All IPE articles in April 2005 (Online) – Page 5
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News
Pension outsourcing group sold to private equity
UK - The pension and benefits outsourcing business of Hogg Robinson has been sold to private equity firm Duke Street Capital for an undisclosed sum.
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MEPs vote for new pension scheme
EUROPE – The European Parliament has voted in favour of a new pension scheme for its MEPs in a move that will change the current system that allows disparities in salaries and pension rights.
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ABN Amro’s Alfred Berg becomes Societas Europaea
SWEDEN – ABN Amro’s Scandinavian investment group Alfred Berg is to simplify its legal structure by creating a so-called European company, or Societas Europaea.
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UK milk industry scheme retains Aon Consulting
UK - The £275m (€398m) multi-employer Milk Pension Fund has retained Aon Consulting as actuarial and investment adviser.
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HSBC boosts European securities services sales
EUROPE - HSBC Securities Services has hired Dominic Rieb-Smith as a new global business development manager in its European sales team.
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Swiss consultancy Allea joins Milliman Global
SWITZERLAND – Employee benefits firm Allea has joined Milliman Global, the consulting network that includes firms such as Fixage in France and Hymans Robertson in the UK.
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Greenwich: foreign exchange becoming asset class
GLOBAL – With volumes up almost 25% last year, foreign exchange is evolving into a separate asset class for “real money” investors, says Greenwich Associates.
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OECD sees no evidence of longevity deceleration
GLOBAL – The Organisation for Economic Cooperation and Development says the increase in longevity seems to be a permanent effect.
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Big Dutch schemes get boost from oil surge
NETHERLANDS - Rising oil prices have been the main driver behind strong returns on commodities portfolios at several large Dutch pension funds, their quarterly results have shown.
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UK’s NAPF says performance, not SRI, is key
UK – The National Association of Pension Funds says pension fund performance is more important that socially responsible criteria.
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IPE-QUEST: Swiss multi-manager tenders €161m
SWITZERLAND - A Swiss multi-manager has tendered a Swiss large cap-core equity mandate worth up to CHF250m (€161m) via IPE-Quest.
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Schemes happy with new FTK clarity
NETHERLANDS – After a consultation, it has emerged that Dutch pension funds don’t need to stack-up financial buffers to cover the risks of indexation and investment separately, under the new rules of the financial assessment framework, or FTK.
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Hedging affects Dutch public transport schemes
NETHERLANDS - Hedging and the rising dollar has affected the returns on investment of the Dutch railways pension fund and the scheme for public transport, according to their quarterly results.
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FTSE and ISS add corporate governance ratings
GLOBAL – FTSE Group and Institutional Shareholder Services have added corporate governance ratings to their new FTSE ISS Corporate Governance Index.
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Dutch agriculture fund switches to passive
NETHERLANDS – The €300m Bpf AVH scheme, covering 15,000 workers in the agricultural wholesale trade, has turned to Barclays and State Street for passive management, following an “insufficient performance test”.
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Swiss set up working group for SBB, Publica
SWITZERLAND – The Swiss Federal Council has set up a working group to address pension fund deficits at railway operator SBB and public employee fund Publica.
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PGGM to focus on absolute returns
NETHERLANDS – The €61.9bn Dutch healthcare pension fund PGGM aims to increase its allocation to alternatives such as funds of hedge funds and overlay management to around eight percent over time.
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Hymans Robertson names seven new partners
UK – Consulting actuaries Hymans Robertson has named seven new partners, bring the total number of partners to 27.
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Nestlé defeats pension funds amid “mistrust”
SWITZERLAND – Food group Nestlé has defeated a corporate governance motion brought against it by a group of pension funds - with outgoing chairman Rainer Gut questioning their motives.
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Citigroup asset mgmt profit falls (Update)
GLOBAL – Citigroup has reported that first-quarter net income at its asset management business fell 25% to $79m (€61.5m), with revenues at the division down 10% (Updates with comment).
