All IPE articles in April 2005 (Online) – Page 8
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Irish reserve fund avoids bonds amid low yields
IRELAND – Ireland’s €12.3bn National Pensions Reserve Fund says it is avoiding the bond market and holding more than €1bn in cash while yields are at their current historic lows.
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Norway’s KLP rejects conversion to public status
NORWAY – Members of the NOK140bn (€17bn) mutually owned Norwegian life insurance and asset management firm KLP has rejected its board’s plan to convert into a public limited company.
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Germany could issue 50-year bonds, sources say
GERMANY – A German 50-year government bond could come in the future, despite official denials that Germany has no immediate plans to issue longer dated bonds, sources say.
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Watson-Lyonnais court hearing postponed
UK – A court hearing between consulting firm Watson Wyatt and the UK pension fund of French bank Credit Lyonnais over negligence allegations has been postponed to May 9.
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Sainsbury’s scheme doubles hedge fund allocation
UK - The £3bn (€4.4bn) pension fund of retailer J Sainsbury has doubled its exposure to funds of hedge funds - investing new money and resources diverted from passively managed UK equities.
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UK’s Merseyside ousts Bank of NY
UK - State Street Corp. says it has been awarded a securities services mandate by the $6.0bn (€4.6bn) Merseyside Pension Fund - ousting incumbent Bank of New York.
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Switzerland's Ticino mulls strategy change
SWITZERLAND - The CHF2.68bn (€1.73bn) pension fund for the public employees of the Ticino canton is set to change its investment strategy after seeing its solvency ratio fall below 70% in 2004.
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Shell studies worldwide pension consolidation
NETHERLANDS – Oil giant Royal Dutch/Shell is running a feasibility study on the possibilities of merging its worldwide pension asset and investment advice departments.
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Pension reform hit as Czech PM resigns
CZECH REPUBLIC – The resignation today of Czech Prime Minister Stanislav Gross appears to have delivered a deathblow to attempts to accomplish pension reform before next year’s general election.
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Germany’s Heidelberg to supplement pensions
GERMANY – Printing machinery firm Heidelberg Gruppe, is to provide its 12,000 employees in Germany with a supplement to their company pension in exchange for their agreeing to work more overtime over the next five years.
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BGI says it has two-thirds of bond ETF market
GLOBAL – Barclays Global Investors says its exchange traded funds, iShares, have around two thirds of the $9bn (€6.9bn) fixed income ETF market.
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AP1 to vote against GE and Chevron at AGMs
SWEDEN – Forsta AP-fonden, the €17bn Swedish buffer fund, is to back environmental resolutions at US industrial giants General Electric and ChevronTexaco at their annual general meetings tomorrow.
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Dutch must discuss higher retirement age – DNB
NETHERLANDS - Dutch society should start discussing the gradual rise of the retirement age from 65 to 67, to compensate for population ageing, said central bank president Nout Wellink (Corrects organisers in 2nd paragraph).
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Rover trustee aims for Pension Protection Fund
UK - The new independent trustee for two underfunded pension schemes at collapsed car firm MG Rover has confirmed that it wants them to enter the Pension Protection Fund.
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SSGA names European consultant liaison director
EUROPE - State Street Global Advisors has named F&C's Valerie Nicholson as director of marketing and consultant liaison, with a Europe-wide brief.
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EU says six states not ready for directive
EUROPE - Six of the 25 EU member states won’t be ready for the EU directive on occupational pensions when it comes into force on September 23, says EU insurance and pensions commissioner Karel van Hulle.
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ATP makes €711m return on interest-rate swaps
DENMARK – ATP, the Danish labour market supplementary pension scheme, says it made a “healthy” DKK5.3bn (€711m) return on its interest-rate swaps portfolio in the first quarter.
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Greece sees pensions at 25% of GDP by 2050
GREECE – The governor of the Greek central bank, Nicholas Garganas, has warned that Greece is set to pay 25% of its GDP in pensions by 2050, given the low retirement age, high unemployment and falling birth rates.
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Hedge funds ‘should be part of core portfolio’
SWITZERLAND - Hedge fund investments should be part of the core as well as satellite portfolio – according to a professor at the Edhec French business school.
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ABN Amro AM reviewing mandates as profit falls
EUROPE – ABN Amro says it is reviewing the profitability of individual mandates at its asset management business amid a 10% decline in net profit at the division.
