Advisers – Page 127
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BIS sees “disruptive” cuts in pensions benefits
GLOBAL – The Bank for International Settlements has raised the spectre of potentially “disruptive” cuts in retirement benefits in the industrialised world.
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Danish pensioners mull E20.6bn pension appeal
DENMARK - A group of 11 Danish pensioners are considering an appeal to the supreme court after their claim for more than 20 billion euros in pension contributions was rejected last week.
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PGGM gives Aegon its largest-ever win with €1bn
NETHERLANDS – The €55bn PGGM pension fund has given Aegon The Netherlands a €1bn mandate for European government bonds, its largest-ever win and a sign of a change within the investment management style of large pension funds.
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Finatem picks up Hennings and deal flow from DZ
Germany- German mid-market private equity firm Finatem has appointed Robert Hennigs as partner and managing director of the firm’s second portfolio, which has recently has its first closing with commitments of €74m.
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Fortis swoops on Barings' small caps team
UK- Fortis Investments has hired a team of four European Small Caps investment managers from ING’s subsidiary Baring Asset Management, as it seeks expertise in the class that it says will “thrive”.
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Epic hires Hermes' White
UK – Epic Investment Consulting, a pension fund trustee advisory company, has made snapped up Adrian White from Hermes and John Siska for its panel and asked the regulator to crack down on unauthorised independent advisers.
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UK expected to change retirement age to 70 or never
UK – Compulsory retirement in the UK is expected to be shaken up with the age at which people retire inevitably increasing past 65, according to the government’s chief independent advisory body on pensions and Mercer Human Resources Consulting.
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'Excessively generous' pensions stalls Dutch PVK/DNB merger
NETHERLANDS – Parliament has delayed the proposed merger of Dutch central bank (DNB) and the pensions supervisory board (PVK) pension funds after its scrutiny uncovered “excessively generous” deals for the boards’ members as the regulator was cracking down on other funds’ costs.
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Italy's Previndai fund to restructure and offer mandates
ITALY- The €2bn pension fund of industrial managers, Fondo Pensione Previndai, is to create two portfolios run by five external equity and bond fund managers as an alternative to its insurance contracts.
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Priamo fund to grant three mandates
ITALY - The Italian pension fund for public transport workers, Fondo Pensione Priamo, has put out its first request for tender of three managers to run its entire portfolio.
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German premiums to rise in '05
GERMANY- The German Insurance Association confirmed said contribution rates for individual pension plans were likely to rise next year due to longer life expectancy and this could hit the number of savers.
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Dutch pensions supervisor suffers court defeat
NETHERLANDS – The Dutch Pension and Insurance Chamber (PVK) has been found jointly liable for damages likely to be more than €80m over the collapse of life assurer Vie d’Or in the mid-1990s.
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State Street buys out Mediolanum from their JV
ITALY- State Street Global Advisors has bought out Italian insurer Mediolanum SpA’s 50% stake in their fund management joint venture after a difference in strategies.
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BA funds to mull opening to external funds
UK - The £9bn (€13.6bn) internally-managed British Airways pension schemes are considering whether to open to third parties, and Hermes Pensions Management has said it would look at investing in them if this happened.
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UK to remove indexation of DC annuities
UK – Pension fund consultants have broadly welcomed the UK government’s plan to remove inflation indexation from defined contribution schemes and said new US providers could enter the annuity market.
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Schootse turns its back on new external business
NETHERLANDS – Schootse Poort, the manager of Koninklijke Philips Electronics’ 12.5 billion euros in pension assets, has said it will not acquire more third-party clients following a strategic review.
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UK: Aon names development, commercial heads
UK - Aon Consulting has named Martin Good and Paul Crocker as business development and commercial directors.
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Aon says UK must raise pension age to 70
UK - Aon Consulting says the UK government will need to raise the state pension age to 70 to maintain state benefits.
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Jobs go as HP outsources Dutch scheme to Hewitt
NETHERLANDS - Hewitt Associates’ Dutch arm is to administer the 450 million-euro Hewlett-Packard Netherlands pension fund, the fund’s administrator said.
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Danish second-pillar taps investment funds
DENMARK – FEFSI says Danish second-pillar pension assets held in investment funds have almost doubled in the first quarter due to the conversion of the Special Savings Pension Scheme.
