Advisers – Page 98
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Hewitt’s Hammer joins Mercer
UK – Mike Hammer, a former senior consultant at Hewitt, has been appointed principal in Mercer Human Resource Consulting’s retirement business.
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Watson Wyatt names Paris benefits head
FRANCE – Watson Wyatt has named Jean Kimmel as new benefits practice leader at the firm’s Paris office with immediate effect.
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Former DNB pension supervisor joins Mercer
NETHERLANDS – Rein van Dam, a former director of pensions supervision at De Nederlandsche Bank, has joined Mercer Human Resource Consulting.
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Watson critical of Star governance proposals
NETHERLANDS - Internal supervision of pension schemes, as proposed by the Labour Foundation, or Star, could more efficiently be done by the pensions regulator DNB, because of its independence and expertise, says consultancy Watson Wyatt Netherlands.
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UK Pension Commission may be permanent
UK – The Pensions Commission report due later this month may propose that it becomes a more permanent feature, according to pensions reform minister Stephen Timms.
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German pension assets ‘set to surge to €4trn’
GERMANY – German occupational pension assets should rise to some €4trn by 2030, as the government continues to promote the second pillar, according to consulting firm A.T. Kearney (corrects figure).
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Aon’s McGlone takes on client role
EUROPE – Paul McGlone, principal and actuary at Aon Consulting, is to take on a client role as the firm seeks to coordinate how it advises companies and trustees on pensions issues.
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VW facing reports of pension fund abuse
GERMANY – The former Volkswagen managers at the centre of a sex and bribery scandal may have attempted to misappropriate funds from Volkswagen Pension Trust (VPT), the €1.5bn pension fund for the car giant, according to a German newspaper.
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Bond switch could cut UK profits – consultant
UK – A wholesale shift by pension funds away from equities to bonds prompted by liability-driven investing could cut UK corporate profits by billions of pounds, according to consulting firm Pension Advisor Review.
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Switzerland’s AVS may reduce US debt exposure
SWITZERLAND – The €15bn Swiss Federal Social Security Fund AVS is looking at investing in euro-denominated bonds following a possible cut-back in its investment in US bonds and dollar-denominated debt.
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ING’s Central Europe pension assets surge
EUROPE – Dutch banking group ING’s pension fund assets in Central Europe have risen by more than 32% to almost €7bn.
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Belgium to submit IORP law in January
BELGIUM - Belgian financial supervisors will present the final version of a new law for implementing the EU directive on occupational pensions in the first week of January.
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UK pension theft case highlights role of actuaries
UK – A report into the theft of £2.9m (€4.2m) from a UK pension fund has highlighted the role of the scheme actuary and asset managers in detecting wrongdoing.
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Dutch actuaries respond to conflict fears
NETHERLANDS - The Dutch Actuarial Society, or AG, is to introduce a uniform statement for the assessment of the financial position of pension funds and insurers, it said.
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Report denies UK pensions crisis
UK - Britain does not face a pensions crisis, nor does it have a savings gap that needs closing, a business-led think tank has said.
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New Study assesses cross-border value
EUROPE - European and US asset managers view the establishment of local marketing offices in other countries as an expensive but effective option for cross-border selling, according to a new study.
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JPMorgan AM names new institutional head
EUROPE – JPMorgan Asset Management (JPMAM) has named Jens Schmitt as head of institutional business in Europe, replacing Peter Schwicht.
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Turkish fund wins national steelmaker tender
TURKEY - Turkish armed forces pension fund OYAK made the highest bid for a 46.12% stake in the country's biggest steel company, Erdemir.
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New regulator backs NIVRA on IFRS
NETHERLANDS -- The IFRS accounting rules require than companies with a pension fund that is part of an industry-wide scheme are required to carry their pension liabilities on their balance sheet, according to the new Dutch regulator for the financial markets, or AFM.
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Winter appointed to AFM board
NETHERLANDS - Dutch finance minister Gerrit Zalm has appointed Jaap Winter to the supervisory board of the Financial Markets Authority (AFM).
