All IPE articles in December 2004 (Online) – Page 6
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News
New CPB bulletin focuses on threats
NETHERLANDS -- The latest quarterly bulletin Netherlands Bureau for Economic Policy Analysis (CPB) warns that the pension sector is being confronted by a series of challenges arising from increased pressure on pension premiums and payments, labour participation, international competition and the government’s budgetary proposals.
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IPE-QUEST: Dutch fund in currency alpha review
NETHERLANDS – A Dutch pension fund is reviewing its currency alpha management via IPE-Quest.
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Metzler in German institutional asset boost
GERMANY - Citing robust investor demand for so-called “master funds,” Germany’s Metzler Asset Management says its institutional assets under management (AUM) have increased by almost one-third this year.
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Kas in revamp as pensions become “unaffordable”
NETHERLANDS - Dutch securities services provider Kas Bank is overhauling its 110 million-euro pension fund because pensions are becoming “unaffordable”.
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IAS 19 brought into line with the UK’s FRS 17
GLOBAL -- The International Accounting Standards Board (IASB) has amended the international pension cost standard IAS 19 to bring it into line with the UK retirement benefits standard FRS 17.
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SEI scoops £70m mandate
UK – Multi-manager SEI Investments (Europe) has scooped a £70m (€101.8m) mandate with a provider of helicopter services company, which dismissed Legal & General Investment Management and Deutsche Asset Management for “poor performance”.
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Italian trade unionist warns of reform delay
ITALY – Italy’s pension reform could be delayed if the 2005 budget, being voted on by the Senate today, does not include provisions to fund tax incentives for employees and compensation for employers, a leading trade union official has warned.
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EU to present occupational portability draft
EUROPE – The European Commission is going to present a draft directive on occupational pension portability within the first quarter of next year, a top EU official said.
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Siemens pension chief Miller departs
UK – Tony Miller, general manager of the £1.2bn pension (E1.75bn) scheme of Siemens Shared Services Ltd., has left the fund following a review of the schemes’ structure.
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NAPF chairman ballot result due
UK -- The board of the National Association of Pension Funds (NAPF) is to choose a new chairman tomorrow to replace Terry Faulkner whose two-year term will end in May 2005.
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Volvo boss switches to DC (Correct)
(Corrects headline) SWEDEN – AB Volvo president and CEO Leif Johansson has switched from a final salary defined benefit (DB) pension deal to a defined contributions (DC) arrangement.
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AP3 changes mandate structure for US equities
SWEDEN - The 152 billion-crown (17 billion-euro) Third Swedish National Pension Fund, Tredje AP-fonden or AP3, has divided its 15 billion-crown US equity portfolio into three market-cap brackets.
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UK government report slams actuaries
UK – A new government-sponsored review of the actuaries in the UK has slammed the profession – finding among other things a concentration of advice to the largest pension funds and a possible restriction of competition.
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NAPF names new chairman to succeed Faulkner
UK – Pinsents lawyer Robin Ellison has been named as the new chairman of the National Association of Pension Funds, taking over from Terry Faulkner.
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Former KLM pension exec joins Morgan Stanley
EUROPE – KLM Pensioenfondsen’s former head of investment analytics, Patrick Lighaam, has joined Morgan Stanley's European Pensions Group.
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UK says schemes need to do more on Myners
UK – The UK government says it has reviewed the take-up of the Myners principles on institutional investment and found that “further action is needed” for pension schemes - in particular on trustee training and decision making.
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Crédit Agricole, Caisse d’Epargne in custody tie
FRANCE - Crédit Agricole and Caisse Nationale des Caisses d’Epargne have confirmed they are looking at combining their securities services businesses - with a view to creating a “major player” in the industry.
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Red and blue book pension directories now online
EUROPE – The pension directories published by IPE and AP Information Services have gone online to meet the demand for updated pension data.
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Opra warns over “inappropriate” trustee deals
UK – The UK’s Occupational Pensions Regulatory Authority has warned against trustees making “inappropriate” deals with scheme sponsors – saying trustees should be more assertive with companies.
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Germany’s BVI sets fund transparency standards
GERMANY - Fund industry association BVI has teamed up with rating agencies to unveil new transparency standards pertaining to how the agencies evaluate the performance of investment funds and their managers.
