All articles by Meagan Rees – Page 9
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Swiss study highlights role of consultants
SWITZERLAND – Roughly two-thirds of Swiss pension funds use independent investment consultants in the selection of external asset managers, according to the latest Swiss Institutional Survey.
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AMF pension grows to €26.8bn
SCANDINAVIA – AMF Pension has announced a 3.6% return on investments for the first quarter, with assets under management rising to some SEK250bn (€26.8bn).
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London’s LPFA looking for investment head
UK – The roughly £3.5bn (€5bn) London Pension Fund Authority is looking to appoint an investment director – a new position, which allows the chief executive to put less emphasis on investment.
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BT says pension scheme has 75% state guarantee
UK – The £35bn BT pension scheme has estimated that the government will guarantee roughly 75% of its pension fund liability amounting to roughly £28.5bn (€41bn).
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Turkey overhauls pension system
TURKEY – The Turkish government has tightened its pension purse strings following a decision to cut benefits and increase the retirement age amidst an overhaul of its social security system.
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Norway, Iceland missed out of pension directive
EUROPE – The European Economic Area states of Norway, Iceland and Lichtenstein have seemingly been left out in the cold regarding the adoption of the European occupational pension funds directive.
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Dutch government denies FTK delay
NETHERLANDS – A spokesperson for the Dutch social affairs ministry has flatly denied market rumours that the new Financial Assessment Framework for pension funds had been delayed again.
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BBC shuts final salary pension scheme
UK – The head of broadcaster BBC today announced plans to shut the BBC’s roughly £6.4bn (€9.2bn) final salary scheme to new members and increase the pension age from 60 to 65.
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CalPERS names ex-DeAM’s Read as CIO
GLOBAL – The California Public Employees' Retirement System has appointed former Deutsche Asset Management deputy chief investment officer Russell Read as CIO of the $208bn (€169bn) public pension scheme.
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Benign conditions boost Irish schemes
IRELAND – “Benign” conditions, including higher bond yields and strong equity and property markets, have boosted the health of Irish defined benefit pension schemes in the first quarter, according to Mercer Investment Consulting.
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Shell pension strategist Cardon joins bank (updated)
NETHERLANDS – Dutch Shell Pension Fund investment strategist Helmut Cardon has quit to join US investment bank Morgan Stanley in May. (updated)
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AP4 to go passive for emerging markets
SWEDEN – The SEK180.2bn (€19.2bn) Fourth Swedish National Pension Fund, or AP4, is “likely” to use a passive rather than active approach when it invests 3% of its assets in emerging market equities.
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Slovenia pension manager KAD reports profit
SLOVENIA – The supervisory board of the state-run €1.18bn Pension Fund Management, or Kapitalska Druzba (KAD), has reported a SIT15bn (€62m) net profit result for 2005.
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PPF CEO to get €725,000 plus DB pension
UK – The new chief executive of the Pension Protection Fund could earn close to £500,000 (€725,000) over the three-year appointment, and become a member of the blue-chip Civil Service Pension Scheme, according to the PPF job description.
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European pension chiefs to discuss bird flu
EUROPE – CEIOPS, the Committee of European Insurance and Occupational Pensions Supervisors, will meet next week to discuss how to minimise the effects of a possible bird flu pandemic on the industry.
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ABN Amro’s Fernandes joins Citigroup
UK – Francis Fernandes, the former Lane Clark & Peacock partner who joined ABN Amro two years ago, has now quit to join Citigroup’s pensions advisory group in London.
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London jobs under review at Bank of New York
UK – The Bank of New York’s plans to more than double its Manchester staff numbers will put the jobs of some its London-based employees under scrutiny.
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Big three Dutch funds take commodities hit
NETHERLANDS – The three biggest Dutch pension funds have been hit by negative commodity returns in the first quarter of 2006 due to overexposure to energy markets.
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Union PanAgora executive Bechtel exits
GERMANY – Marc Bechtel, executive manager of quantitative asset management outfit Union PanAgora, has left.
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Kempen institutional chief Horst leaves
NETHERLANDS – Kempen Capital Management (KCM) institutional relations director Allaart Horst has left.
