All articles by Barbara Ottawa – Page 112
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Pension funds win US$45m class action
UK – Ten UK pension funds have won a total $45m (€33.8m) as part of an opt-out action brought against AOL Time Warner.
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Austria set to boost second pillar
AUSTRIA – Employees might soon find their bonuses going into a pension fund rather than cash into their hands.
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Irish Pensions Board urges use of pensions calculator
IRELAND – Increasing longevity in Ireland makes it vital to make sufficient pension contributions at the right time, said Brendan Kennedy, chief executive of the Irish Pensions Board.
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NBIM looking for independent financial instrument pricing
NORWAY – Norges Bank Investment Management (NBIM) is tendering for services regarding independent pricing of financial instruments.
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BP hires Bridgeland as new pension CEO (updated)
UK – Sally Bridgeland is leaving consultants Hewitt to become the new chief executive of the BP pension scheme. (updated with details on the fund)
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DC members save towards “soup kitchen” - Tomlinson
UK – Current defined contribution schemes will not provide sufficient means for members in retirement, Lindsay Tomlinson, vice-chairman of Barclays Global Investors, told delegates at the NAPF investment conference in Edinburgh today.
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IPE-QUEST: Belgian funds in search for equity managers
BELGIUM – Two institutional investors from Belgium are looking for equity managers using IPE-QUEST – one for a $30m (€22.7m) mandate and another for a $20m brief.
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NAPF polls industry on Myners reform
UK – The National Association of Pension Funds (NAPF) is asking trustees, members and advisers to supply their views on the Myners principles.
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Quarterly focus hinders sustainability – Gore
UK – Former US vice president Al Gore has told pension funds that their expectance of quarterly outperformance from managers and companies hinders sustainability.
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GSAM reports 26% AUM rise as revenues drop
GLOBAL – Goldman Sachs Asset Mangement (GSAM) reports $719bn (€545bn) in assets under management at the end of the first quarter – a 26% increase compared to last year.
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NAPF names new council chairs
UK – Arno Kitts is to chair the NAPF’s investment council, while Ruth Goldman will chair its benefits council.
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Klein leaves AP3 for consultancy
SWEDEN – Pernilla Klein, head of communications and corporate governance, at the third Swedish buffer fund AP3 is leaving to join the strategic communication firm Kreab.
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Pensions funds’ guide to monitoring engagement in China
UK – The Local Authority Pension Fund Forum (LAPFF) has issued a guide for pension funds on how to monitor fund manager engagement in China.
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Fortis Investments gets €10bn inflow
EUROPE - Fortis Investments, the asset management arm of the Fortis group, reported a net inflow of €10.1bn for 2006.
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Aon Consulting sells off SSAS client portfolio
UK – Pensions consultant Barnett Waddingham has acquired Aon’s consulting and trustee services for Small Self Administered Schemes (SSAS).
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Germans to work two years longer
GERMANY – German parliament today approved a government proposal to raise the retirement age from 65 to 67.
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EU to launch pension annuity probe
BRUSSELS – The European Commission has issued a tender for a study on how current products on the EU market that convert accrued assets in pension funds into annuities are developing and whether they are adequate, modern and sustainable.
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Norwegian fund seeks real estate tax advice
NORWAY – The Norwegian finance ministry has issued a tender for a company to draft a report on tax issues relating to investments in real estate and infrastructure in 32 markets outside Norway.
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UK industry cold on FSA, pension regulation merger
UK – Industry representatives have taken a negative view of a proposed merger of the FSA and pension regulation bodies.
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Swiss keep pension supervision outside new authority
SWITZERLAND – The Swiss parliament has rejected proposals to merge the supervision of pension funds with that of other financial institutions.
