Investor Strategy – Page 204
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Rabobank says swaps may ease Dutch FTK impact
NETHERLANDS – Rabobank says the new Dutch FTK, or financial assessment framework, will have a “marked impact” on Dutch pension schemes’ investment policy – and that a swap overlay strategy could be a solution.
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UBS says institutional business almost doubles
SWITZERLAND –UBS said its Global Asset Management arm reported a pre-tax profit increase of 64% in 2004 and that institutional business almost doubled.
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Ireland’s CFOPS outlines shift to specialists
IRELAND – The administrator of the €540m Construction Federation Operatives Pension Scheme has outlined the scheme’s move from balanced managers to specialists.
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UK occupational contributions 'rise 50%'
UK - Employer contributions to occupational schemes have risen almost 50% to £8.3bn (€12bn), according to a survey by Incomes Data Services.
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Ireland sees no scope for pensions complacency
IRELAND – The head of the Irish central bank has said that the country must not get complacent about how it deals with the pensions crisis.
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Deutsche denies it plans to sell DeAM in UK
GERMANY - Deutsche Bank has poured cold water on speculation in London that it is on the verge of selling all or part of Deutsche Asset Management in the UK, stressing that its first priority is “to fix the business”.
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ABN Amro AM lost almost 10% of staff in 2004
NETHERLANDS – ABN Amro Asset Management’s staff numbers fell almost 10% in 2004 amid a levelling off of assets under management.
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Sanofi-Aventis’ pension chief Zamagna leaves
GLOBAL - Petra Zamagna, head of benefits finance and asset management for pension and saving plans at pharmaceuticals group Sanofi-Aventis, has stepped down as she prepares to leave the company.
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UK's Turner warns on obesity and pensions
UK - The chairman of the Pensions Commission, Adair Turner, has warned that rising obesity could hit pension dependency ratios in the future.
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Watson Wyatt & Co. benefits group profit slips
US – US-based Watson Wyatt & Co., which is merging with its European affiliate, saw profits at its benefits group slip more than five percent in the second quarter.
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Ex-PGGM ALM specialist joins central bank
NETHERLANDS – Mohamed Lechkar, who worked on asset liability modelling at the E60bn Dutch health care scheme PGGM, has joined the central bank’s pension supervisory division.
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IPE-QUEST: Dutch schemes tender GTAA, equities
NETHERLANDS – Two Dutch pension schemes have tendered separate Japanese equities and global tactical asset allocation briefs via IPE-Quest.
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Anglo Irish launches Isle of Man schemes
ISLE OF MAN – Anglo Irish Bank’s Isle of Man pension arm says it has launched “tax neutral” plans for international executives and multinational firms.
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Italy’s Espero to hit membership target by summer
ITALY – Fondo Scuola Espero, the state-backed pension fund for 1.1m school employees, is likely to hit its preliminary target of 30,000 members by next summer, according to one of its architects.
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Russia softens reforms to calm public anger
RUSSIA – The government is to increase the monthly labour pension by an average 240 rubles (E6.6) as of March, the Health and Social Development Ministry announced.
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State Street names Harbert’s successor at SSGA
GLOBAL – State Street Corp. has named William Hunt, who currently manages its largest client relationships, to replace Tim Harbert as chief executive of State Street Global Advisors.
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Germany’s Metzler sees boom in master funds
GERMANY - A boom in so-called “master funds” should enable Germany’s Metzler Asset Management to grow its institutional assets under management in 2005 about as fast as they did in 2004, one of its executives says.
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MP quizzes Swiss postal scheme
SWITZERLAND- A Swiss MP who last month questioned finance minister Hans-Rudolf Merz on the Pensionskasse Post postal scheme has said he is prepared continue the debate.
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Watson Wyatt Ireland hires ex-E&Y economist
IRELAND – Watson Wyatt says it has hired a former chief economist at Ernst & Young, Paul Droop, to be a senior investment consultant in its Dublin office.
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Campina scheme appoints fiduciary manager
NETHERLANDS - The pension fund of Dutch cooperative dairy giant Campina has appointed Goldman Sachs Asset Management as fiduciary manager of a €350m mandate.
