Latest on Regulation & Reform – Page 466
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Man Group limits hedge funds in own scheme
UK – Man Group, the world’s largest listed hedge fund group, is limiting the hedge fund allocation in its own pension fund on the advice of Watson Wyatt, says chief executive Stanley Fink.
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Credit Suisse sells Winterthur to AXA for €7.9bn
SWITZERLAND – The Credit Suisse Group today announced it has agreed to sell its entire Winterthur insurance business to AXA in a CHF12.3bn (€7.9bn) cash deal.
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Swiss pensions could learn from Dutch, UK – IMF
SWITZERLAND - The Dutch and UK approaches to occupational pensions offer some “best practices” that could be applied to the Swiss situation, says the International Monetary Fund.
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Bank of New York drawn into US probe
US – A mutually beneficial arrangement between the Bank of New York and consulting firm Wilshire Associates has emerged following questions from two US congressmen.
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Lancashire tenders €146m in hedge funds
UK - The £3.47bn Lancashire County pension fund has tendered around £100m (€146m) in fund of hedge funds.
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FRR explains reasoning for avoiding hedge funds
FRANCE - The FRR, the €27.7bn Fonds de Réserve pour les Retraites or French Pensions Reserve Fund, has explained why it will not be investing in hedge funds as part of its new strategic asset allocation which features a shift towards 'alternative' assets.
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Hewitt considers raising stake in German venture
GERMANY – Hewitt Associates is considering raising its minority stake in the BodeHewitt joint venture it launched almost a year ago with Bode Grabner Beye.
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Capita pensions marketing head retires
UK – Patrick Wynne-Jones, marketing manager at specialist pensions administrator Capita Hartshead, is due to retire.
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European Commission probes French savings
FRANCE - The European Commission has launched an investigation into the way France’s most popular tax-advantaged savings product, the Livret A, is sold - striking a blow to its main provider Caisse d’Epargne.
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UK minister wants to cut pension “red tape”
UK – Pensions minister John Hutton has invited key industry stakeholders to get involved in government’s drive to cut ‘red tape’ – excessive bureaucracy - to make pensions simpler and less burdened with regulation.
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Bulgarian schemes ‘to grow as rules loosen’
BULGARIA – Bulgarian pension funds’ asset growth to €564m is set to continue as investment regulations become less restrictive, says ING.
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Lupus alpha hedge fund specialist to leave
GERMANY – Kay-Peter Tönnes, hedge fund specialist at Frankfurt asset management boutique Lupus alpha, is to leave to start his own business.
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ABP eyes non-listed sector amid short-termism
NETHERLANDS - Europe’s largest pension fund, the Dutch civil service giant ABP, is planning to shift the accent of its investments to non-listed companies and real estate, says chief investment officer Roderick Munsters.
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European Court makes Danish pensions judgment
DENMARK – The European Court of Justice has made an initial judgement in a case brought by the European Commission’s against Denmark on pensions tax.
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City of Westminster axes Henderson, Aberdeen
UK – The roughly £600m (€871m) City of Westminster pension fund has axed Henderson Global Investors and Aberdeen Asset Management following a scheme restructure.
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Germany mulls private equity tax - Handelsblatt
GERMANY – The German government is considering taxing the earnings of locally domiciled private equity funds, according to business daily Handelsblatt.
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Amonis cuts equities, real estate for hedge funds
BELGIUM – The €1bn Amonis pension scheme for dentists, doctors and pharmacists has reduced its exposure to equities and real estate, and ploughed roughly €34.2m into a fund of hedge funds portfolio managed by Key Asset Management.
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Finnish state fund ‘eyes 10% alternatives shift’
FINLAND – Finland’s €8.2bn State Pension Fund, Valtion Eläkerahasto or VER, is planning to allocate 10% of its assets to alternatives, according to a report.
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Watson Wyatt hires Aon’s Yakoubov
UK – Watson Wyatt Worldwide says it has hired Yakoub Yakoubov from rival Aon Consulting.
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Fidelity seeks new Swiss institutional head
SWITZERLAND – Fidelity International says it is talking to headhunters about finding a replacement for Swiss institutional investment director Raoul van der Lugt.
