Investor Strategy – Page 211
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Suez in Luxembourg pension pooling move
LUXEMBOURG – Kredietbank’s Luxembourg arm says it has launched a €1.1bn pension pooling vehicle for the Suez-Tractebel group.
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Denmark: occupational schemes now ‘dominant’
DENMARK – Occupational pension schemes are taking a “clearly dominant” position in the pension savings market, says the Danish Insurance Association.
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German dentists hire Alpha as consultant
GERMANY - VZB, a Berlin-based pension fund for dentists, says it has hired Alpha Portfolio Advisors as its new investment consultant for its €700m portfolio.
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CSAM hit by €2bn loss of two large accounts
SWITZERLAND – Credit Swiss Asset Management lost CHF3.2bn (€2bn) in assets under management in the fourth quarter – due to the loss of two large accounts.
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European fund body FEFSI becomes EFAMA
EUROPE – FEFSI, the European investment funds body, has officially changed its name to the European Fund and Asset Management Association.
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Dutch doctors implement new accounting system
NETHERLANDS – The €11bn Dutch doctors pension fund SBA has implemented a new portfolio management and accounting system.
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Cominvest sees up to €700m inflows in 2005
GERMANY – The chief executive of Commerzbank’s fund arm Cominvest expects up to €700m in inflows this year – on top of broadly unchanged assets under management in 2004.
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New consolidation moves in Iceland
ICELAND -- Two mergers of Icelandic pension funds have been proposed while the possibility of a third is being discussed.
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Putnam’s investment head Oristaglio retires
US - Steve Oristaglio is to retire as head of investments at Putnam Investments and be replaced by his deputy Kevin Cronin.
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Assets surge NIB’s asset management arm
NETHERLANDS – NIB Capital, the bank owned by the two largest Dutch pension funds ABP and PGGM, said assets under management at its investment management unit rose 70% in 2004.
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New hires at Swiss consultant Ecofin
SWITZERLAND - Ecofin, one of Switzerland’s largest investment consultants, has brought in a pair of new senior advisers and, for the first time, has opened itself up to private banking clients.
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Ireland’s NPRF to put 18% into new asset classes
IRELAND – The €11.69bn National Pensions Reserve Fund has targeted an 18% allocation to property, private equity and commodities by 2009 – but it will not invest in hedge funds for the moment.
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Dutch central bank confirms FTK on schedule
NETHERLANDS – The Dutch central bank has reaffirmed that the FTK, the new financial assessment framework for pension schemes, will come in as planned on January 1 2006.
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Watson Wyatt restructures Stockholm office
SWEDEN – Watson Wyatt says it is restructuring its Stockholm-based benefits consulting team – with some staff being based in the UK in future.
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Rabobank says swaps may ease Dutch FTK impact
NETHERLANDS – Rabobank says the new Dutch FTK, or financial assessment framework, will have a “marked impact” on Dutch pension schemes’ investment policy – and that a swap overlay strategy could be a solution.
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UBS says institutional business almost doubles
SWITZERLAND –UBS said its Global Asset Management arm reported a pre-tax profit increase of 64% in 2004 and that institutional business almost doubled.
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Ireland’s CFOPS outlines shift to specialists
IRELAND – The administrator of the €540m Construction Federation Operatives Pension Scheme has outlined the scheme’s move from balanced managers to specialists.
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UK occupational contributions 'rise 50%'
UK - Employer contributions to occupational schemes have risen almost 50% to £8.3bn (€12bn), according to a survey by Incomes Data Services.
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Ireland sees no scope for pensions complacency
IRELAND – The head of the Irish central bank has said that the country must not get complacent about how it deals with the pensions crisis.
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Deutsche denies it plans to sell DeAM in UK
GERMANY - Deutsche Bank has poured cold water on speculation in London that it is on the verge of selling all or part of Deutsche Asset Management in the UK, stressing that its first priority is “to fix the business”.
