All articles by Daniel Brooksbank – Page 97
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UK’s Laverick cites workload in IBM case
UK – Pensions Ombudsman David Laverick has defended his handling of a case brought against IBM by scheme members – and said his office had been facing an increasing workload.
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AP2 terminates 16 equities mandates
SWEDEN – The Second National Swedish Pension Fund/AP2, Andra AP-fonden, has terminated 16 external equities mandates as part of a decision to bring some management in-house.
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Clarity sought in Greek banks’ pension transfer
GREECE – The International Monetary Fund has called for clarification in the planned transfer of state-controlled banks’ pension liabilities to the main public pension fund.
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KLM’s three schemes return 10.7%-12.3%
NETHERLANDS – Airline KLM’s three pension funds – worth a combined €9.2bn - returned between 10.7% and 12.3% in 2004.
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Barclays Global Investors’ AUM up €161.5bn
UK – Barclays Global Investors’ assets under management at the end of last year rose 19% - or £111bn (€161.5bn) – to £709bn, from £598bn at the end of 2003.
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Ireland’s NPRF to put 18% into new asset classes
IRELAND – The €11.69bn National Pensions Reserve Fund has targeted an 18% allocation to property, private equity and commodities by 2009 – but it will not invest in hedge funds for the moment.
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Portable pensions key part of new EU social agenda
EUROPE – Portable occupational pensions are a key part in the European Commission’s new social agenda plan unveiled today.
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Dutch central bank confirms FTK on schedule
NETHERLANDS – The Dutch central bank has reaffirmed that the FTK, the new financial assessment framework for pension schemes, will come in as planned on January 1 2006.
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Watson Wyatt restructures Stockholm office
SWEDEN – Watson Wyatt says it is restructuring its Stockholm-based benefits consulting team – with some staff being based in the UK in future.
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Ex-Barclays Global Investors CEO to chair HP
US – Former Barclays Global Investors chief executive Patricia Dunn has been named chairman of computer firm Hewlett-Packard in the wake of the departure of HP’s CEO Carly Fiorina.
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UK’s Pickering joins new pension regulator
UK – Watson Wyatt partner and former National Association of Pension Funds chairman Alan Pickering has been named as a non-executive director of the new Pensions Regulator.
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No organic consulting revenue growth at Aon
US – Aon Corp., the Chicago-based insurance and consulting firm, says it had no ‘organic’ revenue growth in its consulting business in the fourth quarter.
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Finland urged to make difficult pension measures
FINLAND – The Finnish government has been urged to make more politically difficult pension reform measures to make its finances sustainable.
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Shell scheme makes 6.9% return on hedge funds
NETHERLANDS – Stichting Shell Pensioenfonds, the €13.7bn scheme of the oil giant, made a 6.9% return on its hedge fund investments in 2004.
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Rabobank says swaps may ease Dutch FTK impact
NETHERLANDS – Rabobank says the new Dutch FTK, or financial assessment framework, will have a “marked impact” on Dutch pension schemes’ investment policy – and that a swap overlay strategy could be a solution.
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Market ‘underestimates German pension reform’
GERMANY – The equity market has underestimated what has already been decided on German pension reform, ABN Amro says.
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JP Morgan to hire new UK institutional staff
UK - JP Morgan Fleming Asset Management says it is looking to hire new staff in the UK this year amid a 13% growth in assets under management.
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Ireland’s CFOPS outlines shift to specialists
IRELAND – The administrator of the €540m Construction Federation Operatives Pension Scheme has outlined the scheme’s move from balanced managers to specialists.
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DrKW puts European pension gap at €214bn
EUROPE – Dresdner Kleinwort Wasserstein says the combined pension deficit of Europe’s largest 300 companies has fallen just six percent to €214bn.
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UK occupational contributions 'rise 50%'
UK - Employer contributions to occupational schemes have risen almost 50% to £8.3bn (€12bn), according to a survey by Incomes Data Services.
