All IPE articles in August 2008 (Online) – Page 4
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NewsGo ordered to honour Maltacom pensions promise
MALTA – Former employees of Cable and Wireless (C&W) Malta have won a court battle to receive backdated pensions rights from now owners of the firm Go plc, after being promised their entitlement in an government-endorsed agreement in 1975.
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NewsPGGM begins push for fund's clients
[16:15 CEST 18-08] NETHERLANDS – PGGM, the asset manager of the giant Dutch health care pension fund PFZW, today announced it is to begin marketing saving products directly to its pension fund’s client base.
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NewsPension demands kill Woolworths takeover bid
[15:45 CEST 18-08] UK – Woolworths Group today stated requirements related to its pension liabilities was one of the key reasons it has rejected a takeover offer by frozen foods chain Iceland Foods for its retail division.
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NewsDutch SCA funds go fiduciary
[14:30 CEST 18-08] NETHERLANDS – Two Dutch corporate pension funds of global consumer goods and paper company SCA with combineds assets of €360m have chosen asset manager Mn Services as its fiduciary manager.
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NewsBuyouts and future of DC top trustee worries
[14:00 CEST 18-08] UK – Pension buyouts and the future of defined contribution (DC) schemes are the biggest concerns for pension fund trustees, research from Aberdeen Asset Managers has revealed.
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NewsSources confirm Tesco/USS real estate deal
[13:35 CEST 18-08] UK – Sources have confirmed the £30bn (€38bn) Universities Superannuation Scheme (USS), the second-largest pension scheme in the UK, is set to purchase a number of UK supermarket chain Tesco’s largest stores.
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NewsTrustee 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.
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NewsGilt 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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News€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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NewsNorway 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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NewstPR 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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NewsNIBC 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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NewsTop 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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NewsIndustry-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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NewsKBC 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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NewsHereford 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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NewsPrivate 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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NewsFinnish 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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NewsUN 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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NewsVBV 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.
