All IPE articles in November 2006 (Online) – Page 6
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United Nations fund axes LODH over performance
GLOBAL – The $35bn (€27bn) United Nations Joint Staff Pension Fund has axed Lombard Odier Darier Hentsch & Cie from a European small-cap mandate due to “persistent underperformance” over the last five years.
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Environment Agency awards €649m FX mandate
UK – The Environment Agency says it has awarded a total of £440m (€649m) in currency mandates to Informed Portfolio Management.
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Accountants urge trustee caution with hedge funds
UK – The head of the Institute of Chartered Accountants in England and Wales has advised pension fund trustees to “proceed with caution” when it comes to investing in hedge funds.
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Compendeon launches fiduciary service
NETHERLANDS – Dutch pension schemes can now join the cooperative “Pension Cooperation” launched by investment manager Compendeon to ease the individual scheme’s administrative and management burden.
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Northern Trust wins €254m Oslo custody mandate
NORWAY – The NOK34bn (€4.1bn) Oslo Pensjonsforsikring (OPF) has awarded a custody mandate for its NOK2.1bn global fixed income portfolio.
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Citigroup transition management goes global
GLOBAL – Citigroup has expanded its transition management into the North America, making the service now global.
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Germany’s Landkreis Schaumburg in pension tender
GERMANY – The German district of Landkreis Schaumburg is seeking group pension and life reinsurance services for a new retirement home workers’ relief fund.
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Nestlé pension management firm names CEO
UK – Peter Tait, formerly investment manager of Nestlé UK Pension Trust, has been named as the head of the confectionery company’s new pension asset management company.
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AP1 revises policy on board pay
SWEDEN – Swedish buffer fund Första AP-Fonden, AP1, is calling for company board members to be paid fixed fees rather than incentive schemes.
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Pension funds behind interest-rate swaps surge
EUROPE – The Bank for International Settlements says interest-rate swaps activity surged in the first half of 2006 – with analysts putting it down to pension fund interest.
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PensPlan’s Atzwanger critical of IORP
GERMANY – The EU pension fund directive will not spawn pan-European pension funds but rather induce funds to take a limited cross-border approach, says PensPlan’s Michael Atzwanger.
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Austrian court rules on pension bond holdings
AUSTRIA – The Austrian constitutional court has ruled that companies no longer have to buy bonds to cover pension liabilities for second-pillar corporate pension arrangements.
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Dutch OPF calls for multifunds legislation
NETHERLANDS - Loek Sibbing, chairman of the Dutch Foundation for Company Pension Funds or OPF, has called on the government to ease legislation and enable the creation of “multifunds”.
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Consultants’ “seismic shift” on structured products
UK – There’s a “seismic shift” taking place in the way investment consultants view structured products for pension funds, according to Richard Boardman, director of fixed income derivatives at UBS.
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Bedfordshire scheme seeds new currency fund
UK – The Bedfordshire County Council Pension Fund has seeded FX Concepts’ new currency fund targeted at UK local authorities.
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Publica vindicated over Swissfirst affair
SWITZERLAND – Publica, the CHF30bn (€19bn) pension fund for Swiss federal employees, says an external auditor’s report has cleared its employees of any wrongdoing in the Swissfirst affair.
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Sweden mulls new pension admin body
SWEDEN – The Swedish government is to be presented with a proposal to set up a new authority to handle the administration of both the Premium Pension Authority (PPM) and the pay-as-you-go income related state pension.
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JP Morgan wins $30bn in UK custody mandates
UK – JP Morgan Worldwide Securities Services says it has bagged more than $30bn (€23.4bn, £15.8bn) of new UK pension fund custody assets in the last six months.
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Legal warning over “too safe” LDI
UK – Moving into a safety-first liability-driven investing strategy could leave trustees and actuaries open to negligence claims, a law firm says.
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German regulator probes asset manager trading
GERMANY – Financial services watchdog BaFin has confirmed it has found evidence of insider trading in Porsche shares by a Frankfurt-based asset manager.
