Investor Strategy – Page 190
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KarstadtQuelle denies pension trust report
GERMANY – KarstadtQuelle, Germany’s second-biggest retailer, has denied that it is tapping its own contractual trust arrangement (CTA) for €200m in capital to reduce long-term debt.
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MSIM hires ex-GSAM European equities co-CIO
EUROPE - Hywel George, former co-chief investment officer of European equities at Goldman Sachs Asset Management, has joined rival Morgan Stanley Investment Management.
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UK calls for national pension scheme proposals
UK – UK pensions minister Stephen Timms today challenged the industry to come up with an alternative model to the National Pensions Saving Scheme outlined in last week’s Turner Report.
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Dutch experts split over pensions body
NETHERLANDS -- Opinion on the need for a specialised Dutch pensions ministry is sharply divided.
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Uncertainty over BaFin real estate stress tests
GERMANY – BaFin, the German financial services regulator, has yet to make a decision on whether to include real estate investments in the so-called “stress tests” that it requires German lifer insurers and insurance-tied pension funds to undergo.
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BASF’s Belgian pension director steps down
BELGIUM – Sven Van Wichelen, director of the Belgian pension fund for German chemical giant BASF, is stepping down as of 1 December, the fund has confirmed.
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Julius Baer facing client attrition – Moody’s
SWITZERLAND – Bank Julius Baer & Co. could be facing client “attrition” as it seeks to absorb the three Swiss banks and the GAM arm it is buying from UBS, Moody’s Investors Service says.
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Italy’s Previcooper looking for asset managers
ITALY - Previcooper, the €70m complementary pension fund for employees of Italy’s distribution cooperatives, is looking for at least three asset managers.
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BGI’s Groenendijk joins Pensioenfonds Vervoer
NETHERLANDS – Barclays Global Investors principal Patrick Groenendijk has left to become head of investments at the €5bn Pensioenfonds Vervoer, the industry-wide transport sector pension fund.
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Demand for Germany’s Riester pensions surges
GERMANY – Demand for the Riester-Rente, a government-subsidised private pension launched in 2002, has increased dramatically this year, the German finance ministry has reported.
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Dutch employers critical of portability plan
NETHERLANDS – Dutch employers organisation VNO-NCW has criticised the European Commission’s proposed directive on pensions portability – saying it could threaten the Dutch pension system.
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Watson Wyatt hires Russell’s Penfold
UK – Consulting firm Watson Wyatt has hired Russell Investment Group’s Robin Penfold as a senior investment consultant.
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Ireland’s NPRF starts private equity programme
IRELAND – The €14.5bn National Pension Reserve Fund has initiated its new investment programme with a €75m private equity commitment with independent buy-out firm CVC Capital Partners.
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Achmea taps F&C for shareholder engagement
NETHERLANDS - Eureko's Achmea has signed up for F&C's Asset Management's shareholder engagement programme for €1.5bn in assets under management.
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Bond switch could cut UK profits – consultant
UK – A wholesale shift by pension funds away from equities to bonds prompted by liability-driven investing could cut UK corporate profits by billions of pounds, according to consulting firm Pension Advisor Review.
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Switzerland’s AVS may reduce US debt exposure
SWITZERLAND – The €15bn Swiss Federal Social Security Fund AVS is looking at investing in euro-denominated bonds following a possible cut-back in its investment in US bonds and dollar-denominated debt.
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Nestlé seeks pensions risk manager
UK – Nestlé is looking for a risk manager with experience in hedge funds to offer services, including the management of assets and liabilities, to its pension funds.
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ING’s Central Europe pension assets surge
EUROPE – Dutch banking group ING’s pension fund assets in Central Europe have risen by more than 32% to almost €7bn.
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Belgium to submit IORP law in January
BELGIUM - Belgian financial supervisors will present the final version of a new law for implementing the EU directive on occupational pensions in the first week of January.
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BGI looking for equity CIO as Annable exits
GLOBAL – Matthew Annable, European chief investment officer for active equities at Barclays Global Investors, is to leave next year in a “lifestyle change” – but his successor has not yet been chosen.
