Dutch roundup: PGB, TNO
Pension fund for graphics sector returns 5% on investments over second quarter
UK questions European Commission's ability to proceed with IORP II
Detailed report questions whether IORP II can be introduced under guise of single market when it impacts principle of subsidiarity
IASB interpretations committee mulls restrictions on DB plan surpluses
Committee could be on verge of restricting ability of DB sponsors to recognise plan surplus on balance sheets
Union leader rules out lower contributions at Dutch railways scheme
Union cites new contribution rules in FTK proposals
UK roundup: Philips Pension Fund, Prudential, TPR, PPF
Philips Pension Fund takes total pensioner insurance buy-in contracts to £784m after new tranche
German institutions diversifying within asset classes – Towers Watson
German pension providers ‘wasting investment potential’, consultancy says
Friday people roundup
Cambridge Associates, Momentum Global Investment Management, Mercer, Capital Cranfield, Schroders, MFS Investment Management
Pension funds for Dutch carrier KLM report strong second-quarter returns
Funding improves marginally due to falling interest rates
French investors launch Europe’s first project bonds for digital infrastructure
Deal to give Axione Infrastructures €189.1m for rollout of superfast broadband
ACCA supports lobbying DWP over changes in audited accounts regulations
Outdated reporting for pensions investment disclosures could confuse, say accountants
Danica profit up sharply in first half as guarantee-related capital needs shrink
Rising return on equity boosts profits at Danske Bank pensions unit
Legg Mason acquires UK equity manager Martin Currie
Deal will see company retain own branding as US house seeks to grow equity expertise
Now Pensions overhauls investment strategy, predicts cash withdrawal
Single-fund provider removes annuity-matching portfolio as part of default investment strategy
NEST CIO warns of ‘regret risk’ in alternative indexing
National Employment Savings Trust to consider alternatives to target-date at retirement
Environment Agency Pension Fund drops currency hedge
EAPF’s active fund on track to allocate 25% of assets to green economy
IPE Views: UK pension industry needs to gear up for significant change
Dalriada’s Adrian Kennett looks at what’s to come after the government’s ‘clear statement of intent’ on reform
Digital Edition
Registered users are entitled to the first digital issue of IPE with the compliments of the IPE.com team.
Success assured
When Russell Büsst was coaxed from Amundi in 2011 to head Conning’s expansion into Europe, he had three objectives: break even and hit $10bn (€7.38bn) under management within three years; use the firm’s insurance-industry relationships as a platform to build the pan-European business; and balance property-and-casualty (P&C) with life-and-pensions (L&P) assets.
My door is always open
Alfredo Granata and Paola Muratorio tell Carlo Svaluto Moreolo about their fund’s drive to invest in the real economy and its openness to new ideas
The perfect match-up
How do you use corporate bonds in your portfolio?
An artisan with solutions
Where one still finds asset managers attached to banks, the former tend to be junior partners. Not so at William Blair, whose founder always had an ambition both to finance and invest in small growth companies from day one in 1935.
Counting on the krona
Erik Callert, chief investment officer of SPP Livförsäkring, tells Jonathan Williams how an overhaul of its portfolio left it better equipped to deal with Solvency II
Time to come together
M&A activity is expected to increase as the global economy recovers. Gail Moss looks at the implications for pension funds that sponsors and trustees should consider
What are the benefits?
The European Commission unveiled its proposals for a uniform pension benefit statement this spring. The idea has had a mixed reception, as Gail Moss finds
So sue me
European institutional investors have been more reluctant to use the law to enforce their rights than their US counterparts. But recent actions suggest this might be about to change, writes Stephen Bouvier
Smaller firms, better mousetraps
While innovation can take place in companies of any size, smaller companies sometimes get the edge through fresh thinking and nimble structures. Christopher O’Dea finds that innovation opportunities are abundant both abroad and at home
Is divesting working?
OK, it doesn’t work very well. We’re still on track for runaway climate change, according to Fatih Birol, chief economist of the International Energy Authority.
“Italian employees have great need of consistent additional pension coverage”
Assets managed by pension funds in Italy equate to about 6% of its gross domestic product. In a country where the social security system provides an adequate level of coverage at retirement that would not be a concern. But in Italy, after all the recent reforms, this situation represents a relevant risk for both employees and employers. Benefits provided by the social security system have strongly decreased over the last 20 years and the retirement age raised considerably.
Time for a change
Earlier this year, the investment team had a briefing from Rolf, the long-standing chairman of trustees of the Wasserdicht Pension Funds here in the Netherlands. Things are changing, at least in terms of our internal governance, and Rolf came along to tell us about it.
M&A medicine
The debate about Pfizer’s proposed takeover of the UK’s AstraZeneca – which should have resolved itself by the time you read this – reminds us that there are some big unanswered questions relating to institutional investors and M&A activity.
Bart Heenk, Managing director, Avida International
“A balanced scorecard enables trustees to monitor, assess and improve outsourced services”
Look to the north
In the Netherlands we are sensitive to environmental problems and are aware of our vulnerability as a low-lying nation to rising sea level. After all, you have to if a fifth of your land and a fifth of your people are below sea level.
Time for trusteeship
Senior staff at China Investment Corporation (CIC) are talking about investment governance these days, reflecting growing recognition of the importance of sound non-executive or supervisory board oversight for all kinds of entities, be they global companies, sovereign wealth entities or pension funds.
Bond managers are worryingly sanguine
ECB president Mario Draghi unveiled his latest measures to arrest disinflation and rouse dormant corporate lending markets in June. Soon afterwards, big records started tumbling.
Put the trust back
Italy is a self-perpetuating paradox. Structural and historical forces keep the country under constant pressure; yet they drive a search for innovation to solve long-lasting problems. The pension system is a perfect example.
Pensions cart before the horse
It may come a surprise that the UK, Europe’s leading pension market by assets, has been one of the least innovative in terms of benefit design – something the present government is keen to rectify.
What price opportunity?
An overhaul of the Norwegian oil fund’s active management approach should free it from most of its current investment restrictions, according to a report co-authored by the former chief executive of the Canada Pension Plan Investment Board (CPPIB), David Denison.
Developed Market Sovereign Bonds: From ruin to recovery
Fundamentals, technicals and sentiment have come together to change the fortunes of peripheral euro-zone bonds. Joseph Mariathasan finds that, while these markets may never again be considered core, yield-hungry investors are happy to provide continuing support
Investment Grade Credit: Banks or supermarkets
The world’s banks are cutting debt and repairing balance sheets. The world’s non-financial companies are gearing up to take risk. Joseph Mariathasan explores why the choice for bondholders is not as clear as it sounds
Investment Grade Credit: Any life in long-dated bonds
A recent reform announcement could significantly reduce the UK’s annuity market. Joseph Mariathasanasks what the knock-on effect might be for long-dated sterling bonds
Investment Grade Credit: No bears threaten Goldilocks
After the big spread-tightening, managers warn against the shortest maturities and talk up senior bank debt, bottom-up bond-picking and relative value basis trades David Turner explores opportunities in the euro-zone credit sweet spot
Investment Grade Credit: When the flows reverse
Jittery investors at the top of markets and liquidity mis-matches within investment products could exacerbate the current lack of market-maker liquidity in corporate bonds. Charlotte Moore assesses the risk
Real estate
LaSalle invests in Amsterdam for Bavarian pension fund BÄV
Debut European deal for Bayerische Ärzteversorgung under €500m BVK mandate
Environment Agency Pension Fund drops currency hedge
EAPF’s active fund on track to allocate 25% of assets to green economy
Norges Bank to acquire US office assets worth nearly $1bn
Sovereign fund buys in Boston, San Francisco with MetLife, TIAA-CREF
Kames Capital awarded £150m in indirect real estate mandates
Corporate pension fund, university pension scheme select Aegon subsidiary
Investible green bond indices 'not quite there yet' – Climate Bond Initiative
Admission comes despite market’s exceeding $500bn, with 2014 issuances set to double compared with 2013
