Latest on Regulation & Reform – Page 480
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News
MN Services’ treasury head joins Fortis
NETHERLANDS – Dennis van den Bosch, head of treasury at MN Services, is to join Fortis Merchant Banking as director of currency management.
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Mercer hires Punter Southall’s Vassiliades
UK – Mercer Investment Consulting has hired Punter Southall’s London office head Danny Vassiliades as a principal.
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News
Dexia AM to open Frankfurt office
GERMANY – Belgium-based Dexia Asset Management is to open a new office in Frankfurt by June in a bid to win business from German institutional clients, industry sources said.
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CEIOPS to look at social and labour law
EUROPE – CEIOPS, the European pension supervisors’ committee, says the interpretation of social and labour law will be among its priorities when looking at occupational pensions in 2006.
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US steps up probe of pension consultants
US – The US Department of Labor is now investigating pension consultants following an earlier probe by the Securities and Exchange Commission.
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Coal scheme says it lost confidence in GSAM
UK – The £10.1bn (€14.8bn) British Coal Staff Superannuation Scheme has said it cut its £600m global fundamental equity mandate with Goldman Sachs Asset Management because it lost confidence in the product – and that further assets may be “relocated”.
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Four firms in French DC venture
FRANCE – Four of France’s biggest asset managers – AXA France, BNP Paribas, HSBC France and Société Générale – have established a joint venture to administer roughly four million employee defined contribution accounts.
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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.
