P+ taken to task by Danish FSA over private equity risk measurement
Financial watchdog criticises pension fund for failing to document appropriateness of data source behind model to estimate PE risk premium
ATP disappointed as Better Energy restructures
Citing ‘perfect storm of negative market conditions’, Danish renewable energy firm enters restructuring to rebuild capital base and stabilise the business
Bumper month for EU sustainability policy ends with Transition Benchmark proposal
Platform on Sustainable Finance proposes two new Investing for Transition Benchmarks
PIC completes first transaction under streamlined service Mosaic
The buy-in deal for the General Council of the Bar Pension and Life Assurance Fund is worth £20m and covers its 103 members
Swiss pension funds association updates ESG reporting standards
ASIP updates standards to strengthen qualitative reporting, especially for stewardship
Norway SWF urges CII to go further combatting ‘stealth dual-class structures’
NBIM gives views to Council of Institutional Investors on proposed policy changes on unequal voting structures
Amundi builds on multi-layer private markets strategy for DACH region
The next steps in Amundi’s private markets strategy in Germany are to promote ‘healthy growth’ among institutional investors and double AUM to €5bn in the next 3 years
Airways Pension Scheme completes £340m longevity swap
The deal is an insurance arrangement between scheme trustees and Zurich UK, and a back-to-back reinsurance arrangement between Zurich UK and MetLife
German parties relaunch pensions policies as election campaign starts
The Union plans to introduce mandatory pension schemes for the self-employed, while SPD will continue to support stable pensions at 48% of an early retirement for people with 45 years of contributions
People moves: London Pensions Fund Authority names new CEO
Plus: Former CIO of WYPF joins British Business Bank; People’s Partnership name customer engagement director
Investor group complains to Commission over defence conference treatment
Tommy Piemonte of Bank für Kirche und Caritas was told he was temporarily removed for being ‘disruptive’
Germany pushes EU Commission to scale back sustainability reporting rules
Germany asks EU Commission to postpone the CSRD application deadline by two years
Commission asked to make ‘transition’, ‘sustainable’ and ‘collection’ into SFDR categories
Current SFDR categories should be replaced with alternatives that better reflect current range of sustainability-related strategies
UK receives official advice on national sustainability reporting standards
Sustainability Disclosure Technical Advisory Committee suggests removing restrictions on which sectoral categories investors and banks can use to report emissions
IPD hails axing of welfare-linked pensions withdrawal as ‘crucial for trust’
Danish pensions lobby welcomes new legislation removing requirement for benefit recipients to live off their pension savings first
Calor Group pension fund appoints GSAM as fiduciary manager
Goldman Sachs Asset Management will manage £240m assets on behalf of Calor Gas’s UK defined benefit pension scheme
IOSCO launches GEMC sustainability reporting network
Emmanuel Faber, chair of the ISSB, says this progress is important to all jurisdictions because multinational companies will stand to benefit from availability of comparable data and disclosures
Norway’s pension providers at odds over paid-up policy proposals
Pension funds lobby calls for separate treatment for its members, while banking and insurance industry advocates same requirements for all providers
German associations relax exclusion criteria for investments in defence sector
BVI and others publish a new version of ESG target market concept (Zielmarkt Konzept), scrapping revenues threshold to invest sustainably in the defence sector
SEI joins forces with PIC to facilitate master trust access for DB scheme members
DB scheme members with DC and AVC arrangements will be able to access the SEI Master Trust
PRI rules out EMs for next phase of sovereign climate engagement project
An announcement on which additional jurisdictions will be added to the initiative is expected to be made in January 2025
L&G default contract-based DC fund to target 15% allocation to private markets
L&G claims new funds have potential to deliver value for money and better outcomes in retirement
Brunel appoints AssetMetrix for private markets data management
AssetMetrix’s platform will enable Brunel to streamline data processing and aggregation, while offering investors greater insights into private market assets
Verka takes over operational business of German Red Cross pension scheme
Verka will manage close to €4bn by adding the €780m under the Deutschen Roten Kreuz scheme
IFRIC rejects call to review climate-related intangible assets
Instead, the committee concluded that existing International Financial Reporting Standards offer sufficient guidance for handling such expenditures
UK government puts second phase of pensions review on hold
The second phase of landmark pensions review was expected to launch before the end of the year
ATP admits DKK2.3bn investment in Northvolt now worth almost zero
Danish statutory pensions giant’s CEO declines to rule out investing more in stricken battery Swedish firm
PGGM ditches responsible investment team with new impact strategy
‘Even though this process required me to give up my old job, I still think it’s a good idea,’ says Piet Klop
BlackRock equity funds didn’t vote on US companies for almost 10 years
BlackRock ‘immediately notified affected clients, apologised and rectified the issue’, the firm said
Swiss Federal Court rejects complaints to nullify first-pillar reform vote
The Green party has criticised the Federal Court’s ruling as the vote was not based on reliable figures and facts
Dutch inland shipping fund to merge with transport sector fund
Existing accruals will be transferred to Bpf Vervoer on 1 October 2025
German funds for professionals to apply new asset allocation stress test
Pension funds will pass the test if they have sufficient risk capital to cover stressed assets, and if the funding ratio is at least 100%
Alecta cuts DB equities exposure by €4bn in consolidation policy shift
Sweden’s biggest pension fund decides to reduce required funding level for surpluses to be transferred to employers
Investment in European equities by European asset managers has fallen by a third
Share of listed equities issued in Europe held by investment funds domiciled in euro area has dropped from 37% in 2015 to 27% at the end of last year, says EFAMA
Varma trumpets biggest investment yet with €2.3bn in US climate ETF
Finnish pensions insurer invests in Invesco New-York ETF launch, with fund tailored to its own needs
German government backs sustainable investing in defence sector
Sustainable investments association FNG says weapons are ‘not compatible with the principles of sustainable investing’
LGPS Central drives investment strategy forward with new CIO appointment
Investment pool is looking to appoint a global active investment grade credit manager
German Spezialfonds record worse capital inflows since 2008/09 financial crisis
Spezialfonds received net cash inflows of €1.7bn in July, but in August and September stood at almost the same amount, so ‘net new business’ came to only €45m
Alecta starts arbitration against Heimstaden, claiming agreement was breached
Swedish pension fund argues billionaire Ivar Tollefsen’s investments in new subsidiary went against Heimstaden Bostad shareholder agreement
WTW to set up shop in Germany for pension buyout deals
German buyout market is worth potentially €600bn, according to consultancy Lurse
EU urged not to make ‘arbitrary’ cuts to sustainability disclosure rules
Nearly 100 NGOs, think tanks and membership bodies have written to Commission president Ursula von der Leyen
Danish FSA sets out new expectations on alternatives processes
Financial supervisor adds guidance on making sure unlisted investment valuations are continuously updated, and revaluing when markets swing
Clara superfund takes over Wates Group’s 1,500 members
This is the first superfund transaction to be completed by an active business, Clara claims
Pension Protection Fund puts levy decision on hold
The lifeboat expects to make a decision on a new levy for 2025/26 in January
Candriam enters European private equity market in strategic partnership
Partnership positions Andera to expand its client base and further develop its private capital strategies across Europe and globally
People moves: People’s Partnership appoints chief finance officer
Plus: T. Rowe Price names head of EMEA consultant relations; Former ATP duo set up new shop
Investigation clears Swiss Federal Social Insurance Office director
Probe launched after mistakes made to calculate expenses of first pillar fund AHV
CDC must be made attractive and accessible, claims Hymans Robertson
Hymans Robertson report draws from industry roundtable discussion on CDC
Migros Pensionskasse outlines riskier strategy boosting real assets, equities
The scheme will increase investments in infrastructure and equities by 2% each
Dutch pension fund appetite for mortgages almost saturated
Most schemes have now reached their target allocation to the asset class, which is also experiencing renewed competition from listed bonds
