Latest on Regulation & Reform – Page 484
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CEIOPS in pact with sister committees
EUROPE – CEIOPS, the European pensions and insurance supervisory committee has got signed a protocol of cooperation with its sister banking and securities committees.
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Bank of NY names European pensions head
EUROPE - The Bank of New York has named Robert Darmanin as head of European custody and pensions, taking over from Richard Beaven who has left the company.
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State Street fined $1.4m for trading violations
US – State Street has been fined a record $1.4m (€1.2m) by markets regulator NASD over violations in bond trade reporting.
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Horeca in €100m private equity move
NETHERLANDS - The €2bn Dutch hotel and catering scheme, Pensioenfonds Horeca en Catering, has awarded two €50m private equity mandates to Goldman Sachs Private Equity Group and HarbourVest Partners.
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Demand for Germany’s Riester pensions surges
GERMANY – Demand for the Riester-Rente, a government-subsidised private pension launched in 2002, has increased dramatically this year, the German finance ministry has reported.
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Call for pan-European pensions coordinator
EUROPE – Anne Maher, the chief executive of Ireland’s Pensions Board, has suggested that a pan-European pensions coordinator might be a good idea.
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Dutch employers critical of portability plan
NETHERLANDS – Dutch employers organisation VNO-NCW has criticised the European Commission’s proposed directive on pensions portability – saying it could threaten the Dutch pension system.
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Watson Wyatt hires Russell’s Penfold
UK – Consulting firm Watson Wyatt has hired Russell Investment Group’s Robin Penfold as a senior investment consultant.
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EU clarifies status of UK/Ireland schemes
UK/IRELAND – The European Commission has confirmed that UK/Ireland pension schemes do come under the cross-border provisions of the directive on occupational pension funds.
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Watson Wyatt names Paris benefits head
FRANCE – Watson Wyatt has named Jean Kimmel as new benefits practice leader at the firm’s Paris office with immediate effect.
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IPE-QUEST: North American equities tendered
DENMARK - Kirstein Finans has tendered around $100m (€85.4m) in active North American small/mid-cap equities via IPE-Quest.
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Tabaksblat Code needs refining - Eumedion
NETHERLANDS - The Tabaksblat corporate governance code needs refining to make listed companies stick to its principles, said Eumedion, the foundation for corporate research for pension funds, formerly known as SCGOP.
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Former DNB pension supervisor joins Mercer
NETHERLANDS – Rein van Dam, a former director of pensions supervision at De Nederlandsche Bank, has joined Mercer Human Resource Consulting.
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CEIOPS rules out separate pensions committee
EUROPE – CEIOPS chairman Henrik Bjerre-Nielsen has ruled out the need for a separate EU committee on pensions – despite the group’s current focus on the Solvency II project for the insurance industry.
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ECB’s Trichet warns of pension fund contagion
EUROPE – European Central Bank president Jean-Claude Trichet has warned that pension funds and insurers could be sources of vulnerabilities that could spread “contagion” in the wider financial system.
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IPE-QUEST: Danish fund tenders EM debt
DENMARK – Kirstein Finans has tendered around €70m in global emerging market debt for a Danish pension fund via IPE-Quest.
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Watson critical of Star governance proposals
NETHERLANDS - Internal supervision of pension schemes, as proposed by the Labour Foundation, or Star, could more efficiently be done by the pensions regulator DNB, because of its independence and expertise, says consultancy Watson Wyatt Netherlands.
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IMA says pension pooling at stalemate
UK – The Investment Management Association says pension pooling is stuck in “something of a stalemate”.
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German pension assets ‘set to surge to €4trn’
GERMANY – German occupational pension assets should rise to some €4trn by 2030, as the government continues to promote the second pillar, according to consulting firm A.T. Kearney (corrects figure).
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Aon’s McGlone takes on client role
EUROPE – Paul McGlone, principal and actuary at Aon Consulting, is to take on a client role as the firm seeks to coordinate how it advises companies and trustees on pensions issues.
