Latest on Regulation & Reform – Page 482
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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.
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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.
