Latest on Regulation & Reform – Page 481
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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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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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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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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.
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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.
