London's Gherkin tower up for sale in wake of IVG receivership
Savills, Deloitte marketing iconic building 30 St Mary Axe
DC audit to investigate all schemes above auto-enrolment charge cap
Independent review of insurance DC workplace products to study all schemes charging above 75-basis-point cap set for auto-enrolment schemes
Ontario Teachers Pension Plan to make offer on UK airport stake
First offer option on Macquarie stake to be exercised
'Record demand' for index-linked Gilts stems from pension duration gap
AXA Investment Managers notes high interest in £5bn syndication despite negative yields
London boroughs review joint management of pension funds
Review to examine all areas of cooperaton, including joint management of £2.2bn in pension assets
Dutch giant APG moves into Indian infrastructure financing
Joint venture with Piramal to provide up to $1bn of mezzanine debt
Omega Pharma ruling sets 'high standard' for Irish sponsors to overcome
High Court ruling to see threshold of ‘reasonable’ demand imposed on trustee requests for additional funding
Wednesday people roundup
DeAWM, Allianz GI, APG, Mercer, Nikko AM, AXA IM, Capital Group, Quantum Advisory, B&CE
Head of investment at Mercer Switzerland to leave consultancy
Mercer to promote senior investment consultant at Swiss office
PFZW, APG 'closely monitoring' developments in Ukraine conflict
Possible portfolio changes to depend on any further sanctions EU might apply, schemes say
UK roundup: TPR, bulk annuities, Aon Hewitt, LCP
Regulator’s new DB funding code comes into force after publication in June
Irish regulator publishes draft minimum standards for DB management
Pensions Authority highlights importance of funding DB schemes above minimum funding level
Dutch giant APG appoints Bart Le Blanc to supervisory board
Industry veteran currently senior partner at Andreas Capital Group in Luxembourg
Dutch pension fund BpfBouw to expand into local real estate
Scheme for building industry also considering investments in care properties
Church Pension Board reports 18.6% return on return-seeking pool
Advisory group continues major review of policy recommendations on climate change, investment
AGI's Dilworth to join Deutsche asset management business
Chief executive at Allianz Global Investors replaces retiring head of active asset management
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
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.
“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.
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.
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.
Bart Heenk, Managing director, Avida International
“A balanced scorecard enables trustees to monitor, assess and improve outsourced services”
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.
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
Caisse des Dépôts fund lures French institutions back into housing
Domestic investors including ERAFP commit €515m to plug housing supply deficit
London's Gherkin tower up for sale in wake of IVG receivership
Savills, Deloitte marketing iconic building 30 St Mary Axe
Dutch pension fund BpfBouw to expand into local real estate
Scheme for building industry also considering investments in care properties
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
