Latest on Regulation & Reform – Page 465
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Dutch schemes face sanctions from AFM regulator
NETHERLANDS – The Autoriteit Financiële Markten financial market watchdog says dozens of Dutch pension funds still don’t fully comply with its market conduct rules.
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Avon tenders for pensions consultant
UK – The roughly £1.9bn (€2.7bn) Avon pension fund administered by the Bath and North East Somerset Council is tendering for a pensions consultant.
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IPE-QUEST: Dutch fund tenders fiduciary
NETHERLANDS – Consulting firm Avida International is looking for fiduciary managers for a multibillion-euro Dutch pension fund client via IPE-Quest.
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MN Services, Robeco at odds over fund mergers
NETHERLANDS – Forced mergers between smaller pension funds are undesirable because they’ll become dependent on big banks, says MN Services.
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EU pensions committee admits “shortcomings”
EUROPE – CEIOPS, the Committee of European Insurance and Pension Supervisors, says there have been “unavoidable shortcomings” as it works on the EU Solvency II project for insurance.
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Belgian funds ‘forced into SRI investing’
BELGIUM – Public authorities in Brussels must invest “at least” 10% of their pension schemes in socially responsible investment under new orders approved by government.
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Italy's COVIP sees slow growth
ITALY – The complementary pensions sector is growing too slowly, according to the Italian pensions regulator, the Commissione di Vigilanza sui Fondi Pensione (COVIP).
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EU pensions portability proposal under fire
EUROPE – The European Commission’s proposal for a directive on pensions portability has come under renewed fire from MEPs and industry groups.
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Lines drawn over Solvency II for pension funds
EUROPE – Battle lines are being drawn between supervisors and industry practitioners over a proposal to include pension funds within the insurance industry’s Solvency II framework.
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IMA says managers could run UK national scheme
UK – Fund managers could indeed run the proposed National Pensions Savings Scheme at low cost using institutional management, according to the Investment Management Association.
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EFRP celebrates 25th anniversary
EUROPE – The European Federation for Retirement Provision (EFRP), which represents occupational pension plans in the EU and candidate states, is today celebrating its 25th anniversary in Brussels.
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Concern expressed over Antilles pension fund
NETHERLANDS – The Dutch Central Bank (DNB) is concerned about the implications for the Algemeen Pensioenfonds van de Netherlands Antillen (APNA), the general pension fund for government workers in the Netherlands Antilles, of the territory’s government debt, a Dutch a parliamentary working group has been told.
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Leave minimum entrance age to sector - VB
NETHERLANDS - The decision on the minimum age workers can join a pension fund should not be set in law, but be left to the respective sectors, says the VB.
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Former FIM Group chief executive faces jail
FINLAND – The former chief executive of Finnish broking and asset management group FIM, Seppo Sairanen, has been sentenced to jail by the District Court of Helsinki for alleged fraud.
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Fortis names global LDI head
NETHERLANDS – Fortis Investments has appointed Alexander Van Aken to the new position as global head of liability driven investment.
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UBS doubles German institutional assets
GERMANY – Due partly to proliferation of big corporate pension funds, Swiss bank UBS has raised its institutional assets under management in Germany to €8bn – more than double the figure for December 2004.
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IPE-QUEST: $300m in fund of hedge funds
GLOBAL – Up to $300m (€237m) in fund of hedge funds is being tendered on IPE-Quest.
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ABP to sit on new European securities group
EUROPE – ABP, Europe’s largest pension fund, is to have a member on a new securities industry group set up by the European Commission.
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PGGM appeals against DNB levensloop fine
NETHERLANDS - Dutch health care pension fund PGGM says it will appeal against the fine it received from pension regulator De Nederlandsche Bank over the sale of levensloop, or “life course” products.
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European asset managers now run €30trn
EUROPE - Asset managers in the European market saw the assets they manage surge last year to more than €30trn, according to IPE’s calculations, up from last year’s estimate of €26trn when the increase on the year was only €2trn.
