Investor Strategy – Page 170
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DNB faces pensioner healthcare pressure
[17:15] NETHERLANDS - The Dutch Central Bank (DNB), the main regulator of the Dutch pension sector, is facing its own pension crisis over the coming weeks as ex-employees of the DNB are taking the bank to court in relation to lower overall benefit payments.
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AP7 in major portfolio overhaul
SWEDEN – In a major revamp of its portfolio the SEK80bn (€8.8bn) Swedish buffer fund AP7, Sjunde AP-fonden, shows more appetite for risk but not for hedge funds.
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Czech merger brings funds down to nine
CZECH REPUBLIC – Two Czech pension funds, Zemsky and CSOB Progres are to merge bringing further consolidation in the country's pension market.
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Italian regulator predicts “crucial” half year
ITALY – Pension fund watchdog, Covip, has described the first six months of 2007 as “crucial” in the growth of workplace savings.
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PGGM has majority stake in volatility hedge fund
NETHERLANDS – The €83bn Dutch pension fund PGGM, one of Europe’s largest schemes, has an almost 63% stake in the Maple Leaf Macro Volatility Fund.
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Allianz creates pension fund for care personnel
GERMANY – The Allianz Pensionskasse and clinic group Marseille-Kliniken have established a pension fund for the care profession.
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Butchers asked to chop property portfolio
NETHERLANDS – The Dutch €1.1bn industrywide butchers’ pension fund has clashed with pension regulator De Nederlandsche Bank (DNB) over demands to cut the scheme’s real estate holdings.
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UK’s Marathon Club calls for statement of beliefs
UK - Pension trustees should be clear about their investment beliefs as well as focus less on short-term asset manager performance, says the Marathon Club.
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Norwegian fund to screen for arms links
NORWAY – The NOK1.8trn (€220bn) Norwegian Government Pension Fund – Global is to screen its equity holdings to filter companies with connections to certain types of weapon production.
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Aon survey casts doubt on pension buyouts
UK – Only up to 10% of UK companies are candidates for a buyout solution for their pension scheme within the next three years, according to a survey from Aon Consulting.
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British Airways cabin crew accept pensions deal
UK – British Airways cabin crew have voted to accept the pensions deal that was negotiated at the start of the year, a union says.
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AP7 awards pure alpha mandate
SWEDEN – The SEK80bn (€8.8bn) Swedish buffer fund AP7, Sjunde AP-fonden, has chosen Danske Bank for its pure alpha mandate.
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Avon awards hedge fund mandates
UK – The £2.1bn (€3.1bn) Avon Pension Fund has awarded a £210m hedge fund mandate to five managers alongside a UK unconstrained equity mandate and an active corporate bond mandate worth £100m each.
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Lærernes chooses high-yield boutiques
DENMARK – The DKK22.9bn (€3bn) Danish Teachers' Pension and Life (Lærernes Pension) has chosen two US high-yield boutiques to replace T. Rowe Price and Capital International.
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Norwegian state fund to raise equity exposure
NORWAY – Changes to the investment rules of the Norwegian Government Pension Fund announced today will see the fund’s equity exposure rise from 40% to 60%.
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LDI should be scrapped – online poll
UK – Not a single respondent to an online poll thinks that liability driven investing is a useful term for pension funds – with most thinking it should be scrapped altogether.
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British Coal scheme goes into absolute returns
UK – The £11.9bn (€17.5bn) British Coal Staff Superannuation Scheme says is cutting its allocation to listed equities, especially those in the UK, and replacing it with a 20% exposure to absolute returns via private equity.
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Dutch pension giants shun land mines
NETHERLANDS – Dutch pension giants ABP and PGGM, who together have nearly €300bn in assets, have stopped investing in firms that produce landmines.
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HSBC pension fund slashes equity allocation
UK – Global banking group HSBC has slashed the equity allocation of its main UK pension fund and moved into interest-rate and inflation-swaps.
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Henderson opts for LDI for own scheme
UK – Asset manager Henderson Global Investors is to shift its own defined benefit pension scheme into a Liability Driven Investment structure.
