All articles by Barbara Ottawa – Page 112
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Cardano in UK recruitment drive
UK – Rotterdam-based derivatives specialist Cardano Risk Management will open its first office in the UK during the summer.
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Portability directive takes second hurdle
EUROPE – The European Parliament’s employment committee (EMPL) has voted on EU’s pension portability directive and the matter is scheduled to be out to a plenary vote on May 22.
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Truce after Swiss deficit fist fight
SWITZERLAND – A dispute over how to plug a cantonal pension fund’s deficit – which ended in fisticuffs – has been settled amicably.
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Wednesday people roundup
Peter Walker has been appointed to the newly created role of chief operating officer at the Pension Protection Fund (PPF). He had joined the UK pensions lifeboat last year as interim COO and his position has now been made permanent.
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Unilever fund reaches 155% coverage ratio
NETHERLANDS – The almost €4bn Progress pension fund of Unilever in the Netherlands has returned 9.6% and increased its coverage ratio to 155% in 2006.
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Dutch fund unfazed by ABN Amro/Barclays talks
NETHERLANDS – The board of Dutch SBZ, the industrywide pension fund for employees in the health insurance sector, has decided to maintain an agreement in principle they have with ABN Amro for a fiduciary mandate, regardless of a possible merger with Barclays.
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West Midlands seeks direct property manager
UK – The West Midlands pension fund is looking for a manager for its £560m (€824.6m) direct UK property portfolio.
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NTMA seeks external transition expertise
IRELAND – The National Treasury Management Agency (NTMA) is setting up a transition manager panel in a move to minimise costs.
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Pension funds win US$45m class action
UK – Ten UK pension funds have won a total $45m (€33.8m) as part of an opt-out action brought against AOL Time Warner.
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Austria set to boost second pillar
AUSTRIA – Employees might soon find their bonuses going into a pension fund rather than cash into their hands.
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Irish Pensions Board urges use of pensions calculator
IRELAND – Increasing longevity in Ireland makes it vital to make sufficient pension contributions at the right time, said Brendan Kennedy, chief executive of the Irish Pensions Board.
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NBIM looking for independent financial instrument pricing
NORWAY – Norges Bank Investment Management (NBIM) is tendering for services regarding independent pricing of financial instruments.
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BP hires Bridgeland as new pension CEO (updated)
UK – Sally Bridgeland is leaving consultants Hewitt to become the new chief executive of the BP pension scheme. (updated with details on the fund)
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DC members save towards “soup kitchen” - Tomlinson
UK – Current defined contribution schemes will not provide sufficient means for members in retirement, Lindsay Tomlinson, vice-chairman of Barclays Global Investors, told delegates at the NAPF investment conference in Edinburgh today.
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IPE-QUEST: Belgian funds in search for equity managers
BELGIUM – Two institutional investors from Belgium are looking for equity managers using IPE-QUEST – one for a $30m (€22.7m) mandate and another for a $20m brief.
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NAPF polls industry on Myners reform
UK – The National Association of Pension Funds (NAPF) is asking trustees, members and advisers to supply their views on the Myners principles.
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Quarterly focus hinders sustainability – Gore
UK – Former US vice president Al Gore has told pension funds that their expectance of quarterly outperformance from managers and companies hinders sustainability.
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GSAM reports 26% AUM rise as revenues drop
GLOBAL – Goldman Sachs Asset Mangement (GSAM) reports $719bn (€545bn) in assets under management at the end of the first quarter – a 26% increase compared to last year.
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NAPF names new council chairs
UK – Arno Kitts is to chair the NAPF’s investment council, while Ruth Goldman will chair its benefits council.
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Klein leaves AP3 for consultancy
SWEDEN – Pernilla Klein, head of communications and corporate governance, at the third Swedish buffer fund AP3 is leaving to join the strategic communication firm Kreab.
