All articles by Jan Wagner – Page 15
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Swiss association defends pension benefit cuts
SWITZERLAND – Hans Ender, president of Swiss pension fund association ASIP, has defended the government’s proposed cuts in future corporate pension benefits and urged more “restraint” in adjusting current benefits for inflation.
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Austrian Pensionskassen members attack schemes
AUSTRIA – An advocacy group representing insured members at Austrian pension funds (Pensionskassen) has attacked the schemes for grossly overstating current and future benefits and appealed to the government for help.
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€5.3bn Hoechst fund wary of alternatives
GERMANY – Hoechster Pensionskasse (HPK), the €5.3bn pension fund for companies that were part of the old Hoechst chemical conglomerate, says it is wary of investing in alternative asset classes currently due to what it perceives as weaknesses with the products.
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Activest CEO Fehrenbach resigns
GERMANY – Andreas Fehrenbach, chief executive of German asset manager Activest, has resigned to make room for Dominik Kremer, the German head of Pioneer Investments, as part of Pioneer’s full absorption of Activest this autumn.
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Heissmann tapped for Austria DC tender
AUSTRIA – A legal counsel group tied to Austria’s justice ministry has asked pension consultant Buck Heissmann to find a provider of a defined contribution scheme for its 370 employees.
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Bavaria sets up pension fund for civil servants
GERMANY – Bavaria has become the latest German state to announce the creation of a pension fund for its civil servants in order to limit its pension costs.
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FERI links with Compendeon as MD Leser quits
EUROPE – German consulting firm FERI Institutional Advisors has signed a cooperation deal with Compendeon of the Netherlands - while at the same time it has emerged that FERI managing director Hartmut Leser to leave.
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Germany’s Aba in new blast at portability plan
GERMANY – German occupational pensions association Aba has again blasted the EU’s planned pensions portability directive, arguing it is even less workable following amendments at the European Parliament.
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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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Germany: Riester urges pension for self-employed
GERMANY – Former labour minister Walter Riester has urged the government to make self-employed workers eligible for the private pension product that bears his name.
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DekaBank keeps mum over revenue, staff reports
GERMANY – DekaBank, the asset manager tied to Germany’s state-owned savings banks (Sparkassen), has declined comment on press reports that 21 managing directors have been demoted and that it will miss its revenue and profit targets for this year.
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Austria’s VBV returns 9.2%
AUSTRIA – VBV, Austria’s biggest multi-employer pension fund with €4bn in assets, has reported a return of 9.2% for 2005 – above the 7.7% for 2004 but below the 11% average for other schemes, known as Pensionskassen.
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DeAM names equity and bond chiefs
GERMANY – Deutsche Asset Management has appointed Klaus Kaldemorgen and Heinz Fesser to the new positions of global head of equities and fixed income, respectively.
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Austrian schemes lack transparency – Mercer
AUSTRIA – A new study from international consultant Mercer has found deficits in both the transparency and investment strategy of six Austrian pension funds, known as Pensionskassen.
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IBM Germany puts DC plans on ice
GERMANY – Opposition from employee representatives has forced IBM in Germany to temporarily halt plans to transfer half of its employees from a defined benefit pension scheme to a defined contribution one, IPE has learned.
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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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DekaBank names Killius institutional sales chief
GERMANY – DekaBank, the asset manager of Germany’s state-owned savings banks (Sparkassen), has recruited Thomas Killius from HypoVereinsbank as its new head of institutional sales.
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Germany rejects EC court action as “groundless”
GERMANY – The government has dismissed as “groundless” a court action by the European Commission against Germany over its so-called Riester-Rente, a tax-privileged private pension.
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Austrian schemes should return 3% to 6% - Böhm
AUSTRIA – Pension funds in Austria should deliver a return of between 3% and 6% for 2006 - far below the 11.4% return for 2005, according to Christian Böhm, head of the Austrian pension fund association (FVPK).
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HDI’s Stoeckl moves to UNED
GERMANY – UNED AG, a specialist in developing financial products for insurers, banks and fund companies, has recruited Michaela Stoeckl from corporate pensions adviser HDI Pensionsmanagement.
