Investor Strategy – Page 139
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News
Basic diversification rules still hold true – Austrian PKs
[16:35 CEST 18-08] AUSTRIA – All three heads of the largest Austrian Pensionskassen believe the financial crisis should not fundamentally change their funds’ assumptions on asset allocation.
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DC pensions eyed as recruitment tool – Watson Wyatt
[15:30 CEST 18-08] UK – Many employers reviewing their existing defined benefit pension arrangements are looking to provide defined contribution plans which make their retirement benefits competitive with rivals, according to consulting firm Watson Wyatt.
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Lincolnshire seeks global equity manager after strategy review
[16:40 CEST 17-08] UK – Lincolnshire County Council has initiated a tender search for one or more managers to run a £200m (€231.9m) global equity portfolio for its local government pension scheme, following a review of its asset allocation strategy.
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P-Solve retained as Hammersmith & Fulham adviser
[16:10 CEST 17-08] UK - The London Borough of Hammersmith & Fulham Superannuation Fund has rehired P-Solve as investment consultant, following a tender process in which four other companies were invited to participate.
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Hillingdon seeks equity manager, shows Capital the door
UK – The London Borough of Hillingdon Pension Fund has launched a tender for an investment manager to replace Capital International, which ran the active overseas equities segment of its portfolio, worth in total around €455.3m, until the end of June.
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Interest hedge limits Stork scheme loss
NETHERLANDS – The €2.1bn pension fund of the industrial conglomerate Stork managed to limit its losses to 13% in 2008, largely thanks to a strategic 70% interest rate hedge on its liabilities.
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Prudential M&G, GSAM win UK absolute return bond brief (amended)
UK – Norfolk County Council Pension Fund has awarded contracts to Prudential M&G and Goldman Sachs Asset Management (GSAM) to run active absolute return bond portfolios.
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Top UK companies now spend more on past promises
UK – For the first time ever, FTSE100 companies will spend more on past employee pension promises than those to current staff, according to the annual KPMG Pensions Repayment Monitor Survey.
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Danica Pension reports strong first-half returns
DENMARK - Danica Pension has announced strong returns for the first half of 2009, boosted by its holdings of high quality credit and mortgage bonds.
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Arcadis signs Delta Lloyd in asset strategy rethink
[16:30 CEST 11-08] NETHERLANDS - Arcadis, the €617m pension fund for civil engineers, has appointed Delta Lloyd as manager of its €97m portfolio of government bonds, as part of a larger revamp to its asset allocation strategy.
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Only small German minority to gain decent pension - research
[16:10 CEST 11-08] GERMANY – Just under 19% of Germans are building benefits in an occupational pension scheme and nearly 30% have a “Riester-Rente”. But only half will find this will be sufficient to uphold their current living standards, suggests research.
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Océ scheme prepares for benefit cuts
[17:15 CEST 10-08] NETHERLANDS - The hard-hit pension fund of photocopier manufacturer Océ has announced it will start cutting pension rights and benefits next year if the economic situation has not sufficiently improved.
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Physios scheme scales down unconditional indexation
[16:45 CEST 07-08] NETHERLANDS - The €1.6bn pension fund for physiotherapists (SPF) has decided to lower its 2.5% fixed indexation payment, as the scheme had a cover ratio of 94% by the end of last year and a return of –14%.
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Irish funds rose 6% in July
[16:40 CEST 06-08] IRELAND – Irish managed funds reported a positive performance for the fifth month in a row, after they returned of 6% in July.
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Railpen expands its long-short strategy
[16:00 CEST 06-08] UK - Railpen Investments, the in-house investment manager for the £15bn (€17.7bn) industry-wide pension fund for British railway workers, has invested £65m in a fund of long-short equity hedge fund with Goodhart Partners.
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Sticking to strategic allocations caused problems - IQAM
[16:00 CEST 05-08] AUSTRIA – Austrian pension funds should not have stuck to strategic asset allocations as widely used risk controls could not have worked last year, accordng to Helmuth Frey, head of quantitative management house IQAM.
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AIB aggregate deficit exceeds €1.2bn
[15:00 CEST 05-09] IRELAND – The pensions deficit of Allied Irish Banks (AIB) - one of the institutions recapitalised by the National Pension Reserve Fund (NPRF) - rose by more than €150m in the first half of 2009, to €1.26bn.
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News
UNJSPF to monitor potential long-term risks
[16:40 CEST 04-08] GLOBAL – The UN Joint Staff Pension Fund confirmed it is closely monitoring market conditions “in the upcoming months” to identify and address potential long-term risks that could negatively impact the fund.
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ACA calls for interim changes to PCPF
[16:10 CEST 04-08] UK – The Association of Consulting Actuaries (ACA) has warned against any "significant revisions" to the Parliamentary Contributory Pension Fund (PCPF) until there is a wider review of UK public sector pensions.
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Financial crisis boosted fiduciary management - Kraneveld
[16:45 CEST 31-07] GLOBAL - The financial crisis has benefited fiduciary management, according to international pensions expert Peter Kraneveld.
