Investor Strategy – Page 204
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Handbook flags directive’s impact on hedge funds
IRELAND – The European savings directive on the funds industry will have an impact on Hedge funds and hedge fund of funds, according to a handbook from Dublin- and London-based funds consultancy Carne Global Financial Services.
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Watson Wyatt European chiefs earn more than CEO
EUROPE – Senior figures at Watson Wyatt in Europe such as Roger Urwin and Paul Thornton earn more in combined salary and bonus than the firm’s chief executive John Haley, it has emerged.
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Henderson loses out in North Yorkshire revamp
UK – The £880m (€1.31bn) North Yorkshire Pension Fund has dismissed Henderson Global Investors from a balanced mandate worth 22% of the fund.
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Europe the driver for State Street, says CEO
UK – State Street Corp. is seeing its most dramatic growth in Europe, says chairman and chief executive Ron Logue.
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Italian lawyers’ scheme backs green initiative
ITALY – The Italian legal pension scheme, Cassa Nazionale di Previdenza Forense, is among institutional backers of new €10m environmental initiative.
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Mercer sees no chance for pan-European DB
EUROPE - Defined benefit pension schemes may never be achieved at a pan-European level, according to consulting firm Mercer (corrects spelling of Stainier).
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Governance group GES sets up engagement forum
EUROPE – Corporate governance consulting firm GES Investment Services has set up an ‘engagement forum’ for pension funds.
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Dutch players still critical of FTK
NETHERLANDS – Further criticism about the new Financial Assessment Framework for pension funds emerged last week at an industry gathering.
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ABP-backed fund buys into Dutch utility
NETHERLANDS – Macquarie Bank’s European infrastructure fund, which is backed by institutional investors such as Dutch pension fund ABP, has agreed to buy a 49% stake in utilities group NRE Holding for around €80m.
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Dutch building fund changes name, seeks clients
NETHERLANDS - The Dutch social fund for the building industry, or SFB, has changed its name and says it will intensify its efforts in finding new clients.
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Greece sells telecom stake to pay for pensions
GREECE - The Greek government has agreed to sell 4% of its majority stake in the Hellenic Telecommunication Organization (OTE) to contribute to the voluntary early retirement plan for nearly one third of the firm’s workforce.
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Volkswagen Pension Trust in revamp (Update)
GERMANY - Volkswagen Pension Trust, the pension fund for the German car giant, has completed a sweeping revamp of the way its €1.5bn in pension assets are invested (Updates with clarification, fresh edit).
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Germany’s Rürup wants civil service pension cuts
GERMANY - Professor Bert Rürup, the government adviser on pensions, has provoked the anger of German civil servants by urging the government to cut their pension benefits by one-sixth.
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Breedon’s promotion leaves gap at LGIM
UK – Tim Breedon, group director of investments at Legal & General Investment Management, is to take over from L&G group chief executive David Prosser.
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PensionDanmark to build apartments for rent
DENMARK - Danish industry-wide pension fund PensionDanmark is moving into residential property with a three-year programme to build apartments in three areas of Copenhagen.
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Robeco to assist schemes in voting
NETHERLANDS - Robeco is to offer to assist its larger customers such as pension funds to influence listed companies to meet socially responsible investment criteria.
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ISS targets Europe with Deminor purchase
EUROPE – US-based corporate governance and proxy voting firm Institutional Shareholder Services is to launch a European operation following the purchase of rival Deminor’s governance arm.
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McAlpine taps SEI for equities
UK –Alfred McAlpine Pension Trustees has awarded SEI Investments a £45.6m (€66.3m) global developed markets equity mandate.
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Fortis gets OK for Luxembourg pooled LDI funds
LUXEMBOURG - Fortis Investments says it has received approval for pooled liability-driven investment funds from Luxembourg.
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Equities forgotten as UK schemes shift €58bn
UK – Equities are becoming the “forgotten asset class” as UK pension schemes shifted £40bn (€58.3bn) out of stocks into bonds last year.
