Latest on Regulation & Reform – Page 471
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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.
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Insight, Russell team up to offer LDI
UK – Insight Investments and Russell Investment Group have teamed up to offer customised liability-driven investment solutions to mid-sized UK pension funds.
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Sal. Oppenheim buys into UK hedge funds
GERMANY – Sal. Oppenheim, a German private bank, has acquired sizeable stakes in London-based hedge fund providers Attica Alternative Investments (AAI) and Integrated Asset Management (IAM). Financial details were not disclosed.
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Raise pension age to 67, says DNB president
NETHERLANDS - The government should seriously consider raising the official retirement age by two years to 67, says De Nederlandsche Bank president Nout Wellink.
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Dutch minister: don’t blame me for FTK impact
NETHERLANDS – Dutch social affairs minister Art Jan de Geus says he takes no responsibility for the impact on pension funds’ asset allocation following the new Financial Assessment Framework (nFTK).
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Mercer, Wilshire subpoenaed in US probe
GLOBAL – Mercer Investment Consulting and global advisory company Wilshire Associates have confirmed they were recently subpoenaed to provide information to the US Department of Labor’s investigation of pension consultants.
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Van Lanschot investment director Kraan dies
EUROPE – Theo Kraan, private investment director of Dutch-based Van Lanschot Bankiers, has died in an accident.
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German pension funds face Solvency II regime
GERMANY – Financial services regulator BaFin says it wants to apply parts of the Solvency II insurance regime to certain German pension funds, regardless of whether a future EU directive requires this or not.
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Swiss schemes want investment rules relaxed
SWITZERLAND – Swiss occupational pension funds want investment regulations relaxed, according to a survey by Swisscanto Asset Management.
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Norway’s Baerum tenders €73m in SRI
NORWAY – The Bærum municipality east of Oslo has tendered NOK570m (€73.5m) in socially responsible investing assets.
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DNB stress tests ‘to show funds’ improvement’
NETHERLANDS – Stress tests currently being conducted by the Dutch central bank are expected to show a “significant improvement” in Dutch pension funds’ coverage ratios, according to a new report.
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Saxony-Anhalt plans civil service pension fund
GERMANY – The eastern German state of Saxony-Anhalt plans to set up a pension fund for its civil servants from 2008, saying the move is necessary to relieve long-term pressure on its budget.
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Hymans sees shift to global equities, bonds
UK – The UK’s 50 largest fund managers saw an increased shift from UK equities to fixed income and global equities in 2005, according to an annual survey by Hymans Robertson.
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UK consultants see pension directive problem
UK – More than half of UK pension consultants see a problem with the implementation of the European pension fund directive, according to the Society of Pension Consultants.
