Latest on Regulation & Reform – Page 468
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Gartmore says no change for clients in MBO
UK – UK asset manager Gartmore says there will be “no change” for clients as a result of its private equity-funded management buyout.
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Russell unveils upgraded web pension tools
GLOBAL - Russell Investment Group has unveiled the next generation of its web-based services for institutional clients.
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IMA creates new role of head of tax
UK – The Investment Management Association has created a new role of head of tax to help it deal with a higher workload in the area.
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Dutch may veto EU pensions portability plan
NETHERLANDS - Representatives of the Dutch government party the Christian Democrats have raised the prospect of vetoing the proposed EU directive on pensions portability at the European Council.
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German Pensionskassen get insolvency protection
GERMANY – The insurance industry has launched a new €500m insolvency protection fund which so-called ‘de-regulated’ Pensionskassen (traditional pension funds) may join on a voluntary basis.
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IPE-QUEST: Danish fund tenders N. America equity
DENMARK – A Danish pension fund has tendered $100m+ in US and Canadian all-cap equities via IPE-Quest.
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NAPF’s Ellison to chair IPE Real Estate event
NETHERLANDS – National Association of Pension Funds chairman Robin Ellison is to chair IPE Real Estate’s Investor Forum & Awards in Amsterdam on June 1.
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Some Swedish life, pension assets get red light
SWEDEN – Swedish financial regulator Finansinspektionen says a small number - less than 1% - of life insurance and occupational pension assets were in a “red-light” situation in the first quarter.
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Skandia case’s Bexhed steps down
SWEDEN – Skandia’s Jan-Mikael Bexhed, who steered a prominent pan-European pensions test case through the European Court of Justice, is stepping down as general counsel at the company.
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AIG, Aegon enter UK bulk annuity market
UK – AIG and Aegon have both signalled separate decisions to enter the UK’s bulk annuities market – in moves which will challenge existing suppliers Prudential and Legal & General.
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Dutch actuaries fear stifling FTK
NETHERLANDS - The Dutch Actuarial Society has asked social affairs minister Aart Jan de Geus not to set rules for analysing pension funds.
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Vervoer taps GSAM for €5.4bn fiduciary brief
NETHERLANDS – Dutch industry-wide transport fund Pensioenfonds Vervoer has appointed Goldman Sachs Asset Management to run a €5.4bn fiduciary mandate – resulting in a loss for incumbent F&C.
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Germany’s BPS-PT to sell pension-backed bonds
GERMANY – The Bundes-Pensions-Service für Post und Telekommunikation, a pension fund for former postal and telecoms employees, has confirmed plans to sell another €7.5bn worth of euro-denominated bonds backed by pension obligations.
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JP Morgan plans further hedge fund deal
UK – JP Morgan is close to doing a deal with a UK-based hedge fund manager with some £2bn (€2.9bn) in assets under management, according to a senior figure at the bank (Updates to clarify nature of deal).
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Bayer implements UK pensions governance system
UK – Healthcare giant Bayer, with a pension scheme of roughly £750m, has implemented a pensions governance system from eShare.
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German schemes on sidelines at Bund auction
GERMANY – The government has completed the sale of €8bn worth of new 10-year bonds, but German pension funds queried by IPE say they did not directly take part in the auction.
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Ex-JP Morgan’s Bourgi joins asset-backed firm
UK – Ramy Bourgi, the former co-head of JP Morgan’s European custody business, has been appointed business development director at Cambridge Place Investment Management.
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‘Impossible to predict’ bird flu pensions impact
GLOBAL – The impact of a pandemic of avian influenza on pension funds is currently impossible to predict, according to a forum of global central bank and finance ministry chiefs.
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UK opposition wary of state-run NPSS
UK – The Pensions Commission’s proposals for a state-run second-tier pension fund for those not covered by work-place schemes have been dismissed by the opposition Conservative Party.
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Norway global fund set to top €218bn
NORWAY – Norway’s Government Pension Fund – Global, the former Petroleum Fund, is set to grow to about NOK1.7trn (€218.4bn) by the end of this year.
