epn: European Pensions & Investment News articles from November 2005

epn: European Pensions & Investment News archives from November 2005

News: PPM inquiry proposes radical downsizing of fund numbers.
November 7, 2005... Karl-Olof Hammarkvist, the Stockholm School of Economics professor at the head of the official inquiry into Sweden's Premium Pension System (PPM), has recommended a radical restructuring of the E19bn pension savings platform. Prof...

News: GMPF raises exposure to private equity and alternatives in strategy reshuffle.
November 7, 2005... The GBP7.7bn (E11.3bn) Greater Manchester Pension Fund (GMPF), is looking to expand its exposure to private equity assets. The fund is also considering investing in overseas property pooled vehicles, hedge funds and commodities. "At...

News: Steenvoorden leaves Opf for SPMS post.
November 7, 2005... Jeroen Steenvoorden, director of Opf - the umbrella organisation for Dutch company pension funds - is to become director of the professional pension fund for medical specialists (SPMS). A replacement for Mr Steenvoorden has yet to be named. ...

News: Sweden sets out on a white collar reform.
November 7, 2005... Negotiations will begin at the end of this month to set up a new pension plan for Swedish white collar workers, to replace the existing ITP plan. The Confederation of Swedish Enterprise and the Federation of Salaried Workers (PTK) will...

News: Helaba Invest unveils 10 new quantitative-based funds.
November 7, 2005... Helaba Invest, the investment arm of Landesbank Hessen-Thuringen, is to extend its quantitative-based product range with the launch of 10 institutional mutual funds for the German market. Six of the funds are based on existing quantitative...

News: Ireland's pensions "better placed than most".
November 7, 2005... The Pension Board in Ireland is to present its final report on the country's pensions review to ministers this week. The national pensions review, which is looking at Ireland's entire pensions system, will examine the current systems in...

News: News in brief.
November 7, 2005... DEXIA TARGETS NORDIC COUNTRIES WITH NEW SWEDISH OFFICE Dexia Asset Management is to open an office in Stockholm. The firm's Swedish operation will address the markets of all Nordic countries except Denmark, where Dexia already has a base....

News: API sets sights on e500m with new property fund.
November 7, 2005... Aberdeen Property Investors (API) is to launch a European balanced property fund, which it hopes will attract assets in the region of E500m over the next three years. The balanced fund, which will be administrated by Danske Capital, will...

News: Baring focuses on EMEA with long/short investment vehicle.
November 7, 2005... Baring Asset Management has launched an EMEA Absolute Return Fund, the manager's third long/short equity hedge fund. The fund, specifically designed for institutional investors, will aim to add alpha from both sides of the book and will also...

News: ECON demands explanation after poor take-up of EC pan-Euro pensions directive.
November 7, 2005... The European Parliament Committee on Economic and Monetary Affairs (ECON) has called the European Commission to account for the incomplete implementation of the pan-European occupational pension fund directive. Only nine out of the 25...

News: Kredittilsynet leads Norwegian launch of new cross-border pensions regulations.
November 7, 2005... The Norwegian financial authority, Kredittilsynet, has launched new regulations covering cross-border pension activities as set out in the pan- European occupational pension fund directive. The new regulations will become effective in January...

News: CEIOPS releases new pan-European paper.
November 7, 2005... The Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has approved a consultation paper on the cooperation of authorities regarding cross-border operation of institutions for occupational retirement provision...

News Analysis: UK regulator has finger on trigger.
November 7, 2005... Those pension schemes most at risk of failing to provide for members' benefits will come under the closest scrutiny under new proposals from the UK's Pensions Regulator. A new consultation document proposes a flexible regime for...

Comment: Leader - Multi-management faces some fresh competition.
November 7, 2005... Time was when multi-managers' forays into the continental European market where dogged by a simple lack of interest in their wares. Now the market seems to be a hive of activity, as established names have attempted to expand and new companies...

Comment: World View - Inflation: a curse and a blessing.
November 7, 2005... Markets have the habit of riding a wave for much longer than anybody would anticipate. However, as the old saying goes, the markets may stay irrational for longer than investors can stay solvent. Still, some 12 months ago, despite continued...

Comment: Industry Voice - Concentrate for higher returns.
November 7, 2005... Concentrated equity portfolios offer investors an attractive way of achieving higher returns, potentially with similar levels of risk to a traditional enhanced index portfolio. Institutional investor interest in a concentrated approach to...

Comment: Mephisto - Kafka's caffeine conflicts.
November 7, 2005... Mephisto felt a little bit threatened this week. It seems that one UK investment house (Royal Life Asset Management) has invented a fictional character: Kafka - The Depressed Actuary, to muse on market events. While Mephisto will not be...

EU portability directive: Lack of scope means EC proposals will fall short.
November 7, 2005... The new legislative proposal recently adopted by the European Commission (EC), that sets-up pan-European requirements on the "portability" of occupational pension rights, seems to contradict the most publicised new EC mantra for less red-tape...

Focus: Fixed Income - UK accounting regulation could see credit rating pressure.
November 7, 2005... In the early months of 2003 corporate bond issuers around Europe began to sweat. News had leaked that Standard & Poor's (S&P) was about to downgrade a large number of corporate borrowers because of their unfunded pension liability problems. ...

Focus: Fixed Income - How to get more cash from your carry.
November 7, 2005... Since the beginning of 2004, and due to very accommodating monetary conditions, carry trades have become a particularly attractive investment strategy in the government bond universe. This strategy consists of borrowing short-term and...

Fund Profile: GMPF - Manchester fund looks to foreign shores.
November 7, 2005... The GBP7.7bn (E11.3bn) Greater Manchester Pension Fund (GMPF), which covers the employees of 10 district councils in Greater Manchester and several other smaller employers, posted an overall return of 9.1 per cent during the three- year period...

Pensions Snapshot: Hungary.
November 7, 2005... According to the Hungarian Financial Supervisory Authority, Penzugyi Szervezetek Allami Felugyelete (PSZAF), the country's pension fund assets have almost doubled in the past three years. In 2002 the sector's assets totalled Hft771bn...

News: HVB's Activest brand set to go as UniCredit takes over.
November 21, 2005... HypoVereinsbank's German retail and institutional asset management brand Activest is likely to disappear after Milan-based UniCredit's takeover of the bank, epn understands. The takeover itself was slated for formal approval by UniCredito's...

News: FRR draws up shortlist of SRI managers for 600m mandate awards in 2006.
November 21, 2005... Byline: Chris Newlands FRR, the 24.8bn French Pensions Reserve Fund, has whittled down the 40 proposals it received for the five SRI mandates it is to award next year to a shortlist that is made up primarily of European firms but also...

News: Sainsbury to shop for swaps.
November 21, 2005... Sainsbury's pension fund, which has assets of approximately 3bn, is considering making its first foray into the inflation-linked swaps market. "We think it might be a good hedge against our liabilities," Chris Armitage, pension fund...

News: DeAM to launch fixed income multi manager product.
November 21, 2005... Byline: Liam Kennedy Deutsche Asset Management (DeAM) in Frankfurt is to extend its new multi management offering to include a fixed income fund from early next year. An equity fund was launched at the end of September. Speaking at a...

News: Nordea launches a set of multi-manager funds.
November 21, 2005... Byline: Reeta Cevik Nordea has launched a set of multi-manager funds, which invest in European and global equities. The vehicles were launched through Nordea's unit-linked range in Finland and will be introduced in the other Nordic...

News: Fortis LDI fund launch.
November 21, 2005... Fortis Investments has structured a range of liability-driven investment products as Luxembourg-based funds after receiving approval from the CSSF regulator. Client commitments are expected to increase assets from 310m to 620 by early next...

News: Ruukki outsources foreign equities, ups hedge funds.
November 21, 2005... Byline: Reeta Cevik Ruukki, the 530m pension fund for the Finnish steel and metal company, has outsourced parts of its equity portfolio and increased its exposure to hedge funds. Ilkka Arjaluoto, the fund's CIO, told epn that the fund...

News: Aberdeen introduces fixed income alpha funds and a second Nordic property fund.
November 21, 2005... Byline: Chris Newlands Aberdeen Asset Managers has become the latest firm to a bring a liability driven investment product to the market. The offering, called fixed income alpha funds, target an annual outperformance of 2 per cent relative...

News: Achmea takes Reo on board from next year.
November 21, 2005... Byline: Reeta Cevik Achmea, the Dutch financial services provider, has bought into the responsible engagement overlay programme of F&C Asset Management. The two companies will start cooperating in shareholder engagement from the start of...

News: News in Brief - Ribeiro joins F&C in new role of head of investments.
November 21, 2005... F&C has appointed Fernando Ribeiro into the newly created role of head of investments. The new position replaces the previous CIO function held by Tony Broccardo who is to shortly leave the company. Mr Ribeiro joined F&C early in 2001 as a...

News: News in Brief - State Street opens new office in Amsterdam.
November 21, 2005... State Street Corporation has opened a new office in Amsterdam that will house more than 150 of its employees. "The Netherlands boasts some of the most highly developed pension schemes that have been pioneers in the financial marketplace," said...

News: News in Brief - AXA REIM to observe the markets from Budapest.
November 21, 2005... AXA Real Estate Investment Managers (AXA REIM) has opened an office in Budapest. The office will manage the existing investment portfolio and service the current buying requirements for AXA REIM's pan-European real estate funds. Although the...

News: News in Brief - OKO Bank becomes parent company of Pohjola Group.
November 21, 2005... Finland's OKO Bank has become the parent company of Pohjola Group and its subsidiaries after acquiring approximately 58.5 per cent of the firm's outstanding shares and voting rights from 6.3bn Suomi Mutual Life Assurance Company and 19.3bn...

News: Hedge funds outperform bonds according to MSCI.
November 21, 2005... Byline: Chris Newlands Hedge funds outperformed bonds by more than five percentage points over the last three months but fell 2.7 percentage points short of the returns (7 per cent) notched up by equities, says MSCI Barra. According to...

News: CAM Private Equity to set up London office and recruit head of operations.
November 21, 2005... Byline: Chris Newlands CAM Private Equity, the Cologne-based European fund of funds manager, is to open a London office and is in the process recruiting someone in London to head up the operation. "London is the most important place in...

News: People on the Move - Brooks to manage global finance function at Schroders.
November 21, 2005... Schroders has poached Dresdner Kleinwort Wasserstein's chief financial officer, Stephen Brooks, to become its group financial controller and deputy CFO. Mr Brooks will manage the global finance function and work closely with Jonathan Asquith,...

News: People on the Move - Schmitt takes over from Schwicht at JPMAM.
November 21, 2005... JPMorgan Asset Management (JPMAM) has appointed Jens Schmitt as head of institutional business in Europe. Prior to his appointment Mr Schmitt was JPMAM's head of institutional business in Germany. He joined JPMAM in 1999 as head of equities and...

News: People on the Move - Pension Fennia appoints Sarre in new equities role.
November 21, 2005... Finland's 4.7bn Pension Fennia has appointed Tapio Sarre into the newly created role of senior portfolio manager, equities. Mr Sarre joins from Pohjola Asset Management, where he has been a senior portfolio manager for the past four and a half...

News: People on the Move - Findlay-Shirras leaves Henderson to join CPI.
November 21, 2005... Citigroup Property Investors (CPI) has appointed Alasdair Findlay-Shirras as director, business development and client relations for Europe and the Middle East. Mr Findlay-Shirras joins from Henderson Global Investors, where he was director of...

News: People on the Move - LGIM appoints Linotte as development manager.
November 21, 2005... Legal & General Investment Management (LGIM) has appointed Marcel Linotte as business development manager responsible for the Dutch institutional market. Mr Linotte joined LGIM in March 2005. Prior to this he worked for Daiwa Europe Limited,...

News: People on the Move - President and CEO of Pohjola group resigns.
November 21, 2005... Eero Heliovaara, the president and CEO of Finland's 2.2bn Pohjola group, has resigned from his post. Mr Heliovaara, who joined Pohjola in the summer of 2001, was also a member of the group's board. The appointment of a new president will be...

News: People on the Move - Northern Trust Global Advisors appoints McGrade.
November 21, 2005... Northern Trust Global Advisors has appointed Michelle McGrade as senior researcher and head of multinational investment solutions within its international manager research team. Ms McGrade joins NTGI from RBS Asset Management, where she was a...

News: Pensions deficits to play a major role in company acquisition negotiations.
November 21, 2005... Byline: Christine Senior Pensions deficits have been catapulted into the limelight as a prime issue in merger and acquisition activities. Many bids are affected by target companies being pressured by the trustees of their pension fund...

News: New report claims tax barriers are inhibiting the sale of Ucits funds cross border in Europe.
November 21, 2005... Byline: Christine Senior Tax barriers are inhibiting the sale of Ucits funds cross border in Europe, according to a new report produced jointly by PricewaterhouseCoopers and the European Fund and Asset Management Association (EFAMA). ...

News: UK Pension Regulator sets out cross-border criteria.
November 21, 2005... Byline: Reeta Cevik The UK Pensions Regulator has set out its approach to pension schemes wishing to operate cross-border. Although the Pensions Regulator welcomes and encourages applications from schemes wishing to operate...

News Analysis: Inflation-linked swaps may triple.
November 21, 2005... Byline: Christine Senior Demand from UK pension funds for inflation-linked swaps is behind an expected tripling in the size of the market this year, according to Watson Wyatt. The size of the market for end users - including intra bank...

Comment: Leader - The revolution remains unseen 30 years on.
November 21, 2005... Byline: Liam Kennedy The passing earlier this month of Peter Drucker, the academic known as the father of modern management, provides an opportune moment to reflect on the import of his 1976 work The Unseen Revolution: How Pension Fund...

Comment: World View - US equity market: will it shine again?
November 21, 2005... Byline: Klaudius Sobczyk The US equity market has shown a dichotomy not seen for a long while: not only has it underperformed all of the developed markets but it has fallen behind numerous developing markets at the same time. It is...

Comment: Industry Voice - Capacity Effect or Incapacity Effect?
November 21, 2005... Byline: Noel Amenc Modestly entitled the "capacity effect", the analysis of the reasons behind the fairly disappointing performance in 2004 and the first six months of 2005 of hedge funds, constitutes a serious calling into question of the...

Comment: Multinationals cut costs in India.
November 21, 2005... It seems that multinationals have all the luck. While not only being courted by a host of custody providers who are trying to lure them into their latest multinational pooling vehicles at cut-price rates, an HR report from Mercer shows that...

German Pensions: Liability for front-end loaded contracts intensifies.
November 21, 2005... Byline: Detlef Pohl Germany's insurance-related occupational pension vehicles use tariffs in which the remuneration costs of the pension contract are payable both across the life of the contract and in full up front. This last form is...

Commission Recapture: Unbundling sets excess commission free.
November 21, 2005... Byline: Hugo Greenhalgh In an ideal market, commission recapture would not exist. It first appeared in America in the 1980s when, in the midst of overheating markets broker commissions were spiralling out of control, and the clients -...

Feature: Global Tactical Asset Allocation - The tactical variant.
November 21, 2005... Byline: Michael Lennert The days when equity markets only moved in one direction are long gone and investors are now forced to look at new ways of making their portfolios work harder. All change for institutional investors. "Over the...

Fund Profile: LSR - Iceland's investments float away to warmer shores.
November 21, 2005... Byline: Stephen Wright-Bouvier With approximately 31,000 members - 70 per cent of whom are women and include teachers, healthcare staff and police officers - the 3.2bn LSR pension fund (Lifeyrissjodur starfsmanna rikisins) is Iceland's...

Pensions Snapshot: Finland.
November 21, 2005... Byline: Reeta Cevik A committee of investment specialists led by Kari Puro, Ilmarinen's president and CEO, has been investigating ways to modernise Finland's regulatory framework for pensions since September 2004. The committee has...