All articles by Barbara Ottawa – Page 117
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Father hands Swiss consultancy over to son
SWITZERLAND – Michael Brandenberger has formally taken over as chief executive officer of the Swiss consultancy Complementa, a company established by his father in 1984.
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Credit Suisse nabs Griffiths from Axa
UK – Paul Griffiths joins Credit Suisse as managing director and head of fixed income for asset management.
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ECJ rules against Danish pension taxation
DENMARK – Denmark is in breach of European law on freedom of movement of workers and capital by not granting tax-deduction on contributions to pension contracts with foreign insurers, the European Court of Justice (ECJ) ruled today.
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Morgan Stanley wins university’s €90m alternatives mandate
UK – The £1.3bn (€1.9bn) Superannuation Arrangements of the University of London (“Saul”) has awarded a £60m alternatives mandate to Morgan Stanley Investment Management (MSIM).
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DAX30 companies see pension deficit fall to €90bn
GERMANY – The top 30 companies in the DAX, Germany’s stock exchange index, have seen their pension deficit decline by €16bn to €90bn because of market appreciation, according to the consultancy, Mercer.
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BNP Paribas jumps on to the GTAA train
EUROPE – BNP Paribas has launched its first global tactical asset allocation (GTAA) fund for institutional investors.
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Swiss funds almost halve returns to 6.58%
SWITZERLAND – Swiss pension funds returned 6.58% in 2006 compared to 12.62% in 2005, according to Credit Suisse.
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Labour Court asks Bank of Ireland to re-open DB scheme
IRELAND – The Labour Court has issued a recommendation for the Bank of Ireland to re-open its DB scheme to include employees that were hired after October 1 2006.
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ECJ finds member states not responsible for funding insolvent employers
UK – The European Court of Justice (ECJ) ruled that member states are not obliged to fund old-age benefits of companies in case of insolvency, but left it to the UK High Court to decide whether in the case of ASW employees compensation is to be paid.
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Huffman to take double CEO role at Northern Trust as Sagraves leaves
UK – Barry Sagraves leaves as head of Northern Trust Global Investments (NTGI) at the end of this week, it was announced today.
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FRR returns 11.1% in 2006 as assets climb €4.5bn
FRANCE – The French pension reserve fund (FRR) returned 11.1% in 2006, down from 12.4% in 2005, on its assets, which rose by €4.5bn to €31.1bn.
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Alecta to lose €772.5m in SAS pension assets
SWEDEN – The occupational pensions firm Alecta has lost its largest customer as the Swedish airline SAS is withdrawing SEK7bn (€772.5m) in assets for its pilots’ pension fund.
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Austrian pension fund returns more than halve
AUSTRIA – The average 2006 return for Austrian pension funds will be around 5%, according to Markus Zeilinger, chief executive officer at Bonus Pensionskassen.
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Fees undermine active management - survey
UK – Net of fees active managers underperformed in bonds, property and all equity markets except emerging markets in 2006, according to the Mellon CAPS pooled pension fund survey.
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JPMorgan stays on second USS custody mandate (updated)
UK – Following its review of custody arrangements the £29bn (€44bn) Universities Superannuation Scheme (USS) has re-appointed JPMorgan as custodian for £24bn of its assets (updates mandate size).
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Sampension to up private equity by €100m
DENMARK – The DKK75bn (€10bn) Sampension will increase its private equity exposure from 2% to 3% over the next years.
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Ellison: New NAPF chief Hitchen faces “more of the same”
UK – Railpen Chief Chris Hitchen takes over as chairman of the NAPF from Robin Ellison who sees “quite tough challenges” ahead for his successor.
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Pension Consultants name new chairman
UK – The Society of Pension Consultants (SPC) has named Sir James Hodge as chairman to follow David Miers.
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BNY and Mellon assets under custody up to $17.5trn
GLOBAL – Bank of New York has increased its assets under custody to $13trn (€10trn) which means that after the merger the new Bank of New York Mellon Corporation will have $17.5trn under custody.
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IPE-QUEST: Japan small cap manager needed in Switzerland
SWITZERLAND – In the latest search on IPE Quest (QN695) a Swiss institutional investor is looking for an active Japanese small cap equities manager for a CHF 125m (€77.5m) mandate.
