All IPE articles in November 2005 (Online) – Page 7
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News
BGI looking for equity CIO as Annable exits
GLOBAL – Matthew Annable, European chief investment officer for active equities at Barclays Global Investors, is to leave next year in a “lifestyle change” – but his successor has not yet been chosen.
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Sweden's FI amends traffic-light model
SWEDEN – The Swedish Financial Supervisory Authority, or Finansinspektionen, has amended the so-called traffic light model following consultation.
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Bayer takes €1.1bn pensions accounting hit
GERMANY – German chemicals giant Bayer has taken a €1.1bn pensions obligation hit due to accounting changes amid lower interest rates.
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Fortis Investments names Poland sales head
POLAND – Fortis Investments has named Grzegorz Swietlik as its new head of sales for Poland.
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Ireland’s Coyle Hamilton prosecuted by regulator
IRELAND – Consulting firm Coyle Hamilton has been prosecuted and fined over a failure to comply with the Pensions Act.
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€24bn UN pension fund ‘reviewing strategy’
GLOBAL – The $29bn (€24.7bn) United Nations pension fund may be reviewing its investment strategy to bring it more in line with the body’s humanitarian-based mission and objectives.
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Pension demand 'to boost inflation-linked swaps'
UK - Pension fund demand is set to triple the size of the inflation-linked swaps market in the UK, according to Watson Wyatt.
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Germany plans PAYG subsidies - paper
GERMANY – The emerging Conservative-Social Democrat government plans to raise subsidies to the state pay-as-you-go (PAYG) pension scheme by €2.8bn to ease the enormous financial pressure on the scheme.
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Henkel to issue bonds for pensions
GERMANY – Consumer chemicals firm Henkel plans to create a contractural trust arrangement (CTA) for €1bn in German pension liabilities, yet will fund the CTA not with existing liquidity but with the proceeds of a bond issuance.
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Aegon’s Lommen joins Dutch supervisor DNB
NETHERLANDS - Former Aegon pensions co-ordinator Jacqueline Lommen has joined De Nederlandsche Bank, the central bank which supervises pensions.
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Watson Wyatt earnings slip on acquisition costs
GLOBAL – Consulting firm Watson Wyatt & Co. has reported lower quarterly earnings – hit in part by a loss related to its acquisition of its European affiliate.
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Bank of NY loses €1.9bn Lothian custody brief
UK – The Lothian Pension Fund has awarded a £1.3bn (€1.9bn) global custody mandate to Citigroup Global Transaction Services – resulting in a loss for the incumbent Bank of New York.
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Sweden’s PPM may be merged - Könberg
SWEDEN - The Premium Pension System (PPM) may merge with the Social Insurance Administration (Försäkringskassan), according to one of the architects of Sweden’s pension reform.
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Buckingham cuts Capital mandate in revamp
UK – The £874m (€1.3bn) Buckinghamshire Pension Fund has cut Capital International’s equities mandate by just over 20% due to poor performance results, and appointed five new fund managers.
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Horeca portfolio manager van Nifterick quits
NETHERLANDS - Nick van Nifterick, senior portfolio manager of the €2bn Dutch hotel and catering scheme Pensioenfonds Horeca en Catering, has resigned.
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UK pension theft case highlights role of actuaries
UK – A report into the theft of £2.9m (€4.2m) from a UK pension fund has highlighted the role of the scheme actuary and asset managers in detecting wrongdoing.
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OECD sees uncertain future for reserve funds
GLOBAL – The Organisation for Economic Cooperation and Development foresees an “uncertain” future for national pension reserve funds.
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Swiss Ascoop to take 15 years to erase deficit
SWITZERLAND –Ascoop, the embattled CHF2.1bn (€1.4bn) pension fund for the Swiss transportation sector, has acknowledged that it will need 15 years to restore its full financial health.
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Activism at work as VNU reviews IMS deal
NETHERLANDS – Shareholder activism by pension funds appears to be a factor in VNU’s decision today to review its planned $6.3bn (€5.2bn) merger with IMS health.
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UK’s ACT raid on pensions now put at £150bn
UK – The UK government’s controversial 1997 decision to abolish advanced corporation tax relief has cost pension funds up to £150bn (€221bn) in total, the actuarial profession has been told.
