epn: European Pensions & Investment News articles from May 2006

epn: European Pensions & Investment News archives from May 2006

News: VB vetoes new alternative to much-maligned z-score system.
May 8, 2006... Byline: Bram van den Oever The Dutch umbrella organisation for industry-wide pension funds, the VB, has vetoed a mooted replacement for the much-criticised z- score system. The z-score regime, which has been in place since 1998, is used to...

News: Lothian taps eastern promise with new fund.
May 8, 2006... Byline: Christine Senior The GBP2.6bn (e3.8bn) Lothian public pension fund (LPF) in Edinburgh is tendering for a Asia-Pacific region, including Japan, equity mandate worth GBP140m. The contract is due to start at the beginning of 2007...

News: FRR notches good returns but still off target.
May 8, 2006... Byline: Chris Newlands FRR, the E28.1bn French pensions reserve fund, pulled in returns of 4.3 per cent during the first quarter of 2006 and has notched up returns of 20.6 per cent since it was set up in June 2004. The fund, which still...

News: Investors rally behind UN ESG programme.
May 8, 2006... Byline: Christine Senior Some of the world's leading institutional investors are backing a new set of principles for responsible investment, sponsored by the United Nations Environment Programme. Among those who collaborated with the...

News: FRR splits e600m SRI tender between five active players.
May 8, 2006... Byline: Chris Newlands FRR, the E28.1bn French pensions reserve fund, has divided its E600m SRI tender between five firms. AGF Asset Management, Dexia Asset Management, Morley Fund Management, Pictet Asset Management and Sarasin Expertise...

News: Goldmans ousts Barclays as part of a wider shake-up of Leicestershire scheme.
May 8, 2006... Byline: Chris Newlands The GBP2bn (E2.9bn) Leicestershire County Council pension fund has sacked Barclays Global Investors and hired Goldman Sachs' quantitative team to manage a GBP270m global equity mandate. The fund has also awarded...

News: News in Brief - Aberdeen sees assets grow by nearly 25%.
May 8, 2006... Aberdeen Asset Management's net AUM grew by 24.6 per cent between October 2005 and the end of March 2006. Assets under management now total GBP74.4bn (E108.5bn), of which institutional funds account for nearly GBP60m (E87.5bn). The six-month...

News: News in Brief - State Street wins German giant BVK equity mandate.
May 8, 2006... The Bayerische Versorgungskammer (BVK) has appointed State Street Global Advisors to manage a E300m enhanced equity fund. The BVK is the largest pension fund under public law in Germany, covering retirement benefits for 12 professional and...

News: News in Brief - GSAM takes advantage of Ucits with three new funds.
May 8, 2006... Goldman Sachs Asset Management (GSAM) has launched three new fixed income funds under Ucits III legislation. The new funds take a less constrained approach to bond investing, combining ideas from across the firm's active fixed income and...

News: News in Brief - Alleston re-elected in UK Pensions Trust board reshuffle.
May 8, 2006... The UK Pensions Trust has elected a new deputy chair of the board of directors and three new directors to the board. It has also re- elected its chair, John Alleston. Clive Unitt was elected as the new deputy chair. Stephen Duckworth was...

News: Responsibility should be taken for own retirement, says survey.
May 8, 2006... Byline: Chris Newlands Seventy-two per cent of people want to scrap mandatory retirement and 37 per cent want their government to enforce additional private pension savings, according to an HSBC survey of 21,000 citizens in 20 different...

News: Sailas wins political tussle to take Ilmarinen CEO post.
May 8, 2006... Byline: Reeta Cevik Ilmarinen, the E22bn Finnish mutual pension insurance company, has appointed Harri Sailas, Nordea's deputy managing director and the head of regional banking in Helsinki and Uusimaa, to succeed the incumbent CEO Kari...

News: Mn Services aims to bolster investor team with five appointments.
May 8, 2006... Mn Services Investment Management has appointed five senior staff. Anne-Marie Munnik has been appointed to the investment strategy team of the fiduciary mmanagement department. She joins the firm from Banque Artesia where she was...

News: People on the Move - Pedley on his bike from SEI to Bank of New York.
May 8, 2006... The Bank of New York has poached SEI Investments' operations director, Tony Pedley, as its managing director, head of European pensions client management. Mr Pedley will be based in London and will report to Robert Darmanin, managing director,...

News: People on the Move - Hewitt boosts investment consultancy with duo.
May 8, 2006... Hewitt Associates has appointed Alex Koriath and Andrew Macpherson to its investment consultancy practice. Mr Koriath joins from the Allianz Group in Germany where he has been an associate, group investments, since 2002 and Mr Macpherson joins...

News: People on the Move - Hellgren bags vice president role at Finnish insurer Varma.
May 8, 2006... Varma, the Finnish E24.6bn Mutual Pension Insurance Company, has appointed Tiina Hellgren as senior vice president strategy and development. Mrs Hellgren joins Varma from Skandia Life, the subsidiary of Swedish Skandia Liv in Helsinki, where...

News: People on the Move - Hook-Zurlino latches on to New Star's new position.
May 8, 2006... New Star International has appointed Nina Hook-Zurlino in a newly created role of head of European marketing. Ms Hook-Zurlino joins New Star from Sagitta Asset Management where she was marketing director. At New Star, Ms Hook-Zurlino will...

News: People on the Move - Ice hockey man Tikkinen skates into Aberdeen job.
May 8, 2006... Aberdeen Property Investors in Helsinki has appointed Timo Tikkinen as head of institutional sales. Mr Tikkinen joins Aberdeen from Liiga-SaiPa, Finnish ice hockey team, where he was managing director for the past year and a half. In his new...

News: People on the Move - Leddy appointed as head of sales at ABN Amro.
May 8, 2006... ABN Amro Mellon Global Securities Services has appointed Brian Leddy as head of sales. For the past six and half years, Mr Leddy was head of London custody operations at Mellon Global Securities Services. He succeeds Peter Adams, who moved to...

News: UK regulator pledges work towards better governance.
May 8, 2006... Byline: Reeta Cevik The UK Pensions Regulator has said it will - over the next three years - improve the governance of work-based pension schemes, strengthen the funding of defined benefit (DB) schemes and reduce the risks to members of...

News: Calls for companies to explain mortality assumptions after life expectancy variations.
May 8, 2006... Byline: Christine Senior Employers are using widely divergent assumptions for life expectancy in their pension liability estimates according to research from Mercer Human Resource Consulting. Out of the 28 of the UK's top 100 companies...

News: Target date funds push T Rowe Price to record.
May 8, 2006... Target date retirement funds made an important contribution to mutual fund revenue in the first quarter of 2006 for T Rowe Price, helping the firm hit record net quarterly revenues. During this period, the retirement funds received inflows...

News: Balanced pooled funds driven by oversea equities.
May 8, 2006... UK balanced pooled funds produced a median return of 6.7 per cent in the first quarter of 2006, according to figures from Mellon Analytical Solutions. This was the first run of 13 positive quarterly returns since the third quarter of...

News Analysis: Green light for Swedish risk regime.
May 8, 2006... Byline: Reeta Cevik Swedish pension funds and insurance companies are warming to the traffic light solvency system, the new supervisory tool introduced in January by the country's financial authority, Finansinspektionen (FI). The...

Comment: Leader - Searching for the USP of the ESG approach.
May 8, 2006... Byline: Liam Kennedy It might be inappropriate to suggest that socially responsible investing, or environment, social and governance (ESG) issues need selling in the sense of a commodity, but they have not proven to be a popular sell in...

Comment: World View - End of tightening may not push up stocks.
May 8, 2006... Byline: Klaudius Sobczyck It is generally perceived that the end of the interest rate tightening cycle could be positive for equities. Furthermore, it can be argued that the contraction in price/earnings ratios in the US market could be...

Comment: Going from a vicious to a virtuous circle.
May 8, 2006... Byline: Nigel Cresswell Pension funds are supposedly long-term investors. Therefore, it would be nonsensical for regulators to make them mark their assets and liabilities to market, and we shouldn't worry if they are insolvent under such...

Comment: On your marks, get set, move.
May 8, 2006... A few days ago, Mephisto was thrilled to learn about the appointment of a new CEO at a major pension insurance company in a small Northern European country. The news came as a refreshing blow for Mephisto because it showed that epn does not...

Focus: Equities - Funds look to foreign shores for equities that shine.
May 8, 2006... Byline: Chris Newlands The European pension fund community's pronounced move into fixed income at the expense of equities is well documented. Consultants, asset managers and investment banks have been flooding the market with research...

Focus: Equities - 130/30: Going short is the way to gain alpha.
May 8, 2006... Byline: Liam Kennedy Introducing a short-selling component to a long-only quant holding could increase alpha dramatically while maintaining information ratios. This is the belief of an increasing number of investment management companies,...

EU Regulation: Govts make excuses as EC gets tough on IORP.
May 8, 2006... Byline: Reeta Cevik First the euphoria, then the post-party hangover. It is now approaching three years since the EU directive for institutions for occupational retirement provision (IORP) was passed by the council of ministers. But no...

Portable Alpha: Portable alpha evolves to produce 'pure' returns.
May 8, 2006... Byline: Wei Foong Lee Portable alpha is being widely touted as the 'cure-all' that institutional investors have been looking for ever since the bear market in equities exposed the limitations of the traditional asset management industry....

Fund Profile: DSM Pension Services - DSM seeks solidarity with collective DC approach.
May 8, 2006... Byline: Bram van den Oever The Dutch press widely reported in June last year the fact that the DSM pension fund had transferred its pension scheme to a collective defined contribution (CDC) system. When it became clear the DSM still had to...

Pensions Snapshot: Ireland.
May 8, 2006... Byline: Reeta Cevik Ireland's pensions year began with the publication of the National Pensions Review Report of the Irish Pensions Board. The report made a number of wide-reaching recommendations on how Ireland can protect itself...

News: Mustoe poached as Pictet launches flurry of products.
May 22, 2006... Byline: Liam Kennedy Pictet Asset Management's appointment of Hermes' CIO Nick Mustoe as chief investment officer for equities coincides with a number of new product launches. The Geneva and London-based asset management unit of the...

News: SPC: EU legislation is disrupting UK pensions.
May 22, 2006... Byline: Christine Senior EU legislation on pensions is having unintended consequences in the UK, says the Society of Pension Consultants. In a recent poll of SPC members more than half felt that implementation of the EU pensions...

News: Insurers gear up for Solvency II directive.
May 22, 2006... Byline: Christine Senior The EU Solvency II directive is already impacting on European insurers, although the final text of the directive will not be known until February 2007 and implementation is unlikely to take place before 2010. ...

News: Russell and Insight team up to provide UK LDI solution.
May 22, 2006... Byline: Chris Newlands Russell Investment Group and Insight Investment have joined forces to provide liability driven investment (LDI) solutions to small- and mid-sized pension funds in the UK, and are in talks to roll the offering out to...

News: Turkish president steps in over retirement age rise.
May 22, 2006... Byline: Reeta Cevik President Necdet Sezer of Turkey has vetoed a key social security bill and sent it back to the Turkish parliament for further consideration. The bill is part of a wider fiscal reform package which is supported by the...

News: News in Brief - Swiss coverage ratios rise as funds call for restriction loosening.
May 22, 2006... Swiss pension funds are calling for a loosening of investment restrictions to help them boost their coverage ratios. Nevertheless, Swisscanto's sixth survey of Swiss pension funds, carried out with the pension fund association Asip has found...

News: News in Brief - Walter Scott acquisition takes Mellon company count to 12.
May 22, 2006... Mellon Financial Corporation has acquired the Edinburgh-based equity boutique Walter Scott, which manages some E21bn in assets. The acquisition takes Mellon's assets under management to E688bn. Walter Scott will keep its name, its staff and...

News: News in Brief - Mellon Global secures Leicestershire mandate.
May 22, 2006... The UK's Leicestershire County Council Pension Fund has awarded a currency overlay mandate covering assets worth GBP340m (e500m) to Mellon Global Investments. Mellon Capital Management Corporation, a Mellon subsidiary specialising in global...

News: News in Brief - Nordea plays it safe with new Denmark and Finland fund.
May 22, 2006... Nordea Investment Management has introduced a new fund in Denmark and Finland, which invests in companies with moderate risk. The stable return equity fund is directed at clients in Europe, and will also be launched in Sweden and Norway later...

News: Vice chancellor wins approval as pension participation rises.
May 22, 2006... Byline: Maik Rodewald Things are getting off the ground in Germany, and not just because of the country's economic renaissance. The latest figures put the participation level in corporate pensions at well above 60 per cent - beating...

News: Shepherd herded towards Railpen investment head role.
May 22, 2006... Byline: Christine Senior The GBP17bn (e24.9bn) Railpen Investments, which manages the UK's Railways Pension Scheme, has appointed Keith Shepherd to the new role of head of investment management. He will take over some responsibilities...

News: Monier appointed new fixed income CIO at Fortis Investments.
May 22, 2006... Fortis Investments has appointed Stephane Monier as CIO, euro fixed income in its Paris office. Mr Monier joins Fortis Investments in June from the Abu Dhabi Investment Authority (ADIA), where he was head of fixed income and currencies for...

News: People on the Move - Logan's run to continue at F&C Asset Management.
May 22, 2006... F&C Asset Management has appointed David Logan as chief financial officer. Mr Logan joins from Deloitte, where was a partner in the firm's insurance and investment management division. He will be based at F&C's London office. The firm has also...

News: People on the Move - Coal man Trickett burns bridges to land Watson post.
May 22, 2006... Watson Wyatt has appointed Paul Trickett to succeed Kevin Carter who is retiring from the position of European head of investment consulting. Mr Trickett joined Watson Wyatt in January 1998, after 20 years with British Coal, where he was chief...

News: People on the Move - Lough and Berger bolster Pioneer Investments team.
May 22, 2006... Pioneer Investments has appointed Robin Lough into the newly created role of head of strategy and business development. Mr Lough joins from Dresdner Kleinwort Wasserstein (DrKW) in London where he was managing director of equity capital markets...

News: People on the Move - Bohart takes on alternatives for Morgan Stanley.
May 22, 2006... Morgan Stanley Investment Management has appointed Stu Bohart as chief of alternative investments. Mr Bohart was formerly global head of Morgan Stanley's prime brokerage business. He joined the firm in 1997 as a portfolio manager in the...

News: People on the Move - Millar leaves Insight for T. Rowe Price relations role.
May 22, 2006... T. Rowe Price Global Investment Services has appointed Stephen Millar as consultant relations manager responsible for Europe, Middle East and Africa. Mr Millar joins the firm from Insight Investments where he was director of institutional...

News: People on the Move - Sir George joins Toscafund's realm.
May 22, 2006... Toscafund Holdings, the global hedge fund management group, has appointed Sir George Mathewson as its chairman. Sir George joins the firm from the Royal Bank of Scotland, where he has been group chief executive and chairman for the past 14...

News: ABN Amro Mellon aims for 'nimble' structure in alignment with asset arm.
May 22, 2006... Byline: Roger Aitken In a further bid to enhance Mellon Financial Corporation's competitive edge, the Pittsburgh-headquartered firm has finalised a review of its asset servicing businesses designed to improve "alignment" and create...

News Analysis: Industry buoyant on buyout switch.
May 22, 2006... Byline: Chris Newlands News that the UK's pensions regulator has abandoned its use of full buyout calculations as a trigger for spotting failing defined benefit (DB) schemes has been warmly received by the marketplace. In a 23-page...

Comment: Leader - Measuring up for multi-management.
May 22, 2006... Byline: Liam Kennedy The business of pension asset consulting is looking a little more cheery this year. Watson Wyatt has reported three new UK client wins in the last quarter, and Mercer has issued a statement saying that the number of...

Comment: World View - The markets are forever blowing bubbles.
May 22, 2006... Byline: Klaudius Sobczyk It interesting now that many investors and professionals are talking of bubbles. In the old days, before 2000, it was a common wisdom that asset bubbles were proclaimed once they burst and not beforehand as it is...

Comment: Industry Voice - Trying to be all things to all people.
May 22, 2006... Byline: Stephen Oxley Every four years the Olympic movement encourages us to be inspired by amateur achievement. But in the realm of European pension fund governance, trustees and board members should look elsewhere in the sporting arena...

Comment: Executives have stars in their eyes.
May 22, 2006... If you ever thought that company AGM's were all a show, your opinion is shared by Brigitte Biehl, who is due to submit her doctoral thesis at Frankfurt's Johann Wolfgang Goethe University this summer. Her work, entitled "Business is...

Focus: German master KAGs - Work in progress for master KAGs.
May 22, 2006... Byline: Clemens Schuerhoff The master KAG is dead, long live the master KAG. There is no question that this quintessentially German speciality, now five years old, has secured a firm footing in the institutional investment arena. It is...

Fund Profile: MAN pension trust - Using the surplus to secure a safer future.
May 22, 2006... Byline: Michael Lennert Generally speaking, when a company is generating surplus amounts of cash - and MAN is in this fortunate position - the firm is faced with the question of how it should invest these sums sensibly. Several options are...

Pensions Snapshot: Russia.
May 22, 2006... Byline: Reeta Cevik The Russian government has undertaken a major reform of the pensions system in recent years. Until 2001, Russia had a single, publicly managed distributive pensions system. Today, Russian pensions incorporate basic,...

News: Hermes stays on alternative track after CIO departure.
May 22, 2006... Byline: Liam Kennedy Hermes, the wholly owned asset management subsidiary of BT Pension Scheme, is pressing on with an allocation to infrastructure assets following the departure of its chief investment officer, Nick Mustoe. The firm's...