Investor Strategy – Page 194
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Environment Agency tenders €658m (updated)
UK – The roughly £1.3bn Environment Agency Pension Fund has put two mandates out to tender amounting to £450m (€658m). (Updated with new information)
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Record demand for Germany’s Riester pensions
GERMANY- Demand for the ‘Riester-Rente’, a government-subsidised private pension launched in 2002, hit a new record last quarter, pushing the total number of contracts for the pension to more than five million, according to German insurance lobby GDV.
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MetallRente records double-digit sales growth
GERMANY – MetallRente, the pension fund for employees in Germany’s metalworking and engineering industries, has recorded another year of double-digit growth in sales of its corporate pension.
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Merseyside scheme taps Mercer for advice
UK – The £3.6bn (€5.25bn) Merseyside Pension Fund has re-awarded two actuarial and investment advice contracts to Mercer Human Resource Consulting following a competitive tendering process.
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Janus, LGIM, AXA report asset inflows
GLOBAL – Asset management firms Janus, Legal & General Investment Management and AXA Investment Managers have reported billions of euros in asset inflows.
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Mercer mulls Europe launch for frozen DB service
EUROPE – Mercer Human Resource Consulting is seriously considering bringing its new service for US frozen defined benefit pension plans to Europe.
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Germany’s BVV fund names Aden to board
GERMANY – BVV, a €17.7bn pension fund for the German financial services industry, has appointed Helmut Aden to replace Christoph von Langsdorff on its two-member board.
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NAPF governance advisor Lindey to leave
UK - Geoff Lindey, strategic advisor on corporate governance at the National Association of Pension Funds, is to leave.
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ABN AMRO boosts hedge funds business with IAM buy
UK - ABN AMRO is buying the fund of hedge funds manager International Asset Management (IAM) in order to strengthen its own fund of hedge funds offerings.
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Awareness campaign launched on new securities
EUROPE - Four European institutions have launched an awareness campaign to prepare issuers and their agents for a new legal and holding structure for international debt securities, which will be launched from the end of June.
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Rauser Towers Perrin advises DZ Bank
GERMANY – Consulting firm Rauser Towers Perrin is advising Germany’s DZ Bank on the construction of an external fund, known as a contractual trust arrangement (CTA), for €1bn in pension liabilities, industry sources say.
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ABN Amro appoints EAFE chief
UK – ABN Amro Asset Management has appointed Andrew King as the new head of Europe, Australasia and Far East (EAFE) portfolio management and head of North American equities.
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Railways fund SPF switches to DC
NETHERLANDS – SPF, Holland’s industry-wide railways pension fund, has changed from defined benefit to collective defined contribution.
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ABN Amro lifts investment fund fees
NETHERLANDS – ABN Amro will raise the fees charged on most of its investment funds on 1 April.
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KAS pockets €9m from exchange appreciations
NETHERLANDS – KAS Bank’s shareholdings in the London Stock Exchange, Euronext and Deutsche Börse appreciated more than €9m in the second half of 2005 to reach €25m at year end.
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Firefighters go to final appeal over pensions
UK – A test case brought by firefighters over pensions equality is set to go to the House of Lords, the UK’s final court of appeal.
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EU says 15 states still lag on pension directive
EUROPE – Fifteen European Union member states have yet to fully notify the Commission about the transposition of the directive on occupational pension funds into national legislation – almost four months after the deadline.
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Dutch schemes sue Shell over reserves
NETHERLANDS – Stichting Pensioenfonds ABP, the Dutch civil service fund, is leading a group of 26 funds in a class action lawsuit against Royal Dutch Shell over the oil giant’s reserves scandal.
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Nobel laureate Merton says LDI “ill-conceived”
GLOBAL – Nobel Prize-winning economist Robert Merton has said immunizing pension obligations through liability driven investment strategies is “ill-conceived”.
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NIB Capital’s Tielman joins Cordares
NETHERLANDS – Jeroen Tielman, the founder of FundPartners and the current director of pension business development at NIBC Bank, is to join pension management firm Cordares in a senior role.
