Latest on Regulation & Reform – Page 473
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Features
EU action may boost funds
With the exception of Italy, Denmark and Sweden, all EU member states apply either the EET or the TEE system to pension taxation. EET means that the pension contributions are ‘exempt’, that is the contributions are deductible from the taxable income, the investment results of the fund itself are also ...
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News
UN scheme looks to hire chief risk officer
GLOBAL – The in-house investment management firm of the $32bn (€26.5bn) United Nations Joint Staff Pension Fund (UNJSPF) is looking to appoint a chief risk officer, and a senior investment officer to its alternative investment portfolio.
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AP4 selects ORTEC’s Pearl attribution system
SWEDEN – Swedish buffer pension fund Fjärde AP-Fonden (AP4) has selected Dutch consulting firm ORTEC’s Pearl performance attribution system.
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DekaBank sets up €222m pension CTA
GERMANY – DekaBank, the asset management arm of Germany’s state-owned savings banks (Sparkassen), has set up a contractual trust arrangement (CTA) for €222m in pension liabilities.
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Institutional money market funds set for $1trn
UK – The assets managed in institutional money market funds could reach $1trn (€827bn) in five years’ time, says Institutional Money Market Funds Association chairman Donald Aiken.
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AP2 investment chief resigns in tax probe
SWEDEN – Petter Odhnoff, chief investment officer of the SEK190.6bn (€20.5bn) Second Swedish National Pension Fund or AP2 has quit amidst allegations of tax irregularities following an audit conducted by the Swedish tax authorities.
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Allianz's Corley to chair asset management forum
EUROPE - Elizabeth Corley, chief executive of Allianz Global Investors Europe, has been appointed chairman of the Forum of European Asset Managers, FEAM.
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Bank of NY launches Poland fund firm
POLAND – The Bank of New York has launched an investment fund company in Poland to tap pension fund demand.
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Hewitt nabs Mercer Germany consulting chief
GERMANY – Hewitt Associates has hired Dieter Oppermann, the former head of Mercer’s international consulting operations in Germany.
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Barriers set to fall German hedge funds
GERMANY - Further barriers to hedge fund investing could be removed later this year in the coming reform to the German Investment Act, according to a law firm.
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Van den Brink likens PME to Harvard and Yale
NETHERLANDS - Roland van den Brink, chief investment officer at the €19bn Dutch metals industry fund PME, has likened his fund to the US university endowments Yale and Harvard.
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Dutch govt critical of portability directive
NETHERLANDS – Social affairs minister Aart Jan de Geus has made critical comments about the European Commission’s proposed directive on pensions portability.
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DC schemes get low scores from Watson Wyatt
GLOBAL – Watson Wyatt has awarded the current investment sophistication of defined contribution schemes very low grades.
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OECD wants derivatives rules for pension funds
GLOBAL – The Organisation for Economic Cooperation and Development has called for strict limits, if not outright prohibition, on pension funds’ use of derivatives with the potential for unlimited commitments.
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Lupus alpha “talent hotel” almost full
GERMANY – German boutique asset manager Lupus alpha’s “talent hotel” for new managers could soon be full, says Ulf Becker, partner in the firm’s alternative solutions department.
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German firms plan 'pan-European pensions'
GERMANY – Nearly half the big companies active in Germany plan to create some type of pan-European pension scheme by 2010 following the emergence of the EU pension fund directive, according to a new study by Rauser Towers Perrin.
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Allianz’s Faber critical of investment banks
GLOBAL – Joachim Faber, chief executive of Allianz Global Investors, has hit out at investment banks targeting pension fund trustees.
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Irish regulator pulls plug on hedge fund
IRELAND – The Irish financial watchdog has ordered Dublin-domiciled hedge fund group Broadstone Fund Management to cease due to “serious regulatory issues”.
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Ex-Robeco CIO Vriezen to run C&A assets
NETHERLANDS - The former chief investment officer of Robeco, Marnix Vriezen, has taken over the management of the €1bn assets of the pension fund of C&A Nederland, the Dutch arm of the international clothes retailer.
