All IPE articles in August 2009 (Online)
View all stories from this issue.
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NewsKensington, Enfield and Falkirk seek managers
[17:00 CEST 28-08] UK – Three local authorities are tendering investment manager roles for their pension funds to cover UK property, active global equities and a passive portfolio.
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NewsVER returns 5.3% on equity gains
[17:00 CEST 28-08] FINLAND – Improvements in equity markets helped Valtion Eläkerahasto (VER), the State Pension Fund, post a return of 5.3% in the first half of 2009.
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NewsAP3 rises 5.2% but warns system rebalancing takes time
[16:55 CESt 28-08] SWEDEN – Tredje AP-fonden (AP3), one of the four buffer funds, reported a net first half return of 5.2%, but warned the pension system's balancing mechanism will still be activated in 2010 meaning pension benefits and entitlements will not be indexed in line with wage growth.
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NewsGerman governance reforms were not good enough - Hermes
[16:50 CEST 28-08] EUROPE – Hermes Fund Managers has sent an open letter to German government officials and companies listed on the Dax and Mdax stock exchanges, calling for reforms to recent legislation which was designed to strengthen corporate governance and “the appropriateness of management board remuneration”.
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NewsNorway's giant pension funds get new CIO
[16:20 CEST 28-08] NORWAY - Norges Bank Investment Management (NBIM) has appointed an internal candidate to take on the role of chief investment officer, and given Bengt Enge the job of overseeing the company's investment management and that of the giant Norwegian pension funds.
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NewsDiageo uses escrow funds to plug pensions deficit
[16:00 CEST 28-08] UK – Diageo, the drinks giant, is transferring money set aside in an escrow account into its closed defined benefit pension fund, in a bid to improve the scheme’s deficit.
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NewsAdvisers to support trustees in search for fiduciary manager
[17:00 CEST 27-08] UK – Four firms which assist pension trustees in the procurement of asset management and consultancy services are expanding their duties to assist trustee boards in their search for fiduciary managers.
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NewsNottingham considers pension merger
[16:55 CEST 27-08] UK – Nottinghamshire County Council is considering a potential merger of its two Local Government Pension Scheme (LGPS) funds, ahead of the next triennial valuation in 2010.
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NewsBarnet considers search for custodian
[16:50 CEST 27-08] UK – The London Borough of Barnet is preparing to tender for global custodian services for its £481m (€546m) pension scheme for the first time.
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NewsNorway domestic pension returned 12.8%
[16:45 CEST 27-08] NORWAY – The Government Pension Fund – Norway achieved an investment return of 12.8%, or NOK11bn, in the first half of 2009 as the total value of its investment assets reached NOK98.9bn (€11.4bn).
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NewsASIP calculates 3.4% Swiss return
[16:40 CEST 27-08] SWITZERLAND – Swiss pension funds returned 3.4% for the first half of 2009, according to calculations made by Watson Wyatt for the Swiss pension fund association ASIP.
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NewsIcelandic pensions gain from market pressures
[16:30 CEST 27-08 ICELAND – Icelandic pension funds have inadvertently enjoyed benefits from the recent financial turbulence as earlier moves by the government to force the sale of overseas assets have not been enforced, the sector has instead been given access to wider investment opportunities.
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NewsPensions-to-GDP ratio dropped in 2008
[15:00 CEST 27-08] GLOBAL - The recent turmoil of the financial markets led to a a 12 percentage point (pp) drop in 2008 in the asset-to-GDP ratio in OECD countries.
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NewsAP1 changes yield 6.7% return
[17:25 CEST 26-08] SWEDEN - Första AP-fonden (AP1), the First Swedish National Pension Fund, has reported a net first-half return of 6.7%, following the implementation of a new investment model.
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NewsOil returns drive ATP's DKK3.3bn profit
[17:20 CEST 26-08] DENMARK – ATP Group has reported a first-half profit of DKK3.3bn (€443m) as its investment portfolio achieved a market return of 3%, or DKK11bn gross, thanks to positive returns in four of its five investment risk classes.
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NewsUlster and RBS salary cap plans ignite unions
[17:15 CEST 26-08] UK – Planned changes by Ulster Bank and its parent company Royal Bank of Scotland to its defined benefit (DB) schemes, such as capping pensionable salary at 2% or the rate of inflation have met with resistance from trade unions.
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NewsUSS prepares to build FoHFs
[17:10 CEST 26-08] UK – The Universities Superannuation Scheme, the UK’s second-largest defined benefit pension plan, has started work on the creation of an in-house fund of hedge funds.
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NewsDutch retirement age should be 68 - economist
[16:50 CEST 26-08] NETHERLANDS - An economist has claimed the official retirement age for the state pension AOW should be raised beyond the government’s proposed retirement age of 67 and by an extra year to 68, to meet growing life expectancy in the Netherlands.
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NewsRoelandt returns as Samco CIO
[16:00 CEST 26-08] GLOBAL - Samco, the asset manager of pension funds for energy giant Shell, has appointed Piet Roelandt as chief investment officer.
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NewsEureko-PZU edge closer to settlement
POLAND – The deadline set for a settlement in the Eureko-PZU conflict will be up in a month, but negotiating parties say they are optimistic about finally reaching an agreement over Eureko's disputed shareholding in the Polish firm.
