Latest on Regulation & Reform – Page 472
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News
Finland’s FIM starts Russian asset manager
RUSSIA – Finnish investment group FIM says it plans to start a Russian asset management and mutual fund group.
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Economics committee mulls pension portability
EUROPE – Members of the European Parliament’s Committee on Economic and Monetary Affairs got their first chance to chew over the proposed directive on pension portability rights this week.
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Transaction cost analysis product launched
UK - An enhanced transaction cost analysis product aimed at UK pension funds has been launched by TradeShare.
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Germany to seek pension portability compromise
GERMANY – Pensions minister Franz Müntefering has announced that the government will seek a compromise on the EU’s proposed directive on pensions portability that is more in the interest of the country’s pensions industry.
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AP1 managers leave to form hedge fund
SWEDEN – The roughly SEK33.6bn (€3.6bn) Swedish hedge fund outfit Brummer & Partners has nabbed two asset managers from buffer fund Första AP-fonden, or AP1, to develop a new hedge fund.
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UK's Berkshire tenders €599m currency overlay
UK - The Royal Borough of Windsor and Maidenhead has tendered a £410m (€599m) currency overlay mandate for the £1.3bn Berkshire Pension Fund.
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Morgan Stanley IM names alternatives chief
GLOBAL – Morgan Stanley’s prime broker heavyweight and hedge fund specialist, Stu Bohart, has been appointed chief of alternative investments at Morgan Stanley Investment Management.
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Mn Services names equities director
NETHERLANDS - Dutch fiduciary management firm Mn Services has named Patrick Wierckx as director of equities.
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Leicestershire axes BGI in review
UK – The £2bn (€2.9bn) Leicestershire County Council Pension Fund has axed Barclays Global Investors as manager of a roughly £400m multi-asset class passive portfolio following a review of the scheme structure.
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ATP makes €470m from hedging
DENMARK – ATP, Denmark’s largest pension fund, made a profit of DKK3.5bn (€469.6m), from its hedging activities in the first quarter of 2006.
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External boards key for small schemes - AZL
NETHERLANDS - Small pension funds could extend their board with external professionals, as a way to guarantee their survival as an independent scheme, says Dutch pensions provider and asset manager AZL.
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LPFA under attack in arms investments claims
UK – The roughly £3.5bn (€5bn) London Pension Fund Authority – which manages London mayor Ken Livingstone’s pension scheme – has more than £11m invested in some of the world’s largest arms manufacturers, according to the Campaign Against Arms Trade (CAAT).
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Espoo to recruit six fund managers
FINLAND - Finnish city, Espoo, is scouting for investment teams to manage a new €364m fund being created.
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Dutch Labour leader tough on early retirement
NETHERLANDS -The Dutch Labour Party (PvdA) want a tougher policy on discouraging workers from taking early retirement, said its leader Wouter Bos.
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German schemes welcome Schuldscheine ratings
GERMANY – German pension funds have welcomed an announcement by international rating agency Moody’s that it will begin rating Schuldscheine (non-negotiable loan certificates) issued by German companies.
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Features
Norway and Iceland missed out on pensions directive
The European Economic Area states of Norway, Iceland and Lichtenstein have seemingly been left out in the cold regarding the adoption of the European occupational pension funds directive. “The directive has not been passed in the Joint Committee for the EEA EFTA states,” according to a European Free Trade Association ...
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Features
Bill of rights for the mobile
The European Commission’s proposal for a directive on improving the portability of supplementary pension rights, if accepted, could significantly improve the position of mobile workers – both across borders and within member states – but about which many concerns have been expressed regarding excessive costs. Vladimir Spidla, the European commissioner ...
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Features
The practical realities
There was much fanfare and press coverage about the pensions directive, which was finally a legal requirement from 23 September 2005. In comparison, the proposed portability directive has received relatively little in the way of media attention – but the financial consequences of this legislation are far more worrying for ...
