Le scelte di investimento dei fondi pensioni italiani: un’analisi degli asset immobiliari

Il lavoro persegue l’obiettivo generale di indagare sulle scelte di investimento dei fondi pensione italiani. Per giungere al suddetto obiettivo il lavoro si articola in quattro capitoli principali corredati da premessa e conclusioni. Il primo capitolo si preoccupa di analizzare in quale modo le scelte operate dal legislatore italiano abbiano influenzato e influenzino le politiche di investimento dei fondi pensione. E’ indubbio, infatti, che l’intervento del legislatore abbia un forte ascendente sull’operatività dei fondi e possa limitarne o, viceversa, agevolarne l’attività. Alla luce di queste considerazioni, il secondo capitolo mira ad analizzare nel concreto l’influenza delle scelte operate dal legislatore sullo sviluppo del mercato dei fondi pensione italiani. In sostanza, l’obiettivo è quello di fornire informazioni circa il mercato italiano dei fondi pensione sviluppatosi in conseguenza alla normativa testé presentata. Il successivo capitolo, il terzo, propone un’analisi della letteratura che, nel contesto nazionale ed internazionale, ha analizzato la tematica dei fondi pensione. Più nel dettaglio, si propone una disamina dei riferimenti letterari che, affrontando il problema della gestione finanziaria dei fondi pensione, trattano delle politiche e delle scelte di investimento operate da questi. Il quarto capitolo riguarda un’analisi empirica mirata ad analizzare le politiche di investimento dei fondi pensione, in particolare quelle relative agli investimenti alternativi e soprattutto, tra questi, quelli immobiliari. L’obiettivo generale perseguito è quello di analizzare la composizione del patrimonio dei fondi appartenenti al campione considerato e ricavarne indicazioni circa le scelte manageriali operate dai fondi, nonché trarre indicazioni circa lo spazio riservato e/o riservabile alle asset class alternative, soprattutto a quelle di tipo immobiliare. Si evidenzia, infatti, che la verifica presentata riguarda prevalentemente gli investimenti immobiliari che rappresentano nella realtà italiana l’alternative class maggiormente diffusa. L’analisi si concentra, anche se in modo inferiore e con un approccio quasi esclusivamente qualitativo, su altre asset class alternative (hedge fund e private equity). Si precisa, inoltre, che la volontà di focalizzare la verifica sugli alternative investment limita l’analisi ai soli fondi pensione preesistenti che, ad oggi, rappresentano l’unica categoria alla quale è consentito effettuare investimenti di tipo alternativo. A differenza dei fondi di nuova generazione, tali fondi, infatti, non sono sottoposti a limitazioni nell’attività di investimento e, almeno in linea teorica, essi possono optare senza alcuna restrizione per l’asset allocation ritenuta più appropriata Tre sono le domande di ricerca a cui l’analisi proposta mira a dare risposta: Quale è la dimensione e la composizione del portafoglio dei fondi pensione preesistenti? Quale è la dimensione e la tipologia di investimento immobiliare all’interno del portafoglio dei fondi pensione preesistenti? Esiste uno “spazio” ulteriore per gli investimenti immobiliari e/o per altri alternative investment nel portafoglio dei fondi pensione preesistenti? L’analisi è condotta su un campione di dieci fondi preesistenti, che rappresenta il 60% dell’universo di riferimento (dei 29 fondi pensione preesistenti che investono in immobiliare) e la metodologia utilizzata è quella della case study. Le dieci case study, una per ogni fondo preesistente analizzato, sono condotte e presentate secondo uno schema quanto più standard e si basano su varie tipologie di informazioni reperite da tre differenti fonti. 2 La prima fonte informativa utilizzata è rappresentata dai bilanci o rendiconti annuali dei fondi analizzati. A questi si aggiungono i risultati di un’intervista svolta nei mesi di gennaio e febbraio 2008, ai direttori generali o ai direttori dell’area investimento dei fondi. Le interviste aggiungono informazioni prevalentemente di tipo qualitativo, in grado di descrivere le scelte manageriali operate dai fondi in tema di politica di investimento. Infine, laddove presente, sono state reperite informazioni anche dai siti internet che in taluni casi i fondi possiedono. Dalle case study condotte è possibile estrapolare una serie di risultati, che consentono di dare risposta alle tre domande di ricerca poste in precedenza. Relativamente alla prima domanda, è stato possibile stabilire che il portafoglio dei fondi pensione preesistenti analizzati cresce nel tempo. Esso si compone per almeno un terzo di titoli di debito, prevalentemente titoli di stato, e per un altro terzo di investimenti immobiliari di vario tipo. Il restante terzo è composto da altre asset class, prevalentemente investimenti in quote di OICR. Per quanto riguarda la politica d’investimento, si rileva che mediamente essa è caratterizzata da un’alta avversione al rischio e pochissimi sono i casi in cui i fondi prevedono linee di investimento aggressive. Relativamente alla seconda domanda, si osserva che la dimensione dell’asset class immobiliare all’interno del portafoglio raggiunge una quota decrescente nell’arco di tempo considerato, seppur rilevante. Al suo interno prevalgono nettamente gli investimenti diretti in immobili. Seguono le partecipazioni in società immobiliari. L’analisi ha permesso, poi, di approfondire il tema degli investimenti immobiliari consentendo di trarre indicazioni circa le loro caratteristiche. Infine, relativamente all’ultima domanda di ricerca, i dati ottenuti, soprattutto per mezzo delle interviste, permettono di stabilire che, almeno con riferimento al campione analizzato, l’investimento immobiliare perde quota e in parte interesse. Questo risulta vero soprattutto relativamente agli investimenti immobiliari di tipo diretto. I fondi con patrimoni immobiliari rilevanti, infatti, sono per la totalità nel mezzo di processi di dismissione degli asset, mirati, non tanto all’eliminazione dell’asset class, ma piuttosto ad una riduzione della stessa, conformemente anche a quanto richiesto dalle recenti normative. Le interviste hanno messo in luce, tuttavia, che a fronte di un’esigenza generale di contentere la quota investita, l’asset immobiliare è considerato positivamente soprattutto in termini di opportunità di diversificazione di portafoglio e buoni rendimenti nel lungo periodo. I fondi appaiono interessati in modo particolare a diversificare il portafoglio immobiliare, dismettendo parte degli asset detenuti direttamente e aumentando al contrario le altre tipologie di investimento immobiliare, soprattutto quote di OICR immobiliari. Altrettanto positivi i giudizi relativi alle altre asset class alternative. Pur restando ancora limitato il totale delle risorse destinate, tali investimenti sono percepiti come una buona opportunità di diversificazione del portafoglio. In generale, si è rilevato che, anche laddove l’investimento non è presente o è molto ridotto, nel breve periodo è intenzione del management aumentare la quota impiegata.

La responsabilidad social como valor añadido del facilities manager en la gestión del patrimonio inmobiliario

Resulta difícil definir una profesión que surge por la necesidad de adaptar los espacios de trabajo a las nuevas tendencias de las organizaciones, a la productividad, a las nuevas tecnologías que continúan modificando y facilitando desde las últimas décadas el modo y forma de trabajar. Mucho más complicado resulta definir una profesión casi invisible. Cuando todo funciona en un edificio, en un inmueble, en un activo. Todo está correcto. He ahí la dificultad de su definición. Lo que no se ve, no se valora. Las reuniones, las visitas, un puesto de trabajo, una sala de trabajo, una zona de descanso. La climatización, la protección contra incendios, la legionela, el suministro eléctrico, una evacuación. La organización, sus necesidades, su filosofía. Los informes, los análisis, las mejoras. Las personas, el espacio, los procesos, la tecnología. En la actualidad, todo se asocia a su coste. A su rentabilidad. En la difícil tarea de realizar el proyecto de un edificio, participan multitud de aspectos que deben estar perfectamente organizados. El arquitecto proyecta y aúna en el proyecto: pasado (experiencia), presente (tendencias) y futuro (perdurabilidad). Y es en ese momento, cuando al considerar el futuro del edificio, su perdurabilidad, hace que su ciclo de vida sea criterio fundamental al proyectar. Que deba considerarse desde el primer esbozo del proyecto. Para que un edificio perdure en el tiempo existen gran número de factores condicionantes. Empezando por su uso apropiado, su nivel de actividad, pasando por las distintas propiedades que pueda tener, y terminando por los responsables de su mantenimiento en su día a día. Esa profesión invisible, es la disciplina conocida como Facility Management. Otra disciplina no tan novedosa –sus inicios fueron a finales del siglo XIX-, y que en la actualidad se empieza a valorar en gran medida es la Responsabilidad Social. Todo lo que de forma voluntaria, una organización realiza por encima de lo estrictamente legal con objeto de contribuir al desarrollo sostenible (económico, social y medio ambiental). Ambas disciplinas destacan por su continuo dinamismo. Reflejando la evolución de distintas inquietudes: • Personas, procesos, espacios, tecnología • Económica, social, medio-ambiental Y que sólo puede gestionarse con una correcta gestión del cambio. Elemento bisagra entre ambas disciplinas. El presente trabajo de investigación se ha basado en el estudio del grado de sensibilización que existe para con la Responsabilidad Social dentro del sector de la Facility Management en España. Para ello, se han estructurado varios ejercicios con objeto de analizar: la comunicación, el marco actual normativo, la opinión del profesional, del facilities manager. Como objetivo, conocer la implicación actual que la Responsabilidad Social ejerce en el ejercicio de la profesión del Facilities Manager. Se hace especial hincapié en la voluntariedad de ambas disciplinas. De ahí que el presente estudio de investigación realice dicho trabajo sobre elementos voluntarios y por tanto sobre el valor añadido que se obtiene al gestionar dichas disciplinas de forma conjunta y voluntaria. Para que una organización pueda desarrollar su actividad principal –su negocio-, el Facilities Manager gestiona el segundo coste que esta organización tiene. Llegando a poder ser el primero si se incluye el coste asociado al personal (nóminas, beneficios, etc.) Entre el (70 – 80)% del coste de un edificio a lo largo de toda su vida útil, se encuentra en su periodo de explotación. En la perdurabilidad. La tecnología facilita la gestión, pero quien gestiona y lleva a cabo esta perdurabilidad son las personas en los distintos niveles de gestión: estratégico, táctico y operacional. En estos momentos de constante competencia, donde la innovación es el uniforme de batalla, el valor añadido del Facilities Manager se construye gestionando el patrimonio inmobiliario con criterios responsables. Su hecho diferenciador: su marca, su reputación. ABSTRACT It comes difficult to define a profession that emerges due to the need of adapting working spaces to new organization’s trends, productivity improvements and new technologies, which have kept changing and making easier the way that we work during the last decades. Defining an invisible profession results much more complicated than that, because everything is fine when everything works in a building, or in an asset, properly. Hence, there is the difficulty of its definition. What it is not seen, it is not worth. Meeting rooms, reception spaces, work spaces, recreational rooms. HVAC, fire protection, power supply, legionnaire’s disease, evacuation. The organization itself, its needs and its philosophy. Reporting, analysis, improvements. People, spaces, process, technology. Today everything is associated to cost and profitability. In the hard task of developing a building project, a lot of issues, that participate, must be perfectly organized. Architects design and gather/put together in the project: the past (experience), the present (trends) and the future (durability). In that moment, considering the future of the building, e. g. its perdurability, Life Cycle turn as the key point of the design. This issue makes LCC a good idea to have into account since the very first draft of the project. A great number of conditioner factors exist in order to the building resist through time. Starting from a suitable use and the level of activity, passing through different characteristics it may have, and ending daily maintenance responsible. That invisible profession, that discipline, is known as Facility Management. Another discipline, not as new as FM –it begun at the end of XIX century- that is becoming more and more valuable is Social Responsibility. It involves everything a company realizes in a voluntary way, above legal regulations contributing sustainable development (financial, social and environmentally). Both disciplines stand out by their continuous dynamism. Reflecting the evolution of different concerning: • People, process, spaces, technology • Financial, social and environmentally It can only be managed from the right change management. This is the linking point between both disciplines. This research work is based on the study of existing level of increasing sensitivity about Social Responsibility within Facility Management’s sector in Spain. In order to do that, several –five- exercises have been studied with the purpose of analyze: communication, law, professional and facility manager’s opinions. The objective is to know the current implication that Social Responsibility has over Facility Management. It is very important the voluntary part of both disciplines, that’s why the present research work is focused over the voluntary elements and about the added value that is obtained managing the before named disciplines as a whole and in voluntary way. In order a company can develop his core business/primary activities, facility managers must operate the second largest company budget/cost centre. Being the first centre cost if we considerer human resources’ costs included (salaries, incentives…) Among 70-80% building costs are produced along its operative life. Durability Technology ease management, but people are who manage and carry out this durability, within different levels: strategic, tactic and operational. In a world of continuing competence, where innovation is the uniform for the battle, facility manager’s added value is provided managing company’s real estate with responsibility criteria. Their distinguishing element: their brand, their reputation.

People and Facility Management. The team: the main asset of any management

From the moment we enter a large office building until we leave it, we receive a lot of attentions served by the management of services to the user. However, it is usually quite inappreciable the work that is being developed to keep things running smoothly.The services provided in a building are carried out by people. However, we often tend to forget these people when we talk about the tasks that make that a building operates properly 24 hours a day, 365 days a year.But, for example, what would happen if one day the service provided by the reception in a large building did not function as it should? What would it be like if one day the person performing the service of maintenance of the building's cleaning were not at his post? How would the working day develop if there were not a correct air handling system?People are the foundation of the proper functioning of a building. The work of the Facilities Manager and the Facility Management is the management of their functions: the responsible management of the team.

People, management and social responsability. The team: the main asset of any management

People, management and social responsability. The team: the main asset of any management. En colaboración con Dña. Montserrat Castellanos Moreno. Profesora Asociada de la Universidad Europea. Journal of Management and Marketing. Thomson Reuters. Zilina. Slovakia

People and Facility Management. The team: The main asset of any management

From the moment we enter a large office building until we leave it, we receive a lot of attentions served by the management of services to the user. However, it is usually quite inappreciable the work that is being developed to keep things running smoothly. The services provided in a building are carried out by people. However, we often tend to forget these people when we talk about the tasks that make that a building operates properly 24 hours a day, 365 days a year. But, for example, what would happen if one day the service provided by the reception in a large building did not function as it should? What would it be like if one day the person performing the service of maintenance of the building's cleaning were not at his post? How would the working day develop if there were not a correct air handling system? People are the foundation of the proper functioning of a building. The work of the Facilities Manager and the Facility Management is the management of their functions: the responsible management of the team.

Management audit : Illinois School District Liquid Asset Fund Plus.

"This is our report of the Management Audit of the Illinois School District Liquid Asset Fund Plus. The audit was conducted pursuant to Senate Resolution Number 171, which was adopted April 22, 2004. This audit was conducted in accordance with generally accepted government auditing standards and the audit standards promulgated by the Office of the Auditor General at 74 III. ADM. Code 420.310. The audit report is transmitted in conformance with Section 3-14 of the Illinois State Auditing Act."--Cover letter.

HBIM to Virtual Reality Workflow for Industrial Archaeology Immovable Assets’ Management: A Case Study

As a witness on the industrialization in Bologna, since its first generation was born in the late 1760, the Battiferro lock has been coping with the innovation that the city experienced throughout the centuries, until it has lost its functionality due to the technological development for which Bologna’s canals were gradually covered starting from the 1950s under Giuseppe Dozza ’s administration, as part of the reconstruction, reclamation and urban requalification that was carried out in the aftermath the World War II and which involved the whole city. The interest of the research carried out on this case study was primarily to reintroduce the landmark that is still intact, to what is considered to be the fourth generation of the industrial revolution, namely in the construction field, which is recognized as Construction 4.0, by means of the Historic (or Heritage) Information Modeling HBIM and Virtual Reality (VR) application. A scan-to-BIM approach was followed to create 3D as-built BIM model, as a first step towards the storytelling of the abandoned industrial built asset in VR environment, or as a seed for future applications such as Digital Twins (DT), heritage digital learning, sustainable impact studies, and/or interface with other interfaces such as GIS. Based on the HBIM product, examples of the primary BIM deliverables such as 2D layouts is given, then a workflow to VR is proposed and investigated the reliability of data and the type of users that may benefit of the VR experience, then the potential future development of the model is investigated, with comparison of a relatively similar experience in the UK.

Asset Price Instability and Policy Responses: The Legacy of Liberalisation

The debate about the dynamics and potential policy responses to asset inflation has intensified in recent years. Some analysts, notably Borio and Lowe, have called for 'subtle' changes to existing monetary targeting frameworks to try to deal with the problems of asset inflation and have attempted to developed indicators of financial vulnerability to aid this process. In contrast, this paper argues that the uncertainties involved in understanding financial market developments and their potential impact on the real economy are likely to remain too high to embolden policy makers. The political and institutional risks associated with policy errors are also significant. The fundamental premise that a liberalised financial system is based on 'efficient' market allocation cannot be overlooked. The corollary is that any serious attempt to stabilize financial market outcomes must involve at least a partial reversal of deregulation.

Key factors in working capital management in the Brazilian market

Many studies have been conducted in corporate finance regarding long-term investment and financing decisions. However, short-term asset investments play a significant role in the balance sheet of companies. Moreover, financial managers dedicate significant amounts of time and effort to the subject of working capital management, balancing current assets and liabilities. This paper provides insights regarding the key factors of working capital management by exploring the internal variables of a number of companies. This study used data from 2,976 Brazilian public companies from 2001 to 2008, and found that debt level, size and growth rate can affect the working capital management of companies.

Information technology service management: an experimental approach towards IT service prediction

Dissertation presented to obtain a Masters degree in Computer Science

Incentive-based demand response programs designed by asset-light retailers for day-ahead market

Following the deregulation experience of retail electricity markets in most countries, the majority of the new entrants of the liberalized retail market were pure REP (retail electricity providers). These entities were subject to financial risks because of the unexpected price variations, price spikes, volatile loads and the potential for market power exertion by GENCO (generation companies). A REP can manage the market risks by employing the DR (demand response) programs and using its' generation and storage assets at the distribution network to serve the customers. The proposed model suggests how a REP with light physical assets, such as DG (distributed generation) units and ESS (energy storage systems), can survive in a competitive retail market. The paper discusses the effective risk management strategies for the REPs to deal with the uncertainties of the DAM (day-ahead market) and how to hedge the financial losses in the market. A two-stage stochastic programming problem is formulated. It aims to establish the financial incentive-based DR programs and the optimal dispatch of the DG units and ESSs. The uncertainty of the forecasted day-ahead load demand and electricity price is also taken into account with a scenario-based approach. The principal advantage of this model for REPs is reducing the risk of financial losses in DAMs, and the main benefit for the whole system is market power mitigation by virtually increasing the price elasticity of demand and reducing the peak demand.

Lean, agile, resilient and green supply chain management interoperability assessment methodology

Dissertação para obtenção de grau de Mestre em Engenharia e Gestão Industrial (MEGI)

Parametric portfolio policies: An application for a global tactical asset allocation model

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Insider threats: the major challenge to security risk management

Security risk management is by definition, a subjective and complex exercise and it takes time to perform properly. Human resources are fundamental assets for any organization, and as any other asset, they have inherent vulnerabilities that need to be handled, i.e. managed and assessed. However, the nature that characterize the human behavior and the organizational environment where they develop their work turn these task extremely difficult, hard to accomplish and prone to errors. Assuming security as a cost, organizations are usually focused on the efficiency of the security mechanisms implemented that enable them to protect against external attacks, disregarding the insider risks, which are much more difficult to assess. All these demands an interdisciplinary approach in order to combine technical solutions with psychology approaches in order to understand the organizational staff and detect any changes in their behaviors and characteristics. This paper intends to discuss some methodological challenges to evaluate the insider threats and its impacts, and integrate them in a security risk framework, that was defined according to the security standard ISO/IEC_JTC1, to support the security risk management process.