All articles by Daniel Brooksbank – Page 83
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EU Commission eyes hedge fund regulation
EUROPE – The European Commissioner in change of the internal market, Charlie McCreevy, has identified the “patchwork quilt” of hedge fund regulation in Europe as something that needs to be looked at.
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Schlumberger admin staff join Watson Wyatt
UK - Oil services firm Schlumberger has transferred the administration of its UK pension scheme to Watson Wyatt, resulting in the transfer of up to five staff to the consulting firm.
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AWD sees boom in German corporate pensions
GERMANY – Financial services firm AWD says it is seeing a “boom” in company pensions as well as higher demand for new pension products.
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French reserve fund in SRI move
FRANCE – The French reserve fund, the Fonds de Réserve pour les Retraites, has made progress in its move towards socially responsible investing.
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Watson Wyatt questions TAA overlay
GLOBAL - Consulting firm Watson Wyatt has queried the use of tactical asset allocation, saying the evidence to support TAA is "mixed", especially when used to overlay a total fund.
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London Stock Exchange moves out of equities
UK – The London Stock Exchange has confirmed that its closed £191.5m (€278.5m) defined benefit pension scheme is switching out of equities and into bonds as it seeks to redress a deficit.
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Russell advises on conflicts amid SEC probe
US - Russell Investment Group says it has started providing its US consulting clients with a document which addresses its potential conflicts of interest.
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Deutsche CEO hails pension fund investors
GERMANY – Josef Ackermann, chief executive of Deutsche Bank, has highlighted the role played by the bank’s owners such as pension funds.
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Petroleum Fund funds four new mandates
NORWAY - The Norwegian government’s NOK1.09trn (€134bn) Petroleum Fund says it funded a new fixed income mandate and three new equities mandates in the first quarter of 2005.
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IPE-QUEST: Swiss fund tenders US large-caps
SWITZERLAND – A Swiss pension fund has tendered a $6m (€4.75m) actively managed US large-cap equities mandate via IPE-Quest.
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Dutch schemes’ NIBC ends derivatives venture
NETHERLANDS – NIB Capital, the bank owned by the two largest Dutch pension schemes, is to wind down its 50-50 derivatives joint venture with Petercam following “continued substantial trading losses”.
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UK clears way for more pensions legislation
UK – The government has left the door open to enacting more pensions legislation if it needs to after the Turner Commission report later this year.
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SEC report finds US consultant conflicts
US – The US Securities and Exchange Commission has found that pension consultants in the US have to do more to identify conflicts of interest.
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Royal Mail confirms €3.6bn pension deficit
UK – UK postal firm Royal Mail has disclosed a pension funding deficit of £2.5bn (€3.6bn) – hit by an increase in liabilities stemming from lower discount rates, weaker markets and demographic changes.
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Ex-SSGA CIO Brown replaces Horlick at Schroders
UK – Alan Brown, who resigned in March as chief investment officer at State Street Global Advisors, is to replace Richard Horlick as head of investment at Schroders.
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UK Environment Agency in €1.4bn specialist move
UK - The UK's Environment Agency has awarded £995m (€1.4bn) to six specialist managers - resulting in a loss of balanced mandates for Legal & General, Henderson and Merrill Lynch.
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AP3 says it increases level of active risk
SWEDEN – Tredje AP-fonden, the third Swedish buffer fund, says it is increasing the level of active risk throughout its benchmark portfolio – which will see a global equity group taking full responsibility for equity mandates.
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Watson Wyatt says Credit Lyonnais case dismissed
UK – Pension consulting firm Watson Wyatt says the negligent advise case brought against it by Credit Lyonnais has been dismissed.
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Petroleum Fund €5bn lower than estimated
NORWAY – The Petroleum Fund was NOK42bn (€5.2bn) smaller at the end of last year than originally estimated by the government.
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Low interest rates hit KLP’s investment income
NORWAY – KLP, the mutually owned life insurance and asset management group, says its investment income in the first quarter was hit by low interest rates and weaker stock markets.
