All articles by Cecilia Valente – Page 11
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Sainsbury’s scheme doubles hedge fund allocation
UK - The £3bn (€4.4bn) pension fund of retailer J Sainsbury has doubled its exposure to funds of hedge funds - investing new money and resources diverted from passively managed UK equities.
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Watson-Lyonnais court hearing postponed
UK – A court hearing between consulting firm Watson Wyatt and the UK pension fund of French bank Credit Lyonnais over negligence allegations has been postponed to May 9.
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Austria’s APK wary of funds of hedge funds
SWITZERLAND - The head of investments of the €1.8bn Austrian multi-employer scheme APK has warned against funds of hedge funds.
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Schemes should ‘look at structured products’
SWITZERLAND - The pension fund world lacks risk management and should look at structured products, an investment conference in Geneva has been told.
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Don’t castigate managers - Unilever pensions head
SWITZERLAND - Pension funds should not castigate their active asset managers for failing to add value to their portfolios, Unilever’s Philip Lambert has told a conference.
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Bolkestein warns on market as directive nears
NETHERLANDS - Former EU commissioner Frits Bolkestein has called for European Union member states to be “market-conscious” when they transpose the directive on occupational pension funds into national law.
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ABP could face €50bn indexation bill - Maassen
NETHERLANDS – Dutch civil service scheme Stichting Pensioenfonds ABP could face a €50bn bill if pensions indexation were to become compulsory, says Jaap Maassen, the scheme’s director of pensions.
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BNP Paribas hires global relationship manager
UK - BNP Paribas Securities Services has appointed IBM UK’s Kay Hayre to the role of global relationship manager covering financial intermediaries.
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Wellington raises stake in outsourcer Capita
UK – Asset management firm Wellington Management Co. has increased its stake in Capita Group, which provides pension outsourcing to companies such as utilities firm RWE and supermarket group Safeway.
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Nestlé defeats pension funds amid “mistrust”
SWITZERLAND – Food group Nestlé has defeated a corporate governance motion brought against it by a group of pension funds - with outgoing chairman Rainer Gut questioning their motives.
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Swiss set up working group for SBB, Publica
SWITZERLAND – The Swiss Federal Council has set up a working group to address pension fund deficits at railway operator SBB and public employee fund Publica.
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Dutch agriculture fund switches to passive
NETHERLANDS – The €300m Bpf AVH scheme, covering 15,000 workers in the agricultural wholesale trade, has turned to Barclays and State Street for passive management, following an “insufficient performance test”.
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FTSE and ISS add corporate governance ratings
GLOBAL – FTSE Group and Institutional Shareholder Services have added corporate governance ratings to their new FTSE ISS Corporate Governance Index.
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IPE-QUEST: Swiss multi-manager tenders €161m
SWITZERLAND - A Swiss multi-manager has tendered a Swiss large cap-core equity mandate worth up to CHF250m (€161m) via IPE-Quest.
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Swiss consultancy Allea joins Milliman Global
SWITZERLAND – Employee benefits firm Allea has joined Milliman Global, the consulting network that includes firms such as Fixage in France and Hymans Robertson in the UK.
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UK milk industry scheme retains Aon Consulting
UK - The £275m (€398m) multi-employer Milk Pension Fund has retained Aon Consulting as actuarial and investment adviser.
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MEPs vote for new pension scheme
EUROPE – The European Parliament has voted in favour of a new pension scheme for its MEPs in a move that will change the current system that allows disparities in salaries and pension rights.
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DeAM names Germany institutional sales head
GERMANY - Deutsche Asset Management has appointed J P Morgan Fleming’s Peter Kerger to head institutional sales in Germany.
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Nestlé resisting pension fund pressure
SWITZERLAND – Food manufacturer Nestlé has dismissed media reports that its board of directors would step down if a group of pension funds succeeded in preventing CEO Peter Brabeck from becoming chairman of the board as well.
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Sweden’s Alecta names new chief actuary
SWEDEN - The €33bn public authority pension fund Alecta has appointed a new chief actuary to take over from Birgen Bjuren, who is to retire in October.
