Investor Strategy – Page 208
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Investors in hedge fund blow-up join forces
GERMANY – Investors in the Phoenix Kapitaldienst GmbH, the funds of hedge funds firm under investigation for accounting irregularities, have pulled together to protect their interests.
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Jobs threat as RWE outsources (Update)
UK – In-house pensions administration staff at a UK arm of German utility RWE have been offered voluntary redundancy amid an outsourcing deal with Capita Hartshead (updates with number of staff).
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Vernooy to retire from Unilever scheme
NETHERLANDS - Alco Vernooy is to retire as managing director at the €3bn Progress pension fund at Unilever and be replaced by Loek Sibbing from Volker Wessels.
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Dutch schemes invest €51bn abroad
NETHERLANDS - Dutch pension funds invested €51bn in foreign bonds and equities last year, says Statistics Netherlands CBS in a provisional report.
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Dutch schemes focusing on low interest rates
NETHERLANDS – The way to position investment policy amid historically low long-term interest rates has become a key question at Dutch pension funds, IPE has learnt.
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Universal unveils CTA for pensions
GERMANY - German fund administrator Universal-Investment plans to introduce contractual trust arrangements, which let firms create an external fund to finance their pension liabilities.
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Germany plans boost to Pensionsfonds system
GERMANY - The German government intends to radically boost the competitiveness of Pensionsfonds, the equity-oriented corporate pensions vehicle created in 2001, according to a senior official in the social affairs ministry.
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Head of underperforming AP4 gets pay cut
SWEDEN – The president of the SEK151.4bn (€16.7bn) Swedish buffer fund AP4 – which underperformed its benchmark by three points in 2004 – has had his pay cut by almost five percent.
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Italy’s Cooperlavoro seeks managers after revamp
ITALY - The €64m Cooperlavoro is looking for up to six asset managers after a switch from a single- portfolio to a three-portfolio investment strategy.
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No reason to relax for Swiss funds - report
SWITZERLAND - Swiss pension funds, with a "barely acceptable" 4.2% return in 2004, have no reason to relax, according to the Swiss pension fund association (ASIP) and Watson Wyatt.
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IAPF chairman Ryan leaves Eircom
IRELAND - Gerry Ryan, the chairman of the Irish Association of Pension Funds, has left his position as pension fund administrator at Dublin-based corporate pension fund Eircom.
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‘Convexity’ key as Dutch schemes buy long bonds
NETHERLANDS – Convexity, or the sensitivity of bonds to interest rates, is an important factor as Dutch pension schemes move into longer dated bonds amid the new FTK regulations – according to a market analysis firm.
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Danish party calls for SP payments to end
DENMARK - Denmark’s right-wing populist Dansk Folkeparti has called for an end to payments into the special pension arrangement, the Særlige Pensions ordning (SP).
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Ousted Babcock CEO ‘misrepresented assets’
GERMANY - The surprise dismissal of Günter Schulze as chief executive of Babcock Pensionskasse followed his misrepresentation of the pension fund’s investments, sources say.
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IPE-QUEST: Swiss foundation tenders €76.1m
SWITZERLAND – A Swiss foundation has tendered a global emerging markets brief worth up to $100m (€76.1m) through IPE-Quest.
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SSGA says German assets rise 43%
GERMANY - Asset management group State Street Global Advisors says its institutional assets under management in Germany and Austria rose 43% last year to total €10.1bn.
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Watson Wyatt confident in Credit Lyonnais case
UK – Consulting firm Watson Wyatt is confident it will win a negligent advice claim brought against it by Credit Lyonnais that was first filed almost two years ago.
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Belgian construction fund officer joins regulator
BELGIUM - Ann Devos, investment officer for the €450m social fund for the construction sector, FSE, is to leave the fund and join the Belgian pension regulator.
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Allianz’s European asset chief Goldbrunner exits
GERMANY - Johann Goldbrunner, head of Europe for Allianz Global Investors, has decided to resign on April 1 – just three months after taking on the role.
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Germany’s Babcock Pensionskasse removes CEO
GERMANY - Babcock Pensionskasse, the €460m pension fund of failed engineering firm Babcock, has stripped chief executive Günter Schulze of his responsibilities, sources say.
