All IPE articles in June 2008 (Online) – Page 6
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News
Industriens eyes consolidation of small pension schemes
[15:10 CEST 18-06] DENMARK - Two of Denmark’s smaller pension funds are considering merging with the much larger Industriens Pension, in a deal which could boost Industrien’s assets by 13%.
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UK 'buy-in' specialist goes overseas (amended)
[15:20 CEST 18-06] UK – PensionsFirst, the recently-launched company which claims to completely immunise defined benefit (DB) schemes from risk, is now planning the launch of two separate offices in the US and Japan.
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Wednesday people roundup
[16:00 CEST 18-06] GLOBAL - People roundup: Fidelity Investments, SGAM, BNY Mellon, Opal, Schroders, Hermes, Midas Capital, Merrill Lynch, Morgan Stanley, CQS.
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Environment Agency and Somerset enters searches
[16:40 CEST 18-06] UK – The Environment Agency has begun a search for a firm to manage the administration of its two local government pension funds.
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Morgan Stanley axes 'award-winning' ETF team
[16:45 CEST 18-06] UK – Morgan Stanley has disbanded the renowned ETF research team, headed by Deborah Fuhr, as part of its move to cut jobs.
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Polish pension reforms deemed "incomplete"
POLAND – The Organisation for Economic Cooperation and Development (OECD) has described recent Polish pension reforms as a welcome measure but branded them “incomplete” and called for further stringent reviews.
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Worried pension trustees step up covenant reviews
[17:00 CEST 18-06] UK – Pension scheme trustees are reviewing the strength of their existing employer covenants on pension plans on a more regular basis, as a report issued by consultancy Mercer reveals the number of schemes asking for independent covenant reviews has risen to 28%.
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Uni fund fancies private equity co-investments
[13:15 CEST 19-06] UK – Britain’s second largest pension fund, the £30bn (€38bn) Universities Superannuation Scheme (USS), is eyeing co-investments in private equity and has announced a $750m (€484m) commitment to a US buyout fund.
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PADA to start administration search in 2009
[13:30 CEST 19-06] UK – The Personal Accounts Delivery Authority (PADA) has revealed it intends to issue a tender for scheme administration services for the new system of personal accounts in January 2009 with the contract expected to be awarded by the summer of 2010.
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LGPS funding levels rise to 83.5%
[14:00 CEST 19-06] UK – Local government pension schemes (LGPS) improved the average funding level in 2007 to approximately 83.5% of liabilities, a survey has revealed.
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Pension deal might break coalition
[16:25 CEST 19-06] AUSTRIA – The recently settled deal on sustainability in the pension system might now turn into the breaking point of the government coalition as one of the parties is changing its course.
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AMF Pension wins Cannes Lions advertising award
[16:30 CEST 19-06] SWEDEN – The advertising bureau behind a novel advertising campaign for Sweden’s largest fund company AMF Pension has won a prestigious prize lauding the campaign’s success in making young people think about pensions.
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Euro-equities hit popularity low with institutions
[16:35 CEST 19-06] GLOBAL – Stagflation fears are driving institutional investors out of equities and bonds into cash, as fund mangers globally have their most negative stance towards equities in a decade, according to investment bank Merrill Lynch.
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Treasury criticises 'inadequate' with-profits regs
[16:40 CEST 19-06] UK – The UK parliamentary Treasury Select Committee (TSC) has criticised the Financial Services Authority (FSA) for the "inadequacy" of the regulatory regime surrounding with-profits funds, and warned if the system is too complex the FSA needs to have a good argument why with-profits products should continue.
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ECJ sets date for UK age discrimination case
[16:45 CEST 19-06] UK/EUROPE – The European Court of Justice (ECJ) has set a date for the hearing of a legal action claiming the UK government has breached age discrimination regulations by allowing employers to set a mandatory retirement age of 65.
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Dutch pensions see people moves
[13:15 CEST 20-06] NETHERLANDS – Jos Clerkx, chief executive of the pension fund of one of the largest Dutch dairy companies, Campina, has resigned, and is one several key changes at pension funds in the Netherlands.
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Aon revamps admin on expected employer calls
[15:45 CEST 20-06] UK - Aon Consulting is attempting to tap into what it believes will be a growing call for outsourced administration when pension reform come into force in 2012, by expanding and relaunching its admin team.
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Unions call for full buyout review
[15:50 CEST 20-06] UK – A full review of the pension buyout market is needed to avoid putting pension schemes at risk from asset-stripping business models that seek to avoid regulation, the Trades Union Congress (TUC) has warned.
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Another German province chooses 'Fed'
[16:00 CEST 20-06] GERMANY – Mecklenburg-Vorpommern has signed a contract with the federal "Bundesbank" to take over the asset management of its newly-created Pensionsfonds.
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'Regressive' proposals 'dumb down' Myners principles
[16:10 CEST 20-06] UK – The responsible investment charity FairPensions has launched an aggressive campaign against the UK government’s proposed changes to the Myners principles, branding them as "regressive" and likely to prove a failure.
