All IPE articles in October 2006 (Online) – Page 6
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News
New Danish construction pension set up
DENMARK – PensionDanmark and the Danish construction industry association Dansk Byggeri have teamed up to offer a new pension product.
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Pension bond switch “fundamentally flawed” – KPMG
UK – The idea that UK defined benefit pension funds will be able to switch out of equities and into long-dated fixed income to cut risk is fundamentally flawed, according to KPMG.
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Allianz to launch pan-European pensions
EUROPE – Allianz will launch a new pan-European pension fund offering later this year, the German insurer and financial service provider announced today.
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Put third of assets into hedge funds, Myners says
GLOBAL – The average pension fund should invest 25%-35% of its assets in hedge funds, says Paul Myners, the former Gartmore chief who wrote an influential report on institutional investment for the government.
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Deutsche names successor to fund head Benkner
GERMANY – Deutsche Bank has appointed Klaus Kaldemorgen to succeed Axel Benkner as head of its retail fund arm DWS and as such, the de-facto number-two in the bank’s global asset management business.
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UK sets €1bn pension protection levy ceiling
UK – The UK government has set the Pension Protection Fund levy ceiling at £718.75bn (€1.07bn) for next year.
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Dutch painters award €450m to Theodoor Glissen
NETHERLANDS – A&O Services, which runs the €3.2bn Dutch painters pension fund BPF Schilders, has awarded a €450m pan-European equity index mandate to private bank Theodoor Glissen.
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Dutch associations call for governance principles
NETHERLANDS - The three Dutch pension associations have asked Social Affairs minister Aart Jan de Geus to introduce the principles for pension fund governance and the participation covenant as of January 1 2008, as initially agreed.
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Fund managers now using cash - Merrill survey
GLOBAL - Investors are putting their cash back to work, following the 25% fall in the oil price, said Merrill Lynch’s David Bowers when presenting the findings of the firm’s October fund manager survey.
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MEPs, industry gather to discuss portability
EUROPE - The European Commission's proposed directive on pensions portability is to be discussed by the European Parliamentary Pensions Forum at a meeting in Brussels tomorrow.
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ABP to increase hedge fund exposure
NETHERLANDS – The €200bn ABP pension fund of the Dutch civil servants will further raise its exposure to hedge funds in the future, Edwina Neal, CIO of equities at ABP, said at the Hedge 2006 conference in London. No details were disclosed but the exposure “will rise” she confirmed to ...
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Watsons advises on €1.3bn of mandates in Germany
GERMANY – Watson Wyatt’s investment consulting arm in Frankfurt says it has advised institutional clients on €1.3bn worth of allocations to asset managers since opening its doors about a year ago.
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Hampshire appoints seven new managers, looks into hedge funds
UK – The £2.5bn (€3.7bn) Hampshire County Council Pension Fund has completely overhauled its management structure. In a move from multi-asset to specialist managers it has re-appointed three of the old managers and awarded mandates to seven new managers.
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SPF offers assistance to small schemes
THE NETHERLANDS - SPF Beheer has offered ‘collegial’ assistance to small pension funds, which want to remain independent, it announced.
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TIAA-CREF hands State Street additional €152bn mandate
GLOBAL – The $380bn US educational retirement savings group TIAA-CREF has awarded institutional investment manager State Street an agreement to provide management services for an additional $190bn(E152bn) in assets.
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Wilshire and Dow Jones in global index launch
GLOBAL – Global investment service provider Wilshire Associates together with global index provider Dow Jones Indexes has launched a new world equity markets index family, the firm has announced.
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Paymaster outsources €10.5bn pension payments to Citigroup
UK – American financial service provider Citigroup’s Global Transaction Services has struck a deal with UK pensions administrator Paymaster to provide the firm with international payments services.
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Fidelity makes three new Dutch hires
NETHERLANDS – Investment manager Fidelity International’s Dutch branch expands its sales and marketing team with three new appointments in a move to strengthen its “local presence” in the Netherlands, the manager has announced.
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IPE-QUEST: Scandinavian fund tenders US high yield debt
SCANDINAVIA - A Scandinavian pension fund has tendered an initial $50m (€39.9m) in American high yield debt via IPE-Quest.
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Pension funds in bid for Lane Clark parent
GLOBAL – An investor group including pension funds has made a ZAR8.3bn (€875m) bid for Alexander Forbes, the parent company of pensions consulting firm Lane Clark & Peacock.
