News from Europe – October 2005

• ING completes €35m Slovakia pensions deal
• Netherlands' de Geus won't touch pension rights
• IXIS Asset Management names Leroux as CIO
• Hermes expects to raise hedge allocation
• ABP unlikely to go cross-border — Maassen
• Consultants give good advice — researcher
• Call for asset managers to run pensions
• UK miners' schemes in governance move
• Aegon offering levensloop investment account
• Mercer disbands international consulting team
• ABP grows by €8.6bn to €186.9bn
• Watson Wyatt seeking manager researchers
• ABN Amro names new asset management CEO
• Funds to embrace independent research — McCreevy
• George Ross Goobey still backing equities
• CalPERS CIO Anson to take over at Hermes
• Groups discuss future of Sweden's Alecta
• London firms unready for MiFID says report
• IPE Real Estate launches website

News from Europe – September 2005

• UK delays new scheme funding requirements
• Alecta returns 8.3% in first half
• UBS names director of pensions strategy
• Dutch regulator concerned about hedge funds
• Call for Europe to tackle manager-consultant ties
• European managers outstrip US rivals — Watson
• German institutions 'to seek lower hedge fees'
• Mellon takes control of Russell/Mellon venture
• Caulfield takes over as Mercer president
• Moody's extends asset manager ratings services
• Russell predicts new alternative investing highs
• UK pension funds return 7% in 1H05 says WM
• Shell pension chief sees three sources of return
• Morgan Stanley asset management chief exits
• Henderson names hedge fund director
• Pension funds 'central to world financial system'
• Equities return 11% for Dutch schemes
• European funds taking less risk — State Street
• Hewitt seen as possible buyer for Watson Wyatt
• Hermes names head of commercial real estate
• Study sees polarisation in asset management
• Global pension assts rise 27% — Watson Wyatt
• Barclays Global Investors ousts co-CEO Skirton
• DB schemes to become extinct soon — Mercer poll
• World Bank, OECD to study global pensions
• ABN Amro names European consultant head
• Nijssen quits as ING's global head of pensions
• Study queries pension fund-low yield link
• European schemes shun hedge funds — Greenwich

News from Europe – August 2005

• Watson Wyatt says merger complete
• Dutch pensions ombudsman gets few complaints
• ABP continues UK real estate moves
• Swiss returns best for two years - reports
• UBS suggests way to measure scheme funding
• US Treasury to issue 30-year bond
• EU must develop fund market for pensions - IMF
• ABP expects millions in TimeWarner compensation
• Barclays Global Investors gains €47bn of assets
• Pearson pension scheme manager retires
• London Pension Fund Authority changes strategy
• Suez's Electrabel bid follows Calpers' interest
• Mercer facing SEC investigation over Putnam links
• Switzerland's Publica could switch to DC by 2008
• Heitman promotes ex-ABP real estate exec Spencer
• Allianz says EU pension assets to double
• ING IM plans European multi-manager launch
• Pension consultants call for revised tax rules
• Low rates hit German industry schemes
• Wide variety seen in UK actuarial assumptions
• Metal Box scheme names PIMCO as bond manager
• AP2 returns 8.4% after cutting external managers
• Dutch schemes 'prefer internal supervision'
• CalPERS hails success of moving assets in-house
• Mercer hires Clarke for European research
• AP3 eyes more portfolio diversification
• German pensions market taking off - Allianz
• Consultants' insurance dilemma highlighted
• ATP makes €3.5bn from interest-rate hedging
• Dutch real estate boost seen amid FTK, ageing
• European schemes differ on pension directive
• Finnish state fund returns 8.2% in first half
• Multi-manager takes swipe at consultants
• TKP Pensioen real estate head retires
• Citigroup in German hedge fund move
• Half of Germans oppose mandatory pension saving
• Invesco taps UBS's Salzmann as Swiss head

News from Europe – July 2005

• Schroders pulls JP Morgan outsourcing deal
• Allianz sees European pension markets doubling
• Swiss institutions return 2.29% in Q1
• Schemes should double property allocation - CBRE
• Dutch schemes in $175m US real estate deal
• Rivière takes over at Invesco in Germany
• Mercer launches variable DB plan in US
• Fidelity names Benelux institutional head
• Firms eye European property derivatives trading
• Analysts welcome Deutsche Asset Management exit
• UK public finance institute names pensions chair
• CalPERS invests €21.7m in Californian vineyards
• Germany implements pension fund directive
• SSGA to grow alternatives "as fast as we can"- FT
• JP Morgan unveils performance measurement system
• EU says fund proposals to aid pension crisis
• Fidelity names new European CIO
• TIAA-CREF plans to restructure funds
• Study says raise UK pension age to 67
• Dutch trade union lifts pension age
• Investment funds enjoy boom - Feri
• Towers Perrin sets up 'conflict-free' service

News from Europe – June 2005

• SWIP reviewing State Street outsourcing deal
• Fortis to buy US manager Dryden for up to €118m
• Dutch MPs want longer pension recovery period
• PPF chief provides detail on risk-based levy
• Central banks query hedge fund diversification
• Putnam institutional chief Boneparth retires
• Deutsche's Walter sees "older, emptier" Germany
• Henderson names Germany sales head
• Citigroup exits asset management business
• Boots using swaps to improve liability matching
• Irish, Dutch schemes in German real estate move
• Two staff leave Siemens pension department
• Italian pension industry struggling — regulator
• Watson's Urwin doubts hedge fund capacity
• Barclays Global Investors names operating chief
• Pension systems 'to have macroeconomic impact'
• Dutch system seen as global pension leader
• Insurer Zurich ditches DB in Switzerland
• Alecta real estate manager joins Schroders
• US Prudential names international sales head
• Hedge funds own 3.8% of UK market — SSGA
• Deutsche hires UBS exec for hedge fund marketing
• Henderson names institutional business director
• Group wants boost to German private pensions
• Trustees don't understand investment — study
• Dutch opposition seeks shift from DB to DC
• Cass Business School offers pension science MSc
• Mercer sees no chance for pan-European DB
• ING buys Slovakia pension fund for €35m
• Allianz sets up pension advisory, sales firm
• Dutch building fund changes name, seeks clients

News from Europe – May 2005

• France's FRR returns 9.46% on mandated assets
• European personal pension account proposed
• Pensions Management Institute names new CEO
• Dutch 'could miss out in pan-European market'
• PensionDanmark to build apartments for rent
• World Bank proposes five-pillar pension model
• Schroders sees doubling of German business
• Watson Wyatt names global benefits head
• Watson Wyatt names German investment head
• Schlumberger admin staff join Watson Wyatt
• AWD sees boom in German corporate pensions
• Dutch party proposes pension age of 67
• London Stock Exchange moves out of equities
• Real estate best performer at TNO scheme
• SEC report finds US consultant conflicts
• TIAA-CREF CFO steps down amid SEC probe
• SNS Reaal agrees new style DC plan with unions
• UK government on wrong pensions track survey finds
• Mercer predicts biggest manager search rise in Europe
• Outsourcing good way to streamline - Compendeon
• ABP rejigs investment process in drive for alpha
• ABA-Pensionskassen can reduce rate of return
• Credit Suisse pension business down amid 3% growth
• Luxembourg to relax substance requirement

News from Europe – April 2005

• Deutsche in €24bn European institutional inflow
  
• Germany: 2006 pension freeze is "speculation"
  
• SSGA names Duncombe as UK managing director
  
• Liabilities are now the benchmark - PME chief
  
• Sweden's Alecta cautious about 2005 returns
  
• Schemes' lack of derivatives expertise 'an issue'
  
• Hedge funds 'should be part of core portfolio'
  
• Dutch must discuss higher retirement age - DNB
  
• Dutch consultant Strategeon hires ex-ING exec
  
• "We love hedge funds" - Deutsche Börse
  
• Germany freezes state pension for 20m people
  
• Dutch most satisfied with pensions - survey
  
• CalSTRS plans $3bn emerging market move
  
• European real estate body INREV names CEO
  
• PGGM to focus on absolute returns
  
• Pension outsourcing group sold to private equity
  
• Sweden's Alecta names new chief actuary
  
• Watson Wyatt boosts DC consulting
  
• CalSTRS returns 13.1% and names chair
  
• CSFB real estate's Gallatly joins MLIM
  
• Mellon investment consulting head leaves
  
• OECD calls for "frank debate" on pensions
  
• US teachers invest €493m in French property
  
• 'Over 75 UK schemes' allocate to hedge funds
  
• Shell to contribute $1.4bn to DB schemes
  
• PensionDanmark returns 11% in 2004
  
• European schemes 'need up to 10% asset growth'

News from Europe – March 2005

• UK schemes to get more disclosure from managers
• Public pensions cuts "out of line" - Watson Wyatt
• Dutch 'move to alternatives, emerging markets'
• Pensions Management Institute names president
• L&G says pension funds still shifting to bonds
• SSGA's UK managing director Wightman resigns
• SSgA's Alan Brown resigns while Leahy is promoted
• Deka's new CEO promises €500m of support to property arm
• ING Secuties Services' Cremer leaves
• Optimal allocation is up to30%in real estate-study
• Fidelity creates separate US institutional arm
• Calpers to move to 15-year contribution smoothing
• UK Treasury to introduce REITs next year
• UBS asset management arm nearly doubles institutional fund inflows
• Dutch railways scheme joins criticism on regulator
• UK Budget introduces 50-year bonds
• EU outlines three demographic priorities
• Bayer scheme adopts "appropriate" risk structure
• Hypo Real Estate takes insurance to ease DB risk
• Dutch pension funds eye direct real estate
• Mercer to launch multi-management outside US
• German regulator misses out in EU directive
• MN Services names new real estate head
• European property association CEO Hill retires
• German institutions 'eye mutual funds amid IFRS'
• Finland: Kaupthing nabs Carnegie research head

News from Europe – February 2005

• Mercer launches DC investment platform
• JLT sees fewer players in UK pension admin
• German hedge fund market seen doubling
• Jobs go as Safeway outsources pensions admin
• Invesco pensions head joins UK protection fund
• UK sets out six pension reform principles
• European schemes 'like hedge funds in FX market'
• Italian pension funds return 4.5% - Covip
• Splitting alpha/beta doubles returns - SSGA
• Credit Lyonnais sues Watson Wyatt over pensions
• Fund management industry 'still immature'
• Consultants 'putting UK schemes off hedge funds'
• DB pensions better for well-being - researchers
• Norwegian central bank calls for pension changes
• French reserve fund staying away from bonds
• CalPERS confirms Feckner as president
• Pension funds buying innovation - Watson Wyatt
• CalPERS returns 13.5% in 2004
• Barclays Global Investors' AUM up €161.5bn
• PME's van den Brink slams asset managers
• ING IM Europe to avoid UK, for now - Kemna
• Pursue alpha independently, says CalPERS CIO
• No organic consulting revenue growth at Aon
• Ex-Bayer Pensionskasse CIO in real estate move
• UBS says institutional business almost doubles
• Credit Suisse property fund tops volume target
• ING proposes increasing staff pension age
• Germany rules out mandatory pension saving

News from Europe – January 2005

• Germany's Metzler sees boom in master funds
• UK: AEGON nabs ABN Amro AM CIO Fleming
• US firm gets boost from wound-up UK scheme
• Henderson's Benelux director Go leaves
• Philips introduces global pension risk model
• WestAM names new CEO amid institutional push
• Watson's Urwin sees lower equity allocations
• Retail surpasses institutional at MLIM in Europe
• Shift to specialists slows down - Russell/Mellon
• German fund body defends hedge funds
• Further Fidelity move in Germany
• Dow Jones, FTSE unveil classification benchmark
• Philips pension fund investment chief quits
• Inarcassa says European equities beat benchmark
• JP Morgan eyes profitable German mandates
• Two Dutch schemes back real estate fund Altera
• MN Services names Dutch real estate chief
• GSAM says European institutional AUM up 43%
• MN Services' real estate head Stouthamer quits
• PGGM to name Munsters' replacement next month
• Pensioners slam British Airways' shift to equities
• UK councils tender bonds, equities and property
• CalPERS resists "slap-dash" Schwarzenegger plan
• Poll finds pensions pose M&A threat
• SAM appoints new head of institutional clients

News from Europe – December 2004

• ABP adds to UK real estate portfolio
• Morley Fund Management unveils Polish hedge fund
• Janus largest provider on new Danish pension platform
• JP Morgan Fleming institutional head White quits
• Let fund industry ease pensions crisis — McCreevy
• Morgan Stanley adds $22bn in institutional assets
• Germany's BVI sets fund transparency standards
• Volvo boss switches pension to DB from DC
• SN says Dutch population ageing rapidly
• UK ban on forced retirement
• F&C unveils inflation-linked bond fund
• SEC probes TIAA-CREF as trustees quit
• ABN Amro names global institutional sales chief
• There are no safe pensions — Germany's Rürup
• AXA IM transfers 217 staff to State Street
• CS sees heavy demand for Swiss real estate fund
• ABP sees 4-5% return in 2005 amid bond shakeout
• Erste targets pension funds with inflation-linked
• Harrigan voted out as CalPERS president
• CalPERS president in open war

News from Europe – November 2004

• ABP named Best European Pension Fund
• IMF adds voice to chorus wanting Europe to increase retirement age
• BA pension scheme offers fixed income mandate
• Dutch market regulator eyes pension fund role
• Multinationals to consolidate pension advice — survey
• Doubts over European long-only equity — survey
• New Italian institutional fund launched
• Germany: Activest to cut 10% of fund managers
• ING sells Baring AM to MassMutual, Northern Trust
• OECD finds wide variety in pension tax subsidies
• EU's Winter sees pension funds becoming "normal"
• Norwegian government mulls extra pension reform
• Royal Mail scheme seen eyeing bonds
• Sweden sees surge in pension spending
• British Airways warns on DC benefits
• European schemes cut govt bond allocations
• Benchmark-itis a problem, says Hewitt's Ashton
• Dutch schemes 'opting for top asset managers'
• Cominvest to outsource management of three funds
• ABP continues to buy into UK real estate firms
• German institutions dissatisfied — study
• Volkswagen UK reviewing DB investment strategy
• Bank of England warns on DC pension income
• Aegon sets up Slovakia pension fund
• Danish pension funds set up real estate "club"
• ABP buys stake in UK real estate firm
• Denmark's ATP eyes US with future under debate
• ING asset management profits rise 40%
• Pension pooling a way to "get rid of trustees"
• US ELECTION: impact on European asset managers

News from Europe – October 2004

• Deutsche asset strategy queried amid AUM slump
• "Pragmatic" pensions accounting for UK banks
• Austria attracts foreign pension funds — bourse
• Aon consulting business gets international boost
• IBM UK cleared by Pension Ombudsman
• Deutsche chief signals possible asset job cull
• Russian chief suggests raising retirement age
• UK's protection fund seeks investment head
• Portugal eyes state firms' pension funds
• New framework may change Dutch funds' asset mix
• Deutsche miscalculates German hedge fund demand
• European asset managers boost profits — study
• MLIM unveils new equity fund for pension funds
• Pension strategy a priority for corporates — JLT
• Put all pension assets into bonds — UK actuaries
• Germany to deregulate occupational pension funds
• Portuguese funds set to return 7.5% this year
• Dutch funds back new pension research institute
• Pension asset picks hit firms — Nobel laureate
• MLIM launches portable alpha for pension funds
• Deka dismisses real estate executives
• Austrian government approves contribution cuts
• Schemes should look at emerging markets — study
• Romania sets out 2005 pension measures
• BGI sets up US equity pension pooling vehicles
• Dutch and Irish funds tap LGIM for indexing
• Philips sees "uncertainty" of pension indexation
• New German hedge fund launched
• Pension Commission: reaction broadly positive
• Consultants unscathed by UK's Pension Commission
• Germany's BVI dismisses real-estate fund fears
• T. Rowe Price revamps London research team

News from Europe – September 2004

• Dutch pension funds fail IMF stress tests
• Mercer says Austrian reform disappointing
• Fidelity names Naylor to UK DC team
• Bank of New York targets European fund market
• Morgan Stanley IM global president Ennis quits
• Dutch funds "eye unconstrained active management"
• UK funds have "no idea" on measuring consultants
• UK's Brown says people right to worry over pensions
• WM Dutch pension fund index returns 5.1%
• Too much made of population ageing — IMF
• Ex-Bank of NY Europe chief joins Deutsche Börse
• Pension funds lift equity investments
• Morgan Stanley's Orchard joins JP Morgan Fleming
• Deutsche names Parker head of asset management
• Morgan Stanley adds E36.7bn institutional assets
• S&P hires FTSE's Davies for Europe role
• Germany "has Europe's largest pension gaps"
• Rato warns Spain to keep eye on public pensions
• Deutsche names European real estate research head
• Warning over pension move into long-term bonds
• CalPERS changes way it hires and fires managers
• Swiss AHV investment head Kuttler joins Citigroup
• Global finance chiefs reviewing hedge funds
• Reuters' ex-asset management chief quits
• Researchers say DC more "individualistic"
• Aon enters Swedish pension consulting market
• Pension fund management needs "paradigm shift"
• Legg Mason plans European expansion
• Ageing now on agenda as EU revamps stability pact
• CalPERS buys into German real estate

News from Europe – August 2004

• OECD head sees $1trn global pension shortfall
• European fund-of-funds growth levels off — report
• BlackRock to buy State Street Research
• German management fees vary widely — survey
• Half of UK schemes eye hedge funds — survey
• Irish reserve fund plans E400m real estate move
• Dresdner chief sees German pensions 50% funded
• CalPERS hedge fund returns miss benchmark
• Dutch funds' Harcourt in German hedge move
• UK public pension liabilities estimated at E862bn
• Alternatives 71% of new UBS institutional assets
• Germany's Spezialfonds market up 5% — BVI
• KPN says funding pension deficit a factor
• Consultants should stick to consulting — survey
• OECD's 7-point plan for German pensions
• German hedge market could grow to E20bn
• Top European firms' pension gap E116bn — report
• Icelandic pension funds in $2bn merger talks
• Swiss pension funds boost alternatives — CSAM
• Asset manager hires pension fund

News from Europe – July 2004

• International pension supervisor group set up
• Fidelity names Nordic institutional head
• IPD unveils pan-European real estate index
• Germans still wary of pensions, says fund body
• UK's NAPF worried about pension directive
• Population ageing could hit euro — Commission
• J P Morgan to buy hedge fund admin firm Tranaut
• New TIAA-CREF institutional arm to eye Europe
• Morgan Stanley IM makes UK appointments
• Spanish pension fund assets rise 14%
• Pensions grow to 41% of asset management — report
• Fund Forum: difficulties managing managers
• AMF Pension returns to real estate
• German pension measures insufficient — report
• Asset managers at "inflection point" — PWC report
• Dutch funds working on pension fund governance
• UK's PPF to outsource firms' pension assets
• Logue replaces Spina as State Street CEO
• Fortis Bank asset services arm hires ING's de Boer