All IPE articles in September 2005 (Online) – Page 9
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Germany says shifting from PAYG “insane”
GERMANY - The social affairs ministry has dismissed as “economic insanity” suggestions by the Conservative opposition that the state pensions scheme be transformed from a pay-as-you-go (PAYG) system into a cash-backed fund.
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UK and Ireland in talks with EU on IORPs
IRELAND – Ireland and the UK are in talks with the European Commission over the recognition of UK/Ireland pension schemes under the pension fund directive.
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Petroleum Fund excludes firms for cluster bombs
NORWAY - Eight defence companies have been excluded from the Petroleum Fund because of their involvement in cluster bombs, the Ministry of Finance says.
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Belgian pension funds now known as IORPs
BELGIUM – The Belgian Pension Fund Association has gone perhaps further than anyone else in reflecting the pension directive, by renaming pension schemes as IORPs.
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Petercam hit as multinationals revamp mandates
BELGIUM – The globalisation of pension funds by multinational companies cost Petercam Asset Management two to three mandates over the past year.
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AXA Rosenberg bags €98.3m Shropshire brief
UK - AXA Rosenberg says it has won a European ex-UK equities mandate worth €67m (€98.3m) from the Shropshire County Pension Fund.
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UK delays new scheme funding requirements
UK – The UK’s Department for Work and Pensions says the new funding requirements for defined benefit occupational pension schemes will now come into force on October 31, slightly later than planned.
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Belgium’s KBC hails pension pooling
BELGIUM – KBC, which launched a pension pooling fund for Suez earlier this year, says the technique offers various benefits which reduces costs.
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Alecta returns 8.3% in first half
SWEDEN – Occupational pensions firm Alecta said it made a total return of 8.3% in the first half of the year, compared to 4.9% a year before.
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UBS names director of pensions strategy
UK – UBS has named former Watson Wyatt consultant Richard Boardman as director of pensions strategy - replacing Huw Williams, who has left.
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Nammack joins Carnegie as consultant
SWEDEN – Former Skandia Liv and AP3 executive Kristian Nammack has joined Carnegie in a consulting capacity.
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Pelle joins former MN colleagues at boutique
NETHERLANDS – Willem-Jan Pelle, the former head of legal and fiscal affairs at MN Services, has joined the new boutique set up by his former colleague, Erwin Stouthamer.
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UK’s BBC drops DeAM for NewSmith
UK – The BBC says its £6.4bn (€9.4bn) pension scheme has dropped Deutsche Asset Management in favour of NewSmith due to an underperformance on investment targets.
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IPE-QUEST: European fund tenders Japan equities
EUROPE – A European pension fund has tendered up to $100m (€80.2m) in Japanese large-cap core equities via IPE-Quest.
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Netherlands' Interpay outsources €265m scheme
NETHERLANDS - Payment processing firm Interpay has outsourced its entire €265m pension fund to SEI Investments, resulting in losses for incumbent managers ABN Amro and ING.
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Mellon had talks with State St., Northern – WSJ
GLOBAL – Mellon Financial Corp. has had informal talks about a possible custody combination with State Street and Northern Trust, the Wall Street Journal has reported.
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AP2 shifts €100m out of hedge funds
SWEDEN – Andra AP-fonden, the Second Swedish National Pension Fund, has shifted almost SEK1bn (€100m) into equities following the cancellation of nine hedge fund mandates due to the “cannibalism” of resources.
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Norway’s KLP names Thjømøe as finance director
NORWAY – KLP Forsikring has named Statoil’s Mari Thjømøe as its new finance director.
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AP4 says external equities mandates negative
SWEDEN – AP4, the SEK165bn (€17.6bn) Fourth National Swedish Pension Fund, says its external equities mandates made a negative contribution in the first half.
