| SEPTEMBER
2008
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
Dutch
pension funds receive €4.9bn in dividends over 11 months
Between April 2007 and March 2008, Dutch pension funds are reported
as having received €4.9bn in dividends on quoted shares, according
to De Nederlandsche Bank
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
AUGUST 2008
Netherlands
streets ahead in use of Liability Driven Investment
Sixty-one per cent of Dutch pension funds are currently employing
a Liability Driven Investment (LDI) strategy, an increase of 18
per cent on last year’s figures
ABP
commits first investment to private equity microfinance fund
Stichting Pensioenfonds ABP (ABP) has placed US$75 million into
microfinance investment manager BlueOrchard’s Private Equity
Fund
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
Zurich
Ireland outperforms market despite slump in new Life Insurance business
The Irish branch of Zurich (Eagle Star Life) has revealed that for
the six months ending June 2008 it has outperformed the market,
with Pensions Annual Premium new business of €47.4 million
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
General
Motors and Deloitte & Touche in $303 million securities class
action
A securities class action brought against General Motors (GM) by
German’s DekaBank has led to a cash settlement of $277 million
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
db
x-trackers predicts continued popularity of ETFs
The European fixed income market has seen a rise of 67.8 per
cent in assets under management since the beginning of the year
Insurers
urged to take action on Solvency II
Insurers must act now on Solvency II and learn lessons from Basel
II experiences, says Aon Consulting
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
AEGON
releases €315million in securitisation transaction
AEGON has completed a €315million securitisation
transaction to improve capital efficiency and optimise their capital
structure as part of the group’s new strategy
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 by
Sinopia, 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
by Henderson
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
Product
Launches round-up
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
BNP
Paribas visible on Isle of Man
June 2008
BNP Paribas Securities Services (BNP Paribas)
has opened premises in the Isle of Man
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
New long/short strategy launched to the market
June 2008
A new long/short product as has
been launched for investors seeking equity market-like returns at
substantially lower risk
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
Spanish
workers in Gibraltar protest against pension conditions
June 2008
The associations representing Spanish workers in Gibraltar staged
a protest on 12 June campaigning for better pensions and social
security benefits
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
Friends
Provident targets Germany with investment roadshows
June 2008
Friends Provident International (FPI) is to hold
its first German investment roadshows during July and August 2008
in five of the largest cities in Germany.
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
Brits set to retire on less than minimum wage
June 2008
Brits are set to retire on average on just £215
per week, according to the latest Fidelity Retirement Index
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
Swedish
pension fund pulls out of cluster bombs
June 2008
Swedish pension fund AP7 will sell all its holdings
in companies making cluster bombs and nuclear weapons
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
Seven
Dials targets Northern Europe in latest asset allocations
May 2008
The Seven Dials European Property Fund has targeted
Scandinavia, the Netherlands and Germany as primary territories
in the latest round of asset allocation
UBP
cites absolute return strategy as an end to the credit crisis
May 2008
Absolute return strategies are key to adding
value in steps towards a solution to the current credit crisis,
says Swiss private bank, Union Bancaire Privée (UBP)
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
Focus
Capital launches globally unique fund
Focus Capital has launched its first globally
unique fund, the Focus Capital Emerging World Fund
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
IAPF
research highlights responsibility on employees to save more for
retirement
As defined contribution (DC) schemes grow in
importance, employees are not contributing enough to secure an adequate
income in retirement, according to new research from the Irish Association
of Pension Funds (IAPF)
AEGON
builds on first quarter success with Poland merger approval
AEGON, the life insurance and pensions company,
has reported a nine per cent rise in underlying earnings before
tax in its first quarter 2008 report
State
Street to operate in Poland
State Street Corporation has signed a lease for
a new operations centre in Krakow, Poland
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
Product
Launches round-up
Goodman launches second
Eurozone fund of funds
New
Parmalat settlement brings total payments to $90million
Parmalat SpA has reached a third settlement
with investors amounting to $40million
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
NEWS
FOCUS: Consultants make Italian pension reform predictions
Italian consultants have given their predictions
on what Berlusconi’s election as Italian Prime Minister for
a third term could mean for the future of the country’s pensions
Fidelity
International Real Estate Business expands into Germany
Fidelity International’s Real Estate Business
is planning to expand into the Continental European market with
the opening of a dedicated Fidelity Real Estate Business office
in Munich
BNP
Paribas Investment Partners acquires UK multi-manager group IMS
Leading European asset manager BNP Paribas Investment
Partners (BNPP IP) has acquired London-based multi-manager IMS Group
(IMS) to join its flagship brand FundQuest
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
Effective
governance structures key to European pension funds
European pension funds are paying more attention
to implementing effective governance structures, according to a
survey by Mercer’s investment consulting business
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.
ABP abandons
self administration in quest for better governace
Oct 2007
Stichting Pensioen-fonds ABP, one of Europe’s
largest pension schemes with over €200bn under management,
is to separate its fund and administration functions.
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)
Mandate
round-up:
Hewitt appointed to assist Belgian construction scheme
March / April 2007
The Belgian construction sector has appointed Hewitt Associates
to help develop the administration of its pension scheme, “pensioB”
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