Investor Strategy – Page 186
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News
L&G eyes longevity risk products for big schemes
UK – Legal & General says it sees “significant” growth opportunities in new products offering longevity products to larger pension schemes.
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New report calls for European pensions regulator
EUROPE – A new report has called for a European pension regulator among a host of recommendations for the global pensions industry.
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North Yorks tenders TAA (Correct)
UK - The £1.1bn (€1.6bn) North Yorkshire Pension Fund says it has tendered a £44m Global Tactical Asset Allocation mandate following a review of its equity investment strategy (Corrects name of advisor).
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The Hague taps Aegon for levensloop scheme
NETHERLANDS - The city council of The Hague has chosen insurer Aegon to provide a life course (levensloop) pension arrangement for all of its 8,000 employees, Aegon announced.
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Forbo scheme names MN as investment manager
NETHERLANDS - The company pension fund of linoleum producer Forbo has selected MN Services as its new investment manager, MN has announced.
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Asset management M&A hits record – report
GLOBAL – The sale of asset management businesses worldwide in the first half of 2006 hit the highest level ever, according to a new report.
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Irish reserve fund posts negative Q2 returns
IRELAND – The €16.3bn National Pensions Reserve had a negative investment return of almost 4% in the second quarter of this year – although it was up in the first six months.
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Gist-Brocades, DSM-Chemie funds in €5bn merger
NETHERLANDS - The Gist-Brocades and DSM-Chemie pension funds are to merge, creating a fund worth more than €5bn.
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London Pensions Fund Authority names new CEO
UK – The £3.5bn (€5bn) London Pensions Fund Authority has appointed Mike Taylor to take over from Peter Scales as chief executive.
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West Midlands tenders currency mandates
UK – The £6.6bn (€9.7bn) West Midlands Metropolitan Authorities Pension Fund is tendering two new briefs – one currency alpha mandate and an active specialist currency overlay mandate.
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SSGA sets up absolute returns trust company
GLOBAL – State Street Global Advisors says it is boosting its offering in the absolute return area with a new limited purpose trust company, various hires and a new licensing agreement.
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MLIM slows BlackRock momentum amid outflows
GLOBAL – BlackRock says its planned merger with Merrill Lynch Investment Managers has resulted in a “temporary” slowdown in its momentum.
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Continental the latest to set up pension CTA
GERMANY – Auto component maker Continental has become the latest member of the Dax-30 equity index to create an external fund known contractual trust arrangement (CTA) to finance pension liabilities.
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GSAM to get a third of PPF levy funds
UK – The Pension Protection Fund, the government’s pensions lifeboat, will assign roughly a third of its £140m (€205m) in initial levy funds to Goldman Sachs Asset Management, according to the PPF’s Business Plan 2006/2007.
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Kosovo fund names two asset managers
KOSOVO – The Kosovo Pensions Savings Trust (KPST) has appointed Schroders and ECM as fixed income managers.
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Lincolnshire scheme silent on BETonSPORTS
GLOBAL – At least one UK pension fund - Lincolnshire - may have lost out in the decline in share prices of online gaming companies following the detention of BETonSPORTS chief executive David Carruthers.
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Maher steps down as Pensions Board CEO
IRELAND – Anne Maher is due to step down resign as chief executive of Irish pensions regulator the Pensions Board after 10 years in the role.
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UK national ‘multi-manager’ pension scheme seen
UK – The proposed National Pensions Savings Scheme could in effect be a giant ‘multi-manager’ fund, the Investment Management Association says.
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DB schemes amplify market volatility – BOE study
UK – Defined benefit pension funds amplify shocks to companies’ shares and affect stock market volatility, according to a Bank of England study.
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Dutch insurance premiums dwarf pension premiums
NETHERLANDS - Premiums paid to Dutch insurance companies were three times as high as premiums paid to Dutch pension funds at the beginning of 2006 (Corrects figures in 2nd paragraph).
