Investor Strategy – Page 144
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News
KPN to step up risk after 14.5% loss
[16:20 CEST 13-05] NETHERLANDS - The €3.6bn pension fund of telecoms provider KPN limited its loss in 2008 to 14.5% as a result of a 70%-hedge on its interest rate risk, but officials have plans to increase its alpha risk this year.
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Consultants predict potential longevity market of £15bn (updated)
[16:00 CEST 13-05] UK – Babcock International, the engineering firm, has in principle secured a deal to hedge some of its pensions longevity risk through the market’s first longevity swap, though consultants say the arena could quickly grow to be cover a potential £15bn (€17bn) in pension assets this year.
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IBOA defers AIB action ahead of new talks
[17:00 CEST 12-05] IRELAND – The Irish Bank Officials' Association (IBOA) has agreed to defer using proxy votes at the annual general meeting (AGM) of AIB, following proposals put forward by the Labour Relations Commission (LRC) to end a dispute on pay, pensions and other issues.
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Signs of recovery on the horizon, for some?
[16:45 CEST 12-05] AUSTRIA – Improved investment returns in April have helped Austrian pensionskassen to turn their performance into positive figures for the first time this year.
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PPF diversifies investment portfolio
[17:25 CEST 11-05] UK – The Pension Protection Fund (PPF) is diversifying its investment strategy to include three new portfolios including global tactical asset allocation (GTAA).
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Shropshire reduces UK equities for new global mandate
[17:20 CEST 11-05] UK – Shropshire County Council is seeking one or more managers to run a new global equity portfolio for the £740m (€824m) Shropshire Pension Fund.
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Absolute return may be future for default funds
[17:20 CEST 11-05] UK - Recent volatility in pension default fund investments has suggested there is a need to shift away from lifestyling towards alternatives such as absolute return funds, according to Punter Southall Financial Management.
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FTSE pensions made conservative shift to bonds
[16:45 CEST 11-05] EUROPE – FTSE 100-listed companies have sought to reduce their pension liability risk within the last year by re-weighting assets by an average 7% to bonds, suggests a study published by Pension Capital Strategies.
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News
Bankpension posts net loss of 19.7%
[17:25 CEST 08-05] DENMARK – Bankpension, the pension fund for employees in the Danish financial sector, has reported an “extremely unsatisfactory” result of -23.1% before tax in 2008.
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News
Swaps should be favoured over gilts – F&C
[16:55 CEST 08-05] UK – Pensions funds are being warned to tread carefully at present when deciding whether to hedge their liabilities against UK gilts, as the huge level of government borrowing is likely to mean yields will need to rise in the short-term to attract borrowers.
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PADA initiates discussion on investment
[17:05 CEST 07-05] UK - The Personal Accounts Delivery Authority (PADA) has issued a discussion paper to help inform its trustee corporation of its thoughts on investment strategy, and which includes thinking on corporate governance and responsible investing.
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Budget forces rethink on pension plans
[17:00 CEST 07-05] UK – Planned reductions in higher rate tax relief on pension contributions have caused nearly 60% those in charge of pension schemes to rethink existing pension projects, according to Hewitt Associates.
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Berkshire adopts new due diligence policy
[17:15 CEST 06-05] UK – The Royal Borough of Windsor and Maidenhead has implemented a new due diligence policy relating to the external managers of the £1.05bn (€1.19bn) Berkshire pension fund, in response to "a number of scandals during 2008".
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News
Avon calls on HSBC
[16:25 CEST 05-05] UK – Bath and North East Somerset Council has appointed HSBC Actuaries and Consultants to provide full investment consultancy services to the £1.95bn (€2.2bn) Avon Pension Fund.
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Mercer saw manager searches put on hold
[16:20 CEST 05-05] EUROPE - European pension funds chose to largely focus on strategic issues during last year's financial markets turmoil rather than press ahead with manager or structural changes to their portfolios, according to consulting firm Mercer.
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Employer reps can conflict pensions board, say trustees
[13:00 CEST 01-05] UK – Finance directors may be able to wear two hats and operate both on behalf a company and as a trustee of a pension scheme providing there are likely to be no significant disagreements over funding, according to trustees.
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NewsHull PCT wants 'comparable' scheme to NHS
[11:30 CEST 01-05] UK – NHS Hull, the area's primary care trust (PCT), is seeking a provider to develop a company pension fund for the City Health Care Partnership (CHCP) that will offer "comparable" benefits to the NHS pension scheme.
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News
Economic crisis could lengthen deficit recoveries
[16:00 CESt 30-04] UK – Calculations made by Towers Perrin suggest the current levels of corporate bond yields alongside growing defined benefit pension scheme deficits could lengthen funds’ recovery times to as much as 20 years.
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Berkshire halves equity assets under new strategy
[17:10 CEST 29-04] UK – The Royal Borough of Windsor and Maidenhead has finalised the remaining manager appointments for its diversified strategy for the Royal Berkshire Pension Fund, which includes more than halving the fund's equity allocation to 32.5%.
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News
Berkshire completes first set of mandates
[17:00 CEST 27-04] UK – The Royal Borough of Windsor and Maidenhead has confirmed the appointment of three new investment managers for the £1.05bn (€1.17bn) Royal County of Berkshire Pension Fund, as part of a diversification strategy.
