Investor Strategy – Page 147
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News
Madoff fraud costs pension funds €44m so far
[16:30 CET 22-12] EUROPE – Only a handful of European pension funds have declared an indirect investment interest in the recent Madoff 'Ponzi' scheme, fraud but the potential losses to date are now understood to be in the region of at least €44m.
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Irish listed pension deficits hit €3.5bn
[15:50 CET 19-12] IRELAND – Irish listed companies with defined benefit schemes have pensions accounting deficits worth approximately €3.5bn or 12-14% of their market capitalisation, suggests analysis conducted by Attain Consulting.
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Glasgow university seeks actuarial and admin support
[16:55 CET 18-12] UK – The University of Glasgow is seeking one or more providers for actuarial and consultancy services and scheme administration and related services for its pension scheme for non-academic staff.
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Siemens opens Pensionskasse
[15:10 CET 18-12] AUSTRIA – The Austrian branch of international group Siemens is planning to turn its Pensionskasse into a multi-employer fund.
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Pensions risk eyed with short-term view
[16:45 CET 17-12] GLOBAL – Pensions risk is viewed primarily as a short-term financial risk and changes to pensions strategies are being increasingly driven by corporate accounting, according to the latest study by Hewitt Associates.
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Geroa tackles regulator on domestic equity
[16:35 CET 15-12] SPAIN – Geroa Pentsioak, the €712m defined contribution pension fund set up to complement the Spanish state pension scheme for the employees in Basque Country region of Gipuzkoa, is challenging its regulator for more investment freedom.
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PIC snags remaining Thorn
[16:30 CET 15-12] UK – Pensions Insurance Corporation, the insurance-based pensions buyout provider, has agreed a deal with trustees of the £1.1bn pension fund for former Thorn employees to take on the pensions liabilities and top up the benefits to members.
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'Go with the bond curve', say Dutch actuaries
[17:15 CET 12-12] NETHERLANDS – The Dutch Actuarial Association has advised pension funds they can now invoke an exemption rule of Dutch pensions law which allows them to use the bond curve rather than the swap curve to calculate the value of their liabilities.
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Venice mulls pension money for local infrastructure
[16:30 CET 12-12] ITALY – The local government of the Veneto region in the North-East of Italy is considering using the resources of its local pension funds to finance regional infrastructure projects.
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News
Swiss parliament rallies behind rate cut
[16:00 CET 12-12] SWITZERLAND – The smaller chamber of the Swiss parliament (Ständerat) has now agreed the conversion rate of second pillar pensions should be cut to 6.4% by 2015 in light of the financial crisis.
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Market turmoil drives change for Ilmarinen
[17:25 CET 11-12] FINLAND - Ilmarinen Mutual, the Finnish pension fund with €23.7bn in assets under management, is making the first tactical and minor strategic changes to its investment strategy as a result of the economic turmoil.
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Pensions is biggest employee concern for 2009
[17:10 CET 11-12] GLOBAL – A survey of HR professionals about the provision of employee benefits in 2009 has revealed retirement provision is now the greatest concern to employees, according to Mercer.
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Call for attention on default options
[16:45 CET 10-12] EUROPE –Executives and trustees of defined contribution pension schemes are being advised to pay closer attention to the ‘default’ option of their investment choices and ensure the offering is suited to the needs of members.
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News
BP scheme goes ALM
[15:50 CET 10-12] UK – The £18bn (€20.6bn) UK pension fund of oil giant BP will embark on its first asset liability modelling review of scheme investments and funding, Sally Bridgeland, chief executive of PB Pension Trustees, has revealed.
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News
'Cherish and embrace' activist shareholders
[16:10 CET 09-12] EUROPE – Shareholder activism is an incentive to better governance and value creation which should be “cherished and embraced”, a panel discussion on hedge funds in London stressed today.
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News
Pensions 'must go back to basics'
EUROPE – European pension fund managers are predicting colleagues will simplify their investment strategies in light of the recent market turmoil, look for lower average returns and apply a “back to basics” approach to risk management in the future.
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NewsKensington seeks custodian and increases equities
[15:40 CET 05-12] UK – The Royal Borough of Kensington and Chelsea (RBKC) is seeking a global custodian for its £409.6m (€478.9m) local government pension fund.
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NewsBaerum appoints consultant for new scheme
[15:50 CET 05-12] NORWAY – The Norwegian municipality of Baerum has appointed Pensjon & Finans AS to help establish a new pension fund.
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NewsCornwall targets passive global equities
[17:15 CET 04-12] UK – Cornwall County Council is seeking a passive global equity manager to run a new portfolio for its £823m (€951m) pension fund.
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NewsHammersmith prepares for 2009 adviser search
[13:15 CET 03-12] UK – The London Borough of Hammersmith & Fulham is to begin looking for a new investment consultant for its £432m (€512m) pension fund, to be appointed early next year.
