Latest on Regulation & Reform – Page 479
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ABP’s Munsters meets EU on clearing & settlement
EUROPE – Roderick Munsters, chief investment officer of Stichting Pensioenfonds ABP, was among a group of top European finance executives that met the European Commission to discuss clearing and settlement yesterday.
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Scottish & Newcastle’s Martin joins Mercer
UK – Ray Martin, human resources and pensions chief at brewer Scottish & Newcastle, is to join consulting firm Mercer Human Resource Consulting.
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Swiss cut unemployed pension contributions
SWITZERLAND – The Swiss parliament has approved a change to regulations governing the compulsory professional pensions of unemployed people, lowering contribution rates from 2.2% to 1.1% of daily wage.
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Medische Specialisten sets up new organisation
NETHERLANDS - Stichting Pensioenfonds Medische Specialisten, the Dutch medical specialists' pension fund, has set up a professional pension organisation for medical specialists called Beroepsvereniging Medische Specialisten.
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Ex-Siemens investment head joins Quandt venture (corrected)
GERMANY – Klaus Kirschenhofer, the former investment management head at Siemens, has been appointed managing director of a new asset management outfit for the billionaire Harald Quandt family (corrected).
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UK facing local government pensions strike
UK - Trade unions for the local government are due to start balloting their workers on strike action over pensions reform in a move labelled "deeply disappointing" by the Local Government Association.
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Bosch to pay pension contributions
GERMANY – Company contributions will be paid into the Bosch Pensionsfonds for the very first time - enhancing the scheme for its 110,000 employees in Germany.
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Achmea, AXA sell Finles stake to managers
NETHERLANDS – Achmea and AXA have sold their 50% stake in Dutch asset manager Finles to the firm’s co-CEOs for an undisclosed amount.
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UK says gilt auction gets “robust” result
UK – The Debt Management Office says its auction of long-dated government bonds has met a “robust result”.
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Netherlands wants to be pension fund domicile
NETHERLANDS – The Dutch central bank has set up a working group looking at ways of making the country an attractive domicile for pension funds, in the context of the directive on occupational pension funds.
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Commodities the new hedge funds - Credit Suisse
UK – Commodities could become more popular than hedge funds among institutional investors, according to Credit Suisse.
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Society of Pension Consultants names Ashworth
UK – The Society of Pension Consultants has named Law Debenture’s Mark Ashworth to take over as president from Robert Birmingham.
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Watson advised on 17 UK swaps deals in 2005
UK – Watson Wyatt Investment Consulting says it advised on 17 swap transactions for UK clients last year.
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Schemes warned of hedge fund “herd mentality”
EUROPE – European pension funds have been warned about a possible “herd mentality” developing in hedge funds.
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Average trustee ‘lacks education, qualifications’
UK – The average pension fund trustee in the UK lacks the education and qualifications to be an informed consumer of advice and decision-making, according to new Oxford University research.
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Hewitt nabs ex-HACL’s Riddaway
UK – Former HSBC Actuaries and Consultants (HACL) investment strategy head Bobby Riddaway, has been appointed client consultant at Hewitt Associates.
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Commission says Europe needs more ageing reform
EUROPE – The European Commission says European Union governments need to step up reform efforts to deal with their ageing populations.
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Slow-to-take-off Irish PRSAs grow to €451m
IRELAND – The total assets in Ireland’s Personal Retirement Savings Accounts have grown to €451m – although there is no change in the overall trend on take-up, the Pensions Board says.
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Swiss fund loses 92% property allocation case
SWITZERLAND – A small pension fund tied to a co-operative bank in the city of Thun has failed in court to get an exemption from government rules requiring schemes to diversify their holdings.
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Greenalls reviewing investment strategy
UK –Trustees of the Greenalls Group Pension and Life Assurance Scheme – the £250m (€367m) defined benefit fund for the De Vere hotel and travel group - are performing a complete review of the scheme’s investment strategy.
