen might be “lured” into taking on too much illiquidity, particularly with respect to products that were “made to look liquid”.“What happens,” he asked, “when there is another downturn and everyone wants out at the same time?”However, Christoph Ryter, president at Swiss pension fund association ASIP, said he was convinced Pensionskassen had grown more aware of illiquidity risks in the wake of the crisis.“They have learned from the crisis and know about illiquidity risks and are including them in their long-term investment strategy,” explains Ryter.last_img read more

Simi Valley Calendar

first_imgPower Walking, 8-9 a.m. at the Sycamore Drive Community Center, 1692 Sycamore Drive, Room B1, Simi Valley. Monthly fee: $30. Call (805) 584-4400. Muscle Sculpting, 9:30-10:30 a.m. at the Sycamore Drive Community Center, 1692 Sycamore Drive, Room B1, Simi Valley. Call (805) 584-4400. Studio Art Workshop, 9:30-11:30 a.m. at Moorpark Active Adult Center, 799 Moorpark Ave. Call (805) 517-6261. Open Gym Basketball, 1:30-6:30 p.m. at Rancho Santa Susana Community Center, 5005-C Los Angeles Ave., Simi Valley. Fee: $2, or $10 a month. Call (805) 584-4400. Step Aerobics, 5:30-6:30 p.m. at the Rancho Santa Susana Community Center, 5005-C Los Angeles Ave. Fee: $5, or $25 a month. Call (805) 584-4456. Jazzercise Aerobics, 6:30-7:30 p.m. at the Rancho Santa Susana Community Center, 5005-C Los Angeles Ave. Fee: $5, or $25 a month. Call (805) 584-4456. Alternative Recreation Program: Yoga Club, 6:45-7:45 p.m. at Houghton Park, 4333 Township Ave., Simi Valley. Parents can register and participate with their child. Monthly fee: $24. Call (805) 584-4400. New Hope for breast-cancer survivors, 7-8:30 p.m. at Simi Valley Senior Center, 3900 Avenida Simi. Free. Registration required. Call (805) 527-5360, Option 3. Aqua Fit, 7-8 p.m. at Rancho Simi Community Park pool, 1692 Sycamore Drive, Simi Valley. Call (805) 584-4400. Simi Peggers Cribbage Club, 7 p.m., at Simi Country Mobile Home Park Clubhouse, 1550 Rory Lane, Simi Valley. Call (805) 527-8164. Water Exercise, 7-8 p.m. at Rancho Simi Community Park pool, 1692 Sycamore Drive. Fee: $40. Call (805) 584-4400. Simi Valley Boots and Slippers Square Dance Club, 7:30-9:30 p.m. at Simi Valley Senior Center, 3900 Avenida Simi. Fee: $5. Call (805) 583-3055 or e-mail [email protected] Deep Water Workout, 8-9 p.m. at the Rancho Simi Community Park pool, 1692 Sycamore Drive. Monthly fee: $45. Call (805) 584-4400. Women’s Anger Management class, 7:30 p.m. at Cornerstone Counseling Center, 1633 Erringer Road, No. 203-B, Simi Valley. Call (805) 582-2619. TUESDAY Family planning clinic, 8:30 a.m.-4:30 p.m. at Ventura County Public Health, 660 E. Los Angeles Ave., Suite B2, Simi Valley. For an appointment, call (805) 578-3677. Jazzercise Aerobics, 9-10 a.m. and 6:30-7:30 p.m. at Rancho Santa Susana Community Center, 5005-C Los Angeles Ave. Fee: $5, or $25 a month. Call (805) 584-4456. Rotary of Simi Valley will meet at noon at Grand Vista Hotel, 999 Enchanted Way. Call (805) 583-4825. Videos in the Lounge, 1 p.m. at Simi Valley Senior Center, 3900 Avenida Simi. Call (805) 583-6363. Bowling, 4-5:30 p.m. at Brunswick Valley Bowl, 5255 Cochran St., Simi Valley. Fee: $5 per week. Call (805) 584-4400. Tuesday Evening Hike, 6:30, meet at the Long Canyon parking lot at Long Canyon Road and Wood Ranch Parkway. Call (805) 529-5581. Story time, 7 p.m. at Simi Valley Library, 2969 Tapo Canyon Road. Call (805) 526-1735. Simi Solos Toastmasters will meet, 7:30 p.m., Simi Valley YMCA, 3200 Cochran St. Call (805) 990-4950. Overeaters Anonymous, 8 p.m. at Church of Christ, 1554 Sinaloa Road, Simi Valley. Call (805) 581-4717 or (805) 529-8183. Open Gym Basketball, 6-9 p.m. at Rancho Santa Susana Community Center, 5005-C Los Angeles Ave., Simi Valley. Fee: $2, or $10 a month. Call (805) 584-4400. WEDNESDAY Swim and Stay Fit, 6-8 a.m. at the Rancho Simi Community Park pool, 1765 Royal Ave., Simi Valley. Fee: $40/month; 65 and older, $20/month. Call (805) 379-2378. Kiwanis Club of Simi Valley will meet at 7 a.m. at Paul’s Italian Villa, 2585 Cochran Street. Call (805) 583-2857. Chair Exercise, 12:30 p.m. at Moorpark Active Adult Center, 799 Moorpark Ave. Call (805) 517-6261. CPR Update: Health Care Provider class, 9 a.m.-1 p.m. at Simi Valley Hospital, 2975 N. Sycamore Drive. Call (805) 955-6890. Tot Time story time, 11 a.m. at Borders Books and Music, 2910 Tapo Canyon Road, Simi Valley. For ages 2-5. Call (805) 526-2800. Step Aerobics, 5:30-6:30 p.m. at the Rancho Santa Susana Community Center, 5005-C Los Angeles Ave. Fee: $5, or $25 a month. Call (805) 584-4456. Emotional Intelligence Training for Parents, 6 p.m. at Cornerstone Counseling Center, 1633 Erringer Road, No. 203-B, Simi Valley. Call (805) 582-2619. Action Parent and Teen Support Program, 6:30 p.m. at Apollo High School, 3150 School St., Simi Valley. Hotline: (800) 367-8336. Water Exercise, 7-8 p.m. at Rancho Simi Community Park pool, 1692 Sycamore Drive. Fee: $40. Call (805) 584-4400. Emotions Anonymous, 7:30-9 p.m. at United Methodist Church, Wood Room, 2394 Erringer Road, Simi Valley. Free. Call (805) 526-6231. Deep Water Workout, 8-9 p.m. at Rancho Santa Susana Community Park pool, 1692 Sycamore Drive. Monthly fee: $45. Call (805) 584-4400. Simi Valley Woman’s Club, monthly meeting, 11 a.m. at Rancho Santa Susana Community Center, 5005 Los Angeles Ave. Call (805) 583-8272. Men’s Anger Management class, 7 p.m. at Cornerstone Counseling Center, 1633 Erringer Road, No. 203-B, Simi Valley. Call (805) 582-2619. THURSDAY Rotary Club of Simi Sunrise will meet, 7 a.m. at Grand Vista Hotel, 999 Enchanted Way, Simi Valley. Call (805) 520-4894. Jazzercise Aerobics, 9-10 a.m. and 6:30-7:30 p.m. at Rancho Santa Susana Community Center, 5005-C Los Angeles Ave. Fee: $5, or $25 a month. Call (805) 584-4456. Videos in the Lounge, 1 p.m. at Simi Valley Senior Center, 3900 Avenida Simi. Call (805) 583-6363. Reproductive health care clinic, 1:30-4:30 p.m. at Ventura County Public Health, 660 E. Los Angeles Ave., Suite B2, Simi Valley. Call (805) 578-3677. Tap for Fitness, 2:30-4 p.m. at Moorpark Active Adult Center, 799 Moorpark Ave. Call (805) 517-6261. Scrabble group , will meet at 1 p.m. at Moorpark Active Adult Center, 799 Moorpark Ave. Call (805) 517-6261. Circuit Training, 5:30-6:30 p.m. at Rancho Santa Susana Community Center, 5005-C Los Angeles Ave. Fee: $5, or $25 a month. Call (805) 584-4456. Evening Hike, 6 p.m. at the Chumash Trailhead. Call the Rancho Simi Recreation and Park District at (805) 584-4400. Open Gym Volleyball, 6-9 p.m. at Rancho Santa Susana Community Center, 5005-C Los Angeles Ave., Simi Valley. Fee: $2 or $10 a month. Call (805) 584-4400. Simi Valley Toastmasters, 7:30 p.m. at Clarion Commons, 5300 E. Los Angeles Ave., Simi Valley. Call (805) 522-9591. Co-custody parenting class, 6 p.m. at Cornerstone Counseling Center, 1633 Erringer Road, No. 203-B, Simi Valley. Call (805) 582-2619. FRIDAY Basic Training, 6-7 p.m. at Rancho Santa Susana Community Center, 5005-C Los Angeles Ave. Fee: $5, or $25 a month. Call (805) 584-4456. Open Gym Basketball, 6-9 p.m. at Rancho Santa Susana Community Center, 5005-C Los Angeles Ave., Simi Valley. Fee: $2, or $10 a month. Call (805) 584-4400. Finding the Artist Within, a class for people 50 and over involving various forms of art, 9-11 a.m., Simi Valley Senior Center, 3900 Avenida Simi. (805) 583-6363. Monthly fee $30. SATURDAY Jazzercise Aerobics, 8-9 a.m. at Rancho Santa Susana Community Center, 5005-C Los Angeles Ave., Fee: $5, or $25 a month. Call (805) 584-4456. Open Gym Basketball, 10 a.m.-4 p.m. at Rancho Santa Susana Community Center, 5005-C Los Angeles Ave., Simi Valley. Fee: $2, or $10 a month. Call (805) 584-4400. Conejo Valley Republic Women Federated, noon at the Ronald Reagan Presidential Library in Simi Valley. The speaker is retired Brigadier General John Nicholson, secretary of the American Battle Monuments Commission. Cost is $30. For reservations call Sylvia Musgrove (805) 495-6481 or Bev Donley at (805) 495-3409. Post-Polio Support Group, 1:30 p.m. in the Fireside Room at United Methodist Church, 2394 Erringer Road, Simi Valley. Information (805) 485-9664. Calendar events are compiled each week. Items must reach the Daily News one week before the Sunday on which they are to run. Items must be typewritten. Phone numbers must be attached for contact purposes. Mail to Simi Calendar, P.O. Box 4200, Woodland Hills, CA 91365-4200. Fax (805) 583-0880. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! TODAY Evening hike, 4 p.m. at the Rocky Peak Trailhead at the end of Rocky Peak Road off Santa Susana Pass. Call (805) 584-4400. MONDAY Swim and Stay Fit, 6-8 a.m. at the Rancho Simi Community Park pool, 1765 Royal Ave., Simi Valley. Monthly fee: $40, or $20 for 65 and older. Call (805) 379-2378. last_img read more