All articles by Meagan Rees – Page 15
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Xerox scheme taps PIMCO for LDI
UK – The roughly £1.3bn (€1.9bn) Xerox UK Final Salary Pension Scheme has awarded a £260m “cutting edge” liability-driven mandate to fixed income fund management firm, PIMCO.
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Pilkington trustees in takeover ‘understanding’
UK - Trustees of the roughly £1.5bn (€2.2bn) Pilkington Superannuation Scheme have reached an ‘understanding’ with new owner Nippon Sheet Glass regarding Pilkington’s obligations to the fund following its acquisition by NSG.
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Dutch VB sees drop in premium revenues
NETHERLANDS – There will be a roughly 3% or €500m drop overall in premium revenues of Dutch industry-wide pension funds in 2006, according to the VB, the Dutch Association of Industry-wide Pension Funds.
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AP3 considering portable alpha
SWEDEN – Tredje AP-fonden, the roughly €20bn Third National Pension Fund/AP3, is currently brainstorming about portable alpha – although there is no guarantee it will be implemented.
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Shell scheme hails benefits of sponsor strength
EUROPE - The €16bn Shell pension fund in the Netherlands can maintain its 70/30 equity/bond split because its corporate sponsor can cover any shortfalls, according to the Shell Asset Management Company.
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Hermes to stand trial in Korea
KOREA – Hermes Investment Management, owned by the BT Pension Scheme, says it is to strand trial in Korea following allegations of stock price manipulation.
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DeAM global institutional head named
GLOBAL – Deutsche Bank has appointed Roelfien Kuijpers as global head of Deutsche Asset Management’s institutional business with immediate effect.
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Ex-Hoogovens bond manager joins LODH
NETHERLANDS – Iwan Lont, former Stichting Hoogovens Pensionenfonds fixed income senior portfolio manager, has joined Lombard Odier Darier Hentsch & Cie (LODH) as a senior portfolio manager.
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ABP names Neal as equities CIO
NETHERLANDS – ABP Investments has named Edwina Neal as chief investment officer of equities and board member from March 1.
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Thomas Cook axes Watson for Aon
UK – Watson Wyatt Investment Consulting has been axed as investment adviser to the roughly £400m (€586m) Thomas Cook Pension Plan in the UK – the trustees have appointed Aon Consulting following a competitive tendering process.
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Swiss cut unemployed pension contributions
SWITZERLAND – The Swiss parliament has approved a change to regulations governing the compulsory professional pensions of unemployed people, lowering contribution rates from 2.2% to 1.1% of daily wage.
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Ex-Siemens investment head joins Quandt venture (corrected)
GERMANY – Klaus Kirschenhofer, the former investment management head at Siemens, has been appointed managing director of a new asset management outfit for the billionaire Harald Quandt family (corrected).
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Changeover at F&C in Ireland
IRELAND - Ruth O'Briain, managing director of F&C Asset Management in Ireland, will shortly retire from the industry to be be succeeded by Mercer senior investment consultant and former F&C Irish business development head Grainne Alexander.
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UK facing local government pensions strike
UK - Trade unions for the local government are due to start balloting their workers on strike action over pensions reform in a move labelled "deeply disappointing" by the Local Government Association.
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Bosch to pay pension contributions
GERMANY – Company contributions will be paid into the Bosch Pensionsfonds for the very first time - enhancing the scheme for its 110,000 employees in Germany.
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Achmea, AXA sell Finles stake to managers
NETHERLANDS – Achmea and AXA have sold their 50% stake in Dutch asset manager Finles to the firm’s co-CEOs for an undisclosed amount.
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British Airways says it may change pensions
UK – British Airways PLC may change the structure of its staff pension scheme in a bid to tackle its £1.4bn (€2bn) deficit.
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FRR names new staff amid image revamp
FRANCE – The €26.6bn Fonds de Réserve pour les Retraites, the French Pensions Reserve Fund, has had a visual identity facelift and realigned its organisation to reinforce financial management of the fund.
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Schroders axed over performance at Cheshire
UK – Schroders has been axed from a £500m (€731m) mandate by the £2bn Cheshire County Council pension fund following poor performance.
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Swedish savers put €2.5bn into Kapitalpension
SWEDEN – Swedish savers placed almost SEK23bn (€2.5bn) in the new savings product – the Kapitalpension - during 2005, according to figures from the Swedish Insurance Federation, Försäkringsförbundet.
