All articles by Barbara Ottawa – Page 127
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Italy-Germany cross-border pension fund planned
EUROPE - PensPlan, the pension services provider of the semi-autonomous Trentino Alto Adige region in northern Italy, is planning to offer a cross-border fund in Germany under the pension directive.
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USS drops GSAM and LGIM
UK – The £22bn (€32.6bn) Universities Superannuation Scheme has dropped Goldman Sachs Asset Management (GSAM) and Legal & General Investment Management as external managers to take more assets in-house.
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European construction pensions task force (amended)
EUROPE – The European Association of Paritarian Institutions has a task force looking at the impact of portable pensions on the construction sector (amends to clarify earlier article).
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Avis closes German pension scheme
GERMANY – Loss-making car rental group Avis Europe has disclosed that it gained €3.2m by closing the pension scheme in its German branch for new employees and freezing accrued benefits.
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AP4 misses benchmark again
SWEDEN – AP4, the Swedish buffer fund AP4 that is getting a new chief executive, has reported first-half returns 0.8% - 0.5 percentage points below benchmark.
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UK schemes quiz firms on women’s pay
UK – The Local Authority Pension Fund Forum has written to all companies in the FTSE 350 index enquiring about equal pay for women.
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AP3 to analyse asset management structure
SWEDEN - Swedish buffer fund AP3 says it will analyse its asset management structure in the second half of 2006, according to its latest half-year report.
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JP Morgan ousts Wellington at Merseyside
UK - The £3.8bn (€5.5bn) Merseyside Pension Fund has appointed JP Morgan Asset Management for its newly created £100m European (ex-UK) equities mandate.
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Folksam facing money-laundering allegations
SWEDEN - Swedish insurance company Folksam is facing allegations that it offered clients money-laundering opportunities.
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Schroders’ Denmark chief retires
DENMARK - Steen Svendsen has retired as managing director of Schroders Investment Management Denmark to take a role at a private equity group.
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Hewitt’s Paris head Puche leaves
FRANCE – Vincent Puche, head of Hewitt Associates’ Paris investment practice, has left the firm (adds investment).
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Rentokil details asset revamp
UK – Pest control firm Rentokil Initial, which is the process of closing its defined benefit pension fund, has revealed more details about the scheme’s switch into bonds.
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Asset chief takes over at Finland’s Evli
FINLAND – First-half losses at Finland’s Evli Bank have been followed by asset management chief Maunu Lehtimäki taking over as group chief executive from Henrik Andersin.
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Bulgarian pension fund Doverie taken over
BULGARIA - The largest Bulgarian pension fund, Doverie, has been taken over by Austrian insurance group Wiener Städtische as part of a complex deal with investment group Kardan.
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AP1 chooses six emerging markets managers
SWEDEN - The Swedish buffer fund Första AP-Fonden, or AP1, has awarded emerging markets mandates to six of the 12 managers it named a year ago.
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Germany’s EnBW confirms multi-billion revamp
GERMANY – Energie Baden-Württemberg, Germany’s third largest energy firm, has completed a revamp of the way its pension money is invested, switching to a so-called ‘master-fund’ structure for the assets.
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SEB Asset Management names new head
SWEDEN – Fredrik Boheman has been named as Harry Klagsbrun’s successor as head of SEB Asset Management.
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AMF Pension makes 0.5% return
SWEDEN - AMF Pension’s total returns were down to 0.5% in the first half of 2006 from 8.6% for the same period last year.
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Aon buys Swedish pensions firm
SWEDEN - Aon Consulting has bought Swedish pension management firm Förmånsoptimering for an undisclosed sum.
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Market-hit Swiss pension funds return -0.3%
SWITZERLAND - Swiss pension fund returns fell to –0.3% in the first half of this year, hit by severe losses in the global equity and bond markets, according to the ASIP industry association.
