All IPE articles in June 2005 (Online)
View all stories from this issue.
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News
Study casts doubts on Germany’s PAYG system
GERMANY - A new study indicates that returns for Germany’s pay-as-you-go pension scheme are headed into negative territory, meaning that future pensioners will get far less out of the scheme than they paid in.
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Dutch may issue index-linked to aid schemes
NETHERLANDS - The Dutch Treasury is looking at the possibility of issuing index-linked bonds to help with the financing of pension funds, says finance minister Gerrit Zalm.
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Petroleum Fund gets “substantial” oil price boost
NORWAY – The Norwegian central bank says higher oil futures prices have led to a “substantial” increase in the expected value of Petroleum Fund.
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Dutch MPs want longer pension recovery period
NETHERLANDS - Pension funds must get more time to erase deficits in order to prevent higher premiums during bad times, say a majority of the Dutch parliament during interim budget discussions.
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CEIOPS highlights interest-rate volatility
EUROPE – CEIOPS, the European pensions supervisory committee, has highlighted that marking liabilities to market values means that interest rates will become a “real element” in pension fund risk management.
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Funded schemes could boost Germany – IMF
GERMANY – The International Monetary Fund says funded pension schemes could provide a boost to the German financial system.
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Italy reforms not recognised - ECB’s Bini Smaghi
ITALY - Lorenzo Bini Smaghi, Italy’s executive board member at the European Central Bank, has said Italian pension reforms have not been recognised outside the country.
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PPF chief provides detail on risk-based levy
UK – Lawrence Churchill, the chairman of the Pension Protection Fund, has provided some more details about the criteria for the launch of the much-discussed risk-based levy next year.
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Julius Baer names ex-Credit Suisse exec as CEO
SWITZERLAND - Swiss bank Julius Baer has named former Credit Suisse executive Alex Widmer as chief executive, effective from the start of next year.
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UK’s FSA seeks to ease own pension deficit
UK – Financial watchdog the Financial Services Authority made £6.7m (€10m) in contributions in the last financial year to ease a deficit of almost £80m in its own pension scheme.
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Standard Life taps Mellon for fund servicing
IRELAND - Standard Life Investments has tapped Mellon Financial to service an $11bn (€9.1bn) Dublin-based money market fund.
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Pioneer, BNP Paribas sign separate US fund deals
US - UniCredito's Pioneer and BNP Paribas Asset Management have both announced separate agreements to buy US fund firms today.
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Pension age at issue amid Portugal strike call
PORTUGAL – The raising of the civil service pension age is among grievances about planned changes to the welfare system that has led to the CGTP union to call for a general strike.
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Dutch rail scheme SPF to help smaller schemes
NETHERLANDS - The Dutch industry-wide scheme SPF Beheer is offering support services to smaller pension funds which prefer to stay independent.
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Chemicals firm Ciba taps Watson (Update)
UK – Watson Wyatt says it has been appointed by chemicals firm Ciba Specialty Chemicals to manage its UK pensions administration and accounting, replacing KPMG (Updates with fresh quotes).
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French reserve fund to invest €600m in SRI
FRANCE - The Fonds de Réserve pour les Retraites, the French Pensions Reserve Fund, has started to select managers for up to six socially responsible investing mandates worth a total of €600m.
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Report warns pension funds about climate risk
GLOBAL – A new report has warned pension fund trustees that they need to consider climate change if they want to do the best for their beneficiaries.
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WestLB enters multi-management market
UK - WestAM, the asset management arm of German bank WestLB, has brought in a former director at MM Asset Management in the UK to lead its foray into the multi-management fund business.
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Fortis opens sales office in Frankfurt
GERMANY - Fortis has opened a sales office in Frankfurt to offer a range of fund services to asset managers specialising in both traditional and asset classes.
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Petroleum Fund in ownership rights move
NORWAY - Norges Bank Investment Management, which runs the NOK1.09trn (€134bn) Petroleum Fund, has set up a new ownership rights group to further its work on corporate governance.
