Latest on Regulation & Reform – Page 478
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News
Shake-up at UK government actuary department
UK – The Government Actuary’s Department’s roughly £1m (€1.5m) national population projections arm has been transferred to the Office for National Statistics (ONS) following recommendations in the Morris Review released in March 2005.
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News
SG buys UniCredit securities services arm
ITALY - Société Générale Securities Services has bought UniCrédit’s securities services business 2S Banca for €548m, giving it an extra €455bn in custody assets.
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Measures to tackle ageing not enough - Barroso
EUROPE – European member states’ measures to tackle population ageing are “not equal to the task,” says European Commission president José Manuel Barroso.
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London pension fund gets new board members
UK – London Mayor Ken Livingstone has appointed former Insight Investment CIO Michael Deakin, and retired Deloitte & Touche director Icky Iqbal to the board of the £3bn (€4.4bn) London Pension Fund Authority (LPFA).
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New ABN Amro AM CEO takes helm
GLOBAL – Sarah Russell has formally taken over from Huibert Boumeester as chief executive of ABN Amro’s asset management division, the bank said.
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ABP an observer at Commission hedge fund group
NETHERLANDS – Stichting Pensioenfonds ABP has been named as an observer at a new expert sub-group on hedge funds set up by the European Commission.
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Features
Directive's impact across board
The objective of the IORPs Directive, otherwise known as the ‘pensions directive’ is to set a common minimum standard of pension scheme governance across EU member states. The directive applies to funded arrangements which provide retirement benefits and are separate legal entities to their sponsoring employers, that is, it applies ...
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Features
Mission impossible?
Advocates of the so-called 26th regime structure for pan-European pension structure have been seeking to clarify its core benefits in the face of heightened sceptism from the European Commission and market participants. In December, the European Financial Services Round Table (EFR), one of the biggest voices calling for pan-European Pension ...
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News
Environment Agency tenders €658m (updated)
UK – The roughly £1.3bn Environment Agency Pension Fund has put two mandates out to tender amounting to £450m (€658m). (Updated with new information)
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MetallRente records double-digit sales growth
GERMANY – MetallRente, the pension fund for employees in Germany’s metalworking and engineering industries, has recorded another year of double-digit growth in sales of its corporate pension.
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Korea seeks to arrest ex-Hermes fund manager
KOREA – An arrest warrant has been issued by the South Korean prosecuting authorities for former Hermes Investment Management fund manager Robert Clements, who has left the country.
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Fears over proposed UK national scheme costs
UK – Pension Commission member Professor John Hills has acknowledged there are fears about potential cost escalations with an industry-supplied National Pension Savings Scheme.
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Japan regulator raps State Street
JAPAN – Japan’s market regulator has barred State Street’s local trust arm from seeking new business for a month for a series of governance and compliance infringements.
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News
KPMG names investment management head
UK – KPMG partner Tom Brown has been appointed as the firm’s UK head of investment management and funds.
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News
Mercer mulls Europe launch for frozen DB service
EUROPE – Mercer Human Resource Consulting is seriously considering bringing its new service for US frozen defined benefit pension plans to Europe.
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UK’s FSA warns on pension consultant conflicts
UK – The UK’s Financial Services Authority today warned consultants, asset managers and pension fund trustees to guard against potential conflicts of interest in a highly concentrated consultant industry.
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News
Germany’s BVV fund names Aden to board
GERMANY – BVV, a €17.7bn pension fund for the German financial services industry, has appointed Helmut Aden to replace Christoph von Langsdorff on its two-member board.
