Investor Strategy – Page 194
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News
Railways fund SPF switches to DC
NETHERLANDS – SPF, Holland’s industry-wide railways pension fund, has changed from defined benefit to collective defined contribution.
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ABN Amro lifts investment fund fees
NETHERLANDS – ABN Amro will raise the fees charged on most of its investment funds on 1 April.
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KAS pockets €9m from exchange appreciations
NETHERLANDS – KAS Bank’s shareholdings in the London Stock Exchange, Euronext and Deutsche Börse appreciated more than €9m in the second half of 2005 to reach €25m at year end.
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Firefighters go to final appeal over pensions
UK – A test case brought by firefighters over pensions equality is set to go to the House of Lords, the UK’s final court of appeal.
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EU says 15 states still lag on pension directive
EUROPE – Fifteen European Union member states have yet to fully notify the Commission about the transposition of the directive on occupational pension funds into national legislation – almost four months after the deadline.
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Dutch schemes sue Shell over reserves
NETHERLANDS – Stichting Pensioenfonds ABP, the Dutch civil service fund, is leading a group of 26 funds in a class action lawsuit against Royal Dutch Shell over the oil giant’s reserves scandal.
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Nobel laureate Merton says LDI “ill-conceived”
GLOBAL – Nobel Prize-winning economist Robert Merton has said immunizing pension obligations through liability driven investment strategies is “ill-conceived”.
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Managers, strategy under scrutiny at Co-Op
UK – The Co-operative Group’s decision to shut its final salary scheme and create a single £4.7bn (€6.8bn) career-average salary fund will put both investment strategy and fund managers under review if trustees formally approve the change.
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NIB Capital’s Tielman joins Cordares
NETHERLANDS – Jeroen Tielman, the founder of FundPartners and the current director of pension business development at NIBC Bank, is to join pension management firm Cordares in a senior role.
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Watson Wyatt & Co. changes name
GLOBAL - Watson Wyatt & Co. Holdings has changed its name to Watson Wyatt Worldwide Inc. to reflect the recent acquisition of its European affiliate.
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Vanguard committed to Europe despite departures
NETHERLANDS – Vanguard said it remains committed to its European institutional business despite a number of executive departures.
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Delta Lloyd’s Bostanci wins IPE/AIMSE scholarship
GLOBAL - The 2005 IPE/AIMSE Scholarship has gone to Sibel Bostanci, head of institutional sales at investment management firm Delta Lloyd in Germany.
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Allianz Global Investors sets up Luxembourg arm
EUROPE – Allianz Global Investors has founded a subsidiary in Luxembourg from which it plans to bolster its European presence, especially where investment funds are concerned.
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Horeca moves into commodities
NETHERLANDS - Pensioenfonds Horeca & Catering, the €2bn Dutch hotel and catering scheme, has awarded a passive commodities mandate to Western Asset Management.
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Unilever sets up €5bn asset pooling vehicle
EUROPE – Consumer products group Unilever has set up a pension asset pooling vehicle called Univest which could grow to around €3-5bn in size.
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Allianz’s DEGI cuts German real estate holdings
GERMANY – Real estate fund provider DEGI plans to cut the German holdings of its core German fund, after the fund was hit by €271.5m in net outflows in the first 11 months of this year.
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Dutch Treasury won’t issue index-linked bonds
NETHERLANDS - The Dutch State Treasury Agency won’t issue index-linked bonds in the near future, it said in its outlook for 2006.
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OECD flags up scarcity of government bonds
GLOBAL – The Organisation for Economic Cooperation and Development has flagged up the potential scarcity of high-quality long-term government bonds for pension funds.
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IPE-QUEST: Nordic bank seeks sub advisor
NORDIC – A Nordic bank has tendered an initial $80m sub- advisory mandate via IPE-Quest.
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Hoogovens scheme’s Bronger joins Robeco
NETHERLANDS – Patrick Bronger, senior investment manager at the €5.3bn Hoogovens pension fund, has joined Robeco’s hedge fund department.
