All IPE articles in December 2010 (Online) – Page 3
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European investors looking to raise absolute return allocation
GLOBAL – Almost 90% of European investors are looking to increase their allocation to absolute return strategies over the next three years, according to a survey by Aviva Investors.
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Wednesday people roundup
GLOBAL – State Street Corporation, Pension Corporation, Partners Group, Union Bancaire Privée, Rexiter Capital Management, BlueCrest Capital Management, Bouwfonds REIM
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Hungarian parliament OKs take-over of second-pillar pensions
HUNGARY – Hungary's parliament has passed a law that will force members of the country's second-pillar mandatory funds to hand their savings to the state, amid a growing chorus of criticism at home and abroad.
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UK sets out objectives for new financial regulators
UK – Hector Sants, chief executive of the UK Financial Services Authority (FSA), has outlined the progress made on the shift of City regulation to three new regulators: the Prudential Regulation Authority (PRA), the Financial Policy Committee (FPC) and the Consumer Protection and Markets Authority (CPMA).
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Swiss lawmakers call for major changes to second-pillar pensions
SWITZERLAND – Several members of the Swiss parliament have called on the government to simplify legislation regarding the second pillar and possibly change the legal form of Pensionskassen.
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Dutch pension funds now hold more than €675bn in assets
NETHERLANDS – The combined assets of Dutch pension funds have grown from €649bn at year-end 2009 to €675bn during the third quarter, with €300bn allocated to fixed income and €216bn invested in equity, according to financial supervisor De Nederlandsche Bank (DNB).
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Hymans Robertson predicts surge in risk transfers after Paternoster deal
EUROPE – Goldman Sachs is set to acquire Paternoster through its insurance company Rothesay Life.
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Switch to CPI could save British Airways scheme £900m
UK – British Airways could slice around £900m off the deficit in one of its defined benefit (DB) pension schemes by switching increases to pensions in payment from the retail price index (RPI) to the consumer price index (CPI).
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UK roundup: LGPS, Cass Business School, Westler Foods, Aon Hewitt, BBC
UK – The Local Government Pension Scheme (LGPS) should consider diversifying its investment portfolio to help mitigate the medium to long-term risks on its investments, according to a white paper from Cass Business School.
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Companies' engagement activities 'disappointingly poor'
GLOBAL – Research on stewardship by the UK's largest asset managers has revealed a huge gulf between the best and the worst performers.
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Poland makes headway on factoring pension costs in deficit
EUROPE – Poland has wrested significant concessions from the European Commission on factoring in pension costs in its public debt and deficit.
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Danish administrator PKA vows to maintain yield guarantees
DENMARK – Danish pensions administrator PKA has become the latest firm in the country to state explicitly that it will not renege on yield guarantees made to its members.
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Expert disputes interpretation of ruling in Lehman/Nortel case
UK – Ros Altmann, director general of Saga, an organisation representing the over 50s in the UK, has disputed lawyers' interpretation of a landmark ruling last week.
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Swiss BVK hires head of asset management to replace Gloor
SWITZERLAND – Adrian Wipf has been appointed head of asset management at the Swiss BVK, the civil servants' pension fund for the canton of Zurich.
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Denmark extends pension fund rescue package indefinitely
DENMARK – The Danish government is now extending indefinitely the rescue package for the country's pensions sector put in place two years ago in the wake of the international financial crisis.
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UK roundup: Barclays UK Retirement Fund, CBI, Ofgem, Babcock, Aon Hewitt
UK – The £18.2bn (€21.6bn) Barclays UK Retirement Fund's internal investment team has been renamed Oak Pensions Asset Management (OPAM) to give them more flexibility to execute investment decisions.
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Lend Lease provides PGGM with direct infrastructure exposure
EUROPE – Dutch pension fund asset manager PGGM has committed £220m (€262m) in capital to become the principal investor in a joint venture with Lend Lease targeting social infrastructure in the UK.
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Dutch political party reports Smit board for 'defrauding' pension fund
NETHERLANDS – 50PLUS, a new Dutch political party for the elderly, has reported three board members at maritime services company Smit Internationale to the public prosecutor for defrauding its own pension fund.
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EU ministers fail to address sanctions despite Hungary claim
EUROPE – The recent meeting of European Union finance ministers ended with no agreement on the treatment of countries with transitional excessive budget deficits arising from a pension reform.
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UK roundup: TPR's enhanced transfer guidance, government's discount rate consultation
UK – The Pensions Regulator (TPR) has unveiled its final guidance on conducting 'incentive exercises' – including enhanced transfer value exercises (ETVs).