All articles by Daniel Brooksbank – Page 49
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Commerzbank names asset management COO
EUROPE – Commerzbank has named Andreas Krebs as chief operating officer for its newly created international asset management division.
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Watson Wyatt’s Thornton resigns
GLOBAL – Paul Thornton has resigned as a director of Watson Wyatt Worldwide to “pursue other opportunities”, according to a filing at the Securities and Exchange Commission.
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IBM set to change UK pension plans
UK – Computer giant IBM is set to unveil proposed changes to its UK pension plans, just weeks after it said it would freeze its US defined benefit plan.
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ING, UBS, others form US retirement association
US – ING, UBS and Aviva are among a group of 22 companies that have formed the new Retirement Income Industry Association, or RIIA, to focus on the challenges as the ‘baby boomer’ generation begins to retire.
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NAPF governance advisor Lindey to leave
UK - Geoff Lindey, strategic advisor on corporate governance at the National Association of Pension Funds, is to leave.
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MEPs call for pension asset management transfer
EUROPE – MEPs are calling for European Union member states to permit the transfer of pension fund asset management to be transferred to other undertakings.
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Ex-State Street SVP Cassidy joins Cambridge
US – Charles Cassidy, a former senior vice president of marketing at State Street, has joined investment consulting firm Cambridge Associates.
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Accounting rules ‘threaten Swiss pension system’
SWITZERLAND – A move to international accounting standards could present a threat to the Swiss pension system, says former Pictet & Cie senior partner Charles Pictet.
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Philips gains €42m from pension centre sale
NETHERLANDS – Electronics giant Philips has disclosed a €42m gain from the sale of its in-house Pensions Competence Center.
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Deutsche Börse custody chief exits
GERMANY - Volker Potthoff, managing director of banking and custody services at Deutsche Börse, has resigned to “pursue new activities”.
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Norwegian fund bemoans lack of business ethics
NORWAY – The Norwegian Government Pension Fund has complained of a “fundamental lack of ethics” in the business community in which it invests.
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EU says Sweden, Denmark face 2nd-pillar GDP hit
EUROPE – Sweden and Denmark are facing a “downward adjustment” of around 1% of GDP – billions of euros - following a Eurostat decision two years ago on defined contribution state pensions, the European Commission says.
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Firefighters go to final appeal over pensions
UK – A test case brought by firefighters over pensions equality is set to go to the House of Lords, the UK’s final court of appeal.
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EU says 15 states still lag on pension directive
EUROPE – Fifteen European Union member states have yet to fully notify the Commission about the transposition of the directive on occupational pension funds into national legislation – almost four months after the deadline.
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New UK consultant Penfida to focus on trustees
UK – A group of former investment bankers at Lazard have set up a consulting firm to focus on advising pension fund trustees.
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HFR’s Europe chief Godden leaves
EUROPE – John Godden, managing director of Hedge Fund Research’s European asset management arm, has left the company.
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Goldman expects more pension fund hedging
GLOBAL – Pension funds and insurance companies in the major markets are likely to increase their interest-rate hedging and asset reallocation, according to Goldman Sachs.
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Dutch schemes sue Shell over reserves
NETHERLANDS – Stichting Pensioenfonds ABP, the Dutch civil service fund, is leading a group of 26 funds in a class action lawsuit against Royal Dutch Shell over the oil giant’s reserves scandal.
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FRR calls for clarity on funding – report
FRANCE – The €26bn Fonds de Réserve pour les Retraites, the French Pensions Reserve Fund, is to grow to just over half its originally projected size, according to a report.
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Longevity bonds the ‘next big thing’ - study
GLOBAL – Longevity bonds – such as the now discontinued EIB/BNP Paribas issue – could still be the next big thing for the financial markets once initial teething problems are overcome, according to a new actuarial paper.
