All IPE articles in November 2010 (Online) – Page 4
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News
Aon Hewitt wins Biffa investment consulting mandate
UK – The Biffa Pension Scheme has appointed Aon Hewitt to provide investment advice and delegated consulting services.
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Access Capital to acquire Pohjola private equity funds
EUROPE – Access Capital Partners Group is in the process of acquiring Finland’s Pohjola Private Equity Funds (PPEF) and will enter into a strategic distribution partnership with Pohjola Asset Management in the Nordic countries.
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Boskalis offers Smit pension scheme additional €30m
NETHERLANDS – Dredging company Boskalis, the new owner of Dutch maritime service provider Smit Internationale, has offered the ailing Smit pension scheme €30m to stave off a 13.2% benefits cut.
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Wednesday people roundup
GLOBAL – Northern Trust, AonHewitt, Aviva Investors, Saltus Partners, StatPro Group, Threadneedle, Fundsmith
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Mandate roundup: FRR, BlackRock, Merseyside, PAAMCO
EUROPE – The Fonds de Réserve pour les Retraites (FRR) has sacked BlackRock Asset Management, which ran a US small cap equity mandate on the fund’s behalf. The mandate, worth worth €478m as at 1 November 2010, accounts for 1.4% of the FRR’s €35.7bn-worth portfolio.
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Zurich canton rules against BVK outsourcing
SWITZERLAND – The Zurich Canton administration has dismissed a motion to outsource the asset management of the scandal-ridden BVK Pensionskasse from the financial department.
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Investors call for action on climate change ahead of Cancún negotiations
GLOBAL – Investors representing over $15trn (€11.1trn) in assets have called for action in the fight against global warming in order to avert the risk of severe economic disruption.
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Christian Elsmark leaves Scottish Widows
EUROPE – Christian Elsmark, managing director, Europe at Scottish Widows Investment Partnership (SWIP), has departed after two years in the role, IPE understands.
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Stewardship Code will fail without active engagement, warns Aviva Investors
UK – Without active engagement on the part of pension funds the Stewardship Code will fail, Anita Skipper, Aviva Investors corporate governance director, has argued.
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PFA becomes largest pension provider in Denmark as contributions rise to 23%
DENMARK – PFA Pension has overtaken Danica Pension to become Denmark's biggest pension provider, third quarter results have revealed.
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Trade Union Congress urges investors to divulge voting records
UK – The head of the British Trade Union Congress (TUC) has called for mandatory voting by institutional investors at AGMs, in a speech to delegates at the TUC pension trustee conference today.
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Scandinavian institutional investor seeks €100m exposure to investment grade bonds
IPE QUEST – A Scandinavian institutional investor is looking to award a €100m investment grade bond mandate, using IPE Quest.
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Carbon indices are a straitjacket - Joly
EUROPE – Carbon indices serve as a straitjacket, according to Carlos Joly, chairman of the climate change scientific advisory committee of Natixis Asset Management.
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DAX pension returns eclipsed by steeper liability increase, says Towers Watson
GERMANY – German companies in the DAX stock exchange index reported an average 2.6% return on their pension plans for the third quarter 2010 but this was offset by a 4.4% rise in liabilities, according to consultancy Towers Watson.
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UK IMA backs pan-European pensions wrapper in Green Paper submission
EUROPE – The Investment Management Association (IMA) has endorsed the idea of a pan-European pension wrapper in its submission on the European Commission (EC) Green Paper on pensions.
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UK pensions minister under fire over CPI linking
UK – UK pensions minister Steve Webb has come under fire from scheme trustees at the TUC Pension Trustee conference for switching the inflation index for public and private sector pensions from the retail price index (RPI) to the consumer price index (CPI).
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EC must be cautious when defining pensions, says CEIOPS
EUROPE – The European Commission's Green Paper on pensions must be wary when defining exactly what constitutes a pension or risk excluding existing schemes, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has warned.
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Even re-insured companies must pay insolvency levy, German court rules
GERMANY – A German court has ruled that companies must pay a levy to the insolvency fund PSV even if they re-insure their pension schemes.
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Kamp resists call to change Dutch pension funds' discount rate
NETHERLANDS – Dutch social affairs minister Henk Kamp has insisted the discount rate for pension funds' liabilities should remain unchanged until there is clarity on the new pension contracts early next year.
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Quarter of FTSE 100 to complete risk transfer by 2012 – Hymans Robertson
UK – Pension risk transfers are set to more than double at FTSE 100 companies by 2012, following a third quarter that was the quietest period since the market's inception.