All IPE articles in May 2005 (Online) – Page 4
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Watson Wyatt questions TAA overlay
GLOBAL - Consulting firm Watson Wyatt has queried the use of tactical asset allocation, saying the evidence to support TAA is "mixed", especially when used to overlay a total fund.
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Crédit Agricole, Caisse Nationale in custody tie
FRANCE – Crédit Agricole Group and the Caisse Nationale des Caisses d’Epargne are in talks to combine their securities services businesses.
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IPE-Quest: Swiss scheme tenders US equities
SWITZERLAND – A Swiss pension Fund has put out a request for tender for actively managed US small- to mid-cap equities via IPE-Quest.
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London Stock Exchange moves out of equities
UK – The London Stock Exchange has confirmed that its closed £191.5m (€278.5m) defined benefit pension scheme is switching out of equities and into bonds as it seeks to redress a deficit.
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Deutsche CEO hails pension fund investors
GERMANY – Josef Ackermann, chief executive of Deutsche Bank, has highlighted the role played by the bank’s owners such as pension funds.
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German BVI sees no need to regulate hedge funds
GERMANY - Fund industry association BVI has urged the government not to tighten regulation of hedge funds active in Germany, arguing that current rules are sufficient.
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Schemes “woefully” short of bonds - PIMCO
GLOBAL - Pension funds are “still woefully” short of bonds to offset their liability risks, says the European head of Allianz’s US-based fixed income arm PIMCO.
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Russell advises on conflicts amid SEC probe
US - Russell Investment Group says it has started providing its US consulting clients with a document which addresses its potential conflicts of interest.
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Petroleum Fund funds four new mandates
NORWAY - The Norwegian government’s NOK1.09trn (€134bn) Petroleum Fund says it funded a new fixed income mandate and three new equities mandates in the first quarter of 2005.
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Philips pension scheme in liability move
NETHERLANDS – As part of a new investment strategy, the €13bn Philips’ pension fund has created separate portfolios for liabilities and returns, according to its annual report.
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IPE-QUEST: Swiss fund tenders US large-caps
SWITZERLAND – A Swiss pension fund has tendered a $6m (€4.75m) actively managed US large-cap equities mandate via IPE-Quest.
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Dutch schemes’ NIBC ends derivatives venture
NETHERLANDS – NIB Capital, the bank owned by the two largest Dutch pension schemes, is to wind down its 50-50 derivatives joint venture with Petercam following “continued substantial trading losses”.
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Belgian pension reformer Becquaert moves on
BELGIUM – Henk Becquaert, principal private secretary to Belgian pensions minister Bruno Tobback, has left the post.
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DeAM disputes German asset figures
GERMANY - Deutsche Asset Management has disputed the latest institutional fund statistics from industry association BVI, saying the figures grossly understate its ranking in the German market.
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Lyonnais settlement was a “commercial decision”
UK – Credit Lyonnais’ legal advisor says the settlement with Watson Wyatt over alleged negligent pension advice was a “commercial decision” by the French bank.
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UK clears way for more pensions legislation
UK – The government has left the door open to enacting more pensions legislation if it needs to after the Turner Commission report later this year.
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SEC report finds US consultant conflicts
US – The US Securities and Exchange Commission has found that pension consultants in the US have to do more to identify conflicts of interest.
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Real estate best performer at TNO scheme
NETHERLANDS - Real estate was the best performing asset class - yielding returns of 32.3% - of the pension scheme of Dutch technical research institute TNO in 2004.
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IPE-QUEST: Swiss fund tenders €118.5m
SWITZERLAND – A Swiss pension fund has tendered a $150m (€118.5m) US equity mandate via IPE-Quest.
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Royal Mail confirms €3.6bn pension deficit
UK – UK postal firm Royal Mail has disclosed a pension funding deficit of £2.5bn (€3.6bn) – hit by an increase in liabilities stemming from lower discount rates, weaker markets and demographic changes.
