All articles by Cecilia Valente – Page 6
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Greek government U-turn on bank fund
GREECE - The Greek government has announced it will not help finance the intended single auxiliary pension fund for the banking sector. The decision has reopened a bitter political debate between employers, trade unions and the government.
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Donald leaves Russell amid restructuring
UK – Scott Donald has stepped down as director of marketing for Europe Middle East and Africa (EMEA) at Russell Investment Group amid restructuring.
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Watson’s Swedish benefits head Wass leaves
SWEDEN – Elizabeth Wass, head of the benefits team at Watson Wyatt’s Stockholm office, has left the firm.
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Austria discussing arduous work for pensions
AUSTRIA – Talks between the government and the social partners over the long-standing issue of “physically demanding” work for pension purposes has failed to bring a solution.
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Swiss raise age for second-pillar by three years
SWITZERLAND – The Swiss Federal Council has increased the minimum pension age for the second pillar but by three instead of five years following public criticism.
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Henderson loses out in North Yorkshire revamp
UK – The £880m (€1.31bn) North Yorkshire Pension Fund has dismissed Henderson Global Investors from a balanced mandate worth 22% of the fund.
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Italy’s TFR delayed for six months
ITALY – The Italian government has announced that the start of one of the key aspects of the pension reform, the so-called Tfr, will be postponed by six months.
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South Yorkshire scheme loses team member
UK – The South Yorkshire Pensions Authority, which manages £2.7bn (€4bn) of assets, is looking for an investment manager following the departure of one of its six-strong investment team.
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Mercer loses out to Buck at L’Oréal
UK – Mercer Investment Consulting has lost a consulting brief with the £120m (€178.9m) UK defined benefit pension scheme of cosmetics company L’Oréal.
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Italian lawyers’ scheme backs green initiative
ITALY – The Italian legal pension scheme, Cassa Nazionale di Previdenza Forense, is among institutional backers of new €10m environmental initiative.
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Equities boost Portuguese schemes in May
PORTUGAL – Portuguese pension funds saw their may returns come in seven times higher than the previous month thanks to a recovery in international equity markets.
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IPE-QUEST: Dutch scheme tenders portable alpha
NETHERLANDS – A Dutch investment consultant has tendered a multi-asset class portable alpha mandate worth at least €15m via IPE-Quest.
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ABP to name new bond managers by third quarter
NETHERLANDS – Stichting Pensioenfonds ABP, the €168bn scheme for Dutch civil servants is looking for “a couple” of managers to build up its global alpha fixed income fund, according to a senior official.
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Hymans and Mercer lose out at E.ON (Update)
UK – Consulting firms Hymans Robertson and Mercer Human Resource Consulting have lost out following a £4bn (€5.9bn) merger between four UK pension schemes of Germany’s E.ON (updates merger size).
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AP3 aiming to run managers more efficiently
SWEDEN - The SEK160bn (€17.3bn) Swedish third buffer fund, Tredje AP-fonden, says it must be more efficient in the way it deals with its external managers.
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Petroleum Fund pulls €42m from Kerr-McGee
NORWAY – Petroleum Fund has withdrawn NOK337m (€42.8m) from US chemicals group Kerr-McGee Corp. – for potentially “undermining the UN peace process” in Morocco.
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Swiss pensions official quits to join consultant
SWITZERLAND - Jürg Brechbühl, deputy director of the Swiss Federal Social Insurance Agency (BSV), is to leave his post in August to start a career in pension consulting.
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More members want to be trustees – law firm
UK – Pension scheme members are showing more interest in becoming trustees – despite regulation putting more responsibility on them, says a pensions lawyer at Hammonds.
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Greece sells telecom stake to pay for pensions
GREECE - The Greek government has agreed to sell 4% of its majority stake in the Hellenic Telecommunication Organization (OTE) to contribute to the voluntary early retirement plan for nearly one third of the firm’s workforce.
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Watson Wyatt names international consulting head
GLOBAL - Watson Wyatt Worldwide has appointed Watson Wyatt LLP partner Simon Gilliat to the new role of head of its international consulting group, which will focus on employee reward and benefits consulting to multinationals.
