All IPE articles in April 2007 (Online) – Page 8
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News
Equities boost for Siemens’ pension funds
EUROPE – Siemens, the German industrial giant undergoing management upheaval, has seen the deficit in its principal pension plans reduced to €2.9bn to €1.7bn over the last year due to strong equity markets.
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VB says Dutch industry schemes improve
NETHERLANDS – Dutch industry wide pension schemes are further improving their total financial position, according to the funds’ umbrella organisation, the Vereniging voor Bedrijfstakpensioenfondsen (VB).
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Ciba axes BlackRock
UK – The UK pension fund of Swiss pharmaceuticals giant Ciba Speciality Chemicals has axed BlackRock in favour of Insight Investments.
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New ECJ occupational pensions ruling due
SPAIN – A European Court of Justice (ECJ) ruling on a Spanish legal challenge that could affect occupational pension schemes is expected to be made in August.
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Hewitt hires LDI expert from Aon
UK – Caroline Allensby-Green will join Hewitt after 10 years at rival Aon Consulting.
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Germany revamps investment law
GERMANY – The government has approved a host of reforms of Germany’s investment law, including easing investment restrictions on open-ended real estate funds and institutional funds and cutting approval periods for new funds.
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Merseyside seeking all-in-one accounting system
UK – The £4bn (€6bn) Merseyside pension fund is looking to find an integrated accounting system which combines keeping track of the pension contributions inflow as well as the fund's investments.
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ABN Amro frees up private equity arm
NETHERLANDS - ABN Amro, the Dutch bank subject to a bidding war from rivals, will transfer the management of most of its private equity business to an affiliate.
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IPE-QUEST: Dutch fund in EM bond search
NETHERLANDS – A Dutch institutional investor is seeking a local emerging markets bond manager for a $100m (€73m) active mandate using IPE-QUEST (QN802).
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ABP, PGGM and Mn join ABN Amro rebellion
NETHERLANDS – ABN Amro, which has agreed to a £90bn merger with Barclays Bank, has come under fire from a small group of rebel institutional investor over the sale of its US subsidiary.
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Greece bows to ILO pressure over bank benefits
GREECE – The Greek government has invited union leaders to a meeting on the issue of 13 dissolved supplementary pension schemes of Greek banks following a reprimand from the International Labour Organisation (ILO).
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Cayman unwilling to raise regulation
CAYMAN ISLANDS – The registered home to 80% of the world’s hedge funds has reaffirmed its unwillingness to introduce stricter regulations on these products.
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Italian regulator predicts “crucial” half year
ITALY – Pension fund watchdog, Covip, has described the first six months of 2007 as “crucial” in the growth of workplace savings.
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Liechtenstein wants to join IOPS
LIECHTENSTEIN – The Financial Market Authority in Liechtenstein wants to become part of the International Organisation of Pension Supervisors (IOPS).
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Aargau scheme in search for new members
SWITZERLAND – Aargauische Pensionskasse (APK), a CHF6bn (€3.7bn) pension fund for civil servants in the northern canton of Aargau, has posted an an above-average return for 2006 and said that it will open its doors to extra-cantonal employers.
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Czech merger brings funds down to nine
CZECH REPUBLIC – Two Czech pension funds, Zemsky and CSOB Progres are to merge bringing further consolidation in the country's pension market.
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Bovenberg calls for governance clarity
NETHERLANDS - Dutch politicians must provide clarity on the governance model of new API funds, otherwise their improvement will be delayed and the export of pension expertise will not materialise, according to pensions expert Lans Bovenberg.
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Watch out for LDI ‘nostrum’ – King
UK - Companies which offer Liability Driven Investment (LDI) solutions should carefully review whether they are making unrealistic representations, warns Max King, fund manager at Investec Asset Management.
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Greek pension fund seeks day in court
GREECE – The Greek civil servants pension fund TEADY is seeking compensation through the courts from the broker which recommended the purchase of an overpriced bond.
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LAPFF targets Shell in oil pay protest
UK – The Local Authority Pension Fund Forum (LAPFF) is continuing its drive to reform oil companies’ pay deals by now calling for Anglo-Dutch oil giant Shell to attach safety-related performance targets to its management remuneration packages.
