Investor Strategy – Page 172
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Strong covenant key to cheap buyout - consultants
[16:45 CEST 22-08] UK – Banks like Citigroup or other entities with strong covenants are starting to offer cheap buyout solutions for pension schemes which will "keeps trustees happy", Watson Wyatt has pointed out.
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Northamptonshire forays into overseas equities
[16:15 CEST 22-08] UK – The £1.1bn Northamptonshire County Council pension fund is looking for one or more managers for a new £200m overseas equity portoflio.
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FondoPoste moves to external managers
[16:45 CEST 17-08] ITALY – The FondoPoste pension fund has restructured its asset management and appointed seven external managers to take care of its €100m of assets.
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Blue Sky rethinks hedge funds stance
[16:30 CEST 17-08] NETHERLANDS – Blue Sky Group, manager of the KLM Royal Dutch Airlines' corporate pension fund, has said it is considering so called hedge fund replication strategies for its investments.
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Bulgaria has 'concentrated' pensions market
[16:15 CEST 17-08] BULGARIA – There is limited competition in Bulgaria's voluntary pension insurance market, according to the Financial Supervision Commission (FSC).
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Misset scheme to join PGB
[11:00 CEST 17-08] NETHERLANDS - The pension fund of printing company C. Misset will join the €10bn industry-wide pension scheme for the printing industry PGB next year, it announced.
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Equity appetite unscathed by US turmoil – ML
[14:00 CEST 16-08] GLOBAL – Despite global market turbulence, institutional investors still believe equities offer value, particularly relative to bonds, Merrill Lynch has found.
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Financial advice growth poses problems for PPM
[12:00 CEST 16-08] SWEDEN – An increasing use of financial advisers for fund selection in the Swedish premium pension plan could pose problems for the system as it generates potential bulk trading volumes.
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Citigroup signs first full pension buyout
[16:00 CEST 15-08] UK – Financial services firm Citigroup has made its first step in the pension fund buyout arena with the purchase of a £200m (€294m) defined benefit pension fund previously owned by Thomson Regional Newspapers (TRN).
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HBoS boasts pension fund support
[16:15 CEST 10-08] UK – UK banking giant Halifax Bank of Scotland (HBoS) says it has contributed £1.15bn to its £5.7bn pension scheme since 2005, making this the second-largest UK employer contribution last year.
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NIBC drops IPO plans
[15:30 CEST 09-08] NETHERLANDS – Dutch merchant bank NIBC has seen profits evaporate because of massive losses on asset-backed securities related to the US subprime mortgage market, despite nearly doubling its institutional assets under management earlier this year.
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European investors sought money safety in Q1
[15:50 CEST 08-08] GLOBAL – Assets held by investment funds grew to over €17trn in the first quarter of this year but figures presented by European trade association EFAMA suggest European investors may have played safe when shifting assets from equities in the March downturn.
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Pension surplus under threat from equities - LCP
[14:00 CEST 08-08] UK – Companies whose pension schemes remain heavily invested in equities should reconsider they are in a vulnerable position, argues Bob Scott, partner at Lane Clark & Peacock (LCP).
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Dutch funds unconvinced by 'unfavourable' Fortis bid
[16:30 CEST 07-08] NETHERLANDS – A group of six Dutch pension fund-heavyweights yesterday voted against and displayed harsh criticism of Belgian-Dutch financials group, Fortis’ proposal for the potential ABN Amro takeover.
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Rürup urges MPs to cut their pensions
[16:00 CEST 06-08] GERMANY – Professor Bert Rürup, a leading pension expert and government economic adviser, has urged German MPs to cut their pensions to show solidarity with working Germans whose pensions are already being reduced.
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Market gains could reduce cash funding
[16:00 CEST 03-08] UK – Financial directors are being advised to review their funding deficits as improved market conditions may have reduced the level of contributions now required.
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Cardiff seeks transition managers
[16:00 CEST 03-08] UK – The £899m (€1.34bn) Cardiff and Vale of Glamorgan Pension Fund is looking for a ‘panel’ of transition managers, IPE has learnt.
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PGGM to increase concentrated risk investments
[12:00 CEST 03-08] NETHERLANDS – The €86bn Dutch pension fund PGGM, the second largest in the Netherlands, will double its concentrated risk investments in 2007, IPE has learnt.
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News
Pharma major hires Mercer for DC review
[16:30 CEST 01-08] UK – Pharmaceuticals giant GlaxoSmithKline (GSK) has hired Mercer Human Resource Consulting to review the design and investment strategy of its £850m (€1.3bn) UK-based defined contribution (DC) plan.
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Romania introduces pension fund risk profile
ROMANIA – Pension funds in the recently-created Romanian second pillar will be labelled "high risk level" if they have less than 65% invested in low-risk bonds.
