Latest – Page 230
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NewsFunds should be more open about investment beliefs
GLOBAL – Preliminary studies suggest pension funds that are public about their investment beliefs outperform their peers, but the vast majority make no such disclosures.
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Provisum cancels underperforming 'black box' strategy
NETHERLANDS – Provisum, the €1bn Dutch pension fund of retailer C&A, has terminated its global tactical asset allocation (GTAA) due to poor performance and lack of transparency.
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Industriens gains 15.4% on stocks but uncertainty looms
DENMARK – Industriens Pension, the pension fund for the industrial sector in Denmark, benefited from a 15.4% return on Danish stocks in the first quarter of 2010, with its global equities portfolio delivering half that (7.7%) in total.
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Short-selling ban ‘red herring’ for wider euro-zone problems – ATP
EUROPE – Following widespread criticism from fund managers of Germany’s short selling ban, Danish pensions giant ATP has questioned whether it was really to blame for the subsequent currency and stock market falls.
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Deutsche Post employs niche active managers for Pensionfonds
GERMANY – Deutsche Post’s recently established Pensionsfonds has employed active managers for its small-cap equities and commodities investments, but has so far shied away from alternative investments, according to group pensions director Benedikt Köster.
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Nascent Turkish pensions sector surges 40%
TURKEY – Assets managed by Turkey’s nascent private pension system grew by more than 40% in 2009, higher than in any other OECD country.
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Highland Council to move 5% into private equity
UK - The £627m (€730.6m) Highland County Council pension fund will make its first foray into private equity investment with a 5% allocation to the alternative asset class.
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UWV scheme eyes Allianz GI as co-ordinating manager
NETHERLANDS - The €3.8bn pension fund of the Dutch employment and benefits agency UWV says it intends to conclude a risk and asset management contract with Allianz Global Investors (AGI). The deal falls short of a full fiduciary mandate.
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UK equity reliance blurs fiduciary case
UK – Heavy reliance on equities in the UK means fiduciary managers have been unable to stabilise pension scheme’s funding levels, SEI has claimed, which has meant that the fiduciary management industry has been less able to demonstrate its case.
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NPRF increases stake in AIB
IRELAND – The National Pension Reserve Fund (NPRF) has received almost two million shares in Allied Irish Banks (AIB) worth approximately €250m instead of an annual €280m cash payment.
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MAN turns pensions into savings plan
GERMANY – The transport engineering group MAN has created a new retirement provision plan, eliminating all longevity risks.
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UK roundup: Fife, Bluefin and Redington, Unite and Capita
UK – Fife Council is seeking an actuary for its local government pension scheme, while Bluefin and Redington have joined forces to target a new investment consultancy offering to small to medium-sized pension schemes.
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BPK under pressure to make DC switch
SWITZERLAND – The public pension fund of the Swiss canton of the capital city Bern, Bernische Pensionskasse (BPK), is under pressure from member companies to speed up its move away from a defined benefit (DB) scheme to a defined contribution (DC) arrangement.
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BVV to diversify through commodities
GERMANY – The €20.9bn BVV Pensionskasse for German banks saw returns from its bond-heavy portfolio drop last year and is now seeking to increase its diversification by investing in commodities.
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NewsKLM scheme establishes SRI pool and de-risks
NETHERLANDS – The €1.4bn KLM pension fund for cabin staff has set up a ‘green pool’ within its investment portfolio as it develops its socially responsible investment programme (SRI).
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Most Swiss trustees held their nerve during the crisis
SWITZERLAND - Close to 90% of Swiss pension funds reviewed their asset allocation following the financial crisis, but only 67% made any subsequent changes, according to a trustee survey conducted at the Fachmesse zweite Saüle conference this week.
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GE Pension Trust’s active commodities strategy unlocked
GLOBAL - An actively managed commodities strategy run for the General Electric Pension Trust in the US has been made available to other institutional investors.
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Towers Watson encourages diversification into reinsurance
GLOBAL – Institutional investors need to further diversify their assets into areas such as reinsurance strategies by using catastrophe bonds and other insurance linked securities, according to Towers Watson.
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German pension funds need more credit research - WPV
GERMANY – The €1.4bn German Versorgungswerk for chartered accountants WPV plans to continue to decrease its exposure bank-related fixed income investments, but will have to seek external advice to do so.
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Third of EU workers would retire early for less
EUROPE – A third of workers in Europe would rather retire early and receive less income than continue working past the existing national retirement age, according to research by Aon Consulting.
