Latest on Regulation & Reform – Page 470
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SSGA names Owen as UK institutional sales head
UK - State Street Global Advisors has named Citigroup Asset Management's Richard Owen as head of institutional sales for the UK and Ireland.
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Germany’s Feri and MLP intensify cooperation
GERMANY – Investment consulting and wealth management firm Feri Finance has agreed to intensify its asset management and investment product tie with independent financial advisor MLP.
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USS mulls €8.7bn switch from equities – FT
UK – The Universities Superannuation Scheme is considering a £6bn (€8.7bn) shift out of equities into alternative assets such as private equity and infrastructure investments, according to a news report.
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UK regulator issues contingent asset guidance
UK – The Pensions Regulator today issued guidance on the use of contingent assets.
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JP Morgan confirms hedge fund outsourcing deal
UK – JP Morgan has confirmed that it has made another hedge fund outsourcing agreement.
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Swiss teachers fund BLVK rejects legal action
SWITZERLAND – The CHF4.6bn (€2.95bn) Berne teachers pension fund BLVK says it won’t take legal action against those deemed responsible for its financial woes – despite calls from members.
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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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Ex-ABP, PGGM and ING chiefs back Netspar
NETHERLANDS - Netspar, the new pensions network at Tilburg University, has got the backing of three senior pension industry figures: Dick de Beus, Jean Frijns and Jan Nijssen.
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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.
