Latest on Regulation & Reform – Page 476
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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.
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MEPs reject UCITS for pension directive
EUROPE – Members of the European Parliament’s economic and monetary affairs committee have voted against proposals to bring UCITS investment funds within the scope of the directive on occupational pension funds.
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Germany’s BVK to allocate €1bn to hedge funds
GERMANY – Bayerische Versorgungskammer (BVK), Germany’s largest pension fund with €38bn in assets, plans to raise allocations to hedge funds to €1bn by the end of 2006 - from €150m currently.
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Dutch flower industry to get new pension fund
NETHERLANDS – The Dutch wholesale flower and plant sector is to get a new independent defined contribution pension fund.
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UK to legislate on DB transfer values
UK – The government is to legislate on the calculation of transfer values for defined benefit occupational pension schemes – taking oversight away from the Actuarial Profession.
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10% of large UK schemes now in hedge funds
UK – Some 10% of large UK pension funds now invest in hedge funds, according to a survey by Mercer Investment Consulting.
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German state pension contributions ‘to rise’
GERMANY – Two German economists have predicted that despite recent reforms, it is highly likely that the statutory contribution to the state pension scheme will rise to 25% after 2030 against 19.5% now.
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OECD to unveil pension management principles
GLOBAL – The Organisation for Economic Cooperation and Development is set to unveil a five-point guideline for pension fund asset management tomorrow (March 21).
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NAPF Conference: actuaries under scrutiny
UK - Some scheme actuaries are failing to give proper leadership and guidance to schemes for fear of it backfiring on them, according to remarks at the NAPF’s investment conference.
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Switzerland rejects occupational pensions choice
SWITZERLAND – The Swiss government has come out against the idea of free choice in the occupational, or second-pillar, pensions arena.
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Investment banks get stick at NAPF Conference
UK - Investment banks should sell pension funds products that are acceptable, and use language that scheme trustees can understand, according to CarnaudMetalBox Group UK pensions manager Philip Read.
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German boutique Lupus opens Vienna office
AUSTRIA – Lupus alpha, a Frankfurt-based asset management boutique, has opened a new sales office in Vienna as part of a push into the Austrian institutional market.
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Long-term bond demand “price inelastic” – Norges
NORWAY – Pension funds’ demand for long-term bonds may be “price inelastic”, says the Norwegian central bank.
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NAPF Conference: ESPS’s Barlow on bonds
UK - The idea of pension schemes just getting into bonds and gilts seems "crazy" to Electricity Supply Pension Scheme chief executive Richard Barlow.
