All IPE articles in November 2006 (Online) – Page 7
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USS backs new student housing fund
UK – The Universities Superannuation Scheme is among the institutional backers for a new £515m (€764m) student accommodation fund being launched by real estate firm Unite Group.
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NAPF, Turner renew NPSS debate
UK – Lord Turner, the former chairman of the UK’s Pensions Commission, sought to defend his personal accounts idea against renewed criticism from the National Association of Pension Funds at a conference today.
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Study: 12% of European funds use LDI derivatives
EUROPE – A new study has found that 12% of continental European pension funds have implemented an asset/liability matching strategy using derivatives.
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S&P says pensions a risk for European banks
EUROPE – Standard & Poor’s says pension obligations still pose significant risk for some western European banks.
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Mercer launches transition consulting business
GLOBAL - Mercer Investment Consulting has launched a new transition consulting service, with what it says is the market’s first truly global transition manager research capability.
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New LPFA investment head leaves after five weeks
UK – Suzanne Ross left her role as investment director at the £3.4bn (€5bn) London Pensions Fund Authority “for personal reasons” – just five weeks after joining.
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Dutch driving licence office hit by pension crisis
NETHERLANDS – Some €12m in pension contributions have disappeared from the Dutch Central Driving License Office, the CBR, according to reports.
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Enfield tenders £15m infrastructure mandate
UK – The London Borough of Enfield is tendering a £15m (€22m) infrastructure mandate for its £500m pension fund.
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Clwyd scheme tenders commodities, portable alpha
UK – Due to a revamp, the £793m (€1.2bn) Clwyd pension fund, run by Flintshire County Council, is tendering a £15m commodities mandate and is looking for a portable alpha solution, possibly hedge funds.
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Paternoster names first client
UK – New bulk annuity buy-out firm Paternoster today announced an initial five pensions outsourcing deals – the first of their sort – with a “substantial” prospect for future deals.
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PGGM names external audit committee members
NETHERLANDS - PGGM, the €77bn Dutch healthcare scheme, has named three external members on its audit committee, as a consequence of the new Pension Fund Governance Principles.
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EU’s McCreevy targets public sector pensions
EUROPE – Charlie McCreevy, the European Commissioner for Internal Markets, has called on European governments to tackle their burgeoning public sector pension liabilities.
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Hewitt posts $115.9m loss for 2006
GLOBAL – Hewitt Associates, which replaced its chief executive in September, has reported a net loss of $115.9m (€90.1m) for the 2006 fiscal year – compared to a profit of $134.7m the year before.
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Deutsche Bahn considering pension trust
GERMANY – Deutsche Bahn, the operator of Germany’s national railway, is considering creating an external fund – known as a contractual trust arrangement – to finance new managers’ pension liabilities.
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Irish pensions regulator names new CEO
IRELAND – Brendan Kennedy, actuarial adviser at the Pensions Board, is to take over as chief executive of the regulator from Anne Maher.
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UK aligns FRS17 pensions standard to IAS19
UK – The UK’s Accounting Standards Board is to amend the FRS17 retirement benefits accounting standard to align it with the international IAS19 standard.
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IPE-QUEST: Dutch pension fund tenders real estate
NETHERLANDS – A Dutch industry-wide pension fund has tendered a c.€75m euro zone real estate mandate via IPE-Quest.
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“Reactionary” Pickering remarks under attack
UK – Alan Pickering, the former chairman of the European Federation for Retirement Provision and the National Association of Pension Funds, has come under attack from a pensioner group for “reactionary” comments about auto-enrolment.
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Bank chief warns over hedge fund due diligence
EUROPE – The German central bank has warned that “competitive pressures” may mean prime brokers are compromising on hedge fund due diligence.
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BT defends longevity assumptions
UK – British Telecom has defended the assumptions it is making about the impact of longevity on the £35.9bn (€53.3bn) BT Pension Scheme.
