All IPE articles in May 2005 (Online) – Page 5
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‘50-year gilts not good for pensioners’
UK - Bonds with very long maturities are good news for the government and pension funds, but not pensioners, says Intelligent Capital’s Avinash Persaud.
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Petroleum Fund €5bn lower than estimated
NORWAY – The Petroleum Fund was NOK42bn (€5.2bn) smaller at the end of last year than originally estimated by the government.
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AP3 says it increases level of active risk
SWEDEN – Tredje AP-fonden, the third Swedish buffer fund, says it is increasing the level of active risk throughout its benchmark portfolio – which will see a global equity group taking full responsibility for equity mandates.
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Watson Wyatt says Credit Lyonnais case dismissed
UK – Pension consulting firm Watson Wyatt says the negligent advise case brought against it by Credit Lyonnais has been dismissed.
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UK Environment Agency in €1.4bn specialist move
UK - The UK's Environment Agency has awarded £995m (€1.4bn) to six specialist managers - resulting in a loss of balanced mandates for Legal & General, Henderson and Merrill Lynch.
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NAPF needs to broaden appeal, Ellison says
UK – The new chairman of the National Association of Pension Funds has said that in the future the association could turn into a federation including different interest groups like defined benefit schemes.
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Swiss first-pillar consultation extended
SWITZERLAND – The Swiss interior ministry has extended the period of consultation about changes to the AHV first pillar pension system by three months following protests from political parties.
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Ex-SSGA CIO Brown replaces Horlick at Schroders
UK – Alan Brown, who resigned in March as chief investment officer at State Street Global Advisors, is to replace Richard Horlick as head of investment at Schroders.
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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.
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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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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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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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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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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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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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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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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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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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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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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.
