epn: European Pensions & Investment News articles from July 2004

epn: European Pensions & Investment News archives from July 2004

News: Austria's VPK and BVP funds in E3bn merger.
July 5, 2004... Austria's Vereinigte Pensionskassen (VPK) and BVP-Pensionskassen plan to merge by the end of the summer. They will then review the asset allocation for their combined assets totalling almost E3bn and conduct a manager search, likely in early...

News: Faros gets VBL risk contract.
July 5, 2004... Germany's largest pension fund, the public-sector E8 bn Versorgungskasse des Bundes und der Lander (VBL) in Karlsruhe, has appointed Faros Consulting in Frankfurt to devise a comprehensive risk management system. VBL's move is a bid to manage...

News: Principal set to offer world's first SPS fund.
July 5, 2004... London-based Principal Global Investors (Europe) is to launch the world's first short-term preferred securities (SPS) fund in co-operation with Merk Fink Invest in Munich to meet investors' concerns about rising interest rates. PGI hopes...

News: Big rise in consultancy RFPs.
July 5, 2004... Research by epn's sister publication dpn Deutsche Pensions- & Investmentnachrichten has revealed a stark increase in the number of requests for proposals (RFPs) from institutional investors in Germany received by investment consultants active...

News: Final stage for FRR hopefuls.
July 5, 2004... The French National Reserve Pension Fund (FRR) will this week announce the houses that will secure the final tranche of its E16bn award to external managers. FRR, which has E1.88bn of funds yet to award, has outsourced all of its fixed...

News: News in brief.
July 5, 2004... Dutch to consult on code - The Dutch VB association for industry-wide pension funds is to consult with its 82 members on the detail of a proposed code of governance for funds. The association has appointed Peter de Koning, former managing...

News: Sweden orders pension probe.
July 5, 2004... The Swedish government has ordered a review of its PPM premium pension system at a time when almost 90% of users' funds have lost money. The Premium Pension Authority, set up in 2000 to offer Swedes a free choice from 664 funds managed by...

Codan purchase gives SEB 9% Danish stake.
July 5, 2004... SEB has acquired a 100% stake in one of Denmark's leading life and pension providers, Codan Liv & Pension, for Dk2.7bn (E363m). The move, which forms part of SEB's plan to strengthen its position in northern Europe, gives the house access...

People on the move: Wilson goes to F&C.
July 5, 2004... F&C Management has appointed Richard Wilson as head of pan-European equities, a new position that will see Wilson take overall responsibility for the leadership of the pan-European team and specific responsibility for pan- European portfolio...

People on the move: Lehman appoints Sargent.
July 5, 2004... Lehman Brothers has appointed Robert Sargent as managing director, head of asset management for Europe and Asia. In his new role, Sargent will be responsible for the strategic development of the asset management business, both in terms of...

People on the move: Europe sales for Adams.
July 5, 2004... ABN Amro Mellon, the Dutch-based custody joint venture, has appointed Peter Adams to head European sales. Adams, previously managing director of the WM Company, also worked for Deutsche Bank's securities service division. He reports to Paolo...

People on the move: BGI hires Beckers.
July 5, 2004... Barclays Global Investors has hired Stan Beckers, previously at BARRA where he established and managed its non-US operations, into the new position of managing director, senior investment strategist, European active equity business. He will...

People on the move: ShaPE re-elects two.
July 5, 2004... Shareholders of ShaPE Capital, the Swiss private equity company, unanimously re-elected Daniel J. Sauter and Jurg W. Sturzenegger and also unanimously elected Martin Vogel as members of the board of directors at its general meeting. Vogel...

News: Hamburger PK hopes for recruits.
July 5, 2004... Hamburger Pensionskasse, the E2.7bn umbrella scheme for six German multi- employer pension funds, believes it has cracked the problem of attracting employers in Germany's competitive corporate pensions marketplace. It has become the first such...

News: PGGM outsources E1bn to Aegon NL.
July 5, 2004... Dutch pension fund giant PGGM has outsourced E1bn of its E6bn European government bonds portfolio, in search of risk diversification and a complementary investment style. Aegon The Netherlands has scooped the mandate for its "enhanced...

News: Ecofin expands after wave of senior departures.
July 5, 2004... Zurich-based consultancy Ecofin Investment Consulting plans to broaden from working with mainly large pension institutions to medium-sized and smaller Pensionskassen. The major Swiss consultancy has seen several staff, including its...

News: Hedge fund demand sparks performance drop Edhec figures show that nine of 13 strategies posted negative returns in May.
July 5, 2004... Alternative investment strategies have seen a drop in performance since February. One reason cited was that investors were crowding into an arena without enough good managers to accommodate them. Mathieu Vaissie, research engineer at...

News: Mellon to import US asset strategies into Europe.
July 5, 2004... Mellon Global Investments, the distribution arm for all of Mellon's non-US asset management firms, says it will import strategies, such as enhanced passive, global tactical allocation and alternatives, from its US managers to intensify its...

News Analysis: Bonds feeling the heat of inflation.
July 5, 2004... Investors are starting to think twice about their bond investments. Monetary policy around the world is tightening and, while the Australian, UK and US governments have all pushed up domestic interest rates, rising prices in the euro area -...

Comment: Leader - Demographics and politics.
July 5, 2004... Demographics and politics rarely mix. Or better put, pragmatic politics rarely has any time for demographic realities. This is why European governments should pay attention to their actuaries' departments. Population trends spell expensive...

Comment: World view - Time to invest in bonds?
July 5, 2004... Current market conditions are causing a feeling of unease about upcoming events and the direction of the financial markets. This feeling is not restricted to equity markets, but also includes bond and commodity markets. Predictions vary...

Comment: Industry Voice - Leverage revisited.
July 5, 2004... Every now and then we revisit the wonderfully evergreen topic of leverage. In Hedge Fund Land there is either too much leverage or not enough of it. Unlike baby bear's porridge in the Goldilocks fairy tale, it never seems just right. ...

Comment: Mephisto.
July 5, 2004... By the mid-point of this month the Fonds de Reserve pour les Retraites (FRR) will have outsourced the very last cent of its E16bn reserve fund. The process, which was kicked-started some 10 months ago, took 410 assets managers, whittled them...

Special Focus: German consultants - Facing conflicts of interest.
July 5, 2004... The market for investment consultancy and advice on the conception and design of pension and benefit concepts has grown strongly in Germany in the last five years. "The acceptance of consultants has expanded," says Dr Hartmut Leser,...

Special Focus: German consultants - Consultants & managers expand all round.
July 5, 2004... Boutique consultants such as alpha portfolio advisors and p.c.a.k. pension and compensation consultants, have mushroomed over the past three to four years. Foreign houses have made, and still are making, their German debut, or are increasing...

Special Focus: German consultants - Blurring fund management boundaries.
July 5, 2004... A growing number of German consultants is entering investment management, or approaching it with multi-manager services. Siemens Financial Services (SFS) in Munich offers the multi-manager products of its sister company Innovest next to its...

Special Focus: German consultants - Demand grows for external advice.
July 5, 2004... German pension funds and corporates are increasingly looking for external advice on investments. Difficult capital markets, frequent heavy equity market losses and underfunded liabilities have been the drivers. "Pension vehicles [in...

EU Accession Investment Report - Part 5 of 5 - Slovakia - Shaking off the past and looking to the future.
July 5, 2004... After years of misrule and stigma, Slovakia is a bit tired of its poor reputation. The Slovaks, understandably, never liked to think of themselves as laggards - they preferred the term underdogs. Now, though, they look like leaders. ...

EU Accession Investment Report - Part 5 of 5 - Slovenia - Head start brings on bout of complacency.
July 5, 2004... That Slovenia would make it into the EU was never in doubt. Now that it has been achieved, however, some are wondering whether the country was ready. From the moment Slovenia split off from Yugoslavia in 1991 and began aggressively...

Pensions Snapshot: Poland.
July 5, 2004... Poland has completed the bulk of its pension reforms, but a number of tasks remain this year to improve service. Poland was among the first post-communist countries in Central and Eastern Europe to attempt a comprehensive pension reform,...

News: BVK leads independent real estate consortium.
July 19, 2004... Switzerland's largest second-pillar pension fund is leading a consortium of institutions that will invest independently in European unlisted real estate, epn has learned. The Sfr17bn (E11bn) Canton of Zurich Civil Service Insurance Fund...

News: German funds join forces amid merger speculation.
July 19, 2004... Two recently established German pension funds, the HVB Pensionsfonds and the Zenith Pensionsfonds, have said they will co-operate to boost their businesses. The move comes as industry experts suggest that formal consolidation of...

News: Swiss protest BVG law.
July 19, 2004... Switzerland's eagerness to enact EU legislation is angering company directors who want to use pension fund capital to invest in their businesses. A revision to the BVG law governing pension funds, which came into effect on 1 April this...

News: EC refers Spain to European Court.
July 19, 2004... The European Commission (EC) has referred Spain to the European Court of Justice (ECJ) for tax discrimination against non-domestic pension funds. The EC, which also took action against Denmark last year for similar discrimination, says...

News: In brief - SSGA unveils absolute fund.
July 19, 2004... State Street Global Advisors has launched its first absolute return currency fund for hedge funds-of-funds, private banks and institutional investors. The fund will seek profits by correctly forecasting exchange rate movements and changes...

News: In brief - UK PPF is 'poorly expressed'.
July 19, 2004... UK government policy on the proposed pension protection fund (PPF) is poorly expressed and needs greater clarity if it is to have any chance of greater employer support, according to the results of an Engineering Employers' Federation/Aon...

News: In brief - German hedge regulations.
July 19, 2004... The upper house of the German parliament has passed investment regulations for insurers that allow them to invest up to 5% of liability covering assets in hedge funds. A circular by the financial services regulator BaFin, to be published...

News: In brief - MEAG offers property funds.
July 19, 2004... Munich-based MEAG MUNICH ERGO Kapitalanlagegesellscjaft mbH (MEAG KAG), the German asset management arm of the German re-insurer Munich Re, will offer real-estate funds and segregated real-estate mandates and is working on devising unspecified...

News: BIAM clinches equity deal with oil giant.
July 19, 2004... The Dutch pension fund for US oil giant ChevronTexaco has awarded Bank of Ireland Asset Management (BIAM) an equity mandate for the pension assets of its 270 members. Both parties declined to disclose the volume of the mandate, which is...

News: LCP on Swiss map.
July 19, 2004... UK consulting actuary Lane Clark & Peacock (LCP) has acquired Libera, one of Switzerland's leading pension fund consultants, from Ernst & Young of the US for E20m. Founded 30 years ago, Libera advises 300 Swiss pension funds -...

People on the move: UBS poaches team.
July 19, 2004... UBS Global Asset Management's German operation has poached Deutsche Asset Management's Frankfurt fixed income team together with Miriam Howard, who was previously responsible for institutional marketing. Jorg Sihler, Vadym Sliusar, Uta Fehm,...

People on the move: DeAM hires Schiweck.
July 19, 2004... Christian Schiweck will replace Jorg Sihler as head of emerging markets fixed income at DeAM. He is head of fixed income at Deka Investments in Frankfurt and will join on 1 January next year. A DeAM spokesperson said two "very experienced"...

People on the move: Eckert moves to Allianz.
July 19, 2004... Carsten Eckert, former managing director of HVB's Munich-based PensionConsult operation, has become managing director of pension business for Allianz Dresdner Asset Management and Dresdnerbank Investment Management KAG. Dr Thomas Kick replaces...

People on the move: Schroders role for Doupe.
July 19, 2004... Schroders has appointed Derek Doupe, formerly at Russell Investment, into the newly created role of head of business development for the fund of hedge funds business. He will report to Richard Horlick, head of investment, and will work...

People on the move: SEI brings in Harris.
July 19, 2004... SEI Investments has appointed Damian Harris as head of asset management at its Paris office, to replace Jean-Yves Foucat. Harris will be responsible for drawing up multi-management solutions for institutional investors and distributors in...

People on the move: Nikiteas fills AXA post.
July 19, 2004... Konstantin Nikiteas has been made head of AXA Investment Managers' Swiss distribution. Based in the firm's new office in Zurich, Konstantin will be responsible for developing the fund distribution business in both Switzerland and Lichtenstein....

People on the move: T. Rowe takes on Tan.
July 19, 2004... T. Rowe Price has added Ju Yen Tan to its global fixed income team. Tan will become a vice-president and will also become a member of the firm's international fixed income asset allocation group in London. Tan was previously a global fixed...

News: Merged F&C keeps key insurance clients.
July 19, 2004... The Dutch financial services group, Eureko, and Friends Provident, parent of the ISIS asset management company, have retained all key clients after agreeing a complex asset management integration deal. Friends Provident will hold a 51%...

News: CAAM sets high target for non-French assets.
July 19, 2004... The newly-merged Credit Agricole Asset Management (CAAM) intends to increase its non-French assets under management threefold by 2008, according to Paul- Henri de La Porte du Theil, CAAM's recently appointed deputy chief executive. CAAM...

Interview: CSAM sets sights on stability.
July 19, 2004... When an asset management CEO talks about keeping his organisation out of trouble, it is clear that he is serious about his difficulties. And Credit Suisse Asset Management's (CSAM) troubles still seem far from over, despite hints at further net...

Comment: Leader - French learn from German mistakes.
July 19, 2004... About three years ago, when the details of Germany's pension reform were still subject to consultation, epn visited the finance ministry in Berlin. The official we went to see regretted the then imminent demise of his ministry's plan to allow...

Comment: World View - Is this just a new cycle?
July 19, 2004... Monetary loosening has come to an end and an era of tighter monetary policy has arrived. Following several interest rate increases in the UK, the signal has arrived from the US that it is time to increase rates to maintain price stability. The...

Comment: Industry Voice - Positive impact.
July 19, 2004... Today $1 in every $8 - excluding cash - that State Street Global Advisors (SSgA) invests on behalf of its clients has some social element to the mandate, in any number of different forms: environmental, vice-free, sharia. Investors are...

Comment: Mephisto.
July 19, 2004... With an eye on the rise of defined contribution pensions and the general blurring of the distinctions between individual and institutional business, Mephisto took off to the Fund Forum conference in Monte Carlo earlier this month - a largely...

France: Reserve Fund - French beauty parade is over.
July 19, 2004... Almost one year after the French Pensions Reserve Fund (FRR) first invited asset managers to pitch for its 27 RFPs, the very last euro has now been placed. On the first Wednesday of this month Deutsche Asset Management, AGF Asset Management,...

France: Pension Reform - Is a renaissance under way?
July 19, 2004... Last spring, as equity markets began to recover, the French government followed Germany's suit in launching new second and third pillar pensions. A corporate pension, PERCO (plan d'epargne retraite colectif), and a private pension, PERP (plan...

Special Focus: Hedge Funds - Acquisition: Mellon finds hedge fund firm to satisfy its client base.
July 19, 2004... In a bid to profit from the pension fund community's growing desire to invest in hedge funds, Mellon Financial Corporation has signed a definitive agreement to acquire Evaluation Associates Capital Markets (EACM), the US hedge fund firm that...

Special Focus: Hedge Funds - Greenwich warns that cheap credit will result in increased regulation.
July 19, 2004... More and more European pension funds are looking at the opportunities in the hedge fund market. The E14bn local government pensions institution in Helsinki plans to increase its exposure to alternatives by about E750m during this year....

Special Focus: Hedge Funds - Demand matches supply.
July 19, 2004... Heightened competition has meant that hedge fund managers are bending over backwards to get their products in front of pension funds. In the past five years, the number of hedge fund providers has increased by almost 115%, and in the first...

Pension Fund Profile: MNOPF - A reputation for innovation.
July 19, 2004... Geoff Henry is a forthright man. When he hunches forward and jabs a finger to make his point, it is easy to imagine how the Merchant Navy Officers' Pension Fund (MNOPF) prospered under his leadership. His shoulders are broad enough to take off...