All IPE articles in November 2006 (Online) – Page 6
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News
Longevity hitting the bottom line, says BOE
UK – Higher pension contributions - due in part to increasing longevity - are starting to hit companies’ costs, says the Bank of England.
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EFAMA hits back over retirement account plan
GERMANY – EFAMA president Stefan Bichsel hit back at German criticism of the investment fund association’s proposed retirement account during the European Pension Fund Congress in Frankfurt today.
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AP7 hopes to find “pure alpha” by January
SWEDEN – The SEK80bn (€8.8bn) Swedish buffer fund AP7, Sjunde AP-fonden, is closing in on its “pure alpha” plans, according executive vice president Richard Grottheim.
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UK to set up pensions ‘delivery authority’
UK – The UK government has confirmed it plans to set up a ‘delivery authority’ for pensions.
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PGGM closer to asset management-admin split
NETHERLANDS - The board of PGGM, the €74.4bn Dutch healthcare scheme, has officially decided to investigate the options of separating its asset management and administration from its pension fund.
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Pension funds “cold” on trading platform plan
EUROPE – Plans by a group of investment banks to set up a new pan-European equity trading platform have met with a lukewarm reception from pension funds.
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BA in €1.4bn pension deficit bailout
UK – British Airways has agreed to pay up to £950m (€1.4bn) to tackle the £2.1bn deficit in its New Airways Pension Scheme in a 10-year funding deal with trustees.
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IPE-QUEST: Two Danish funds tender high yield
DENMARK – Kirstein Finans has initiated a search for a global high-yield fixed income manager on behalf of two Danish pension funds via IPE-Quest.
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DNB announces new hedge fund directive
NETHERLANDS –De Nederlandsche Bank will implement a new directive for the risk management of investments in private equity and hedge funds, central bank president Nout Wellink has announced.
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Firms back auto-enrolment, UK government says
UK – The government says companies support auto-enrolment into personal pension accounts with auto enrolment.
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Mellon targets multi-national pooling
GLOBAL – Mellon Financial Corp. is targeting multi-national pooling as one of the drivers for its asset servicing business, according to the division’s head Jim Palermo.
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ITV may end final salary pension scheme
UK – UK commercial broadcaster ITV, facing a £5bn takeover bid from NTL, is planning to close its €1.758bn (£1.12bn) final salary pension scheme also to existing members, in favour of a career-average scheme.
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Hoogovens scheme assets decline by €132m
NETHERLANDS - The €5.2bn pension fund of steel producer Hoogovens has unveiled third-quarter returns of 6.1%, totalling -0.1% over 2006 so far – leading to a more than €130m fall in assets.
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Icelandic regulator sees more pension mergers
ICELAND – The head of Iceland’s financial regulator says he expects more pension fund mergers – although they result in a greater concentration of risk.
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Schroders’ YTD institutional outflow hits €9.5bn
UK – Schroders has lost £6.4bn (€9.5bn) in institutional assets so far this year.
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SBZ seeks fiduciary manager for €2.3bn
NETHERLANDS - The € 2.3bn pension fund for care insurers SBZ says it is in the process of selecting a new external asset manager.
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CEIOPS CONFERENCE: Siemens wary on IORP
GERMANY – Technology giant Siemens, which operates several pension funds across Europe, says that contrary to its goal, the EU directive on occupational pension funds will not enable it to create a single European vehicle.
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Shetland Islands tenders for UK real estate
REAL ESTATE - The Scottish Shetland Islands local authority pension fund is to hire a real estate investment manager to invest £20m—40m (€29.7m—59.3m) in UK property.
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Mercer: patience a virtue in infrastructure
GLOBAL – Investment consulting firm Mercer is telling its pension fund clients that patience and due diligence are virtues when it comes to investing in infrastructure.
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Swissfirst affair: Siemens manager repays cash
SWITZERLAND – Roland Rümmeli, the Siemens Swiss pension investment head embroiled in the Swissfirst insider trading affair, has repaid CHF400,000 (€251,000) to his former company.
