Latest on Regulation & Reform – Page 479
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F&C’s CFO Paterson Brown to leave
UK – Ian Paterson Brown is to step down as chief financial officer F&C Asset Management by “mutual agreement”.
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NAPF governance advisor Lindey to leave
UK - Geoff Lindey, strategic advisor on corporate governance at the National Association of Pension Funds, is to leave.
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Ex-State Street SVP Cassidy joins Cambridge
US – Charles Cassidy, a former senior vice president of marketing at State Street, has joined investment consulting firm Cambridge Associates.
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Icelandic pension legislation delayed
ICELAND – A bill raising the government’s contribution to the civil servants’ pension fund and extending the pension rights of the self-employed has been delayed in parliament, the Althingi.
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GAM says it’s targeting institutional market
UK – GAM, the $54bn (€44bn) hedge fund arm that’s now part of Julius Baer, is renewing its focus on the global institutional market and bringing investment consultants onboard to help build on its institutional business.
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ABN AMRO boosts hedge funds business with IAM buy
UK - ABN AMRO is buying the fund of hedge funds manager International Asset Management (IAM) in order to strengthen its own fund of hedge funds offerings.
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AXA IM Paris chief joins Robeco
FRANCE – AXA Investment Managers Paris chief executive, Jean-Louis Laurens, has been appointed head of Robeco France from 1 February 2006.
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AG tells actuaries to mark-to-market - now
NETHERLANDS - Actuaries assessing the financial position of pension funds and insurers should already be doing so based on the actual market rate, instead of the fixed accounting rate of 4%, the Actuarial Society (AG) has told its 750 members.
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DNB criticises ABP, PGGM
NETHERLANDS - The DNB, the Dutch regulator, has alleged that ABP and PGGM, the two largest Dutch pension funds, have disregarded the rules regarding the marketing of ‘levensloop’, or life course schemes.
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Ex NAPF chief named to BESTrustees board
UK – Peter Thompson, former Mercer HRC worldwide partner and ex-National Association of Pension Funds (NAPF) chairman, has been appointed to the board of BESTrustees as director.
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Banks not cheaper on annuities – Aegon director
NETHERLANDS - Suggestions that banks can offer deferred annuities for pensions much cheaper than insurers is ‘pure nonsense’, says Fred Romijnsen, a director of insurer Aegon.
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Banks not cheaper on annuities – Aegon director
NETHERLANDS - Suggestions that banks can offer deferred annuities for pensions much cheaper than insurers is ‘pure nonsense’, says Fred Romijnsen, a director of insurer Aegon.
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Netherlands have met Directive’s requirements
NETHERLANDS - Approval by the Dutch Senate of national legislation for enforcing the EU Directive on occupational pension funds means that the Netherlands has now met its obligations under EU rules to enshrine the Directive in its own laws.
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Goldmans launching 35 new UCITS III funds
UK/LUXEMBOURG – Thirty-five new investment funds have been announced by Goldman Sachs Asset Management (GSAM). Fourteen of the funds will be launched in the next three months, with the rest “subject to client demand”.
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IMA back office rules to reduce processing costs
UK - New IMA fund processing guidelines have been published to help UK investment management firms reduce risk and cost.
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EC could sue UK over Equitable Life
EUROPE - The UK Government could face legal action by the European Commission if a committee of MEPs finds it did not correctly apply European legislation in the Equitable Life debacle.
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Old Mutual announces 68.6% approval
SWEDEN – Old Mutual announced today that shareholder approval for its Skandia offer has increased to 68.6%, and that settlement is expected by the end of January.
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Railways fund SPF switches to DC
NETHERLANDS – SPF, Holland’s industry-wide railways pension fund, has changed from defined benefit to collective defined contribution.
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Pensions consultation made obligatory
UK – Employers could be fined by the Pensions Regulator should they fail to properly adhere to the new 60-day consultation period regarding proposals for any major changes to their pension funds.
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Harcourt Partners changes name
SWITZERLAND – Harcourt Partners SA, a Geneva-based fund of hedge funds boutique, has changed its name to Peak Partners.
