Latest on Regulation & Reform – Page 480
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Credit default swaps trades surge in 2005
UK - The average number of credit default swaps (CDS) trades executed each month increased by 89% during 2005, according to London-based Markit Group’s annual ‘scorecard’ of market volumes in credit derivatives.
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ABN Amro lifts investment fund fees
NETHERLANDS – ABN Amro will raise the fees charged on most of its investment funds on 1 April.
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SAM names chief executive
UK - Syndicate Asset Management (SAM), the £1.3bn (€1.9bn) AIM-quoted fund specialist group, has appointed Michael Campbell-Birkett as group chief executive officer with immediate effect.
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KAS pockets €9m from exchange appreciations
NETHERLANDS – KAS Bank’s shareholdings in the London Stock Exchange, Euronext and Deutsche Börse appreciated more than €9m in the second half of 2005 to reach €25m at year end.
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ATP CIO on hedge fund fears in TDC bid
DENMARK – Hedge funds in the UK and US are concerned amid the proposed offer by the Nordic Telephone Company to buy Danish phone giant TDC, which is opposed by its largest shareholder, ATP.
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ABP, PGGM sued by Dutch insurers
NETHERLANDS - The Dutch Association of Insurers says it has initiated a court case against the large pension funds PGGM and ABP for promoting the levensloop, or life course, products of their subsidiaries to their members.
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Pensions tax obstacle diminishing, says official
EUROPE – Taxation as an obstacle to pan-European pension funds is gradually diminishing, according to a senior tax official at the European Commission.
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EU says 15 states still lag on pension directive
EUROPE – Fifteen European Union member states have yet to fully notify the Commission about the transposition of the directive on occupational pension funds into national legislation – almost four months after the deadline.
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HFR’s Europe chief Godden leaves
EUROPE – John Godden, managing director of Hedge Fund Research’s European asset management arm, has left the company.
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UK asset management jobs set to rise - CBI
UK – Bullish expectations mean employment numbers across the fund management industry look set to increase even further in the next quarter, according to the CBI and PricewaterhouseCoopers quarterly Financial Services Survey.
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PGGM real estate manager de Haas exits
NETHERLANDS – Peter de Haas, senior portfolio strategist for real estate at Dutch health care fund PGGM, is to join Protego Real Estate Investors.
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Nobel laureate Merton says LDI “ill-conceived”
GLOBAL – Nobel Prize-winning economist Robert Merton has said immunizing pension obligations through liability driven investment strategies is “ill-conceived”.
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Renamed Norwegian fund excludes seven firms
NORWAY – Boeing and BAE Systems are among seven companies excluded from Norway’s NOK1.28trn (€161.3bn) Government Pension Fund (formerly the Petroleum Fund) by the Norwegian Finance Ministry due to their involvement in the production of nuclear weapons.
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Managers, strategy under scrutiny at Co-Op
UK – The Co-operative Group’s decision to shut its final salary scheme and create a single £4.7bn (€6.8bn) career-average salary fund will put both investment strategy and fund managers under review if trustees formally approve the change.
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Germany confirms real estate stress tests
GERMANY – Financial services regulator BaFin has confirmed that it will include direct investments in real estate in so-called “stress tests” for German life insurers and certain pension funds.
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PGGM’s Prins takes over at OPF
NETHERLANDS – Frans Prins, public affairs director at health care scheme PGGM, has been appointed as the new director of the Dutch company pension fund association OPF.
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Netspar partnership director Bakker to leave
NETHERLANDS - Rob Bakker, director of partner contacts at Dutch pensions network Netspar, is to leave next month, the organisation has announced.
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Regulator may fine ABP, PGGM over levensloop
NETHERLANDS – The Dutch pensions regulator DNB may fine the country’s two largest schemes, ABP and PGGM, for promoting the levensloop, or ‘life course’, schemes of the subsidiaries.
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Strike threat over UK NHS pension privatization
UK – Management could follow administrative workers into redundancy under government plans to outsource the NHS Pensions Agency’s remaining functions next year.
