Latest on Regulation & Reform – Page 486
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20% of UK schemes invest in hedge funds - NAPF
UK – Around one in five large UK pension funds have some exposure to hedge funds, the National Association of Pension Funds says.
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Uncertainty over BaFin real estate stress tests
GERMANY – BaFin, the German financial services regulator, has yet to make a decision on whether to include real estate investments in the so-called “stress tests” that it requires German lifer insurers and insurance-tied pension funds to undergo.
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Grafische scheme taps Kas Bank for levensloop
NETHERLANDS - Kas Bank will implement the 'levensloop', or life course, scheme of the industry-wide pension fund for the printing industry, or the Grafische BedrijfsFondsen, as of January 1 2006, the scheme has announced.
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Sweden's AP2 names new chief executive
SWEDEN – Andra AP-fonden, the SEK173bn (€18.2bn) Second Swedish National Pension Fund or AP2, has appointed Eva Halvarsson as chief executive.
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SEI sees 25% European growth
EUROPE – SEI, the US-based multi-manager fund provider, expects to grow its business in Europe by 25% annually, with nearly all of that growth taking place in the UK, its managing director for Europe says.
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Northern, Nordea in manager-of-manager move
EUROPE – Northern Trust and Nordea have launched two manager-of-manager funds in Finland, with a view to rolling them out across Sweden, Denmark and Norway in the near future.
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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.
