All articles by Barbara Ottawa – Page 117
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ECJ finds member states not responsible for funding insolvent employers
UK – The European Court of Justice (ECJ) ruled that member states are not obliged to fund old-age benefits of companies in case of insolvency, but left it to the UK High Court to decide whether in the case of ASW employees compensation is to be paid.
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Huffman to take double CEO role at Northern Trust as Sagraves leaves
UK – Barry Sagraves leaves as head of Northern Trust Global Investments (NTGI) at the end of this week, it was announced today.
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FRR returns 11.1% in 2006 as assets climb €4.5bn
FRANCE – The French pension reserve fund (FRR) returned 11.1% in 2006, down from 12.4% in 2005, on its assets, which rose by €4.5bn to €31.1bn.
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Alecta to lose €772.5m in SAS pension assets
SWEDEN – The occupational pensions firm Alecta has lost its largest customer as the Swedish airline SAS is withdrawing SEK7bn (€772.5m) in assets for its pilots’ pension fund.
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Austrian pension fund returns more than halve
AUSTRIA – The average 2006 return for Austrian pension funds will be around 5%, according to Markus Zeilinger, chief executive officer at Bonus Pensionskassen.
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Fees undermine active management - survey
UK – Net of fees active managers underperformed in bonds, property and all equity markets except emerging markets in 2006, according to the Mellon CAPS pooled pension fund survey.
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JPMorgan stays on second USS custody mandate (updated)
UK – Following its review of custody arrangements the £29bn (€44bn) Universities Superannuation Scheme (USS) has re-appointed JPMorgan as custodian for £24bn of its assets (updates mandate size).
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Sampension to up private equity by €100m
DENMARK – The DKK75bn (€10bn) Sampension will increase its private equity exposure from 2% to 3% over the next years.
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Ellison: New NAPF chief Hitchen faces “more of the same”
UK – Railpen Chief Chris Hitchen takes over as chairman of the NAPF from Robin Ellison who sees “quite tough challenges” ahead for his successor.
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Pension Consultants name new chairman
UK – The Society of Pension Consultants (SPC) has named Sir James Hodge as chairman to follow David Miers.
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BNY and Mellon assets under custody up to $17.5trn
GLOBAL – Bank of New York has increased its assets under custody to $13trn (€10trn) which means that after the merger the new Bank of New York Mellon Corporation will have $17.5trn under custody.
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IPE-QUEST: Japan small cap manager needed in Switzerland
SWITZERLAND – In the latest search on IPE Quest (QN695) a Swiss institutional investor is looking for an active Japanese small cap equities manager for a CHF 125m (€77.5m) mandate.
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State Street announces 17% rise in assets under custody
GLOBAL – State Street saw its assets under custody rise by 17% in the last year with its investment arm State Street Global Advisors (SSGA) raking in a 21% increase in assets under management.
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Scottish Widows seeks new head
UK – Scottish Widows Investment Partnership (SWIP), the £102bn (€155bn) asset manager of Lloyds TSB, is in the hunt for a new chief executive officer.
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London Borough in search for £150m overlay manager
UK – The north London Borough of Haringey’s £447m (€678.5m) pension scheme is looking to appoint an active currency overlay manager for a portfolio in excess of £150m.
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Ethos demands vote on remuneration
SWITZERLAND - The Ethos Foundation, a Geneva-based sustainable investor, wants local companies to let shareholders vote on remuneration policies.
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Portuguese equities return 32.5%
PORTUGAL – Portuguese pension funds returned 8.8% in 2006, down from 9.2% in 2005, according to Watson Wyatt.
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Ex-Ericsson fund chairman banned for dishonesty
UK – A former HR manager at mobile phone giant, Ericsson, has been struck off as a trustee for trying to fiddle benefit calculations to the tune of £13.4m (€20m).
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Slovenian reform ‘has not helped labour participation rates’
SLOVENIA – The country’s pension reform has been criticised in a report for the International Monetary Fund (IMF) for having created more incentives for early retirement .
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Syndicate moves into institutional market with EPIC buy
UK – Syndicate Asset Management (SAM) buys EPIC Investment Partners (EIP) to make its first major step into institutional asset management. The £17.7m deal brings (SAM) £2.5bn (€3.9bn) worth of institutional assets under management.
