Latest – Page 322
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Alitalia cuts pensions amid crisis - union
ITALY - Alitalia, the troubled Italian airline, has almost halved its annual contribution to its staff pension schemes in a bid to “get away from the quicksand”, a union official says.
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Hewitt and Watson hire from Aon and ISIS
UK – Hewitt Bacon & Woodrow and Watson Wyatt LLP have both made senior appointments in the UK, hiring from Aon Consulting and ISIS Asset Management respectively.
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DB plans seen as fastest growing hedge investors
GLOBAL - Defined benefit pension schemes are expected to be the fastest growing source of institutional investors into hedge funds, according to a new survey.
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INTERVIEW: UniCredito CEO on Italian pensions
ITALY - Alessandro Profumo, the chief executive of Italian bank UniCredito Italiano Group, has outlined to IPE in an interview the way forward for Italian occupational pensions.
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NAPF sees “no evidence” of short-termism
UK – The head of the National Association of Pension Funds says there is “no evidence” that asset managers are fired for poor short-term performance.
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List of this week’s UK pension fund disclosures
UK – The following are UK pension funds’ holdings in companies that have been disclosed this week under the Financial Services Authority’s stock market listing rules.
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Rapid asset ‘churn’ seen harming hedge industry
GLOBAL – The rapid switching of assets in and out of hedge funds could blow the industry away, says industry veteran Michael Goldman, one of the founders of fund of hedge fund firm Momentum, now part of Pioneer Investments.
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UK’s RBS hires consultants for European pensions
UK – The Royal Bank of Scotland has hired consultants from Mercer Investment Consulting and Milliman UK to boost its UK and European Insurance and Pensions Group.
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Hewitt develops new Irish pension fund index
IRELAND – Hewitt Associates’ Irish arm Hewitt & Becketts says it has developed a new index to evaluate the performance of managed pension funds in Ireland.
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DNB-PVK merger set for OK despite pension row
NETHERLANDS - The Dutch lower house of parliament will vote on the government’s proposal to merge the Dutch central bank and pension regulator on Tuesday September 7.
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Ageing now on agenda as EU revamps stability pact
EUROPE – Population ageing is now on the agenda being set by the European Commission as it puts forward plans to revamp the Stability and Growth Pact which underpins the single currency.
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Schroders loses out to Muzinch at Hoover
UK - The pension scheme of domestic appliance maker Hoover has awarded its first international cross-over corporate bond mandate worth 18 million pounds (26.5 million euros) to Muzinich – resulting in a loss for Schroders.
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France: BNP, Dexia vie for top SRI slot - report
FRANCE - BNP Paribas and Dexia are vying for first place in the French socially responsible investing market, consulting firm Novethic said.
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Inarcassa names Di Grazia as general manager
ITALY – Inarcassa, the 2.3 billion-euro association which provides pensions for self-employed engineers and architects, has named Alfio Di Grazia as general manager.
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ING named as manager fired by SFN (Update)
(Updates with name of manager) NETHERLANDS - Stichting Flexibel Uittreden Nutsbedrijven, the 348 million-euro fund for the Dutch utility sector, has withdrawn a 175 million-euro balanced mandate from ING Investment Managment and handed it to Barclays Global Investors.
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CalPERS buys into German real estate
GERMANY – CalPERS, the largest US pension fund at 166.3 billion dollars (136.8 billion euros), has bought a commercial property in Frankfurt for 14 million dollars.
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Former Varma CEO Pitkänen retires
FINLAND - Paavo Pitkänen, the former president and chief executive of Varma Mutual Pension Insurance Co., has retired from the company.
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BOE says DB closures adding to property boom
UK – The Bank of England says the closure of defined benefit occupational pension schemes has added to the recent “upward pressure” on house prices in the UK.
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Icelandic bid for Singer likely soon – analyst
UK – Iceland’s Kaupthing bank, which has made a series of European acquisitions since 1998, is likely to make a bid for UK asset management company Singer & Friedlander soon, an Icelandic analyst has said.
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Germany enters “new era” for private pensions
GERMANY – Germany’s old-age law that was passed by parliament in June has marked the ‘dawn of a new era’ for the pension market - according to HVB insurance analyst HVB Lucio di Geronimo.
