Investor Strategy – Page 216
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ECB warns on accession states’ pensions
EUROPE – The European Central Bank has warned that demographic shift will be more severe in most of 11 non-euro area member states than the European Union average.
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Belgian building fund taps BoNY for transition
BELGIUM - The Belgian industry-wide construction scheme has selected the Bank of New York for global transition management, the bank said.
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Sweden names head of new social security agency
SWEDEN - The government has appointed finance under-secretary Curt Malmborg to head the new social security agency, Försäkringskassan.
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Barr moves to PPM
SWEDEN - Daniel Barr, chief analyst of the seventh Swedish national pension fund Sjunde AP-fonden, AP7, has joined the premium pension authority, PPM, as chief economist.
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SPW taps State Street for fund accounting
NETHERLANDS – The 2.4 billion-euro Dutch housing association scheme Stichting Pensioenfonds voor de Woningcorporaties has expanded its relationship with State Street Corp.
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DeAM takes over E24.7bn Zurich assets
GERMANY - German institutional fund manager Deutsche Asset Management (DeAM) will take over 24.7 billion euros in assets currently held by the German arm of Swiss insurer Zurich beginning next January.
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INTECH set to sign up more European schemes
EUROPE – Janus Capital Group says its INTECH arm, which specialises in mathematically based portfolio investing, is set to sign up new European pension fund clients.
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Pension Commission: reaction broadly positive
UK – The Pension Commission’s interim report was broadly welcomed by the government and industry observers – here is a selection of comments from politicians, industry groups, consultants and unions.
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DeAM consultant head Patel leaves
EUROPE - Deutsche Asset Management has confirmed the departure of Dipak Patel, director of consultant relationships.
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PensionDanmark in funds transferral move
DENMARK – Industry-wide pension fund PensionDanmark is bidding for a share in the new market of funds transferral from the government-backed SP fund to other funds chosen by workers.
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Ex-Belgian pensions minister joins consultant
BELGIUM – Former Belgian pensions minister Freddy Willockx has joined the new full-service consulting firm Akkermans Stroobants & Partners.
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Diageo transfers shares to cut E1.1bn deficit
UK – Drinks firm Diageo has transferred four million shares in US cereal maker General Mills to its UK pension plan to help cut the scheme’s 750 million-pound (1.1 billion-euro) deficit.
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UK’s Dorset allocates to hedge funds in revamp
UK - The 900 million-pound (1.3 billion-euro) Dorset County Pension Fund has allocated five percent of its portfolio to hedge funds investments as part of a review of investment strategy.
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ING IM names new risk management head
NETHERLANDS – Luciano de Almeida has been named as head of risk management at ING Investment Management Europe to replace Remco van Eeuwijk, who has joined Wilshire Associates.
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New Swiss asset management firm launched
SWITZERLAND – Dutch bank Oyens & van Eeghen has launched an asset management company in Switzerland called Altis Investment Management in partnership with two former Morgan Stanley executives.
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UK pension fund disclosures this week
UK – The following are UK pension funds’ holdings in companies that have been disclosed this week under the Financial Services Authority’s stock market listing rules.
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AP3 equities chief Eriksson leaves
SWEDEN – The 16.6 billion-euro Third Swedish National Pension Fund, Tredje AP-fonden or AP3, says Magnus Eriksson - head of equities management - is leaving the fund.
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Railpen stresses human face of ALM
UK - Stephen Lowe, head of asset strategy at Railpen Investments called for the human component to be considered when pension funds set their asset liability models.
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Mercer says Austrian reform disappointing
AUSTRIA - Kurt Bednar, managing director of Mercer Austria, has called for finance minister Karl-Heinz Grasser to show more courage in reforming the pension fund law, or PKG.
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Mercer advises funds not to follow fashion
UK – Pension funds should not give in to what is ‘in vogue’ but concentrate instead on why they are investing, says a senior investment consultant at Mercer.
