All articles by Barbara Ottawa – Page 111
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First major fund to transfer to UK’s PPF
UK – The MG Rover group pension scheme, with over £400m (€589m) in assets, is the first major scheme to be formally transferred to the Pension Protection Fund (PPF).
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Watson Wyatt urges managers to co-invest
UK – Co-investment should be one of the strategies adopted by investment managers to align their interests with those of their clients and employees, Watson Wyatt says.
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Senior private equity partner quitting ATP
DENMARK – Jens Bisgaard-Frantzen, managing partner at ATP Private Equity Partners is leaving.
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LAPFF to fight BP remuneration packages
UK – The Local Authority Pension Fund Forum (LAPFF) said it will fight for more security performance-linked remuneration packages at British oil giant BP.
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SSGA wins 130/30 mandate from Asda pension fund
UK – The £1bn (€1.5bn) Asda group pension fund has chosen a 130/30 strategy for £165m of its global equity portfolio.
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Iceland adopts IORP directive
ICELAND – With Iceland’s parliament voting in favour of the European pension fund directive (IORP), all members of the European Economic Area (EEA), which are not EU-member states have now put the directive in place.
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CVC denies Austrian ‘locust’ slur
AUSTRIA – Private equity investor CVC Capital Partners has announced that it was not responsible for last week’s 30% rise in the share price of Austrian blue chip steelmaker Böhler-Uddeholm.
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IMF tells Poles to go through with privatisation
POLAND – The International Monetary Fund (IMF) has urged Poland to follow through with scheduled privatisation plans.
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Mercer hires from Watson Wyatt
UK – Mercer Investment Consulting has appointed Reena Thakkar as senior associate with responsibility for advising UK clients.
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PKA goes from passive to enhanced in US equities
DENMARK – Denmark’s largest occupational pension fund administrator, the DKK116bn (€15.6bn) Pensionskassernes Administration (PKA), has awarded a DKK1.85bn US enhanced equity mandate to Intech.
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Greek civil servant fund’s head resigns over bond row
GREECE - The president of the Greek Civil Servants Auxiliary Fund (TEADY), Agapios Simeoforidis, has resigned following bond-overpricing allegations.
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Virtual pooling will not be part of UCITS – for now
EUROPE – The EU’s directorate general on the internal market and services suggests that measures to facilitate virtual pooling not be included in any changes to the UCITS directive at this stage. It called instead for the focus to remain on traditional master-feeder structures.
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Cardano in UK recruitment drive
UK – Rotterdam-based derivatives specialist Cardano Risk Management will open its first office in the UK during the summer.
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Portability directive takes second hurdle
EUROPE – The European Parliament’s employment committee (EMPL) has voted on EU’s pension portability directive and the matter is scheduled to be out to a plenary vote on May 22.
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Truce after Swiss deficit fist fight
SWITZERLAND – A dispute over how to plug a cantonal pension fund’s deficit – which ended in fisticuffs – has been settled amicably.
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Wednesday people roundup
Peter Walker has been appointed to the newly created role of chief operating officer at the Pension Protection Fund (PPF). He had joined the UK pensions lifeboat last year as interim COO and his position has now been made permanent.
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Unilever fund reaches 155% coverage ratio
NETHERLANDS – The almost €4bn Progress pension fund of Unilever in the Netherlands has returned 9.6% and increased its coverage ratio to 155% in 2006.
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Dutch fund unfazed by ABN Amro/Barclays talks
NETHERLANDS – The board of Dutch SBZ, the industrywide pension fund for employees in the health insurance sector, has decided to maintain an agreement in principle they have with ABN Amro for a fiduciary mandate, regardless of a possible merger with Barclays.
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West Midlands seeks direct property manager
UK – The West Midlands pension fund is looking for a manager for its £560m (€824.6m) direct UK property portfolio.
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NTMA seeks external transition expertise
IRELAND – The National Treasury Management Agency (NTMA) is setting up a transition manager panel in a move to minimise costs.
