Investor Strategy – Page 177
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News
Irish reserve fund posts negative Q2 returns
IRELAND – The €16.3bn National Pensions Reserve had a negative investment return of almost 4% in the second quarter of this year – although it was up in the first six months.
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West Midlands tenders currency mandates
UK – The £6.6bn (€9.7bn) West Midlands Metropolitan Authorities Pension Fund is tendering two new briefs – one currency alpha mandate and an active specialist currency overlay mandate.
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London Pensions Fund Authority names new CEO
UK – The £3.5bn (€5bn) London Pensions Fund Authority has appointed Mike Taylor to take over from Peter Scales as chief executive.
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SSGA sets up absolute returns trust company
GLOBAL – State Street Global Advisors says it is boosting its offering in the absolute return area with a new limited purpose trust company, various hires and a new licensing agreement.
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Continental the latest to set up pension CTA
GERMANY – Auto component maker Continental has become the latest member of the Dax-30 equity index to create an external fund known contractual trust arrangement (CTA) to finance pension liabilities.
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MLIM slows BlackRock momentum amid outflows
GLOBAL – BlackRock says its planned merger with Merrill Lynch Investment Managers has resulted in a “temporary” slowdown in its momentum.
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GSAM to get a third of PPF levy funds
UK – The Pension Protection Fund, the government’s pensions lifeboat, will assign roughly a third of its £140m (€205m) in initial levy funds to Goldman Sachs Asset Management, according to the PPF’s Business Plan 2006/2007.
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Kosovo fund names two asset managers
KOSOVO – The Kosovo Pensions Savings Trust (KPST) has appointed Schroders and ECM as fixed income managers.
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Lincolnshire scheme silent on BETonSPORTS
GLOBAL – At least one UK pension fund - Lincolnshire - may have lost out in the decline in share prices of online gaming companies following the detention of BETonSPORTS chief executive David Carruthers.
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Maher steps down as Pensions Board CEO
IRELAND – Anne Maher is due to step down resign as chief executive of Irish pensions regulator the Pensions Board after 10 years in the role.
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UK national ‘multi-manager’ pension scheme seen
UK – The proposed National Pensions Savings Scheme could in effect be a giant ‘multi-manager’ fund, the Investment Management Association says.
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DB schemes amplify market volatility – BOE study
UK – Defined benefit pension funds amplify shocks to companies’ shares and affect stock market volatility, according to a Bank of England study.
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Dutch insurance premiums dwarf pension premiums
NETHERLANDS - Premiums paid to Dutch insurance companies were three times as high as premiums paid to Dutch pension funds at the beginning of 2006 (Corrects figures in 2nd paragraph).
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EU schemes to reclaim dividend tax
EUROPE/NETHERLANDS - Pension funds based in other EU member states will also be allowed to reclaim dividend tax, the Dutch Treasury has announced.
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EFAMA urges EC to remove regulatory barriers
EUROPE – EFAMA, the European Fund and Asset Management Association, has called on the European Commission to remove legal and regulatory barriers of the UCITS Directive.
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German government approves new civil service scheme
GERMANY – The government has approved a draft law paving the way for the creation of a pension fund for federal civil servants hired after January 1, 2007.
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CAAM names marketing boss
FRANCE - Credit Agricole Asset Management (CAAM) has promoted current head of client servicing Philippe Zaouati to head of marketing.
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Skandia’s Macleod to head €36bn division
UK – Jamie Macleod, chief executive of Skandia Investment Management (SIML), is to head Skandia UK’s new asset management division – a consolidation of its investment, fund group and life arms.
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News
Dutch governors and board member registers merge
NETHERLANDS - The National Register of Governors and Supervisors (NR) and the Register for Board Members of Pension Funds (RBP) will merge this year, both organisations have announced.
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Perry goes to ITS, Lancaster to MPC and Elliott to Aon
UK – The former pensions head at the House of Commons, Carol Perry has been appointed as one of six directors at Independent Trustee Services.
