All IPE articles in October 2010 (Online) – Page 3
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Bulgaria takes steps to pull funds from professional pension schemes
BULGARIA – The Bulgarian council of ministers has decided to stop contributions to professional pension funds from next year and eventually withdraw all accrued assets from the funds.
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Dutch pension funds return 6.4% in first half
NETHERLANDS – Dutch pension funds returned 6.4% over the first six months of the year, according to State Street Investment Analytics.
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Local government schemes tender actuarial, investment management services
UK – The Environment Agency’s £1.6bn (€1.8bn) pension fund and five other local government pension schemes (LGPS) with assets totalling £7.3bn are seeking to appoint joint actuarial advisors and investment managers in a cost-cutting measure.
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Swedish roundup: Skandia Liv, Handelsbanken Liv, Swedbank, AI Pensions, AP7
SWEDEN – Skandia Liv, the life and pensions insurer, returned 6.7% for the first nine months of the year as a result of its high real estate holdings, which posted returns of 8.9% for the period.
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State Street Global Advisors to acquire Bank of Ireland AM for €57m
GLOBAL – Boston-based State Street Global Advisors (SSgA) is set to acquire Bank of Ireland Asset Management (BIAM) for approximately €57m in cash.
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Friday people roundup
GLOBAL – Dalriada Trustees, Xafinity, Edmond de Rothschild Asset Management, UBS, Schroders, Standish Mellon Asset Management
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Uniq proposes deficit-for-equity swap with trustees
UK – Food manufacturer Uniq has proposed a deficit-for-equity swap to its pension fund trustees in a deal that would see the fund take control of 90% of company shares.
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Pension savers may shun NEST due to high cost of debt repayment, consultancies say
UK – Towers Watson has warned that the level of debt repayment the recently confirmed National Employment Savings Trust (NEST) is facing could dissuade savers from using the platform.
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Low interest rates cancel out strong returns at largest Dutch schemes
NETHERLANDS – The four largest Dutch pension funds saw their coverage ratios drop during the third quarter – despite strong returns – due to the sharp drop in long-term interest rates.
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SYZ integrates institutional activities into new AM division
SWITZERLAND – SYZ has integrated its institutional asset management activities into a newly created division, SYZ Asset Management (SYZ AM).
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Hungary takes first steps toward dismantling private pension system
HUNGARY – The Hungarian government has embarked on a communications offensive to encourage the country's funded pension scheme members to opt back into the pay-as-you-go state pension pillar.
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UK increases pension age ahead of schedule, confirms NEST
UK – The government today announced its intention to go ahead with the foundation of the National Employment Savings Trust (NEST), as well as plans to increase the retirement age to 66 ahead of schedule.
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Netherlands still has best pension system in world, says Mercer
GLOBAL – The Netherlands still boasts the best retirement income system in the world, according to a Mercer survey comparing more than a dozen counties.
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ING's Goris to head PGGM's board advisory service
NETHERLANDS – Erik Goris, a veteran of investment banking at ING and an independent pension consultant, has joined PGGM, the former investment arm of healthcare scheme PFZW.
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IPE survey shows pension funds expecting low inflation
EUROPE – The majority of European pension funds are expecting low inflation over the next year and a half, according to a recent IPE survey.
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Finland's Veritas to ramp up EM exposure to 20% of equities
FINLAND – Veritas, Finland's €1.9bn mutual pension insurance company, plans to grow the share of its emerging markets exposure to 20% of all equities in the coming five years.
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Europe 'riding coat tails' of stimulus expectations in US
GLOBAL – The prospect of additional quantitative easing (QE) in the US has "breathed life" into the European macroeconomic outlook, according to the BofA Merrill Lynch Survey of Fund Managers for October.
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Wednesday people roundup
GLOBAL – Mercer, Union Bancaire Privée, State Street Global Advisors, Olivetree Securities, Towers Watson
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Finance ministers approve AIFM directive
EUROPE – European finance ministers have cleared the latest version of the Alternative Investment Fund Managers (AIFM) directive, sending it off for an expected rubber stamp by the European Parliament at its plenary session in early November.
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Institutional investors flock to Stewardship Code
GLOBAL – The Financial Reporting Council (FRC) has published the names of institutional investors that have signed up to the Stewardship Code.