Watson Wyatt and Towers Perrin plan merger to form consultancy super force
Towers Perrin and Watson Wyatt are to merge to form Towers Watson & Co., creating a company ‘stronger than the sum of its parts’

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

European reform frozen as result of economic turmoil
Pension reform will remain in limbo if the economic crisis continues, warns Allianz Global Investors AG (AllianzGI)

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

New platform launch brings pan-European provision one step closer
The first multi-client cross-border asset pooling platform has been launched by AEGON and Citi, developed with TKP investments, with total assets invested of more than €9bn

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

Green shoots for Irish pension funds?
Irish pension funds delivered positive returns during May for the third month in a row

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

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

Dividend forecasts should lead to recovery in Continental Europe
Continental Europe is showing signs of a recovery with increases in European stocks dividend forecasts and robust corporate balance sheets, says Ignis Asset Management

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

Dutch pension funds need ‘firm measures’ to return to satisfactory funding levels
Firm measures are necessary to bring scheme funding levels of Dutch pension funds up to the minimum required funding ratio of 105 per cent within five years, warns De Nederlandsche Bank (DNB) in its Annual Report 2008

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

Danish pension fund faces ‘extremely unsatisfactory’ 2008 returns
Bankpension, a pension fund for employees in the Danish financial sector, has reported “extremely unsatisfactory” 2008 results, with yields after tax standing at -19.7 per cent

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

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

UCITS damaged by recession, but outlook remains positive
Cross-border UCITS in Europe suffered in 2008 due to the financial crisis, with EUR 20.8bn of total net outflows sourced in Europe

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

2009 Morningstar® Investment Conference, held in association with the Institute of Financial Planning
Morningstar, a leading provider of independent investment research, has announced keynote speakers and programme details for its annual investment conference in London on the 12th and 13th of May

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

Henderson Group completes acquisition of New Star
Henderson Group plc, the parent company of Henderson Global, has announced that it has acquired New Star Management plc

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

New wealth manager services to improve compliance and efficiency
SEI has launched a set of services for UK wealth managers to enhance their ability to manage client accounts more efficiently and in a more compliant manner

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

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

AP1 puts 2008 dramatic losses on equity market's shoulders
Sweden’s Första AP-fonden (AP1) pension fund has blamed falling equity markets for its SEK 47.2bn loss in 2008

New Dalriada recruits to aid trustees against downturn
A team of wind-up specialists has been added to independent trustees company Dalriada to help prepare trustees for a downturn

European News in Brief
Life and Pensions software solutions company Mastek has been ranked among the top 100 global outsourcing providers for 2009

European Products
Argonaut Capital has launched its European Absolute Return Fund, managed by founding partner Barry Norris

Schemes forced to rethink investment strategies
Pension schemes all over the world are re-evaluating their investment management following the effects of the financial turmoil

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

Norwegian Government Fund makes further exclusions towards more ethical investments
Following a recommendation from the Council on Ethics for the Government Pension Fund – Global, Norway’s Ministry of Finance has excluded American company Textron Inc. Corporation from the fund

European Products
Standard Life Investments has launched a Strategic Bond Fund, available to retail investors with immediate effect

Western Europe pension systems in need of reform
Allianz Global Investors has published a study examining the development of the pension systems and markets in 17 Western European countries

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

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

Dutch tax authorities rule on landmark tax rebate for UK pension funds
UK pension funds are set to enjoy a €100million rebate from the Dutch tax authorities following a tax ruling, says the UK branch of KPMG

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

Global pension systems ‘tested on every level’
Global institutional pension fund assets shrivelled by 19 per cent across the 11 major markets during 2008

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

Mercer strengthens remuneration service
Financial consultant Mercer has enhanced its executive remuneration consulting capabilities in Europe

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

Schemes disenchanted with fee levels
Pension schemes are calling on investment managers to cut their fees, according to a survey by bfinance

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

Recession looms for Swiss economy
The Swiss economy is set to slide into recession in 2009, predict experts at Credit Suisse

Norwegian pension fund reconsiders Israel investments
Norway’s Ministry of Finance is referring to its Ethical Guidelines for the Norwegian Government Pension Fund – Global following the situation in Gaza

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

Polish pension funds lose almost 20%
Polish open pension funds OFE have recorded a negative rate of return of 14 per cent for 2008

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

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

‘Life-threatening’ pension risk must be addressed
Pension risk is now an issue of life-threatening importance, according to Hewitt Associates’ latest Global Pension Risk Survey

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

Retirement investment concerns top employee concerns
Concerns over retirement investment has topped the list of employee concerns in a global survey conducted by Mercer, Leading Through Unprecedented Times

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

European Commission closes Solvency II consultation
The European Commission’s (EC) consultation on its document on Solvency II rules for pension schemes has closed

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

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)

Fiduciary Management – the start of something enormous? – EXCLUSIVE
Fiduciary management is “a way to cope with an unfriendly environment,” according to Anton van Nunen, pension fund advisor and owner and director of Dutch advisory service, Van Nunen & Partners

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

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

Pension funds must keep the faith in commodities – EXCLUSIVE
Pension funds must continue to invest in commodities, despite recent scares and turmoil across the financial sector, says veteran commodity investor, Jim Rogers

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

BNP Paribas announces new multi-management structure
FundQuest, BNP Paribas Investment Partners’ multi-management specialist, has confirmed its new structure following a successful integration period

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

Launch of world’s fifth largest insurance company
Aviva Investors has officially launched, marking the creation of the world’s fifth largest insurance company

Construction company director faces arrest for pension scheme failings
A construction company and its director have been charged with failing to remit the contributions it deducted from the wages and salaries of employees to the Construction Workers Pension Scheme (CWPS)

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

Swiss economy will neither boom nor bust
The Swiss economy is expected to neither boom nor go bust in 2009, according to economists at Credit Suisse

Sarkozy accusation leads to industry call for clarification
French President Nicolas Sarkozy has blamed the current financial turmoil on hedge funds

Swedish pension funds sell cluster-bomb holdings
Holdings in companies that market cluster weapons are to be sold by the Second Swedish National Pension Fund (AP2) and Första AP-fonden (AP1)

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

Pension funds facing testing times in wake of Lehman Brothers collapse
Pension funds’ risk management strategies will be put to the test as the Lehman Brothers saga continues, according to financial consultant Mercer

Belgian employers in for a retirement surprise
Belgian employers are in for a shock when their workers receive their retirement income, according to financial consultant Watson Wyatt

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

Lehman Brothers files for bankruptcy, Merrill Lynch taken over
Financial markets have been shaken to the core with the breaking news on Monday morning that US investment bank giant Lehman Brothers had filed for bankruptcy

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

New name unveiled for newly-split Dawnay Day Quantum
Dawnay Day Quantum (DDQ) has been renamed Quantum Asset Management (Quantum), following the recent management buy-out, with immediate effect

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

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