All IPE articles in October 2006 (Online) – Page 2
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Smaller schemes chase ‘more liquid’ property
REAL ESTATE - Robin Goodchild, head of European investment at property firm LaSalle, this week urged large pension funds to invest directly in real estate and claimed smaller ones were re-thinking their lack of exposure.
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EFAMA director general exits after a year
EUROPE - Hugh Trenchard, director general of the European Fund and Asset Management Association, is stepping down after less than a year in the role.
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ECB sees pension fund-bank competition
EUROPE – Demographic change could prompt greater competition between pension funds and banks, says the European Central Bank.
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Man’s Fink sees pension longevity derivatives
GLOBAL – Stanley Fink, the chief executive of hedge fund company Man Group, says he expects pension longevity derivatives contracts to develop in the coming years.
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RWE sets up €8bn pensions trust
GERMANY – Energy giant RWE has created an external fund known as a contractual trust arrangement (CTA) to finance €8bn worth of pension liabilities – one of the biggest ever on record.
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Aviva’s annuity sales fall 6%
UK – Insurance group Aviva has become the latest to warn about pricing pressure in the UK’s bulk annuities market after reporting a 6% decline in total annuity sales.
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Management change at State Street in the UK
UK – There’s been some management changes at State Street in the UK.
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New EU official handling IORP directive
EUROPE – A new official has taken over at the European Commission’s internal markets department overseeing the implementation of the occupational pension fund directive.
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Dutch ice-skaters to get pension fund
NETHERLANDS – Dutch ice-skaters are to get a new pension fund if talks with provider Aegon succeed, a union official says.
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NewSmith gets $500m Wellcome Trust backing
UK - NewSmith Capital Partners, the asset management boutique set up in 2003 by former Merrill Lynch bankers, is to get $500m (€395m) in funding from the Wellcome Trust, the two said today.
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Chemie Pensionsfonds set to grow to €100m
GERMANY – Chemie Pensionsfonds, the pension fund targeted at employees in the chemical sector, will have around €100m assets by the end of 2006 but has no immediate plans to outsource investment, a member of its investment committee has told IPE.
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UK’s PPF in “urgent” fund manager tender
UK – The Pension Protection Fund has issued a tender seeking asset managers for a range of asset classes as a “matter of urgency”.
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Denmark’s ATP in €1bn hedging loss
DENMARK – The DKK371.5bn (€50bn) Danish supplementary pension scheme ATP has unveiled a loss of more than €1bn after tax on its hedging portfolio.
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German government agrees first-pillar reform
GERMANY – The governing Conservatives and Social Democrats have agreed details for a major reform of the state pension scheme, to include hikes in the retirement age and the statutory contribution on the one hand and cuts in the state benefit on the other.
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Insurers fight cost issue in UK’s planned NPSS model
UK – Cost is not a key-factor in the choice between the delivery options for the government’s planned Personal Accounts scheme, as the proposed centralised model will only provided limited economies of scale, according to a report from the UK’s insurance industry.
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UK and Irish pooled pension funds recover from Q2
EUROPE – UK pooled pension funds returned 3% on average after posting negative returns of 4.1% earlier this year. In Ireland, the median return of pooled pension funds in the third quarter was 5.4%.
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Nordea assets inflows exceed €1bn
NORTHERN EUROPE – Nordea, the financial services group in the Nordic and Baltic region, has seen an inflow of €1.1bn in institutional assets under management as supposed to an outflow of €200m last year.
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Only half German PKs will survive – survey predicts
GERMANY – Only about half of the Pensionskassen competing for pension business nationwide have a viable long-term business model, according to the consultant Rauser Towers Perrin (RTP).
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FRR re-awards transition broking brief
FRANCE – The €29.1bn, Fonds de Reserve pour les Retraites, the French Pension Reserve Fund, has re-awarded a transition broker contract to Goldman Sachs International.
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Horeca in admin tie-up with Dutch UWV
NETHERLANDS – In a deal with Dutch Employees’ Insurance Institute (UWV), the €2bn Pensioenfonds Horeca & Catering (PH&C) is to use the institute’s employment data, the fund announced today.
