German treasurers increase focus on pension asset management
VDT says its focus will include in-house versus external fiduciary management, pension finance, and accounting issues
Multi-asset manager sought for German foundation via IPE Quest [updated]
€15m multi-asset mandate up for grabs for asset manager based in a German-speaking country
German quartet takes stake in ESG data provider Arabesque S-Ray
Allianz X, DWS, Commerz Real and Land Hessen back quant asset manager’s proprietary technology for monitoring corporates’ ESG performance
Germany’s €30bn BVV targets digitisation, enhanced risk management
Expanded management board to allow the pension provider to harness digitation and respond to increased requirements on corporate governance and risk management
Three quarters of German investors ‘consider sustainability criteria’
More than half of those surveyed by Union Investment stated being satisfied or extremely satisfied with doing so
German state signs PRI as Frankfurt eyes green finance sector
Hessen, which includes the city of Frankfurt, has become the first of Germany’s 16 federal states to sign the UN’s Principles on Responsible Investment
Asset management roundup: UK, China regulators agree stock connect programme
Plus: DWS to sell €2bn hedge fund business to Alma Capital; MFS signs Italian distribution agreement with Deutsche Bank
Few cross-border funds meet new German performance fee criteria
Fitz Partners finds that only 13% of UCITS funds would meet tighter performance fee structure conditions effective from December
Bosch’s cross-border plan thwarted by regulatory hurdles
Engineering company transfers Austrian pension plan to local provider after regulations prevent consolidation within German Pensionsfonds vehicle
German, Swiss and Austrian investors report spike in ESG investments
Sustainable investments volume increased by 50% across Germany, Austria and Switzerland, says FNG
German Pensionskassen announce major cuts to reserves
Ailing Caritas and Kölner PK have agreed recovery terms with member representatives and the national financial regulator BaFin
Analysis: Experts warn of bank stress test impact on covered bonds
ECB’s banking sector stress tests have caused concern among covered bond analysts over the potential impact on the attractiveness of the asset class
Mandate roundup: Ircantec awards five mandates worth €2.8bn [updated]
Plus: German church fund awards currency overlay mandate to Metzler; Italian education workers’ scheme shakes up manager line-up; Hampshire hires JP Morgan
German minister demands mandatory workplace pensions
At pension association aba’s annual conference in Bonn, politicians appear impatient for improved workplace pensions coverage
German supervisor disagrees with EIOPA over IORP inspection cycle
EIOPA issued recommended actions to IORP supervisors in 16 countries after a peer review
Munich Re overhauls German pension provision with 90% guarantee
German reinsurer closes old plans, sets up new pension provision with guarantees below 100%
Commission launches infringement action against 17 states over IORP II
Proceedings launched for “non-communication” of transposition measures after January deadline
BaFin warning on Pensionskassen was ‘wake-up call’ to sector
Chair of Wacker Chemie Pensionskasse argues that regulatory intervention was ‘beneficial shock’ for some organisations
Asset manager roundup: Generali backs ex-Pioneer staff’s multi-asset firm
Also: Deutsche Börse buys Axioma in $850m deal; AQR opens Frankfurt office
German chemicals company de-risks with lump sum payments
Employees respond positively as Henkel offers one-off payment to reduce DB liabilities
Germany: BRSG beyond the new DC plans
A year into the implementation of Germany’s BRSG law to strengthen occupational pension schemes many legal uncertainties remain
Pensionskassen facing challenges
The number of insurance-based pension funds on the supervisor’s watchlist is falling. But some providers are in serious trouble
Pensionsfonds flourish
Several trends have converged to bolster the popularity of Pensionsfonds
Pension risk management
Portfolios are facing up to the challenges of the economic environment. But there is still room to improve expected returns
VBV: Exciting possibilities
Günther Schiendl, CIO of VBV, Austria’s largest pension fund, talks to Barbara Ottawa about the importance of illiquidity and the EU’s sustainable finance initiative
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Brussels People: Europe’s conservatives eye Africa
Describing himself as “the most senior elected Brit in Brussels” and speaking ahead of 29 March when he and the UK’s 72 other MEPs were set to relinquish their mandate in the European Parliament, Syed Kamall is keen to speak about matters other than Europe.
Firebrand targets supervision
One of the knottier issues in Brussels at the moment is the future of the European supervisory authorities
Banking on life after politics
At 49, Brian Hayes is young man by political standards. Having started in Irish politics early with his appointment to the Irish Senate in the mid 1990s, Hayes was elected to the Dáil, the lower house, before he was 30, taking a seat for the Fine Gail party.
Brussels People – Lieve Wierinck: Building on Europe’s scientific base
Lieve Wierinck’s main political passion is ensuring the EU takes full practical advantage of Europe’s excellent scientific base
Brussels People: Sven Giegold, MEP
While he derives some satisfaction from advances in green energy and the like, Sven Giegold is unhappy that most global investment can still be classed as environmentally unsustainable.
Letter from Brussels: Brussels seeks to bolster secondary market in non-performing loans
Are non-peforming loans an investor’s dream come true? Or do they represent immeasurable risks?
Letter from Brussels: Focus on pension products and supervision ahead of elections
Tensions are rising in Brussels as the EU institutional mandate approaches its end ahead of the Parliamentary elections in May 2019, and the Commission has already ceased issuing new proposals in the absence of legislative time.
Letter From Brussels: CMU urgency mounts
The race is on to complete the EU’s flagship Capital Markets Union project before the mandates of the Commission and Parliament elapse next year
Letter from Brussels: Campaign to boost pan-EU distribution of UCITS and AIFs
Another step by Brussels to ease financing to business across the EU comes with measures to facilitate the cross-border distribution of investment funds
Letter from Brussels: Who cares about our €3.5trn?
PensionsEurope is concerned about a Brexit ‘no deal’ and is calling for negotiators to pay heed to the €3.54trn sector’s interests
Letter From Brussels: Corporate tax reform in view
Radical upgrades to the EU’s corporate tax base norms have never been so close to fruition
Letter From Brussels: Default guarantee option dominates debate on PEPP
Europe’s asset management industry is lobbying against any mandatory guaranteed default option in the third-pillar PEPP proposal
Letter From Brussels: Brexit focus moves to pensions
As the risk of a no-deal Brexit comes into focus, attention is turning to ways to mitigate the damage across financial services, including asset management and pensions
Letter from Brussels: Easier securitisation on the horizon
The EU’s securitisation package has finally passed through the European Parliament and Council. However, the new rules will not be applied until January 2019
Letter from Brussels: Opposition to mission creep
The EU’s controversial mandate for a radical shake up of financial supervision has received a cool reception from the pensions sector as well as smaller EU members
Letter From Brussels: Court for international investor disputes on the horizon
International investors in the EU have for decades been suffering from woeful dispute settlement proceedings when involved in cases against public authorities
Letter From Brussels: Pension rights for posted workers
Discussions over the payment of social costs for workers from central and eastern European countries posted temporarily to wealthier EU countries are playing a major role in the attempt to update existing directives
Letter from Brussels: Tax threatens PEPP proposal
At first sight, the benefits of the European Commission’s Pan European Personal Pension (PEPP) regulation proposal seem clear. But it did not take long for commentators to point out the considerable hurdles
Letter from Brussels: Reboot for Capital Markets Union
The European Commission’s “further steps to drive forward the Capital Markets Union (CMU)” outline nine new priority legislative actions to solve the EU’s long-term cross-border investment challenge
Letter from Brussels: EU seeks to avert Brexit arbitrage
Strong words on Brexit are flying in political circles. But behind the theatre, concerns about the future of London’s fund management sector are emerging