All IPE articles in August 2008 (Online) – Page 4
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News
Operational change at €5.9bn German church fund
GERMANY – The €5.9bn German pension fund for church employees in Rhineland and Westphalia has announced it will restructure its investment operations, while pushing for more alternatives and diversity through indirect real estate.
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US giant huddles up to London
[16:35 CEST 13-08] UK – Mark Wood, managing director of US pension fund giant TIAA-CREF’s global real estate business, has revealed the newly-launched London office is an attempt to “make sure we are as close to the market as we can be.”
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PPF enhances its own ESG strategy
[16:45 CEST 13-08] UK – The Pension Protection Fund (PPF) has appointed F&C Investments to offer advice on responsible investment and provide voting and engagement services.
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Swedish financial system faces 'significant challenges'
[16:50 CEST 13-08] SWEDEN - The Finansinpektionen (FI) has warned while the Swedish financial system has "fared well" in the current market environment, there is "no guarantee" the firms it supervises will not suffer difficulties.
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UK regulator fines Credit Suisse over 'rogue traders'
[17:00 CEST 13-08] UK – Credit Suisse has been hit with a £5.6m (€7m) fine from the UK’s Financial Services Authority for failing to keep an eye on activity inside its business which led to the “mis-marking and mis-pricing” of some of its asset-backed securities.
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Failure scores are no measure to go by - Aon
[13:30 CEST 14-08] UK – Trustees should not let improving insolvency measures lead them into a false sense of security, as worsening economic conditions are still increasing the likelihood of insolvency, Aon Consulting warned today.
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VBV and APK beat the market
[15:30 CEST 14-08] AUSTRIA – Implementation of an overlay strategy and increased exposure to hedge funds have helped the €4.2bn VBV Pensionskasse to beat the market in the first half of 2008, its new CIO has told IPE.
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UN pension fund sees $1.5bn first half loss
[15:40 CEST 14-08] GLOBAL – The United Nations Joint Staff Pension Fund (UNJSPF) has reported a loss of 1.7% in the second quarter of 2008, resulting in a fall of $1.5bn (€1bn) in the first six months of the year.
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Finnish funds report negative returns in H1
[15:45 CEST 14-08] FINLAND – The €28.6bn Varma Mutual Pension Insurance Company, the largest private sector pension provider in Finland, has reported a negative return on investments of -3.8% in the first half of 2008.
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Private equity caught in 'transition' in H2
[16:00 CEST 14-08] EUROPE – In the second half of this year the buyout market will be caught in a transition period and the private debt sector will see a correction, Swiss alternative asset manager Partners Group has predicted.
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Hereford and Worcester see deficits rise
[16:15 CEST 14-08] UK – Volatility in the investment markets has increased pension deficits relating to the Worcestershire County Council Pension Fund over the last year.
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KBC to establish international expat fund
[16:30 CEST 14-08] BELGIUM – KBC, the banking and insurance group, is in the process of establishing a new international pension scheme for its expatriate employees, which could eventually become pan-European.
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News
Industry-wide fund seeks currency manager
[16:25 CEST 15-08] EUROPE – A European industry-wide pension fund is looking to award a $30m (€20.4m) global alpha currency mandate and is seeking a manager via IPE Quest.
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Top four Icelandic banks have "solid" base
[16:30 CEST 15-08] ICELAND - The four largest commercial banks in Iceland have all passed the regular "stress test" of the Icelandic Financial Supervisory Authority (FME), which calculates the ability of institutions to withstand "considerable" financial shocks.
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NIBC continues to suffer
[16:35 CEST 15-08] NETHERLANDS – The unlisted Dutch business bank NIBC saw its profits drop in the first half year of 2008 drop by a further 17% to €110m, ascribing the continuous drop to 'challenging' market circumstances.
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tPR suspends first independent trustee
[16:40 CEST 15-08] UK – The UK’s Pensions Regulator (tPR) has for the first time used its powers to suspend an independent trustee over concerns about the way some of the schemes the trustee administered were being run.
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Norway fund grows to €253bn in July
[16:45 CEST 15-08] NORWAY – The value of the Norwegian Government Pension Fund – Global increased to NOK 2.019trn (€253bn) in July, following a brief slump in June.
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€2.8b Horeca fund seeks new director
[16:50 CEST 15-08] NETHERLANDS – Horeca, the €2.8bn industry-wide pension fund for the Dutch hotel, restaurant, cafe and catering industry today said it is looking for a new managing director, following the resignation of Eric Uijen.
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News
Gilt index event ups liabilities by £9bn
[17:00 CEST 15-08] UK – The liabilities of pension funds with FTSE 100 sponsors are likely to have risen by £9bn (€11.4bn) in the last two weeks as the five-year anniversary of a single index-linked gilt is forcing almost all passive asset managers to sell the asset and rebalance their ...
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Trustee consultant Pickering to switch sides
[13:30 CEST 18-08] UK – Alan Pickering, a partner at Watson Wyatt and a long-standing adviser to pension fund trustees, is leaving the firm at the end of the year to switch sides and becoming a trustee as well as chairman of Bestrustees.
