Latest on Regulation & Reform – Page 496
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State Street ‘could double Ireland workforce’
IRELAND – State Street Corp. could eventually employ up to 2,000 people in Ireland, the Boston-based bank’s chief executive Ron Logue has been quoted as saying.
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Ireland to target firms failing on pensions
IRELAND – Ireland’s Pensions Board plans to target the 30,000 employers who appear not to have met their pensions obligations.
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Shake-up at Nestlé’s Irish fund arm Robusta
IRELAND – Three pension executives of Swiss food group Nestlé have joined the board at Irish Stock Exchange-listed Robusta Asset Management Ltd.
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EU must develop fund market for pensions - IMF
EUROPE – The European market for investment funds needs more work in the face of shifting demographics and the need for retirement savings, says the International Monetary Fund.
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SNS Asset Management rejigs sustainable approach
NETHERLANDS – SNS Asset Management, the institutional arm of the SNS Reaal Group, says it plans to change the way it researches sustainable investing.
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LPFA’s Scales joins educational charity board
UK - Peter Scales, chief executive of the London Pensions Fund Authority, has joined the Board of Trustees of the Pre-Retirement Association.
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Dutch insurers call for delay to tax changes
NETHERLANDS - The Dutch Association of Insurers has again demanded that the Dutch government delay the implementation of tax changes to pre-pension and levensloop, or life course scheme, to 1 January 2007.
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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”.
