All articles by Jan Wagner – Page 16
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Schenk appointed UBS pension MD
SWITZERLAND – The CHF20.2bn (€12.8bn) pension fund of Swiss banking giant UBS has appointed Christoph Schenk as its new managing director, effective January 1, 2007.
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DeAM names Roemer institutional chief
GERMANY – Peter Roemer has left Crédit Suisse Asset Management to join Deutsche Asset Management as its new head of European institutional business with immediate effect.
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Swiss propose cuts to corporate pension benefits
SWITZERLAND – The Swiss government has proposed greater cuts in the rate of conversion for occupational pensions amid dwindling long-term market returns and an increase in pensioners’ life expectancy.
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Commerzbank creates CTA for pension liabilities
GERMANY – Commerzbank has established a contractual trust arrangement (CTA) to fund its pension liabilities, thereby removing them from its balance sheet.
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DeAM names master fund head
GERMANY – Deutsche Asset Management (DeAM) has appointed Marcus Göring to head a new business unit dedicated to so-called ‘master funds’ for institutional investors in Germany.
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Probe finds misguided strategy at Swiss BVK
SWITZERLAND – A government committee has found that a misguided investment strategy was behind a worsening in the financial health at the BVK, a CHF19.4bn (€12.3bn) pension fund for civil servants in 2002.
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Liechtenstein pension assets reach €1.9bn
LIECHTENSTEIN – The 41 pension funds in the Principality of Liechtenstein took in CHF208m (€132m) worth of contributions in 2004, bringing their total assets to CHF2.8bn, according to an article in a local newspaper.
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Austria’s ÖPAG to increase DC benefits
AUSTRIA – ÖPAG, one of Austria’s multi-employer pension funds, says that following a good performance in 2005, it will increase pension benefits for members in its defined contribution plan by between 0.5% and 2.5%.
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UBS doubles German institutional assets
GERMANY – Due partly to proliferation of big corporate pension funds, Swiss bank UBS has raised its institutional assets under management in Germany to €8bn – more than double the figure for December 2004.
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Vodafone switches from DB to DC in Germany
GERMANY – The German arm of mobile phone operator Vodafone has replaced its defined benefits plan with a defined contribution plan for 9,300 employees in Germany.
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E.ON taps consultant for pension trust advice
GERMANY – Energy giant E.ON has confirmed that it has hired an investment consultant as part of its contractual trust arrangement, which, in funding €5.4bn in pension liabilities, is one of the biggest ever created by a German firm.
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Swiss parliament rejects Publica DC switch
SWITZERLAND – The Nationalrat, or lower house of the Swiss parliament, has rejected a draft law permitting Publica, the CHF32.8bn (€21.1bn) pension fund for federal employees, to switch from defined benefit to defined contribution from 2008.
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Austria’s APK returns 12.1% on assets
AUSTRIA – APK, one of Austria’s multi-employer pension funds, says it finished 2005 with a return on assets of 12.1% - above the 10.4% average for its peers, known as Pensionskassen.
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Hewitt considers raising stake in German venture
GERMANY – Hewitt Associates is considering raising its minority stake in the BodeHewitt joint venture it launched almost a year ago with Bode Grabner Beye.
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Lupus alpha hedge fund specialist to leave
GERMANY – Kay-Peter Tönnes, hedge fund specialist at Frankfurt asset management boutique Lupus alpha, is to leave to start his own business.
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Nordrheinische doctors fund taps GSAM for GTAA
GERMANY – Nordrheinische Ärtzeversorgung (NAEV), a €7.5bn pension fund for physicians, has awarded Goldman Sachs Asset Management a global tactical asset allocation mandate worth €60m.
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CSAM Germany gets new chief investment officer
GERMANY - The German arm of Credit Suisse Asset Management has promoted Stefan Keitel as its new chief investment officer.
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Germany mulls private equity tax - Handelsblatt
GERMANY – The German government is considering taxing the earnings of locally domiciled private equity funds, according to business daily Handelsblatt.
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Novartis pension fund returns 6.2%
SWITZERLAND – Novartis’ pension fund, one of Switzerland’s biggest with CHF14.6bn (€9.3bn) in assets, has reported a return of 6.2% for 2005 - well below the 11% average for other Swiss schemes.
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Switzerland rejects using SNB cash for pensions
SWITZERLAND – Top government officials have dismissed as “explosive” a proposal to use some of the Swiss National Bank’s profits to shore up the state pension scheme.
