Investor Strategy – Page 182
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French reserve fund grows to €28bn
FRANCE - The FRR, the Fonds de Réserve pour les Retraites or French Pensions Reserve Fund, has grown to €28.1bn after making a 4.3% return on assets in the first quarter.
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LPFA under attack in arms investments claims
UK – The roughly £3.5bn (€5bn) London Pension Fund Authority – which manages London mayor Ken Livingstone’s pension scheme – has more than £11m invested in some of the world’s largest arms manufacturers, according to the Campaign Against Arms Trade (CAAT).
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Dutch Labour leader tough on early retirement
NETHERLANDS -The Dutch Labour Party (PvdA) want a tougher policy on discouraging workers from taking early retirement, said its leader Wouter Bos.
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Dutch launch cross-border asset pooling vehicle
NETHERLANDS - The Dutch Finance Department has endorsed a Fund for Joint Account(FJA) as a tax-transparent vehicle for international asset pooling, it has confirmed.
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Bols’ €130m scheme reinsures its liabilities
NETHERLANDS - Pension fund Erven Lucas Bols has chosen insurer Zwitserleven (Swiss Life) for the reinsurance of its pension liabilities, the insurer has announced.
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Pension funds buy Austria’s RZB hybrid bond
AUSTRIA – International pension funds were among the buyers in a €500m hybrid bond sale by RZB, an Austrian co-operative bank that has aggressively expanded its business in central- and eastern Europe (CEE).
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French reserve fund re-tenders transition broking
FRANCE – The FRR, the €26.6bn Fonds de Réserve pour les Retraites or French Pensions Reserve Fund, has re-tendered a €16bn transition broking brief it awarded to Goldman Sachs less than two years ago.
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Pension fund FX trading surges – Greenwich
GLOBAL – Pension fund and asset manager activity in the global foreign exchange market grew 48% last year according to consulting firm Greenwich Associates.
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Call for streamlined Dutch pension supervision
NETHERLANDS – A Dutch MP has called for the dual supervision of the pensions industry – by the central bank and the AFM market authority – to be scrapped.
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Dutch government denies FTK delay
NETHERLANDS – A spokesperson for the Dutch social affairs ministry has flatly denied market rumours that the new Financial Assessment Framework for pension funds had been delayed again.
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AP4 to go passive for emerging markets
SWEDEN – The SEK180.2bn (€19.2bn) Fourth Swedish National Pension Fund, or AP4, is “likely” to use a passive rather than active approach when it invests 3% of its assets in emerging market equities.
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Schroders in US outsources €2.4bn to Bank of NY
GLOBAL – Schroders’ North American arm has outsourced investment operations for $3bn (€2.4bn) in assets to the Bank of New York.
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Slovenia pension manager KAD reports profit
SLOVENIA – The supervisory board of the state-run €1.18bn Pension Fund Management, or Kapitalska Druzba (KAD), has reported a SIT15bn (€62m) net profit result for 2005.
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Dutch funds buy into UK private equity firm
UK - The two largest Dutch pension funds, ABP and PGGM, have put an undisclosed sum into private equity firm West Private Equity via their AlpInvest vehicle.
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EU raps 11 member states over pension directive
EUROPE – The European Commission has ratcheted up the pressure on 11 member states it says have not fully implemented the occupational pension funds directive.
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Ageing driving European life insurance – CEA
EUROPE – The European life insurance market’s growth to a record turnover is due in part to changing demographics, says European industry group the Comité Européen des Assurances.
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ABN Amro’s Fernandes joins Citigroup
UK – Francis Fernandes, the former Lane Clark & Peacock partner who joined ABN Amro two years ago, has now quit to join Citigroup’s pensions advisory group in London.
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DNB warns on pressures over new pension law
NETHERLANDS – The Dutch central bank has warned there will be time pressure on pension funds if the new Pension Law is not passed by Parliament before the summer.
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Philips scheme in Amsterdam real estate buy
REAL ESTATE – The Philips Pension Fund has acquired Amsterdam Symphony, a real estate project in Amsterdam’s main new real estate project called Zuid As (This article originally appeared on www.iperealestate.com).
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ING IM providing ALM, asset allocation to schemes
EUROPE – ING Investment Management is performing asset liability modelling and asset allocations for European pension funds, says chief executive Angelien Kemna.
