Advisers – Page 95
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News
Commerzbank names asset management COO
EUROPE – Commerzbank has named Andreas Krebs as chief operating officer for its newly created international asset management division.
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Watson Wyatt’s Thornton resigns
GLOBAL – Paul Thornton has resigned as a director of Watson Wyatt Worldwide to “pursue other opportunities”, according to a filing at the Securities and Exchange Commission.
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Ex-State Street SVP Cassidy joins Cambridge
US – Charles Cassidy, a former senior vice president of marketing at State Street, has joined investment consulting firm Cambridge Associates.
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Deutsche Börse custody chief exits
GERMANY - Volker Potthoff, managing director of banking and custody services at Deutsche Börse, has resigned to “pursue new activities”.
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GAM says it’s targeting institutional market
UK – GAM, the $54bn (€44bn) hedge fund arm that’s now part of Julius Baer, is renewing its focus on the global institutional market and bringing investment consultants onboard to help build on its institutional business.
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AG tells actuaries to mark-to-market - now
NETHERLANDS - Actuaries assessing the financial position of pension funds and insurers should already be doing so based on the actual market rate, instead of the fixed accounting rate of 4%, the Actuarial Society (AG) has told its 750 members.
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Ex NAPF chief named to BESTrustees board
UK – Peter Thompson, former Mercer HRC worldwide partner and ex-National Association of Pension Funds (NAPF) chairman, has been appointed to the board of BESTrustees as director.
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Rauser Towers Perrin advises DZ Bank
GERMANY – Consulting firm Rauser Towers Perrin is advising Germany’s DZ Bank on the construction of an external fund, known as a contractual trust arrangement (CTA), for €1bn in pension liabilities, industry sources say.
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UK high streets a magnet for private equity
UK - Private equity investment in the UK’s high street continues to be robust, despite concerns that consumer spending is about to fall.
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Railways fund SPF switches to DC
NETHERLANDS – SPF, Holland’s industry-wide railways pension fund, has changed from defined benefit to collective defined contribution.
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Pensions consultation made obligatory
UK – Employers could be fined by the Pensions Regulator should they fail to properly adhere to the new 60-day consultation period regarding proposals for any major changes to their pension funds.
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Complementa buys FondsConsult
GERMANY – Swiss investment consultant Complementa has acquired Munich-based FondsConsult, its partner in a German consulting venture launched three years ago.
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ABN Amro lifts investment fund fees
NETHERLANDS – ABN Amro will raise the fees charged on most of its investment funds on 1 April.
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Firefighters go to final appeal over pensions
UK – A test case brought by firefighters over pensions equality is set to go to the House of Lords, the UK’s final court of appeal.
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EU says 15 states still lag on pension directive
EUROPE – Fifteen European Union member states have yet to fully notify the Commission about the transposition of the directive on occupational pension funds into national legislation – almost four months after the deadline.
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Germany’s Faros hires another FERI consultant
GERMANY – Faros Consulting, a two-year-old investment advisor for institutional clients, has hired another consultant from rival FERI.
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New UK consultant Penfida to focus on trustees
UK – A group of former investment bankers at Lazard have set up a consulting firm to focus on advising pension fund trustees.
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Longevity bonds the ‘next big thing’ - study
GLOBAL – Longevity bonds – such as the now discontinued EIB/BNP Paribas issue – could still be the next big thing for the financial markets once initial teething problems are overcome, according to a new actuarial paper.
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Nobel laureate Merton says LDI “ill-conceived”
GLOBAL – Nobel Prize-winning economist Robert Merton has said immunizing pension obligations through liability driven investment strategies is “ill-conceived”.
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Nestlé fund axes Capital International
IRELAND – Robusta, the vehicle for Nestlé’s small to medium sized investments, has replaced investment managers Capital International and Dresdner RCM Global Investors Asia with Alliance Capital Management.
