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• Case | HBS Case Collection | August 2017 (Revised January 2020)

  PFA Pension: Expansion of Alternatives Portfolio

  Victoria Ivashina, Federica Gabrieli and Jérôme Lenhardt

  PFA Pension was the biggest commercial pension provider in Denmark. At the end of 2015, the company had decided to boost its investments into the alternative asset class, an area where it was lagging behind its competitors. The aim was to privilege direct investments and co-investments rather than allocations through funds. One year later, PFA could count on an expert alternative investment team, a defined investment process, and a number of successful direct investments. Still, a number of questions remained: How could PFA better access attractive deal opportunities? Should PFA try to build a formal deal sourcing model? What resources and skills would be necessary to add to the alternative investment team?

  Keywords: Asset Management; Private Equity; Investment; Denmark; Europe;

  Citation:

  Ivashina, Victoria, Federica Gabrieli, and Jérôme Lenhardt. "PFA Pension: Expansion of Alternatives Portfolio." Harvard Business School Case 218-025, August 2017. (Revised January 2020.)  View Details

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• Case | HBS Case Collection | October 2017 (Revised March 2018)

  RB

  Joshua Margolis, Vincent Dessain and Jerome Lenhardt

  "As 2016 was approaching its end, Rakesh Kapoor, CEO of RB, one of the world’s major fast moving consumer goods (FMCG) companies, envisioned the prospect of a major acquisition that would add a line of health-related products that promised growth in the developing markets of Asia. The acquisition would also move RB closer in size to its better-known rivals, such as Unilever or P&G. RB, formerly Reckitt Benckiser, produced health, hygiene and home products and its strategy revolved around 19 top-selling global brands known as Powerbrands, such as antiseptic Dettol or sore throat medicine Strepsils, cold remedy Mucinex. In 2016, the company recorded sales of $13.4 billion and a market capitalization of $62 billion. Kapoor wondered whether the moment was ripe for a major acquisition or if the organization needed more time to adapt to its new health and hygiene oriented strategy and some key organizational changes. Could Kapoor keep what made RB so unique among its FMCG peers intact through this transformation, and would an acquisition advance or jeopardize what distinguished RB?"

  Keywords: Organization Behavior; corporate culture; Mergers ＆ Acquisitions; Growth; geographic development; Mergers and Acquisitions; Organizational Change and Adaptation; Organizational Culture; Growth and Development Strategy; France;

  Citation:

  Margolis, Joshua, Vincent Dessain, and Jerome Lenhardt. "RB." Harvard Business School Case 418-033, October 2017. (Revised March 2018.)  View Details

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• Case | HBS Case Collection | November 2016 (Revised March 2018)

  Deutsche Bank: Structured Retail Products

  Boris Vallée and Jérôme Lenhardt

  Describes how Deutsche Bank, a leading European bank, is deciding whether or not to launch a new structured retail product in Germany: an autocallable note. Will this product find a market and how does it fit into the bank’s product portfolio? The case investigates how Deutsche Bank manufactures and distributes its structured retail products and more broadly explores the opportunities and challenges of offering financial products to households. The case also dwells on the scale and scope of the business of retail banking in an increasingly regulated environment.

  Keywords: structured products; structured retail products; Germany; commercial banking; Financial Markets; asset management; asset pricing; auto callable note; financial product; financial product development; financial product marketing; financial product launch; financial product positioning; Finance; Assets; Asset Pricing; Asset Management; Capital Markets; Financial Institutions; Banks and Banking; Commercial Banking; Financial Instruments; Annuities; Bonds; Stocks; Financial Management; Financial Markets; Financial Strategy; Interest Rates; Investment;

  Citation:

  Vallée, Boris, and Jérôme Lenhardt. "Deutsche Bank: Structured Retail Products." Harvard Business School Case 217-037, November 2016. (Revised March 2018.)  View Details

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