Gibraltar
QROPS denial a waste of time and effort
HMRC is wasting time and effort by continuing to deny Gibraltar
as an acceptable Qualifying Recognised Overseas Pension Schemes
(QROPS) jurisdiction, says London & Colonial
European
Mandates AllenbridgeEPIC Investment Advisers (AEIA) has
been appointed by the London Borough of Hounslow
as investment consultant to its pension fund
News
in Brief
Credit Suisse is to expand its Exchange Traded Funds (ETF)
platform to Germany by listing 16 ETFs on the Deutsche Börse
on 25 November 2009, subject to regulatory approval
AIMF
Directive proposed changes welcomed by AIC The possible amendments to the Alternative Investment
Fund Managers Directive (AIFM Directive) published by the Swedish
Presidency are wide-ranging and highlight possible changes to the
specific obligations implied by the Directive, such as leverage
and liquidity management, and for the overall framework for its
application
News
in Brief Watson Wyatt has hit the one
million mark for the number of pension scheme members it administers
in the UK, with numbers more than doubling in the past five years
Experts
predict next European pensions market trends Realistically, it is unlikely that Europe will
see the evolution of a pan-European pensions market within the next
ten years, say leading pension experts in a survey by Allianz Global
Investors AG (AllianzGI)
European
Mandates River and Mercantile Asset Management
LLP (R&M) has won its first global equity mandate with
its appointment to manage a segregated global equity mandate by
Royal Liver Asset Managers
News
in Brief FOUR Capital Partners Limited
has announced that it has entered into an investment partnership
with Sanlam International Investment Partners, with Sanlam taking
an initial 29.9 per cent equity interest in the firm for an undisclosed
sum
European
Products Barclays Capital has launched
the Barclays Capital US TIPS Real Income Index Family, an index
family designed for investors seeking an investment solution that
provides steady inflation-protected cash flows over a specific period
of time
Mercer
expands its services to wealth managers across Europe
European wealth managers can now benefit from Mercer’s expertise
with the launch of a new service aimed specifically at private banks,
family offices, fund platforms and insurance companies
Insight
Investment acquisition complete
Insight Investment has been bought by BNY Mellon for a total sum
of £235m, comprising a cash consideration of £200 million
and an equity consideration of £35 million
OCTOBER
2009
CEIOPS
selects new chairman and managing board members
Members of the Committee of European Insurance and Occupational
Pensions Supervisors (CEIOPS) have elected Gabriel Bernardino as
the new chairman of CEIOPS, and Antoine Mantel as vice-chairman
News
in Brief BNY Mellon has received a banking licence in Ireland
following approval from the Irish Financial Regulator
European
Mandates State Street Corporation has been chosen to provide
fund administration services for Intermountain Equity Group’s
(IEG) private equity fund
EFAMA
releases Q2 2009 investment fund assets results
The second quarter of 2009 (Q2 2009) has brought with it good news
for investment fund assets worldwide with records showing a 5.4
per cent increase to €14.39trn
European
Mandates RBC Dexia Investor Services has been chosen by
Swedish-based Keel Capital AB as custodian, domiciliary
agent, administrative agent, registrar and transfer agent for its
new SIF SICAV Hedge Fund
European
Products Scottish Life has added ten new funds to its core
fund range in response to feedback from IFAs and market analysis
Cross-border
fund automation rises in H1 2009
The European Fund and Asset Management Association (EFAMA) and SWIFT
have published a mid-year status report on the evolution of standardisation
rates for the first half of 2009, finding that 69 per cent of cross-border
fund orders are now automated
News
in Brief
On the basis of unaudited estimates, the net annualised performance
of the Fonds de Reserve pour les Retraites (FRR)
is +12.8 per cent, constructed of -6.5 per cent for the first quarter,
+10.5 per cent for the second quarter, and +9.2 per cent for the
third quarter
OECD
country pension funds on the road to recovery
Despite the first half of 2009 showing marked improvements on returns
for pension schemes globally compared to the huge losses in 2008,
structural challenges remain, reports the Organisation for Economic
Co-operation and Development (OECD)
UCITS
IV directive largely embraced by asset managers
UCITS IV’s arrival has been welcomed with open arms by asset
managers, says RBC Dexia and KPMG, with the vast majority of UCITS
managers taking a proactive approach to the new directive
News
in Brief Almary Green Investments has merged with
Hopkinson Financial Consultancy, a specialist in financial
and investment advice for employers and business owners, in the
latest phase of its expansion
European
Mandates Hewitt Associates has been appointed to provide
scheme actuary and investment consultancy services to the AA
Pension Scheme
European
Products
The world’s first hedge fund secondary market index has been
launched onto the market by Hedgebay Trading Corporation
Aviva
sets out plans for European business
Aviva is set to transform its European business by taking full advantage
of the growth opportunities presented in the area, and will be integrating
its businesses across Europe
News
in Brief Crédit Agricole S.A. and Société
Générale have unveiled their combined asset
management arm, Amundi
IOPS
AGM sees strengthening measures for global oversight
The International Organisation of Pension Supervisors (IOPS) has
approved a series of guidelines and reports which are designed to
strengthen the supervisory oversight of global pension systems,
and to protect vulnerable fund members and retirees
News
in Brief
Hedge funds and private equity houses should prepare for a backlash
following the financial crisis, warned Rob van Kuijk, CEO at
Finles Capital Management, at a seminar in Utrecht
European
Mandates BNY Mellon has been selected to provide derivatives
collateral management services to the Invensys Pension Scheme
(IPS), which it will deliver via its DM Edge platform
EFAMA
unveils President’s Advisory Council
The European Fund and Asset Management Association (EFAMA) has established
the President’s Advisory Council, which will act as an advisory
group to the Presidency on industry matters
News
in Brief
The Committee of European Insurance and Occupational Pensions
Supervisors (CEIOPS) has published an overview of legal
requirements under the institutions for occupational retirement
provision (IORP) Directive, which is based on a selection of topics
relating to the relevant national social and labour law provisions,
investment restrictions and information requirements
European
Products Schroders has launched a UCITS III hedge fund platform,
Schroder Global Alternative Investor Access (GAIA), a transparently
operated and regulated platform for UCITS funds
European
Mandates
The Merseyside Pension Fund has announced that
it has chosen to continue to work with its existing managers, Schroders
and Legal & General, to manage mandates to
run active unconstrained UK fixed income portfolios, worth a combined
£372million, or nine per cent of the £4.1bn Fund
European
Products HSBC Global Asset Management has launched its HSBC
GIF Middle East and North Africa (MENA) fund, which was initially
set for launch in October 2008, but postponed due to financial volatility
Automatic
features to become the norm for plans worldwide
A third of employers worldwide already offer at least one of the
automatic features of enrolment, rebalancing or escalation, according
to a survey of ‘automatic features acceptance’ by Mercer
News
in Brief AEGON Global Pensions has extended its multi-client
asset pooling solution to France, with Arial assurance, part of
the AG2R LA MONDIALE Group’s initial investment of €52million
into AEGON Global Multi Manager Funds
European
Products Scottish Life has launched a service to allow independent
financial advisers (IFA) to monitor the progress of new business
cases
News
in Brief Mercer has opened a new state-of-the-art customer
relations centre to support members of its clients’ pension
schemes in the UK
European
Mandates Northern Trust has been selected
to provide fund administration services to three niche real estate
funds managed by boutique investment manager Apache Capital
Partners LLP
European
Products Crédit Agricole Structured Asset
Management (CASAM) has expanded its equity exchange traded
funds (ETF) range with ten new products listed on the Euronext Paris
UCITS
funds back in European investors’ favour Investors across Europe are moving back into
UCITS funds, said the European Fund and Asset Management Association
(EFAMA) at its Annual Conference
CEE
a positive place to be for growth revival A growth revival is on the cards for countries
within Central and Eastern Europe (CEE) if the European Institutional
Conference, held by Generali Investments, is anything to go by
News
in Brief Financial services and professional services
PR company Broadgate is to merge with retail financial
services agency Mainland, creating Broadgate
Mainland
European
Mandates The UK branch of German industrial insurer, HDI-Gerling,
has appointed Friends Provident to supply a new
group stakeholder pension scheme for UK employees
European
Products Summit Global Investor Services
has launched its online monitoring and reporting tool, Zenith Reports
SEPTEMBER
2009
News
in Brief Aviva has opened its Pension
Tracker up to more than one million customers and 8,000 group pension
schemes, available online
European
Mandates Principal Global Investors has
been awarded a $146million global emerging markets equity mandate
from the Netherlands’ Pensioenfonds PNO Media (PNO)
European
Products State Street Corporation has
launched eHorizon, an enhanced global accounting solution to deliver
new levels of functionality, accommodating multiple accounts bases
and greater flexibility in managing complex fund structures such
as funds of funds, pooling, master-feeder and multi-managed arrangements
News
in Brief Canada Life has added the range
of Tactica Portfolios, managed by Goldman
Sachs International, to its Canlife external fund links
European
Products Dentons Pensions Management Ltd
has launched its Single Portfolio SIPP, a lower-cost product designed
for investors who want to create a bespoke single discretionary
portfolio
AIMA
revises Hedge Fund guidance The Alternative Investment Management Association
(AIMA) and the Irish Funds Industry Association (IFIA) have published
a new, revised edition of the AIMA Guide to Sound Practices
for Hedge Fund Administrators
Romanian
pension funds record positive 2009 returns Romanian pension funds posted positive returns
for the first eight months of 2009, with average results of 11.31
per cent in mandatory pension funds, and 10.73 per cent for voluntary
pension funds
News
in Brief Specialist Lloyd’s insurer Jubilee
Managing Agency Limited (Jubilee) has launched a new brand
across its operations as a reflection of the company’s strategic
plans to expand and grow its business lines in the future
European
Mandates Pension Insurance Corporation
(PIC) is to insure three Denso Manufacturing Midlands Ltd
pension schemes in a buyout transaction
European
Products Vanguard has launched a suite
of 30 low-cost funds for sale in Denmark, comprising of 22 index
tracker funds and eight actively managed funds in Denmark
News
in Brief Following the recent deadline for comments on
the Solvency II framework passing last week, Deloitte
has commented on the second wave of Committee of European Insurance
and Occupational Pensions Supervisors (CEIOPS) consultation papers
European
Mandates Brent Pension Fund has appointed
Alinda Capital Partners LLC to manage an infrastructure
mandate worth around £25million (five per cent) of the council’s
assets under management
European
Products Cambridge Investments Ltd has
launched a new Master Portfolio Services, investing within a specifically
constructed portfolio of funds
News
in Brief The Committee of European Insurance and
Occupational Pensions Supervisors (CEIOPS) received more
than 20,000 comments from stakeholders on its second set of Consultation
Papers on Solvency II, Level 2 Implementing Measures, which
closed to replies on Friday 11 September
European
Mandates Punter Southall has been appointed
by The Fairhurst Partnership to provide full services
to the trustees of its defined benefit (DB) and defined contribution
(DC) pension schemes
Pension
funds add €25bn to portfolios Positive revaluation of investments and favourable
price movements of financial assets have added €25bn in value
to Dutch pension funds’ investment portfolios in the second
quarter of 2009, according to De Nederlandsche Bank (DNB)
CESR
proposal of single risk measure ‘riskiest’ plan for
building pension pots The Committee of European Securities Regulators’
(CESR) proposal to compress the riskiness of an investment fund
into a single number will cause investors to make inappropriate
investment choices and suffer losses as a result, warns EM Applications
News
in Brief Northern Trust has opened a
branch office in Stockholm, Sweden, as part of its expansion into
the Nordics
European
Mandates Neptune Investment Management
has appointed Penrose Financial as its media advisor
European
Products Dow Jones Index has launched
the Dow Jones UK Smaller Companies Index, allowing market participants
a comprehensive measure of the UK’s small and micro cap segments
News
in Brief The deadline for comments on the Committee
of European Insurance and Occupational Pensions Supervisors’
(CEIOPS) consultation paper on Solvency II level 2 implementing
measures is 11 September 2009 at 16.00 CET
European
Mandates Penrose Financial has been appointed
as media adviser for investment manager Impax Asset Management,
which focuses on the environmental sector
European
Mandates Pension Insurance Corporation (PIC)
has been chosen to insure the remainder of the Thomson Regional
Newspapers (TRN) Pension Fund, sponsored by Citigroup
EFAMA
states position for next two years The European Fund and Asset Management Association
(EFAMA) has outlined its strategy for the next two years, working
towards its position of creating a single voice for the industry
EC’s
OTC Derivatives consultation met largely with praise from industry The Investment Management Association (IMA) has
welcomed the European Commission’s consultation of OTC Derivatives,
which aims to improve market infrastructure and to ensure an efficient,
safe and robust derivatives market
Retirement
time bomb must be addressed worldwide Employers will play an increasingly critical
role across the globe in shaping public policy and addressing concerns
over pension benefit costs, as the ratio of elderly persons to the
working-age population rockets over the coming years, warns Mercer
News
in Brief Edgewood Management LLC has
decided to continue its work with SEI, with a contract
renewal providing an operational outsourcing solution for Edgewood’s
investment products
European
Products Sector Investment Managers has
launched a Junior Mining fund, which aims to provide investors with
diversified exposure to undervalued mining stocks
ETFs
continue on their path to success Exchange traded products (ETPs) have seen €41bn
of net inflows over the last year, with particular demand for broad-based
European funds, commodity and fixed income funds
News
in Brief The Rolls-Royce pension fund
has taken the lead in the pensions race with a £1.4bn IAS
19 pension surplus
AUGUST
2009
News
in Brief Northern Trust has enhanced
its transfer agency product, which supports asset managers in the
UK, Ireland, Luxembourg and the Channel Islands, to increase automation
and provide increased straight-through processing (STP) for clients
European
Mandates The Universities Superannuation Scheme
(USS) has chosen UBS Global Asset Management –
Fund Services to provide hedge fund of funds administration services
AP2
records positive first half 2009 A solid recovery in the Second Swedish National
Pension Fund (AP2) has been secured thanks to continuing high share
of equities, says the Fund
HSBC
expands into European ETF sector HSBC has announced that it is to break into the
European exchange traded funds (ETF) market with the launch of a
suite of ETFs, beginning with the HSBC FTSE 100 ETF, tomorrow (25
August 2009)
News
in Brief JLT Benefit Solutions Ltd has
launched its new employee transfer value (ETV) management service,
an administration service for these exercises
European
Mandates Pension Insurance Corporation (PIC)
has been chosen to insure the Walthamstow Stadium Limited
Retirement Benefits Scheme, which has assets of £19million
Asset
managers continue to favour opportunism Opportunism has remained popular with asset managers,
in particular those from defined benefit (DB) pension schemes, despite
the severity of the current financial crisis, reports CREATE-Research,
in association with Citi’s Global Transaction Services and
Principal Global Investors
Proposed
IAS19 amendments could reduce liabilities by up to a third Proposals for amending the discount rate for
measuring employee benefits have been published for comment by the
International Accounting Standards Board (IASB), following calls
from stakeholders to address a problem exacerbated by the global
financial crisis
Sterling performance continues from gold Despite pressure on the economy and high gold
prices, investor demand in the metal has remained strong in the
second quarter of 2009, says the World Gold Council (WGC)
News in Brief Aon has been appointed by Cordea
Savills, an international property fund manager, to consolidate
its current insurance arrangements into a pan-European insurance
programme
Norwegian
fund reports record-high Q2 return Norway’s Government Pension Fund –
Global, saw a 12.7 per cent return (NOK 270bn) in the second quarter
of 2009, following dramatic improvements in international equity
and fixed income markets, says Norges Bank
News
in Brief Onyx Group is to expand into
the financial services market following the acquisition of hedge
fund supplier Moffat Communications
European
Mandates South Wales Police has chosen
Capita Hartshead to provide pensions administration
services to members of its Police Pension Scheme
Aon
redefines Insurance Managers division Aon Consulting is to streamline its Aon Global
Insurance Managers division into a new regional leadership structure
with hubs in Europe, the Middle East and Africa (EMEA); the Americas;
and Asia Pacific
News
in Brief Prudential plc has published
strong half year results for 2009, with a capital surplus for the
Insurance Groups Directive (IGD) of around £3.0bn at 31 July
2009
News
in Brief Aon Private Risk Management (APRM)
has opened an office in Geneva. APRM, an insurance broker and risk
adviser for the ultra high net worth sector, is responsible for
assessing the risks facing wealthy individuals and families’
tangible assets, liabilities and well-being, providing insurance
protection and risk management advice
European
Mandates SEI has been appointed by the
East of England Co-operative Pension Schemes to
represent £78million of assets across two defined benefit
plans
European
Products Friends Provident will deliver
a new corporate platform following the signing of a long-term contract
with FNZ
EC
alternatives directive could land funds with €25million bill The European Commission’s draft directive
on Alternative Investment Fund Managers could cost the pension fund
industry up to €25bn a year if it is put into place in its
current form, warns the Alternative Investment Management Association
(AIMA)
News
in Brief Jubilee Financial Products has
announced that it is to delay the launch of four new investment
products until 25 September as it believes the market will be lower
in September, following the recent bull run
European
Mandates Devon County Council Pension Fund has
appointed a number of new investment managers following searches
by bfinance
European
Products Foster Denovo has launched its
new division, Foster Denovo General Insurance, which will allow
the company to provide business and personal insurance policies
directly to new and existing clients
JULY
2009
Greek
economy in dire need of reforms Greece is in need of radical reforms to its pension
system if it is to cease being a burden on longer-term fiscal sustainability,
and to prevent a rise in pension costs that would otherwise see
these accounting for more than 20 per cent of GDP by 2050, warns
the Organisation for Economic Co-operation and Development (OECD)
News
in Brief Investment fund industry service provider, KNEIP,
has announced that it is to open an office in London as part of
its network expansion
European
Mandates The O2 Pension Plan has selected
BlackRock as investment only defined contribution
(DC) provider, to £30million in assets
European
Products Standard Life Investments has
strengthened its distribution links in Germany with the announcement
that its Luxembourg-domiciled SICAV fund range is now available
to key intermediaries in Germany, via Moventum’s fund platform
News
in Brief State Street Corporation’s
Swiss Pension Fund Index recorded a 3.35 per cent performance from
Swiss pension funds for the first half of 2009
European
Products db x-trackers has listed its
DB Commodity Booster DJ-UBSCI ETF (exchange traded fund) on the
Deutsche Boerse, linked to the DB Commodity Booster DJ-UBS Index
European
Mandates The £85million Macmillan Limited
Pension and Life Assurance Plan has selected Hymans
Robertson to provide investment consulting services, including
advising on investment strategy, the Plan’s structure and
manager selection
DC
systems need risk overhaul Quantitative regulations may help to limit the
retirement income risk in defined contribution (DC) pension systems
in countries where payments from DC are the most prevalent source
of income in old age, says Allianz Global Investors AG (AllianzGI)
and the Organisation for Economic Cooperation and Development (OECD)
Irish
government releases hotly-anticipated report recommending Pensions
Board merger Merges between the Pensions Board and the Financial
Regulator, and the Pensions Ombudsman and the Financial Services
Ombudsman, have been recommended in the Irish government’s
much-anticipated Report of the Special Group on Public Services
Numbers and Expenditure Programmes
ABP
records positive first half of 2009 Stichting Pensioenfonds ABP (ABP) has seen an
increase in its coverage ratio, the most important indicator for
the Fund’s financial position, from 90 per cent to 98 per
cent over the first six months of 2009
European
Mandates The Jotun Paints (Europe) Limited Pension
Scheme has appointed SEI to act as Fiduciary Manager for
its £14million scheme
Crisis
fails to dent responsible investment’s popularity Responsible investment has continued to rise
in popularity despite difficulties in the markets, demonstrated
by the 560-plus signatories to the UN-backed Principles for Responsible
Investment (PRI) Initiative
European
investors remain cautious over equities The financial crisis has changed the attitudes
and practices of European institutional investors with a notable
shift away from equities and towards fixed income and cash, according
to a survey supported by Invesco
News
in Brief Premier Pension Services has been chosen by Save
& Prosper to assist in exiting as professional trustee
on its portfolio of 178 Small Self Administered Schemes (SSAS)
European
Products Liontrust Asset Management has launched its European
Absolute Return Fund, which uses the same investment process as
its Cashflow Solution, to make money for investors over the medium-term
in rising and falling markets
European
Mandates Watson Wyatt has been selected
to administer the HSBC Bank (UK) Pension Scheme,
one of the largest private sector pension schemes in the UK to outsource
pension administration with 170,000 membership records
Irish
funds continue to record positive results
Irish pension managed funds have succeeded in another consecutive
month of positive returns, according to both Hewitt Associates and
Rubicon
News
in Brief
The Committee of European Insurance and Occupational Pensions
Supervisors (CEIOPS) has released its second set of Consultation
Papers on Solvency II, Advice on Solvency II – Level 2 implementing
levels, for consultation
News
in Brief Royal Bank of Canada’s corporate and investment
banking arm, RBC Capital Markets, has made further
hires in Europe in an effort to bolster its European platform
European
Mandates Pension Insurance Corporation has appointed Schroders
to manage an initial £100million segregated Global Corporate
Bond Portfolio
European
Products
Standard Life Investments has made its Luxembourg-domiciled
SICAV fund range available through MFEX’s Mutual Fund Exchange,
an independent fund marketplace in Europe, in all countries where
the SICAV is registered for public distribution and where MFEX clients
operate
CEIOPS’ half-year report makes for a sober read Insurance companies’ roles as investors
have been increasingly affected by the decade’s financial
turmoil followed by the current crisis and recession, says the Committee
of European Insurance and Occupational Pensions Supervisors (CEIOPS)
ESG
disclosure must improve to support emerging market investment A lack of disclosure on environmental, social
and corporate governance (ESG) issues is a key challenge when asset
managers an institutional investors consider investing in emerging
markets, says a survey by the Ethical Investment Research Service
(EIRIS) and the International Working Group of the Social Investment
Forum
News
in Brief AEGON has completed its acquisition
of Banca Transilvania's 50 per cent shareholding
in Romanian pension business BT AEGON set up by
the two companies last year
European
Products BlackRock has launched its BGF
Global Inflation Linked Bond Fund, aimed at investors with a long-term
asset needing protection against the erosion of returns
Crisis
highlights the need for reforms The Organisation for Economic and Co-Operative
Development (OECD) has called for governments worldwide to push
ahead with reforms to ensure that public and private income provision
remains socially and financially sustainable
Fund
managers must re-think client relationships The investment management industry must employ
a ‘back-to-basics’ approach when it comes to client
relationships in order to rebuild trust with investors, says KPMG
EFAMA
elects new president The European Fund and Asset Management Association
(EFAMA) has chosen Jean-Baptiste De Franssu as its new president
for a two-year term, and Claude Kremer as vice-president
European
Products Investment Solutions has launched
its Fiduciary Management Solutions product, designed for defined
benefit (DB) pension schemes
International
Retirement Scheme opens to UK Limited Companies A new tax-efficient Pension Trust that allows
UK Limited Companies to provide retirement packages for their employees
who have responsibilities outside the UK has been launched by s615(6)
Limited
More
conservative measure required for UCITS funds Proposals by the EU to control the risk of UCITS
funds could leave them more risky than hedge funds, as they will
not protect investors from the risk of a huge loss of investment
value, says EM Applications
News
in Brief KAS BANK has expanded its clearing
and settlement services to include the Nordics
European
Mandates Hymans Robertson has been chosen
by the £200million Doosan Babcock Energy Pension Scheme
to provide investment consultancy. Investment strategy, scheme structure
and manager selection advice will all be provided by the independent
benefits and investment consultant
European
Products European companies will have the opportunity
to save up to 15 per cent off of their total cost of risk with the
launch of Aon’s Risk Financing Decision Platform
(RFDP) in Europe
European
Mandates Hymans Robertson has been chosen
by the £200million Doosan Babcock Energy Pension Scheme
to provide investment consultancy. Investment strategy, scheme structure
and manager selection advice will all be provided by the independent
benefits and investment consultant
European
Products European companies will have the opportunity
to save up to 15 per cent off of their total cost of risk with the
launch of Aon’s Risk Financing Decision Platform
(RFDP) in Europe
SEI
launches engagement service for European clients UK and European clients will now benefit from
new corporate governance, social and environmental engagement service
from fiduciary management provider SEI, in association with F&C
Management Limited, for its Dublin-registered equity funds
CEIOPS
demonstrates continued commitment to cross-border provision The Committee of European Insurance and Occupational
Pension Supervisors’ (CEIOPS) annual report shows its continued
support for the development of cost effective multi-country pension
funds, says Watson Wyatt
News
in Brief BlackRock has agreed to acquire
Barclays Global Investors, including its iShares
business, in a cash and share deal worth £8.15bn
European
Products Zurich International Life has
launched the International Pension Plan (IPP) in the UK, a unit-linked
group savings plan
Pension
fund trustees champion Responsible Investment A report from UKSIF, the association which promotes
Sustainable Investment and Finance, indicates that Responsible Investment
is growing in popularity among UK corporate pension funds, a change
led by trustees
News
in Brief Watson Wyatt has opened an office
in Moscow in response to increasing demand for their services in
Russia
European
Mandates Pension Insurance Corporation
has announced that it has agreed its first pension insurance buy-in
agreement with the Trustees of the Warwick International
Group Pension Scheme, valued at around £57million
European
Products PIMCO has launched the GIS Global
Advantage Fund, which is designed to help fixed-income investors
to take advantage of opportunities created by shifts in the global
economy
Landmark
securities fraud settlement reached against Shell The largest securities fraud settlement ever
has been reached in Europe, with a Dutch appeals court ordering
Royal Dutch Shell plc to begin the payment of $381million, plus
interest, to a foundation representing a group of institutional
investors from 17 European countries
Aon
Trade Credit becomes international Aon Trade Credit UK is pushing out of the UK
by launching an international team to support global companies in
managing their receivables more proactively to prevent bad debt
European
Mandates Capita Hartshead has been appointed
by Waltham Forest for its Local Government Pension
Scheme (LGPS) for a period of four years, with the potential of
a two-year extension
MAY
2009
EC
makes plans to replace CEIOPS Reforms have been proposed to the current architecture
of financial services committees by the European Commission (EC)
adopted Communication on Financial Supervision in Europe, which
would in effect replace the Committee of European Insurance and
Occupational Pensions Supervisors (CEIOPS)
UCITS
contradiction leads to VaRs errors VaR calculations are at odds with one another
in some European countries due to a contradiction in UCITS Rules,
says EM Applications
Significant
variations in European countries’ reactions to global downturn European countries’ pension markets have
experienced mixed reactions to the global crisis, although UK businesses
are at a ‘severe competitive disadvantage’ in Europe
due to weaknesses in private and state pension systems, says Aon
Consulting
European Products Henderson Global Investors has
launched its Global Currency fund, aimed at institutional and pension
fund clients
LCP moves further into Swiss market Pensions and investment consultants Lane Clark
& Peacock has expanded its Swiss operations with the launch
of LCP Asalis
News
in Brief Ignis Asset Management has reinforced
its European presence with a deal meaning that its international
fund range will be available through European platform Allfunds
Bank
European
Mandates Vopak Pension Fund has awarded
a €500million fiduciary mandate to BlackRock
European
Products Property asset management business, F&C
REIT, is looking to raise £300million in commitments
from institutional and high net worth investors to launch a UK real
estate opportunity fund, the Devonshire UK Opportunities Fund
News
in Brief REAAL, the Netherlands’
second-largest life insurer, has chosen to purchase and implement
VIPitech, Watson Wyatt’s actuarial projection
system, in preparation for Solvency II
News
in Brief Zurich has launched an online
self service quotation and straight through processing (STP) facility
for all members of its defined benefit scheme
AIMA
produces world’s first global sound practices guide for FOHF
managers The Alternative Investment Management Association
(AIMA) has published the world’s first global Guide to
Sound Practices for Funds of Hedge Funds Managers, developed
by some of the world’s leading fund of hedge funds (FOHF)
practitioners
European
Mandates BNY Mellon Asset Management has
been awarded two global equities mandates by Japan’s public
pension fund, the Government Pension Investment Fund (GPIF)
European
Products Neptune Investment Management has
launched its US Dollar and Euro share classes across a number of
its core funds, and five funds are now available for investment
in these currencies to complement the existing GBP share class
News
in Brief Neuberger Berman Group LLC has
completed the purchase of Lehman Brothers Asset Management
(Europe) Ltd from the Lehman Brothers entities that are
in administration
Irish
funds back in the black At last some positive news for Irish Pension
funds, with Hewitt’s monthly Managed Fund Index reporting
that the month of April 2009 returned 8.7 per cent
European
Products Rowanmoor Pensions has come
out of its SSAS provider shell and launched a bespoke Self-Invested
Personal Pension (SIPP), offering further options to customers
News
in Brief Bermuda-based insurance company Bridge
Pointe Insurance Ltd has entered the European defined benefit
(DB) pensions market, with particular focus on the UK
APRIL
2009
Aviva
reports ‘resilient’ sales Aviva plc has reported “resilient”
new business sales in its three month statement to end March 2009,
with life and pensions sales worldwide increasing by 11 per cent
to £9,569million over this period
Ireland
granted further pension protection Ireland’s defined benefit (DB) pension
scheme members will gain further support with news that a new Pensions
Insolvency Payment Scheme (PIPS) is to be introduced in the Social
and Welfare and Pensions Bill 2009
European
Mandates Pension consultants Gissings
has been appointed by Age Concern England and Help
the Aged to advise on the development, communications and
governance arrangements for their future pensions procedures
OECD/IOPS
sets out pensions recovery recommendations Global pension assets have dropped by over 20
per cent, or $5.4trn, as a result of the financial crisis, says
the Organisation for Economic Co-operation and Development (OECD)
Alternative
asset allocations move onto Europe’s radar Non-traditional asset classes are receiving more
attention from European pension schemes as they strive to manage
future investment risk, according to Mercer’s annual European
Asset Allocation Survey
European
Products Gartmore has launched its UK
Absolute Return Fund, the latest in its absolute return range
European
Mandates The trustees of the International Power
Group of the Electricity Supply Pension Scheme (ESPS) have
appointed Lane Clark & Peacock LLP (LCP) to provide scheme actuary
and associated services
Aviva
strengthens Europe position ING Group’s holding company in Russia and
non-state pension fund business, which had assets under management
of £30.4million at 31 December 2008, have been acquired by
Aviva plc
European
Products Zurich has launched its Guaranteed
Capital Account 23, the latest in its series of guaranteed capital
accounts
European
Products BlackRock has launched the new
BlackRock European Absolute Alpha Fund, using a similar investment
model to BlackRock’s successful UK Absolute Alpha Fund
Salary
sacrifice can offer employers huge savings Pension salary sacrifice can offer employers
massive savings in under a year if their employee pension contributions
top £500,000 per year, says Watson Wyatt
Swedish
AP Funds’ Ethical Council releases 2008 report The Ethical Council of Sweden’s First to
Fourth AP Funds has reported on 2008’s progress in its engagement
with companies suspected of violating the ethical guidelines which
preside over the four Funds’ investments, with success in
several cases
Positivity
at last for Irish Managed Pension Funds Following tales of woe for the Irish pension
fund sector, Hewitt Associates’ monthly Fund survey and index
has revealed that they returned 2.6 per cent for the month ending
31 March 2009
MARCH
2009
Irish
scheme assets drop not as bad as expected – IAPF Irish pension scheme assets fell by 23% in 2008,
the Irish Association of Pension Funds (IAPF) has reported as part
of its annual asset allocation survey, which, says the association,
is less than might have been expected given recent market conditions
Hedge
funds remain firm favourite with institutional investors
Institutional investors remain committed to hedge funds despite
the bashing the asset class has received in recent months. In fact,
a large number even plan to increase their allocations in 2009
Irish
private pensions ‘need support’ – IAPF
Irish private pension provision will be destroyed if the Irish Government
goes ahead with a reduction in tax relief, says the Irish Association
of Pension Funds (IAPF)
BNY
Mellon expands across Europe
BNY Mellon Asset Management has opened an office in Paris as part
of its plans to branch out within Europe
Swiss
economy still suffering
The prospects for the Swiss economy have changed marginally in the
latest Financial Market Test Switzerland, conducted by Credit Suisse
in cooperation with the Centre for European Economic Research (ZEW)
European
Products Kotak Mahindra Ltd has launched a Fixed Maturity
Plan to help foreign investors to access the Indian Corporate Debt
marke
Dutch
pension funds sell off securities
EUR 26bn worth of securities were sold by Dutch pension funds in
the fourth quarter of 2008, according to figures published by De
Nederlandsche Bank
European
Mandates bfinance and the Cardiff and Vale of Glamorgan
Pension Fund have announced the appointment of two fund
managers to manage a £40million mandate in active currency
European
Products
Bespoke pension provider Dentons Pensions Management Ltd
is to launch two new SIPP products as part of its strategy
to expand business through organic growth and acquisition
EU
pensions prove to be robust despite downturn
The European Union (EU) has admitted that pensions are not ‘immune’
from the financial crisis, but have shown themselves to be ‘robust’
in comparison to other financial institutions
European
Mandates Following a search by bfinance, Avon
Pension Fund has selected Partners Group
and Schroders to manage a £180million mandate
European
Products Standard Life Investments has announced the launch
of its UK Equity Recovery OEIC Fund, managed by head of UK Equities,
David Cumming
More
woe for Norwegian pension funds
Norway’s Government Pension Fund – Norway lost NOK 29.6bn
(€2.95bn) in 2008, a massive drop attributed to the equities,
according to figures from Folketrygdfondet
European
Products Crédit Agricole Structured Asset Management
(CASAM) has launched an additional 11 Exchange Traded Funds (ETFs)
on the NYSE Euronext, increasing the total number to 35
No
letup for Irish pension funds
The credit crunch is not letting up on Irish pension funds, with
February recording further losses of 5.7 per cent
European
News in Brief Navigant Consulting has expanded
its European Financial Services team with the addition of 25 investment
management experts
European
Products Invesco Perpetual has launched
its Global Equity Income Fund, a diversified global equities fund
that seeks to achieve a total return of income and capital growth
by investing in investment ideas from regional equity specialists
based in Henley
FEBRUARY
2009
Iceland
moves to abolish public officials’ pension privileges
In a bid to level out the playing field between Iceland’s
pensions for public officials and the general public, the Minister
of Finance has moved to abolish the Act that provides these pension
privileges to senior public servants and politicians
Ilmarinen
reveals negative 2008 results
Finnish pensions advisory and insurance services provider, Ilmarinen,
has revealed overall 2008 results of €-4,338.1million, with
investment returns of -17.7 per cent
Portfolio
diversification can add 22% to performance
Diversification within an investment portfolio can result in outperformance
of an equity and bond only portfolio by 22 per cent, says Global
Pensions and Strategy Group at Deutsche Bank
European
Products SVM Asset Management Limited has received approval
from the FSA to launch its SVM UK Absolute Alpha Fund, with a launch
period that will run from Wednesday 11 March to 7 April 2009
iShares
fixed income fund hits €2bn iShares has announced that investor demand for
its iShares € Corporate Bond fund has surpassed €2bn in
assets under management (AUM)
European
News in Brief Chubb Insurance has launched
a new Pension Scheme and Benefit Plan Liability policy in response
to the increasing obligations being placed on trustees and the rising
risks they face
European
Products db x-trackers has listed three
new exchange traded funds (ETFs) on the London Stock Exchange, and
has cross listed two existing ETFs
Towers
Perrin pushes forward in Munich Financial consultant Towers Perrin has built
upon its pension related investment consulting business by forming
a new European Investment Consulting Group based in Munich, Germany
bfinance
lands in Dutch market The Netherlands has launched onto bfinance’s
radar with the company’s latest appointment to its Northern
Europe team
European
News in Brief The European Exchange Traded Fund (ETF) market
grew by 6.49 per cent in 2008, reaching €91.228bn, says
Lyxor Asset Management (Lyxor)
European
Mandates Nuffield Health has appointed
Mercer as corporate adviser on their pension liabilities
European
Products HEXAM Capital has launched its
UK-domiciled Ignis HEXAM Global Emerging Markets Fund, which will
mirror the Dublin-domiciled Ignis International HEXAM Global Emerging
Markets Fund
Second
Swedish Pension Fund takes huge tumble The Second Swedish National Pension Fund/AP2
has recorded a sharp fall in its market worth for 2008, amounting
to a return of -24 per cent on net assets
Chuo
Mitsui launches in UK Chuo Mitsui Trust International has launched
into the UK with a London office
Growing
number of multinationals considering global policies The number of multinationals that plan to implement
global funding policies across all aspects of retirement plan management
by 2010 has increased to 87 per cent, according to Mercer
European
Mandates The Vivendi 2008 Pensioners’ Scheme
has chosen MetLife Assurance Limited to secure
its pensioners' benefits through a bulk annuity contract
JANUARY
2009
Standard
Life’s Europe results drop Standard Life plc’s new business results
for 2008 show a drop in worldwide life and pensions sales of six
per cent to £15.6bn
European
Mandates Scottish Widows has been selected
to provide a group pension scheme to Lothian Buses
European
News in Brief The European Commission’s Decision 2004/6/EC
of November 2003 which establishes the Committee of European
Insurance and Occupational Pensions Supervisors (CEIOPS),
has been repealed and replaced by Decision 2009/79/EC
Pensioners
expected to live 11 months longer Life expectancy assumptions for funding valuations
in UK pension schemes have been increased by eleven months, according
to Mercer’s valuation survey
European
News in Brief T. Rowe Price has opened an office in Zurich, expanding
its European presence
European
Mandates RCM has been chosen by Kentucky Fried Chicken
Pension Trust Limited to manage a Global Equity High Alpha
mandate, valued at £17million
European
Products Canada Life has launched two new funds, the Canlife
Gilt and Bond Fund and the Canlife Defensive Cash Plus fund
Cases
mount up for Irish Pensions Ombudsman The Irish Pensions Ombudsman saw a forty-three
per cent rise in new cases compared to 2007, with the number of
cases closed in 2008 up by ten per cent on last year
Finnish
insurer records negative 2008 return Finnish private sector pension insurer Varma
has revealed in its preliminary figures that its 2008 return on
investments was -15.2 per cent
European
Products db x-trackers has listed the
world’s first Exchange Traded Fund (ETF) linked to a global
sovereign bond index on the Deutsche Boerse
European
Mandates The Avon Pension Fund, which
is administered by Bath and North East Somerset Council, has appointed
Schroders to manage a £90m UK property multi-manager
mandate
European
Research Strategy launched into market A European Research Strategy for professional
investors has been launched by Janus Capital International Limited,
the international arm of Janus Capital Group Inc
European
News in Brief Japanese and Asian equities specialist Tokio
Marine Asset Management (TMA) has launched its new business
in London, demonstrating its commitment to the European market
iShares
Europe enjoys record 2008 inflows iShares Europe has reported a record year of
net inflows into its European Exchange Traded Funds (ETF), securing
€17.7bn in net new ETF assets at the end of 2008
European
Mandates Cardano has been appointed by
the Trustees of the Asda Group Pension Scheme to
take responsibility for managing the overall relationship between
the Scheme’s assets and liabilities for part of the Scheme’s
assets
Global
markets not out of the woods yet Global financial markets are set to remain volatile
while investors monitor a series of policy measures needed to guard
against a deep recession, according to Standard Life Investments
European
News in Brief The acquisition of Polish pension company PTE
Skarbiec Emerytura SA by AEGON has been
completed
European
Products Invesco Perpetual has announced
the launch of the Invesco Perpetual Global Equity Income Fund, which
brings together regional investment ideas from Invesco’s team
of fund managers
European
Mandates Punter Southall’s Birmingham,
UK office has been awarded a hat-trick of mandates in just one week
Irish
funds record huge 2008 losses A turbulent 2008 took its toll on Irish pension
funds, with recorded losses of €27bn as managed funds declined
by 34.8 per cent, according to Rubicon Investment Consulting
AXA
puts down roots in Vienna The private equity branch of AXA Investment Managers
is to open an office in Vienna, boosting its presence in the Eastern
European markets and pursuing further international growth
European
Mandates Standard Life Investments has
won a £90m UK equity portfolio from Fujitsu Services’
defined benefit pension schemes
DECEMBER
2008
SGAM
sells London business Société Générale
Asset Management (SGAM) has sold its London subsidiary (SGAM UK)
to GLG Partners, Inc
Credit
crunch has created liability mirage The credit crunch has distorted global pension
liabilities by up to €250bn, according to Lane Clark &
Peacock’s (LCP) European Pensions Briefing
LGIM
sees weakest post-war economic growth in 2009 Next year’s world economic growth rate
could be less even than in 1982, until now the weakest since the
Second World War, predicts Legal & General Investment Management
European
Products PIMCO has launched the Unconstrained
Bond Strategy, which is not tethered to benchmark-specific guidelines
New
outlet for bonds education A new financial website, InvestinginbondsEurope.org,
has been launched to offer retail investors free access to comprehensive,
non-commercial and unbiased education, by the Securities Industry
and Financial Markets Association (SIFMA)
European
News in Brief Northern Trust now provides
an enhanced suite of quarterly client reports to meet asset owner
trustee needs for transparency and fiduciary oversight of institutional
investment programs
European
Mandates The Islington Council Pension Fund
has appointed RCM to actively manage a £100million
global equity mandate
SRI
needs gold standard Sustainable and Responsible Investment (SRI)
needs an industry tracker as it moves forward, says Eastern Europe
energy and property developer, Oxford Management
European
Products BlueBay Asset Management has
launched its Global Convertible Fund, which will invest in convertible
bonds and is benchmarked against the UBS Convertible Global Focus
Index
Aberdeen
favours Asia in 'tough year' for investors Asian companies could offer some of the best
opportunities in 2009, in what promises to be another “extremely
tough year” for investors, says Aberdeen Asset Management
European
News in Brief Investment Solutions has launched
a Multi-Strategy Fund designed to help pension schemes target long-term
growth with lower expected volatility, compared to equities alone,
with improved levels of diversification
European
Products Blue Sky Asset Management has
launched a defensive plan for savers and investors which promises
an annual growth potential of eight per cent
Irish
DC funds given option to defer annuity purchase A new option for members of defined contribution
(DC) occupational pension schemes which will defer the purchase
of a retirement annuity for a specified two-year period has been
announced by Ireland’s Minister for Finance, Brian Lenihan
EC
urges UK to relax non-UK plan tax relief rules Moves by the European Commission (EC) to ask
the UK to ease legislation applicable for tax relief contributions
to non-UK pension plans would create a single, open pensions market
across Europe, according to Towers Perrin
Yet
more woe for Irish Pension Managed Funds Irish Pension Managed Funds recorded a negative
return of four per cent for the month of November 2008, a continuation
of its downward trend, although there are signs of stability, says
Hewitt Associates
European
Mandates Ignis Asset Management has been
selected by a major international bank to run two Asia Pacific portfolios,
which sit within a sub-advisory structure to the bank’s globally
distributed range of branded products
NOVEMBER
2008
Norway
Global fund suffers 7.7% drop Norway’s Government Pension Fund –
Global recorded all-time low returns of -7.7 per cent in quarter
three of 2008 (Q3 2008), 1.8 percentage points lower than that on
the benchmark portfolio defined by the Ministry of Finance, according
to the latest quarterly report by Norges Bank Investment Management
(NBIM)
Product
Launches round-up The Veritas Asian Fund has been reopened to new
investors by Veritas Asset Management, which aims
to capitalise on low valuations in Asian and Pacific markets which
have risen from the current economic climate
European
Mandates State Street Global Advisors
(SSgA) has been appointed by the London Borough of Hillingdon to
manage a £85million multi-asset passive mandate
Reforms
enhance pensions role in emerging markets Central and Eastern Europe (CEE) and Asia have
undertaken far more extensive and fundamental pension reforms than
those in Western industrialised countries, according to a new report
from Allianz Global Investors (AllianzGI)
Pension
funds ‘unfit to meet credit crisis’ The credit crisis has confirmed that pension
funds can no longer rely on their consultants and asset managers
to safely steer them through uncharted waters and will need to “up
their game”, claims a new study
News
in Brief The New Star International Property Fund
has temporarily suspended dealing with immediate effect,
due to an increase in the level of redemptions from the Fund, mainly
from a few institutional clients
Product
Launches round-up T. Rowe Price has expended its
global investment opportunities with the launch of a Global Real
Estate strategy
Call
for new pension fund governance model A report has been launched following an independent
review of the governance principles and structures of occupational
pension funds which recommends that a new pension fund governance
model be developed
TOBAM
rises from Lehman ashes Lehman Brothers Asset Management France SA, a
fully owned subsidiary of Lehman Brothers, has been reformed through
a transaction with the team responsible for the Anti-Benchmark methodology,
to form an independent organisation called TOBAM
Gold
demand hits new height in Q3 2008 The third quarter of 2008 saw dollar demand for
gold reach an all-time quarterly record of US$32bn, with investors
around the world seeking refuge from the global financial meltdown,
according to the Gold Demand Trends report
Net
worth of Dutch investment funds decreases further The net worth of supervised Dutch investment
funds fell by €6.4bn (eight per cent) in the third quarter
of 2008 (Q3 2008), with De Nederlandsche Bank attributing losses
to investment write-downs and net withdrawals by investors
Portfolio
and manager reviews on the way The financial and economic crisis will have a
notable impact on asset allocation, and will trigger a comprehensive
review of investment managers, according to bfinance
News
in Brief UBS Global Asset Management
has joined forces with MerchantBridge, a direct
investment and private equity company focused on the Middle East,
to form a 50/50 venture, MerchantBridge-UBS Private Equity
European
Mandates Lloyds TSB has awarded a £300m
absolute return mandate to the Julius Baer Absolute Return
Bond Fund, and it is expected that up to five per cent
of future inflows into the Lloyds TSB Private Banking service will
also be allocated to the fund
Switzerland
still struggling in current climate Economic prospects for Switzerland have
slightly improved in November, according to the Financial Market
Test Switzerland conducted by Credit Suisse and the Centre for European
Economic Research (ZEW)
Retirement
is top concern for employers worldwide The changing concept of retirement and the rising
cost of healthcare are the top concerns around the globe for employers,
according to Mercer’s Introduction to Benefit Plans across
the World: a guide for Multinational Employers
Sarasin
carves way into Irish market London-based investment management company Sarasin
& Partners LLP has chosen to open an Irish branch of its offices
Product
Launches round-up Aviva Investors has launched
its European Renewable Energy Fund, specialising in developing and
financing renewable energy infrastructure projects throughout the
European Union (EU)
DNB
extends recovery plan deadline Dutch central bank, De Nederlandsche Bank (DNB)
and the Minister of Social Affairs and Employment have ruled to
extend pension funds’ deadlines for submitting recovery plans
to 1 April 2009
Liquidation
shock provokes industry warning The importance of pension fund trustees continuing
to review the strength of their sponsoring employers is highlighted
by a sharp rise in the number of insolvency events, according to
Watson Wyatt
Irish
pension funds lose third of value Irish pension funds have lost a third of their
value in just 12 months, falling by 33.4 per cent, according to
investment consultant Rubicon
News
in Brief Aon Re Global is launching its
first reinsurance unit in Poland, Aon Re Polska
Product
Launches round-up Thirteen new equity Exchange Traded Funds (ETFs)
have been launched by ETF Securities, the market
leader in exchange traded commodities (ETCs)
db
x-trackers achieves massive global growth The year 2008 represented a record growth in
assets under management (AUM) for db x-trackers, Deutsche Bank’s
exchange traded fund (ETF) platform, amongst all ETF providers globally
Product
Launches round-up Barclays Global Investors (BGI)
has launched its BGI Sterling Government Liquidity Fund, which provides
access to Sterling denominated government securities
OCTOBER
2008
IOPS
summit addresses supervisory issues The global financial crisis has provoked a reaction
from the International Organisation of Pension Supervisors (IOPS)
at its Annual General Meeting, which saw the green light given to
a new set of guidelines for the supervisory assessment of pension
funds
Are
international retirement plans the future for expatriates? The number of employees on international assignments
has increased by almost 90 per cent over the last three years, according
to Mercer’s 2008/2009 Benefits Survey for Expatriates
and Globally Mobile Employees
EFAMA
reveals second quarter results The second quarter of 2008 saw investment fund
assets worldwide drop by 0.4 per cent to €15.6trn, according
to the European Fund and Asset Management Association (EFAMA)
Product
Launches round-up The CFA Institute has launched
the Environmental, Social, and Governance Factors at Listed Companies:
A Manual for Investors in the Europe, Middle East and Africa (EMEA)
region
White
Rock moves home from Gibraltar to Malta Aon subsidiary company White Rock, a group of
insurance and reinsurance vehicles which holds operations in key
domiciles including Gibraltar, Guernsey and Bermuda, has redomiciled
White Rock Insurance PCC Ltd to Malta
Europe
to become main driver in RI market Responsible Investment (RI) will become ‘mainstream’
by 2015 with 20 per cent of pension funds’ assets under management
invested in this way, according to a report published jointly by
Dutch asset manager Robeco and global consulting firm Booz &
Company
Irish
market opens up to China The Irish funds market has opened its doors to
Chinese investors in a move by the Irish Funds Industry Association
(IFIA)
News
in Brief The Stichting Pensioenfonds ABP
has announced that its return on investment over the first nine
months of 2008 was -9.8 per cent
Fidelity
sees opportunities in telecoms and healthcare European equities and their related securities
still offer attractive total returns and absolute value in stock
selection, despite the turbulent global financial markets, according
to portfolio manager, Anas Chakra
CASAM
storms into ETF market Crédit Agricole Structured Asset Management
(CASAM) has proven its ambitions to break into the European exchange
traded funds (ETF) market with the launch of ten new equity ETFs
ETFs
not flustered by market turmoil While much of the global financial sector is
suffering from battered reputations and returns, exchange traded
funds (ETFs) have reportedly gone from strength to strength, with
the growth in uptake of ETFs being driven by the current market
turmoil, according to ETF provider iShares
New
tool unveiled for a more transparent financial sector A new environment and social reporting standard
has been launched by the United Nations (UN) which will benefit
banks, insurers and asset managers who are fighting to rebuild their
reputations after a turbulent 2008, says a senior UN official
KAS
BANK reports tough third quarter KAS BANK has seen a difficult third quarter in
2008 as a result of the credit crunch, with a decrease in operating
profits of 20 per cent
European
Mandates Gissings Consultancy Services
has been appointed by Chas A Blatchford and Sons Ltd
to provide advisory, trustee secretarial and administration services
for its occupational pension plan for a five-year period
Emerging
markets are ‘a victim of their own success’ - EXCLUSIVE Emerging markets have suffered from “indiscriminate
selling”, as a result of a reduction in investor appetite
for risk and are “a victim of their own success” according
to a Nomura spokesperson
EIRIS
launches PRI toolkit The Ethical Investment Research Service (EIRIS)
has launched a new toolkit designed to help asset managers and owners
to implement the United Nations’ (UN) Principles for Responsible
Investment (PRI)
Mercer
and Tesi merge to create consulting superbrand Mercer’s Italian human capital operations
and Tesi, one of Italy’s premier consulting firms, have merged
to provide domestic and international companies with advice on human
capital issues
Lowest
asset growth among world top managers The total assets under management among the world’s
500 largest fund managers grew by around nine per cent in 2007 to
US$69.4trn, according to the Pensions & Investments/Watson
Wyatt World 500 ranking
Standard
Life paves way to Southern Europe Standard Life Investments (SLI) has reinforced
its interest in expanding into Spain, Portugal and Italy by appointing
Will Pawson as investment director of Southern Europe
European
Mandates Standard Life Investments (SLI)
has been chosen by Somerset County Council to manage
an aggregate bond portfolio which is worth around £200 million
Product
Launches round-up James Hay has expanded its Collect
platform by adding five Insight funds, bringing its total offerings
on this platform up to 1,032 funds from 45 different providers
Hurdles
still hamper Pan-European pensions development Complex EU legislation, taxation issues and perceived
lack of products are among the hurdles slowing down the development
of Pan-European pensions arrangements, according to a recent study
carried out by Mercer.
PRI
and EAI join forces to create more research noise
The Enhanced Analytics Initiative (EAI) and UN-backed Principles
for Responsible Investment (PRI) will join forces under the PRI
name, effectively internationalising the call for better investment
research
Interest
rises in commodity investments Commodity investment is set to rise, according
to Lyxor Asset Management (Lyxor), with 30 per cent of UK institutional
investors set to increase their allocation over the next five years
News
in Brief
The Multinational Group of Actuaries and Consultants
(MGAC) has added SPP Konsult AB, a Swedish pension
and employee benefit consultancy, to its membership. MGAC, a global
network of independent consulting firms, has its roots firmly planted
in Europe
European
Mandates BNY Mellon Asset Servicing has been awarded a €38bn
mandate by Eureko B.V. BNY Mellon will provide
global custody and value added services for group assets, datawarehouse,
reporting, accounting, fund administration, asset pooling services
and securities lending
European
Mandates Gissings Consultancy Services Ltd has been appointed
by The Coughlan Companies, Inc. to advise on the
establishment and launch of a new benefit plan for UK employees
who are transferring to its UK subsidiary Capstone Global Library
Limited from Pearson Education Ltd
Product
Launches round-up
Asset management business Aviva Investors has launched
a new Aviva Investors Global High Yield Bond Fund
BNY
Mellon announces Iberian merger BNY Mellon Asset Management has announced that its Portuguese,
Andorran and Spanish operations are to merge with WestLB Mellon
Asset Management
News
in Brief
When it comes to guaranteed income and death benefits, British consumers
are increasingly looking towards offshore bond products, according
to research by The Hartford
Employers
crucial in handling rising pension costs
Elderly persons will outnumber the working age population in the
coming years, pushing up healthcare and pension benefit costs in
many parts of the world, according to the World Economic Forum’s
the Future of Pensions and Healthcare in a Rapidly Ageing World:
Scenarios to 2030
Norway’s
Government Pension Fund not addressing climate change
Norway’s Government Pension Fund has neglected to apply best
practice in sustainable investments and is not yet fully addressing
the impacts of global warming, according to the World Wildlife Fund,
Norway (WWF-Norway)
Product
Launches round-up Zurich has launched the Zurich Green Guaranteed
Account 2 (GGA2), which offers intermediaries and their clients
a Guaranteed Account which is linked to the green business sector
Responsible
investment academic network launched
The UN-backed Principles for Responsible Investment (PRI) Initiative
has launched the first global network of academics dedicated to
the advancement of responsible investment
First
ETF launched on Portuguese market
Exchange Traded Funds (ETFs) provider SPA ETF has signed an agreement
with NYSE Euronext and Portuguese bank Caixa – Banco de Investimento
(CaixaBI) to list and distribute the first ever ETF in Portugal
European
Mandates BNP Paribas has been appointed by European
Multilateral Clearing Facility N.V. (EMCF) for its settlement
outsourcing in Italy and Spain
News
in Brief
The European Fund and Asset Management Association
(EFAMA) has released a statement to concerned investors in light
of the recent market turbulence
Product
Launches round-up Policy Selection Ltd (PSL), based in the Cayman
Islands and the UK, has launched the Assured Fundo onto the Swedish
market
Deutsche
Bank facing securities action – EXCLUSIVE
As pressure mounts to patch up the damage caused by the collapse
of Lehman Brothers, it has emerged that a securities class action
has been brought against European firm Deutsche Bank
News
in Brief The Pensions Trust,
the multi-employer scheme in the UK for the charitable, social,
educational, voluntary and not-for-profit sectors, has offloaded
over £225 million of its pensioner liabilities to insurance
company Paternoster
International
shift towards Defined Contribution pensions
A series of working papers released by the International Organisation
of Pension Supervisors (IOPS) has highlighted the increasing importance
of Defined Contribution (DC) pension schemes
Despite
success of UCITS, more work is necessary
Although the UCITS framework has produced benefits for the industry
it has also posed new challenges, according to the Global Fund
Distribution – Bridging New Frontiers report
IOPS
releases four Working Paper reports
Four reports have been released by the International Organisation
of Pension Supervisors (IOPS) as part of its Working Paper series,
providing important additions to the study of worldwide pension
supervisory practices
European
Mandates State Street Global Advisors (SSgA)
has been appointed to manage US$200 million of pension fund assets
for Denmark’s Bankpension of Copenhagen, which offers company
pensions to Danish financial sector employees
Dim
outlook for Nordic economies
Nordic countries are facing an economic slowdown as stronger inflation
and higher interest rates begin to take their toll, says Nordic
and Baltic financial services group, Nordea
AEGON
continues international expansion
Financial services organisation AEGON has entered into a partnership
with Catalan-based savings bank Caixa Terrassa Vida, which will
distribute AEGON life insurance, pension and health products through
its network of almost 300 bank branches
European
Mandates Principal Global Investors has
been awarded a €200 million Global Emerging Markets equity
mandate from Ireland’s National Pensions Reserve Fund (NPRF)
World
pension assets grow to US$12 trn
The world’s largest 300 pension funds saw total assets grow
by over 14 per cent in 2007 to around US$12 trn, according to The
P&I/Watson Wyatt global 300 ranking
APG
Group and Cordares finalise merger
APG Group N.V. (APG) and Cordares Holding N.V. have completed their
merger, creating a pension administration organisation based on
solidarity and collectivity, and in strong support of the Dutch
pension system
KAS
BANK reports restricted revenue growth in H1 2008
European bank KAS BANK has reported a growth in total income of
six per cent in its first half of 2008 report, rising from €67.3
million in the first half 2007 to €71.0 million in the same
period of 2008, attributed to rising interest income and stable
commission income
Product
Launches round-up A new Pension Trustee Liability (PTL) product
has been unveiled by ACE Europe (ACE), the ACE Elite PTL IV, designed
to provide comprehensive protection for trustees, schemes and employers
in the Republic of Ireland
Pioneer
Investments plans to break into Irish market
Pioneer Investments has revealed that it is to enter the Irish Institutional
Market, launching its institutional business in Ireland as part
of the company’s ongoing growth strategy
Watson
Wyatt releases Western Europe updates
Financial consultant Watson Wyatt has published the latest editions
of its employee benefits and employment terms and conditions for
Western Europe
Lithuania
repays old-age and disability pension members
The share of unpaid old-age or disability pensions in Lithuania
was paid back to pensioners who worked between 1995 and 2002 in
July 2008, according to the Republic’s Ministry of Social
Security and Labour
Product
Launches round-up
AvivaSA has chosen Citibank to provide private pension products
in 15 cities via its 57 branches
Investors
offloading expensive sectors
Investors are reacting to the slowing global economy by selling
sectors which had previously prospered but are now expensive in
relation to their history, says Andrew Capon, vice president at
State Street Global Markets
Norway’s
Economic Survey shines light on future of pensions
The medium-term outlook for public finances in Norway are in relatively
good shape, partly due to increasing pension fund revenues, according
to the Organisation for Economic Co-operation and Development’s
(OECD) Economic Survey of Norway, 2008
Borsa
Italiana and London Stock Exchange leader in Europe for ETF trades
Aggregated figures show that July 2008 set a record in trading of
Exchange Traded Funds (ETFs) on Borsa Italiana and London Stock
Exchange markets, with 140,452 trades amounting to a highest ever
total of €8.8bn (£7.0bn)
Product
Launches round-up
New Star’s recently-launched New Star Indian Equity Fund has
been listed and is now available on the following platforms: Cofunds;
Funds Direct; Hargreaves Lansdown; Royal Skandia; Skandia; and Transact
European
Pension Mandates
Kas Bank N.V. has been chosen by Turquoise, a new pan-European alternative
trading platform, to act as General Clearing Participant
Pioneer
sees threats to Euro investments Pioneer Investments has maintained an underweight position in
Euro Government bonds and increased its overweight in US corporate
and high yield bonds
European
investor confidence falls
European investor confidence saw a three-point decline from 80.3
to 77.3 between July 2008 and August 2008, according to research
by State Street Global Markets
European
Pension Mandates
The SCA ‘t Anker and SCA Hygiene Products Nederland company
pension funds have appointed Mn Services as fiduciary manager of
their pension assets, which total €360 million
AEGON
reports strong Q2 performance
AEGON has reported solid business performance and a strong capital
position as part of it Q2 2008 results, in spite of recent market
turmoil
DB
risk survey launched
Pension funds and multi-nationals across the globe have been called
upon to offer their thoughts on managing defined benefit risks in
today’s market
Hewitt
reports negative Irish returns
July 2008 has been another disappointing month for Irish pension
managed funds with a return of -2.6 per cent, according to the Hewitt
Managed Fund Index survey
Product
Launches round-up db x-trackers has listed the only sector ETFs on the London
Stock Exchange, cross-listed from Frankfurt and Milan
ABP
breaks into Norway
ABP’s recent investment in the Nordics is down to research
showing that “GDP growth in the Scandinavian countries will
be the highest in Europe in the coming years,” according to
ABP investment spokesman, Michel Meijs
Commercial
property markets take an early holiday
Yields in the European commercial property investment market gathered
pace in the second quarter of 2008 rising to their highest since
2006, according to Cushman & Wakefield
Calls
for comment on OECD draft Guidelines
Stakeholders in private pension schemes are urged to contribute
their views on the Organisation for Economic Co-operation and Development’s
(OECD) draft text of their Guidelines for Pension fund Governance
Product
Launches round-up
Schroders has launched the Schroder Agricultural Land Fund plc,
opening to investors in September 2008
JULY
2008
The
Russian investment paradox
Policy concerns remain despite news that Russia’s international
investment flows reached record levels in 2007, according to a new
report by the Organisation for Economic Co-operation and Development
(OECD)
European
solvency hit by crashing markets
Funding levels have been affected by falling markets, according
to Lehman Brothers’ latest Pension Fund Solvency Indicators
released in its 2008 European Pensions Briefing for the
first half 2008
Product
Launches round-up FTSE Group
has extended its Global Equity Index Series (GEIS) to cover the
Frontier markets, alongside its existing Developed and Emerging
market indices
IBOA
welcomes hybrid scheme
The Irish Bank Officials’ Association (IBOA) has welcomed
proposals for a new hybrid pension scheme at the National Irish
Bank for new employees who join the company after 1 August 2008
NPRF
reports negative return
The Irish National Pensions Reserve Fund (NPRF) has reported a return
of -12 per cent for the first half of 2008, bringing the fund’s
value at the end of June to €19,462 million
Product
Launches round-up Deutsche Bank’s ETF platform, db x-trackers,
has listed the first ever regional Shariah-compliant ETFs on the
London Stock Exchange
Applause
for Italian mutual fund industry report The proposals
set out in an industry report on the state of the Italian mutual
fund industry have been welcomed by the Alternative Investment Management
Association (AIMA)
Citi
launches pan-European service
Citi has announced a new service which will allow clients direct
access to European markets on a direct basis and benefit from the
consolidation of securities and cash accounts, through its Global
Transaction Services business
Slight
growth in Dutch mutual funds
Dutch mutual funds expanded their share in Dutch household investments
from 54 per cent to 55 per cent in the first quarter 2008, according
to De Nederlandsche Bank
Product
Launches round-up Standard Life Investments
has launched its entire Luxembourg-domiciled SICAV fund range to
the German market for investment through dwpbank
CLO
manager numbers to decline
The number of European collateralised loan obligation (CLO) managers
is expected to decline, according to Fitch Ratings
F&C
and REIT join forces F&C Asset Management’s property operations
in the UK and Ireland have been combined with REIT under a new brand,
F&C REIT
Product
Launches round-up The JSE, in partnership with FTSE Group has launched
the FTSE/JSE Shariah Top 40 Index, a selection of Shariah compliant
companies from the FTSE/JSE Shariah All-Share Index
European
Pensions Awards – winners announced The inaugural European Pensions Awards took place last night
at London’s Grosvenor House Hotel - the first ever awards
dedicated to recognising outstanding achievement in the varied fields
of European pension provision
ABP
reports negative return H1 2008
The first half of 2008 brought a return on investments of -5.1 per
cent for the Stichting Pensioenfonds ABP (ABP)
Mixed
reaction to Commission proposal The European Fund and Asset Management Association
(EFAMA) has welcomed the European Commission’s UCITS IV proposal
issued on 16 July
Product
Launches round-up
The Emerging Inflation-Linked Bond fund has been launched bySinopia,
the active quant branch of HSBC Global Asset Management
EFRP
submits response to pension accounting
The European Federation for Retirement Provision (EFRP) has submitted
its response on the Pro-active Accounting Activities in Europe (PAAinE)
discussion paper on the financial reporting of pensions
EFAMA
publishes annual asset management report The European Fund and Asset Management Association
(EFAMA) has published a report providing a comprehensive overview
of the European asset management industry across the investment
funds and discretionary mandates landscape
AEGON
moves further into Eastern Europe AEGON has further cemented its presence in Central
and Eastern Europe with the acquisition of the Turkish life insurance
and pension provider Ankara Emeklilik
Dutch
pension liabilities fall The value of the Dutch pension funds’ technical
provisions stood at approximately €493bn at year-end 2007,
a drop in liabilities of €14bn, according to De Nederlandsche
Bank
Vote
of support for Social Security agreement The European Parliament has voted almost unanimously
in favour of a new report supporting individuals who wish to exercise
their right to free movement within the EU
IAM
regains independence International Asset Management (IAM) has undertaken
a 100 per cent management buy-out of the firm from Fortis, signalling
its return to independence
Allenbridge
expands services Investment consultants Allenbridge Group plc
has formed a new division, Allenbridge HedgeSelect LLP (AHS) to
provide consultancy services to the UK and European pension fund
market, endowments and other financial institutions
Product
Launches round-up Meteor Asset Management has launched Property
Recovery Plan 2, a kick-out investment linked to the performance
of the FTSE EPRA Europe Index
Opportunities
in wake of the credit crunch The world economy will experience below trend
growth as it recovers from a series of credit and inflation shocks,
says Standard Life Investments
Commitment
to multi-manager funds remains Demand from European distributors for the distribution
of multi-manager funds across Europe has remained high despite recent
market volatility, according to a survey by Fidelity International
First
global sound practices guide for FOHFs The world’s first global guide to
sound practices for fund of hedge funds (FOHFs) managers is to be
published by the Alternative Investment Management Association (AIMA)
in early 2009
Top
performance by commodities Commodities were once again the top performing
asset class for the first half 2008, according to ETF Securities
FSA
reveals CfD plans The FSA has decided that a general disclosure
regime for long contracts for difference (CfD) positions will be
employed as the most effective way of dealing with fears in relation
to voting rights and corporate influence
F&C
reveals investment favourites F&C Investments, an investor in emerging
markets, has recently announced that at country level its emerging
equities team favours Russia, the United Emirates and Brazil
Product
Launches round-up European Pensions Management (EPM) has launched
a no annual charge Funds SIPP, which will be run in conjunction
with Selftrade
JUNE
2008
Credit
crunch continues in downward spiral The effects of the credit crunch have worsened
in the previous quarter according to the latest financial services
survey carried out by CBI and PricewaterhouseCoopers LLP (PwC)
AEGON
expands on Eastern European presence AEGON Hungary Pension Fund is set to merge with
UNIQA and Public Service Pension Fund in an attempt to further strengthen
AEGON’s presence in the ever-developing pensions market across
Central and Eastern Europe
Aberdeen
opens in Zurich Aberdeen Asset Managers (Aberdeen)
has opened new offices in Zurich, allowing enhanced levels of business
in Switzerland, where the group has already been present for ten
years
Product
Launches round-up June 2008 A new suite of diversified fixed income funds
for pension schemes and other qualified investors has been launched
byHenderson
SDA
of trades key in creating efficient marketplace Automation of the trade verification process
improves settlement performance for securities firms in Europe and
reduces operational costs and risks, with benefits to end-investors,
according to research by Oxera and Omgeo
New
RI report for Pensions Funds Responsible investment specialists
RImetrics have published Responsible Investment 2008: an analysis
and measurement of the competencies and practices of leading asset
managers
EFAMA
launches fund categorisation system The European Fund and Asset Management Fund (EFAMA)
has launched the European Fund Classification (EFC), a new industry
initiative which aims to bring greater transparency to fund categorisation
across Europe
Alternative
assets growth driven by pension funds During 2007 alternative assets managed on behalf
of pension funds by the world’s largest 99 investment managers
grew by 40 per cent to US$822bn from US$586bn the year before, according
to research by Watson Wyatt and Global Investor magazine
PIMCO has unveiled a Euro Liquidity Fund
on its Dublin-based fund platform, the Global Investor Series (GIS),
a euro cash management solution
ISME
rejects mandatory pensions June 2008 In a submission on the Green Paper on pensions,
the Irish Small and Medium Enterprises Association (ISME) affirmed
its outright opposition to the introduction of mandatory pensions,
outlining that individual responsibility for retirement income was
the only acceptable way forward
Currency
overlay managers see mixed results June 2008 Currency Overlay funds had mixed results
in the first quarter of 2008, according to statistics released by
BNY Mellon Asset Servicing
Solvency
II debate continues June 2008 Solvency II, the regulation aimed at establishing
a solvency system that is better matched to the true risks of insurers,
has been met with both support and opposition at conferences in
the last week
Investors
missing ETF potential June 2008
A new EDHEC study shows that European investors are not taking advantage
of the potentially beneficial features of their ETFs
Dutch
metal pension funds launch joint in SRI policy June 2008 The two Dutch pension funds for the metal industry,
the €33bn Pensioenfonds Metaalelektro (PMT) and the €21.5bn
Pensioenfonds Metaal en Techniek (PME), have launched a joint social
responsible investment policy
New
Italian government suggests pension changes
June 2008 Following
the appointment of the new Italian government, welfare minister,
Maurizio Sacconi, has announced plans for the Italian pension system
which may result in conflict with the country’s trade unions
over the coming months
Operational
risk top priority for Nordic funds
June 2008
Reducing operational risk and increasing support for new products
were among the key concerns for Nordic institutional investors surveyed
as part of a recent White Paper published by BNY Mellon Asset Servicing
Europe
ETFs overtake US market
June 2008
The assets under management (AUM) in European Exchange Traded Funds
(ETF) are predicted to exceed the AUM of American ETFs in the next
few months
Reducing
tax relief on pensions could have negative impact June 2008 Reducing or eliminating the tax incentivisation
of pensions and diverting the current cost into providing a higher
State pension is “fundamentally unsound” in terms of
the economy, says a report by Life Strategies
Pensions
innovation rife in Eastern Europe June 2008
Creative thinking when it comes to pensions and benefit provision
is rife in Central and Eastern Europe (CEE) among employers keen
to attract and retain an evermore demanding workforce
IAPF
urges barriers be broken to solve the pensions crisis June 2008
Removing barriers rather than imposing compulsion is the best way
to address the pensions crisis, according to the Irish Association
of Pension Funds (IAPF) in its response to the Government Green
Paper on pensions
Investors
to gain access to Pakistan with imminent fund launch June 2008
The first ever Pakistan fund, the Melchior Selected Trust Pakistan
Opportunities Fund (MSTPOF), will be launched on 19 June by Dalton
Strategic Partnership LLP, advised by KASB Funds in Karachi
SEI
wins first industry-wide mandate June 2008 SEI has been selected as Fiduciary Manager by
Dutch furniture industry pension fund Bpf Meubel in the company’s
first industry-wide scheme appointment
Italian
and Spanish Alpha League Table 2008 published June 2008 EDHEC Risk and Management Research Centre (EDHEC)
and EuroPerformance fund analysis company have released the Alpha
League Table, their 2008 rankings of the top Italian and Spanish
asset management companies
Pension
schemes focus on volatility, not returns June 2008 Risk avoidance and managing volatility are the
top priorities for company sponsors in the wake of the credit crunch
and the turbulent capital markets, according to SEI’s Global
Quick Poll
Finland
in need of pension reform, says OECD June 2008 It will be vital that the Finnish economy keeps
a large government surplus in the coming years and to ensure that
labour force participation, especially among older workers, continues
to rise, if it is to continue to perform well
Product
Launches round-up May-June 2008 Fidelity International has unveiled
a new multi-asset fund to enable sponsors of defined contribution
(DC) pension schemes to offer members more diversification in their
saving for retirement
MAY
2008
People
with larger pensions live longer May 2008 People with larger pensions live longer, according
to an investigation into the pensioner mortality experience of members
of self administered pension schemes between 2003 and 2006, completed
by the Society of Actuaries in Ireland
European
Pensions ‘Personality of the Year’ Award – have
your say Nominations are now open for the European Pensions
‘Personality of the Year’ award which, voted by our
readers, aims to recognise those individuals that have truly made
their mark in the European pensions space in recent years
BNP
Paribas strengthens European presence May 2008 BNP Paribas Securities Services (BNP Paribas)
has entered the Hungarian and Polish markets with the settlement
of its first client transactions in each country
EFRP
says IORPs will not allow undermining of workplace pensions May 2008 The European Federation for Retirement Provision
(EFRP) has called upon European policymakers to reflect on the implications
of imposing inadequate short term security requirements for long
term investors
Product
Launches round-up May 2008 Inalytics, the specialist manager evaluation
firm, has extended its services into the 130/30 space and now analyses
the skills of fund managers participating in this new category of
asset management
Mirae
breaks into European market May 2008 Mirae Asset Global Investments (Mirae Asset)
has launched its business in Europe with the appointment of two
senior executives to its London office
ABP
reports a good year 2007 The past year has been a good year for Stichting
Pensioenfonds ABP (ABP), according to its 2007 annual report
The
DC default dilemma Around 90 per cent of defined contribution
(DC) plan members in the UK opt for the default option when choosing
their investment arrangements, according to Watson Wyatt’s
‘The DC default dilemma’, an article in its recent publication
Global Investment Matters
FI
says pensions companies have a buffer for further turbulence Pension and non-life insurance companies
can withstand further fluctuations on the financial market, and
thereby have a good capacity to fulfil their commitments to customers,
according to Swedish Financial Supervisory Authority, Finansinspektionen
(FI)
Product
Launches round-up BNP Paribas Securities Services (BNP Paribas)
has launched a comprehensive white-label self-invested personal
pension (SIPP)
German
institutional market opens up The
German institutional market is opening up to non-German players
as investors acknowledge that there is excellent investment expertise
outside of Germany, despite the fact that German banks and asset
managers have a global reputation, according to Olivier Lebleu,
managing director EMEA of MFS Investment Management (MFSIM)
Italian
annuity provider selection process met with questions The
Italian Association of Pension funds (Assofondipensione) has agreed
to take responsibility on behalf of its pension fund members to
look for a common annuity provider, and has chosen an adviser to
help with the selection process
LCP
expands into Ireland Consulting actuaries Lane Clark & Peacock
(LCP) has furthered its international expansion with the establishment
of offices in Ireland following the merger with HLD Actuarial Consultants
(HLD), creating Lane Clark & Peacock Ireland
Product
Launches round-up Dawnay Day Quantum, the market leader in structured
commodities, has launched two new capital protected commodities
investments. Both provide diversified exposure to metals, energy
and agricultural commodities
OECD
and IOPS launch pensions guidelines The Organisation for Economic Co-operation and
Development (OECD) and the International Organisation of Pension
Supervisors (IOPS) have agreed new guidelines to boost financial
security and performance
Goodman
sells GPI to Aberdeen Goodman, the global integrated property group,
has entered into a conditional sale and purchase agreement for the
sale of its wholly owned subsidiary Goodman Property Investors (GPI)
to Aberdeen Asset Management plc (Aberdeen) for £109million
OECD
calls for increase in financial education The Organisation for European Co-operation and
Development (OECD) has warned that governments and industry should
invest more in financial education
APRIL
2008
Product
Launches round-up MSCI Barra, a global provider of investment
decision support tools, has announced the launch of a new set of
indices belonging to the MSCI Thematic & Strategy Indices family
European
Pensions Awards shortlists announced European Pensions is pleased
to announce the shortlists for its inaugural European Pensions Awards,
which aim to recognise outstanding achievement in the varied fields
of European pension provision
SWIP
makes in-roads into Spain Scottish Widows Investment Partnership
(SWIP) has strengthened its foundations in the Spanish market
CEIOPS
review of cross-border pensions A supervisory organisation is calling on the
European Commission to clarify what constitutes cross-border pensions
activity as a result of findings in a new report
DC
plans falling short on education Less than a quarter of defined contribution
(DC) pension schemes across Europe offer financial planning support
to their DC members, a recent survey has revealed.
Irish
pension funds feel the pinch as returns tumble April 2008
Irish pension funds fell by 1.3% in 2007, the Irish Association
of Pension Funds’ (IAPF) annual asset allocation survey has
revealed, bringing assets down to €86.6bn at the end of 2007
from €87.7 at the end of 2006.
JAN
/ FEB / MARCH 2008
Pension
fund mandate round-up March - April 2008 Allianz Global Investors has been appointed by
Cometa to run an additional €406million Absolute Return mandate
managed by one of its affiliates. Cometa, the largest occupational
pension fund in Italy, has total assets of around €3.5bn, and
members are mostly workers in the mechanical industry.
Pension
fund mandate round-up February - March 2008 BNY Mellon Asset Servicing will
be administering the back-office and provide custody for Cowen Asset
Management, the newly launched asset management firm of Cowen Group.
Pension
providers warned of discrimination dangers March 2008 Pension providers should be more aware of potentially discriminatory
clauses when drafting pension plans on behalf of their clients,
a leading lawyer has warned, following a decision by the Brussels
Labour Court of Appeal.
Pension
funds lose out on what's rightfully theirs February
2008 European institutional investors have lost out
on nearly $3.6bn between 2000 and 2007 by failing to participate
in US securities class actions
EFAMA
calls for regulatory framework to support DC January 2008 Any “outdated” and “stereotyped”
views on Defined Contribution schemes should be abandoned to enable
the EU to address the challenge of ensuring a decent standard of
living for its ageing population, according to a report published
by the European Fund and Asset Management Association (EFAMA). Hedge
fund investors urged to react January 2008 Investors in hedge funds could be better off
if they take the right action following the publication of a new
voluntary code of conduct for hedge funds.
Note
of caution for Ireland’s trustees January 2008 Irish pension funds lost €10
billion in the first three weeks of 2008, according to figures released
from Mercer.
Yet
more hiccups for Italian reform January 2008 The recent pension reforms in
Italy may have left commentators underwhelmed but they are unlikely
to be the final word on the subject.
Mercer
penetrates German market January 2008 Mercer has boosted its presence
in the German pensions space with the acquisition of local player
Höfer Vorsorge-Management, one of Germany’s leading actuarial
and retirement consulting firms.
Not
all bad news at Société Générale January 2008 Société Générale,
France’s second largest bank, has been in the spotlight for
all the wrong reasons in recent weeks.
2007
Pensions
barometer uncovers Europe’s best and worst Nov 2007 Denmark has come top for the second
year running in a report ranking European countries according to
their success at addressing pension scheme risk.
Amurta
decision could mean billions for pensions funds Nov 2007
European pension funds could be set for significant tax windfalls
following a recent decision by the European Court of Justice (ECJ)
looking at the legality of withholding taxes levied on dividend
income.
Pension
fund mandate round-up Oct / Nov
2007 Sjunde AP-Fonden (AP7) has appointed Northern Trust Global
Investments (NTGI) to run two quantitative index portfolios which
total approximately €2 bn in assets.
Holland must
do more to promote itself as pooling hub Oct 2007 Holland must do more to promote itself as a centre for international
asset pooling, says a new report from the Netherlands, while also
preserving the strength of the Dutch pensions system.
Market
volatility creates confusion but it’s not all bad Sep 2007 European pension funds shouldn’t panic
in the face of recent economic unrest, experts have warned, although
volatility, if it continues, is likely to create some odd results
Dutch
financial confidence knocked by sub-prime crisis Sep 2007 Financial stability in the Netherlands is less
favourable than it was six months ago, according to the DNB’s
most recent assessment of the region Swiss
rate decision sparks divide Sep 2007 The Swiss government has announced
plans to raise the minimum rate pension funds must credit to paid-in
savings to 2.75% from 1 January, in response to the strong average
returns that pension funds have been experiencing in recent months
Swedish
companies avoid the red Sep 2007 Swedish pension companies were given favourable
evaluations by The Swedish Financial Supervisory Authority, Finansinspektionen
(FI), in the Q2 2007 traffic light report
Sweden's
AP funds update Sep 2007 Sweden’s AP1 – one of the buffer
funds assigned by the Swedish Parliament to manage the Swedish people’s
pension funds – has posted strong performance figures in both
absolute and relative terms for the first half of 2007 CEE
states show pensions promise Aug 2007 A new report on Central and Eastern European
(CEE) countries has revealed that there are deep structural reforms
fuelling a 19% per annum increase in private pension assets
Solvency
II one step closer July 2007 A draft EU directive on Solvency II has been
published to positive reactions from the industry.
Compulsion
not the answer in Ireland July 2007
Butchers, florists and hairdressers in Ireland would be more inclined
to set up a pension if the monetary benefits were simplified in
the current voluntary system rather than through the introduction
of mandatory pensions, according to a new survey.
Investment
Trust Companies set for VAT windfall June 2007 The European Court of Justice (ECJ) has ruled
in favour of the Association of Investment Companies (AIC) and JP
Morgan Claverhouse Investment Trust in a decision which could lead
to huge VAT rebates for Investment Trust Companies (ITCs) across
the UK and could also have implications for pension funds.
Flexibility
is way forward for pan-European pensions June 2007 The European Financial Services Round Table (EFR)
has issued a paper in which it advocates a framework for Pan-European
voluntary pension savings providing more flexibility and choice
than exists today – with proposals on how to overcome some
of the obstacles it currently faces.
European
team set up to handle risk issues June 2007 Mercer Human Resource Consulting has set
up a specialist European Financial Strategy Group to address the
demand for integrated, multi-disciplinary services in pensions risk
management.
Pension
reform leads to pension cuts across Europe June 2007 Pension reforms in Europe and across the
globe have resulted in a significant reduction in pension promises,
a new study by the Organisation for Economic Co-operation and Development
(OECD) has indicated.
ABN
AMRO takeover battle rages on June 2007 Bank of America has said a Dutch court’s
decision to block its $21 billion purchase of LaSalle Bank was “shocking”
in its speed, in the latest episode of the heated battle over Dutch
bank ABN AMRO.
Leading
Dutch funds allocate €500m to clean technology June 2007 ABP and PGGM have re-inforced their commitment
to sustainable investment with a joint mandate to invest in innovative,
clean technology. The two largest pension funds in the Netherlands
have appointed AlpInvest* to invest €500 million in innovative,
clean technology in one of the largest mandates ever to be placed
on the international private equity market.
Italian
firms make pensions a priority June 2007 Eight out of ten Italian companies have said
that company pension provision is central to their employee benefit
and total reward policy, following recent legislation that removes
some of the previous constraints on company pension provision.
G-REITs
open up German market June 2007 The German Real Estate Investment
Trust (REIT) is finally on the market, following the German President
Horst Köhler’s signing of the G-REIT law at the end of
May.
Aegon
enhances CEE prescence May 2007 AEGON has made further moves to bolster its
presence in the Central and Eastern European (CEE) marketplace.
ABN
Amro merger update April 2007 A Dutch court will rule on Thursday whether or
not to freeze ABN AMRO’s $21bn sale of US subsidiary LaSalle
to Bank of America, according to reports in The Wall Street
Journal, a decision which is likely to impact the agreed £45bn
merger deal between ABN AMRO and Barclays
Dutch
funds respond to SRI embarrassment April 2007 Dutch pension funds have been shamed into
smartening up their investment decisions after a current affairs
TV programme in the Netherlands revealed that two of the largest
funds were investing in US firms that produce cluster bombs and
landmines
Governing
bodies more comfortable with hedge fund investing April 2007 Institutional investors are showing increased
confidence in investing in hedge funds although there are ongoing
concerns about risk management, accurate valuations and high fees,
a new study
has found
Friends
Provident targets Germany April 2007
UK life and pensions provider Friends Provident has entered the
German market as part of a long-term development of business in
continental Europe
Hewitt
boosts European foothold April 2007
Hewitt Associates has enhanced its European presence by opening
offices in both Russia and Italy in the last six weeks
UK
pensions deficits hit low April 2007
Pension deficits have hit a five year low and 25% of FTSE 100 companies
are now in surplus following a three-month rollercoaster ride at
the beginning of 2007 new analysis by UK actuarial firm Deloitte
has found
Dutch
fund returns down says WM April 2007
Average returns for Dutch Pension funds in 2006 halved - from 14.8%
in 2005 to 7.4% in 2006 – according to new performance figures
by WM Performance Services (WM)
