Irish sovereign fund 'very interested' in small-scale PPP
NPRF’s head of investments details interest in infrastructure projects, equity finance for domestic companies
Thursday people roundup
Greater Manchester, Ancala Partners, Neuberger Berman, BNP Paribas, Pioneer, Allfunds
PNO Media puts merger with PGB on ice
Dutch journalists’ fund to watch sector developments and consolidation before deciding future direction
Danish pension funds spurn calls to merge with commercial provider
Pharma fund latest to insist tighter regulations on provisions are manageable
European Parliament passes supplementary pension rights directive
Agreed proposal will see vesting rights fall to three years, requirement to treat active and deferred members equally
Big funds doubt new FTK will be fully introduced on 1 January
Dutch state secretary seems to acknowledge objections from the pensions sector that time is too short
Investor seeks manager for $500m infrastructure debt mandate, using IPE-Quest
Mandate to invest in debt of OECD nations, with cap on total exposure to Australia
PWRI mulling future as independent fund after legal changes
Chairman of Dutch fund for disabled workers said doubts remains whether it can achieve required returns as standalone entity
IOPS finds pension charges falling in Central Europe
DC plans in Croatia and Macedonia show best improvements on 40 year-modelling
Mandate roundup: ERAFP, APUC, Mercer
French public sector fund searches for managers for new €400m corproate debt mandate
Santander scheme targets disposable income in leisure property deals
Head of pensions at banking group outlines scheme’s interest in distressed situations where property values can be realised over a decade
EIOPA: Third-pillar harmonisation not about ‘fight' with occupational schemes
Bernardino stresses the move to create a single market for private pensions is for the good of the Union, not to undermine first and second-pillar savings
ING, IPE surveys reveal appetite for bank loans
Pension funds cite diversification, low defaults, floating rates - but question industry capacity to provide products
Rockwool's pensioners ask in vain for €20m indexation contribution
No inflation linking since 2006 but company denies unilateral arrangements at participants’ expense
Greater Manchester fund buys retail complex
GMPF picks up Chorlton Shopping Centre in £10m deal, increases direct holding
Irish regulator reiterates support for 'economies of scale' in DC
Head of Pensions Authority says future DC framework to focus on abilities and responsibilities of trustees
Digital Edition
Registered users are entitled to the first digital issue of IPE with the compliments of the IPE.com team.
IORP II criticised as restrictive 'corset' by German association
Association for German company schemes warns quantitative guidelines, akin to Solvency II, could still be introduced
Finnish pensions body slams IORP demand for benefits statement
Requirement for statement to members puts pension funds at cost disadvantage to insurers, association says
Investors welcome greater transparency for infrastructure debt
European Commission throws support behind number of proposals to encourage long-term financing
Denmark's F&P decries lack of capital requirements in IORP II Directive
New prudential framework should create level playing field, pensions industry association says
EC should spur demand for long-term investment, says Finland's TELA
Dutch Pensions Federation warns of IORP II 'communications overkill'
Retention of full funding requirement 'opposite to EC’s objective'
Commission moves to increase transparency of infrastructure loan market
NAPF bemoans IORP II lobbying after cross-border funding fiasco
Solvency for pensions only possible from 'position of zero' – PensionsEurope
Last-minute changes to IORP II Directive spark confusion
IORP II: Not bad but could do better
IORP II to require assessment of environmental, resource risk of investments
IORP II to remove EU member states' ability to cap equity exposure
IORP II to revise investment guidelines, introduce remuneration policies
IORP II Directive to be 'less regulation, more politics', promises Barnier
German industry fears IORP II will be 'stab in heart' for company schemes
Paying dividends?
What is your current thinking on equity investment?
Sailing towards sustainability
Antony Barker, of the UK Santander Group Pension Scheme, tells Jonathan Williams how his fund is on a path towards sustainability, and how property and consumer disposable income play a key role in the new asset allocation
Global expectations
“What makes businesses interesting is how they adapt to a global changing world,” declares John Calamos, founder, chairman, CEO and co-CIO of Calamos Investments. Having set up the firm in 1977, listed it on Nasdaq in 2004 and reached an AUM peak of $49bn (€36bn) in 2007, he is now overseeing a transformation that he intends will take it on a journey from a predominantly US focussed firm to a global fund management company.
Cautious, Swiss and international
As an institutional manager and provider of institutional-type investment management services to private banks, including within its own group, Pictet Asset Management (PAM) clearly stands apart from the private banking fraternity.
Long-term relationships
How do you use consultants?
Two sides to private equity
A recent NBER working paper suggested that private equity delivered absolutely no risk-and-cost-adjusted return beyond what is available in public markets. Anthony Harrington takes a closer look at this surprising finding
Banking on emerging markets
Financial services may be a less stretched way to get exposure to the emerging consumer, writes David Turner. But will stockpicking shield investors from these markets’ credit crunches?
Long tech, short toil
Bob Swarup likens today’s environment with the second industrial revolution and the six-year depression it unleashed, and advises investors to get on the right side of the current technological revolution
Time to pool resources
Leen Preesman asks the CEOs of PGGM and PKA about their co-operation plans and about the development of supplementary pensions in Europe
Thomas Richter CEO BVI, Germany’s asset management association
“Auto enrolment would make sense in Germany and could develop through collective bargaining”
ESG lacks something
No, I haven’t had a damascene conversion to become an ESG critic. Rather, my argument is that the ESG (environment, social and governance) community needs to add another ‘E’, for economics.
DB, DC and all that
Wasserdicht’s Dutch pension fund is one of the few that has maintained a strong solvency ratio throughout the crisis of the past few years.
Debbie Harrison Visiting professor The Pensions Institute, Cass Business School, UK
“The most important factor that determines the outcome in DC pensions is the member charge, not the investment strategy”
Lessons from Davos
Who would have thought that Davos would take over from the dormant Occupy movement on the issue on ‘inequality’? Or that five years after the crisis the financial sector would still be top of the WEF Global Risks register?
The twain shall meet
The figures speak for themselves when it comes to the development of defined contribution (DC) pension assets. Defined benefit (DB) pensions accounted for over 60% of the total assets in Towers Watson’s annual Global Pension Asset Study 10 years ago but that share is now 53% and falling; the annual growth of DC assets was 8.8% over the past 10 years compared with 5% for DB assets.
Beyond the glib view
Credit rating agencies did not cover them- selves in glory in the financial crisis, particularly when it came to the rating of sub-prime credit instruments. While the main ones have taken steps to put their house in order, the EU has targeted the perceived mechanistic over-reliance of institutions on external ratings.
Three is a magic number
Ever since US 10-year yields bounced off of a low of 1.4% in July 2012, the investing commentariat has been predicting the end of the bond bull market and sky-high levels for benchmark rates.
Engaging with the engine of Europe
Of the nearly 270 signatories of the UN-backed Principles for Responsible Investment - which includes a pledge to be active, engaged shareholders - there are only six German pension funds. While the picture in neighbouring Austria, where only one fund has pledged allegiance, and Switzerland – with just three pension supporters – is comparably low, in terms of engagement, it is a matter of comparing apples with oranges.
Farmland, infrastructure and ESG
At this year’s National Association of Pension Funds Investment Conference, delegates gathered in Edinburgh looking to bridge ideas and investment strategies for the future. Sessions on smart beta, liability-driven investing (LDI) and multi-asset solutions were popular.
Minister courts schemes on PIP
Danny Alexander, a senior Treasury minister in the UK government, has called on pension funds to invest more in infrastructure.
Real estate
Santander scheme targets disposable income in leisure property deals
Head of pensions at banking group outlines scheme’s interest in distressed situations where property values can be realised over a decade
Greater Manchester fund buys retail complex
GMPF picks up Chorlton Shopping Centre in £10m deal, increases direct holding
West Sussex fund drops property manager after 22 years
Aberdeen to take control of portfolio after previous manager underperformed fund benchmark and missed target returns
AP Pension, Sampension launch DKK3.6bn commercial property loan fund
Five Danish funds set up fund with AXA Real Estate; cooperation seen letting pension funds compete with banks
Planes propel German doctors fund's returns
German Versorgungswerk met minimum return targets with help of infrastructure investments, including loans for planes
