All articles by Barbara Ottawa – Page 108
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News
Schroders loses balanced LGPS mandate
[17:20 CEST] UK – The £640m (€935m) London Borough of Tower Hamlets Pension Fund has replaced Schroders on a balanced mandate with two specialist managers.
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Commission raps nine over cross-border tax
[17:18 CEST] EUROPE – European governments are being put under pressure by the European Commission and could face court action for being in breach of EU law for their taxation of foreign pension fund investors.
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Austria too optimistic on pensions – IMF
[12:53 CEST] AUSTRIA – Calculations used by the Austrian government for the projection and reform of the pension system’s future expenses might be too optimistic, the International Monetary Fund (IMF) has suggested.
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Portability compromise by end of May?
EUROPE – The German EU presidency is hoping to reach a compromise on the portability directive by the end of the month.
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News
EPIC advisers bought by hedge fund specialist
UK – Specialist investment adviser Allenbridge has bought a 51% stake in independent pension trustee consultant EPIC Investment Advisers (EIA).
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UBS loses out on institutional money
EUROPE – Swiss bank UBS' asset management saw inflows from institutions in the first quarter fall to CHF2.7bn (€1.6bn) from CHF7bn a year ago.
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Lewisham seeks member thoughts on SRI
UK – The £600m (€878m) Lewisham council pension fund has plans to send out a questionnaire to pensioners and active members to gauge their thoughts on ethical investment issues.
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News
Edinburgh re-appoints State Street
UK – Edinburgh Council has renewed State Street Global Advisors' contract for a £113m (€180m) Scottish Homes pension fund mandate.
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Features
Need for pensions wake-up call
Both politicians and trades unions are concerned about pensions in Austria. Barbara Ottawa talks to some of the movers and shakers
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News
EU appoints actuary for unfunded pensions
LUXEMBOURG – The European Court of Auditors has appointed Belgian actuary ESOFAC to look into the unfunded pension arrangements for the civil servants at the European Union.
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Ealing completes manager review
UK – The London Borough of Ealing's £557m (€816.7m) pension fund has replaced UBS and Fidelity with three new managers.
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AP7 in major portfolio overhaul
SWEDEN – In a major revamp of its portfolio the SEK80bn (€8.8bn) Swedish buffer fund AP7, Sjunde AP-fonden, shows more appetite for risk but not for hedge funds.
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News
First licence for second pillar filed
ROMANIA – ING's Romanian pension fund Fond de Pensii was the first to file for a licence for second pillar pension provision which is expected to be open for business early next year.
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Michelin considers UK scheme closure
UK – The French tyre manufacturer is considering to close the defined benefit scheme for its UK operations to future entrants and accruals as of 2009.
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News
Institutions tame hedge funds – State Street
GLOBAL – Institutional investors are changing the world of hedge fund and increased disclosure might eventually lead to a decrease in outperformance, State Street has said.
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Funds select managers past their peak – WM Services
UK – Trustees are often selecting managers at the top of their performance cycle, according to WM Performance Services.
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Features
Freedom brings new restraints
Funds are navigating their way around a new risk management directive, writes Barbara Ottawa
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News
Essex awards £1bn in mandates
UK – The £2.6bn (€3.8bn) Essex County Council Pension Fund has awarded a £1bn currency overlay mandate and a £150m unconstrained equity mandate.
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News
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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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.
