Latest on Regulation & Reform – Page 494
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Citco changes owners
GLOBAL– Hedge funds service provider The Citco Group Ltd has announced that an investor group has acquired “a controlling interest” in the firm from the Sandoz Family Foundation.
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Sejm debates pensions after miners’ demonstration
POLAND –The lower house of the Polish parliament, the Sejm, is debating a proposal to end mine workers’ right to retire on a full pension after 25 years of work whatever their age.
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Institution lifts Pioneer’s first-half results
GLOBAL – A European institutional investor is responsible for over half of the €4.8bn of inflows netted by Pioneer Investments in the first half of 2005.
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Swiss fund tenders half billion euros via IPE-Quest
SWITZERLAND – A Swiss pension fund has tendered five briefs, worth a total in the region of half a billion euros via IPE-Quest.
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NAPF warns of ‘governance vacuum’ in UK schemes
UK – The National Association of Pension Funds (NAPF) has called for the introduction of a voluntary code of pensions scheme governance to avoid what I called a ‘governance vacuum’ resulting from the shift from defined-benefit (DB) to defined contribution (DC) pension deals.
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Watsons unveils new investment approach
EUROPE – International consultancy Watson Wyatt has given details of its Advanced Investment Solutions (AIS) approach to investment consulting for clients, designed to “join up investment strategy and manager selection”.
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Dutch trade union lifts pension age
NETHERLANDS -- The largest Dutch trade union confederation, the FNV, is to lift the retirement age of its own 1,700 employees to 62 from 60.
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Pension plans trail Italy’s corporate perk list
ITALY – Italian workers value company cars and health insurance more than pension plans, according to data from Watson Wyatt and Hewitt Associates.
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Italy: Maroni wants to help small firms’ pension
ITALY – Companies with up to 50 employees could be the main target of a new compensation fund to be set up to aid employers investing severance payments into pension funds, says welfare minister Roberto Maroni.
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UK schemes ‘shouldn’t count on tax loophole’
UK - Standard Life says pension funds and their advisers shouldn’t count on a grey area in current tax rules that let some members claim tax privileges – because the authorities are set to end it.
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IPE-QUEST: €10.6bn fund tenders hedge funds/TAA
EUROPE - A $13bn (€10.6bn) European pension fund has tendered for up to five global macro hedge fund/tactical asset allocation (TAA) overlay managers via IPE-Quest.
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British coal scheme seeking new trustee
UK – The £9.6bn (€13.8bn) British Coal Staff Superannuation Scheme is looking for a new trustee to replace civil servant Ann Taylor.
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UK protection fund ‘to strangle DB in charities’
UK – The Pensions Trust has warned that the Pension Protection Fund and the new FRS17 accounting standard could “completely strangle DB provision in the charitable sector”.
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Italian insurance regulator wants pension role
ITALY - The Italian insurance industry regulator Isvap has criticised the draft pension law, saying it favours its pension industry counterpart Covip.
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Watson's Thornton in share sale (Update)
GLOBAL – Paul Thornton, European senior partner at consulting firm Watson Wyatt, has sold $2.63m (€2.2m) worth of shares in the company (Updates with clarification).
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Supervisory convergence key for CEIOPS – Trichet
EUROPE – The success of the EU committee of pensions supervisors, CEIOPS, will be judged on how it achieves “supervisory convergence” says European Central Bank president Jean-Claude Trichet.
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OPF secretary leaves for Volker Wessels
NETHERLANDS - Rob Kragten, secretary of the Dutch foundation for company pension funds, or OPF, is to join construction group Volker Wessels Stevin.
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Italy’s Maroni starts pension reform group
ITALY – Welfare minister Roberto Maroni has launched a 21- strong working group to monitor pension expenses and the sustainability of the 2004 pension reform.
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BNP Paribas longevity bond gets no takers
GLOBAL – BNP Paribas says it has not had enough investor interest in its so-called longevity bond for UK pension schemes.
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European fund body EFAMA looking for new head
EUROPE – The European Fund and Asset Management Association is looking to hire a new director general to take over from Steffen Matthias when he retires.
