Latest on Regulation & Reform – Page 492
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Workers ‘losing out’ in Irish building scheme
IRELAND – A report by consulting firm Mercer has found that workers in the Irish construction industry are losing out on benefits due to a loophole.
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Study queries pension fund-low yield link
GLOBAL – A new academic study has questioned the notion that pension funds shifting into bonds will inevitably lead to long-term low bond yields.
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DNB wants new reporting standard ahead of FTK
NETHERLANDS – The Dutch Central Bank has called on the pensions industry to contribute towards a new reporting requirement – essential before the implementation of the Financial Assessment Framework or FTK on January 1 2007.
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UK: exodus at DeAM as Aberdeen deal closes
UK – Senior staff have already left or are set to leave Deutsche Bank’s former UK asset management operation this Friday following its acquisition by Aberdeen Asset Management.
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No pension experts on new EU monitoring group
EUROPE – There are no pensions experts on the re-formed European financial services monitoring group, despite the fact that it was expanded earlier this year to take occupational pensions into account.
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Oyens hires van Berckel for institutional role
NETHERLANDS – Former Commerzbank executive Gerard-Jan van Berckel has been appointed executive director for institutional clients at Dutch bank Oyens & Van Eeghen.
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European pension directive comes into force
EUROPE - Directive 2003/41/EC on the activities and supervision of institutions for occupational pension schemes - the pension directive - is now in force across the 25 member states of the European Union.
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EU’s McCreevy says 20 states set for directive
EUROPE – Charlie McCreevy, internal markets chief at the European Commission, says 20 European Union countries will be “on board” with the pension fund directive by the end of the year.
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DeAM unveils German multi-manager funds
GERMANY - Deutsche Asset Management has rolled out the first of two multi-manager funds for the German-speaking institutional market, yet no longer believes demand for the funds will be as robust as previously estimated.
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UK sees “several hundred” cross-border schemes
UK – The UK’s Pensions Regulator says there may be “several hundred” UK pension funds operating across borders – although there is no precise figure.
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Fitch sees risk in CSAM investment teams
EUROPE – Fitch Ratings says Credit Suisse Asset Management is facing risks about the stability of its processes and investment teams.
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Goldman: pension funds to sell €250bn of equities
GLOBAL – Goldman Sachs has estimated that pension schemes globally will remove some €250bn from equities – and buy around €150bn in fixed income.
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French banks’ CACEIS venture now operational
FRANCE – CACEIS, a new securities services joint venture between two major French banks, is now operational.
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Threadneedle sells MM multi-management arm
UK - Threadneedle Asset Management has told its multi-management arm MM to Investment Manager Selection for an undisclosed price.
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Sweden eyes tax change for foreign IORPs
SWEDEN - A legislative proposal has been submitted regarding the taxation of foreign IORPs, Alex Inkapool writes.
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Swiss in pension fact-finding trip to Brussels
SWITZERLAND - In recognition of growing EU involvement in pensions, Swiss-based think-tank Innovation Zweite Säule (IZS) has decided to turn its attention to Brussels.
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Horeca to expand private equity
NETHERLANDS – Pensioenfonds Horeca & Catering, the €2bn Dutch hotel and catering industry fund, is looking at expanding its private equity coverage.
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F&C sees €1.5bn for Citrine fund
UK – Asset manager F&C, which this week announced the departure of chief executive Howard Carter, says its Citrine hedge fund could go to €1.5bn.
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CEIOPS sees supervisory challenges in directive
EUROPE – CEIOPS, the European pensions supervisory committee, says there are “particular challenges” in the transposition of the pensions directive due to differences at the member state level.
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Akkermans Stroobants director Andre dies
BELGIUM – Antwerp-based firm Akkermans Stroobants & Partners are looking to appoint a new independent board director following the death of Eric Andre, who passed away at the end of July.
