All IPE articles in October 2006 (Online) – Page 3
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News
Parliament majority supports extending levensloop
NETHERLANDS – A majority of the Dutch parliament supports the extension of the tax-friendly ‘levensloop’ life-course scheme.
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Durham shakes up £1.3bn council pension fund portfolio
UK – The £1.3bn (€1.9bn) Durham County Council pension fund is set for a complete overhaul of the fund’s investments in an attempt to address the £321m fund deficit. The mandates tendered see a stronger emphasis on bond exposure.
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Studies find private equity taking strong hold among Europe’s investors
EUROPE – European institutional investors’ growing appetite for diversification and the “superior returns” of private equity is set to encourage rapid growths in the asset class, studies have revealed today.
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Collapsed scheme compensation case to go to full hearing
UK – Pension campaigners, challenging the government’s refusal to compensate members of collapsed occupational pension schemes, have won the right for a full hearing next year, a High Court judge has ruled.
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NPRF records strong positive 6.9% return in 2006
IRELAND – The €17.6bn Irish National Pensions Reserve Fund reported positive investment returns both for the third quarter (5.5%) and over the last 10 months (6.9%) after negative returns (-3.8%) in the second quarter.
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Eumedion welcomes moves on changes to shareholder voting
NETHERLANDS – Eumedion, the Dutch foundation for corporate governance issues, which is supported by pension funds, says that its members will follow the strategy whereby though shares are loaned the pension funds will keep their voting rights.
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Audit Commission says London pension fund admin too expensive
UK – “The average administration cost per London council scheme member is £126 (€188) compared to only £44 for metropolitan council funds,” the Audit Commission finds in its study on London council pension funds.
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Survey finds Swiss funds content with own governance
SWITZERLAND – Swiss pension funds feel that there are no major shortcomings in their corporate governance and that the government need not need tighten their regulation.
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Former Hermes strategy head new CIO at US University fund
UK – Hermes’ James Walsh has been nabbed by the $5bn (£2.35bn) Cornell University fund in the US as the endowment’s new chief investment officer.
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TFR transfer agreement could be €5bn boost to Italian pension funds
ITALY - A compromise reached in Italy will see approximately one third of the €19bn expected yearly in severance payments (TFR) being transferred into private pension funds, one third going into a state pension fund (INPS) and one third staying with small companies, the government estimates.
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Germany excludes housing from REITs
GERMANY – The German finance ministry has abruptly decided to exclude residential housing from German real estate investment trusts (G-REITs), due to be legalised by the government from January 1, 2007.
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Pensions buy-out player Paternoster signs first deals
UK – The newly established pension fund buyout company Paternoster has signed its first five deals, a spokeswoman confirmed to IPE. However, no details were given.
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Municipality tenders ‘Silver Fund’ mandate
BELGIUM – The Belgian municipality Wervik is looking to put a mandate of €600,000 in to a so-called ‘Silver Fund’.
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Dutch metal schemes discuss €51bn co-operation
NETHERLANDS – The Dutch metalworking industry is in discussions about closer co-operation, which could result in a new €51bn pensions provider, the industry-wide Pension Fund for the Metal and Electro-technical Engineering Industry, according to Metalektro, one of those heavily involved.
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Irish fund servicing industry reaches $1.2trn
IRELAND – Over $1.2trn (€955bn) in funds were serviced in Ireland as at 30 June 2006. The industry grew 28% over the last year, according to Lipper Fitzrovia’s 12th annual Dublin Fund Encyclopedia.
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Three UK LAs tender mandates totalling €400m
UK – Three local authority pension funds in the UK are tendering almost £400m (€550m) in Asia Pacific, global and UK unconstrained equity mandates.
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Dutch Kas Bank expands by hiring in UK
NETHERLANDS – TradeShare’s Andrew Caird has been appointed as KAS Bank’s London-based manager new business development institutional investors, in a move to increase its focus on the UK institutional market.
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BNP Paribas offers global custody to Swiss institutions
SWITZERLAND – French bank BNP Paribas’ Securities Services, the provider of securities services and investment operations solutions, has expanded its global custody service to Switzerland, the firm announced today.
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EU Commission report to analyse UCITS
BELGIUM – The European Commission’s Directorate-General for Internal Market and Services is looking to commission a €600k comparative analysis of investment funds in the European Union.
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Insight nabs Zurich’s Poll for institutional role
UK – insight Investment hired Jonathan Poll from Zurich Financial Services as a director of UK institutional business development.
