Revised FTK will provide ‘clear rules’ on indexation, reduce contribution volatility

first_imgTo keep salary costs stable for employers, and maintain purchasing power of participants, the new FTK would provide for a steady cost-covering contribution, based on the 10-year average of interest rates, or on estimated returns, Klijnsma said.However, a pension fund which picked the latter option would be required to include the costs of indexation in their premiums.The new FTK will also include steering instruments to limit pension funds’ exposure to daily changing discount rates, said the state secretary. For example, schemes would be allowed to use 12-month average rate to calculate of their coverage ratio.In addition, the Cabinet would discuss with the pensions sector how defined contribution plans could also be enabled to share risks collectively, she made clear. Klijnsma added that that Cabinet would start a broad dialogue with society about the long-term future of the pensions system. As part of the process, the Social and Economic Council (SER) would be requested to advise on the future of additional pensions. The Pensions Federation welcomed the FTK proposals, as it would decrease volatility of funding and would allow to more evenly distribute the impact of market shocks on pension benefits.However, it voiced concerns about the way the FTK is to balance the approach across generations.The envisaged rules, based on macro calculations, could turn out to be unbalanced for individual pension funds, it argued, underlining that a balance between the generations must be based on an overall solution, rather than on a single element in a pension plan.In its opinion, individual pension funds should be allowed to take their own decisions, based on their specific characteristics.The Federation further called for solutions to limit the volatility of the current risk-free discount rate, a source of instability to the pension system over the course of the last few years.In a joint statement, supervisors DNB and AFM cited increased shock resistance, stability, transparency and balance of the pension system, as the most important improvements in the proposed new FTK rules.However, they expressed disappointment that the option of cushioning premium levels based on estimated returns remained. They noted the uncertainly of achieving expected returns and argued that this could affect pension benefits.In their opinion, the approach was at odds with the benefit-based contract of the defined benefit schemes that still dominated in the Netherlands.Both supervisors urged Klijnsma to focus on a quick introduction of the new FTK, and indicated that they were confident that pension funds would be able to cope with a short implementation period. The new rules are scheduled to come into force as on 1 January 2015.In a preliminary response, the €300bn civil service scheme ABP noted that the new FTK proposals hardly offered opportunities to achieve its indexation target. “The new contract looks like a stricter version of the current nominal one,” it said.Peter Borgdorff, director of the €137bn healthcare scheme PFZW added: “Compared with previous proposals, the current ones are an improvement, but they are not sufficient yet.”“For example, it is stil unclear whether we will be allowed to invest as we think is necessary for the pensions we want to provide,”  he said.Also in a joint statement, the lobbying organisations for the elderly associations (CSO) and pensioners’ associations (KNVG) said they were afraid that the new rules would limit indexation.They called for an additional pension contract, that would allow pension funds to invest actively in order to increase the chances of indexation, while offering less certainty for future pensions.CSO and KNVG also underlined the importance of the same discount rate being applied for both pension contributions and liabilities. The new Dutch financial assessment framework (FTK) is to provide “clear rules” for dividing up indexation of pensions between younger and older workers to prevent disproportionate redistribution between the generations, the Dutch ministry of Social Affairs has announced. As a consequence, any potential windfall would not be able to redistributed immediately, the ministry said in a clarification of the FTK proposals. The proposals have now been put to the Council of State (RvS) for a legal assessment, before being presented to Parliament and fully published.According to Jetta Klijnsma, the secretary of state for Social Affairs, financial shocks or rising life expectancy, must trigger immediate rights cuts, but these may be spread out over a 10-year period, to avoid sudden discounts.She said that under the new rules, pension funds must also clarify in advance any measures to be taken in case of a big funding drop.last_img read more

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European Commission’s proposed Shareholder Directive ‘too detailed’

first_imgMeanwhile, Rients Abma, chief executive at Eumedion – the Netherlands-based corporate governance and sustainability forum of 69 institutional investors, representing €3trn in assets – warned of potential conflicts of interest arising from proposed rules for related party transactions.He said shareholders with conflicting interests should not have voting rights on disputed transactions.Peter Montagnon, panel moderator and associate director of the Institute for Business Ethics, said the European Commission had ignored stakeholders during extensive consultations.“Nobody has identified why this proposal is a good idea,” he said.Eumedion’s Abma said his organisation supported the Commission’s proposal, which he described as “balanced”, but he argued that it was nonetheless “too detailed”.“More shareholders’ rights, for increased checks and balances within listed companies, should come with additional responsibilities, such as increased transparency on voting and engagement,” he added.In Abma’s opinion, the Directive would make voting in other EU countries easier.Eumedion went on to say that the proposed identification arrangements would not create a level playing field between companies and shareholders, as the latter would be unable to identify fellow shareholders.On another panel, Winfrid Blatschke, senior corporate affairs economist at the OECD, said risk management needed more attention in the Directive.“Some large companies have adopted risk models from financial institutions that have been discredited during the financial crisis,” he said.During voting sessions, 50% of the audience said prescribed, detailed regulation for corporate governance would inhibit dialogue between companies and shareholders.More than 40% agreed that the presence of a controlling stakeholder usually enabled companies to take a longer-term view, thereby strengthening their prospects.More than 70% supported mandatory integrated reporting, while 62% of attendees said integrated reporting would make sustainable reporting more important. The European Commission should redraft its proposal for the Shareholders Rights Directive as the current concept is “too detailed”, the International Corporate Governance Network (ICGN) has argued.Speaking on a panel during the ICGN’s annual conference in Amsterdam, Susannah Haan, secretary general of EuropeanIssuers, described the proposal to increase disclosure on remuneration as “overkill”.Peter Swabey, head of policy and research at the Institute of Chartered Secretaries and Administrators (ICSA), said the proposal, “for political reasons”, focused too much on remuneration.His view was shared by many UK representatives at the conference who argued that the emphasis on remuneration came at the expense of strategy, risk management and financial reporting.last_img read more

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PPF expands global equities portfolio by 17% as net assets rise 9%

first_imgDespite benchmark outperformance and an increase in net assets – through new schemes entering the PPF and levy collections – investment returns were a negative 0.7% due to the lifeboat’s exposure to liability-driven investment (LDI) strategies.Its investible portfolio reached £16.3bn (£20.6bn), up from £14.9bn in 2013, with actuarial liabilities of £12.9bn.However, the fund operates a large LDI book, and an increase in the yield of government bonds saw its liability projections fall and thus also a reduction in the value of LDI instruments.Investment returns, stripping out the LDI portfolio, was 3.4%.Over the year, the PPF made further allocations into debt instruments, money markets, private equity and infrastructure, making its first foray into farm and timberland through asset transfers and active allocation.It also reduced exposure to sovereign debt.Earlier this month, the PPF announced an amendment to its investment strategy allowing it to shift away from derivatives in the face of the European Markets Infrastructure Regulation (EMIR) and the lack of counterparty competitiveness.It will now look towards a more liberal asset allocation policy looking for liability hedges and outperformance.Overall, the lifeboat’s funding position increased to 112.5% compared with 109.6%, and it now runs a surplus of £2.4bn.Rubenstein said the fund had begun to benefit from a wider economic recovery as fewer claims were made in 2013-14 after a record number a year earlier.The PPF said its aim of reaching self-sufficiency by 2030 was now 90% certain, up from 87% at the end of last year.The fund’s self-sufficiency aim is to hold assets to match liabilities, with a 10% margin to cover longevity and future claims risk.The fund also said it would conduct an ‘own risk and solvency assessment’ (ORSA) in the coming year.ORSA, a term and strategy lifted from Solvency II regulations, will see the PPF clearly identify risks, assess potential impacts via stress testing and consider additional capital requirements.Despite resistance to being classed as an insurance company, the PPF said its funding margin was designed to cover the costs of unexpected risk, and a core part of the risk management framework.The fund’s compensation payments from 2005 to date rose to more than £1bn, with one-third being paid in the last year.On the announcement of its results, PPF chairman Lady Barbara Judge said the lifeboat continued to “sail smoothly” towards self-sufficiency.“There are signs the upward trend in the economy will continue, and we expect further improvement in our risk profile,” she added.“There are many challenges remaining. Our focus continues to be on maintaining stability in the face of ongoing uncertainty.”Overall, the fund’s levy intake fell over the year, bringing in £577m compared with £644m in 2012-13.The PPF is currently considering amendments to its new levy forumla as it looks to replace current risk-score provider Dun & Bradstreet with Experian. The UK Pension Protection Fund (PPF) has expanded its global equity portfolio in a year that saw the asset class return 19.5%, as its monetary surplus also increased.The PPF acts as a lifeboat fund to UK defined benefit (DB) schemes stranded through sponsor insolvency.Historically, it has avoided equity investments due to risk duplication but now allocates 6.9% of its portfolio compared with 5.6% a year previous.Chief executive Alan Rubenstein said the fund’s global equity portfolio was key to its outperforming its liability benchmark by 2.9% over the year to 31 March.last_img read more

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UK trade union targets LGPS with Israeli divestment campaign

first_imgOver the last two years, European institutional investors have increasingly become wary of investments in companies associated with the Israeli settlements and occupation in Palestine.This led to numerous divestments from companies directly associated with supporting the settlements, including banks and construction firms.However, this has run contrary to recent developments in the US, where the state of Illinois saw its elected chambers unanimously pass legislation requiring the five state-funded pension schemes to identify companies boycotting Israel and divest their holdings.The UK trade union said its campaign seeks to influence companies, via their pension scheme investors, that are associated with Israel’s occupation, settlements and barrier.It is a supporter of the international Boycott, Divest and Sanctions (BDS) campaign being run against Israel.“Some companies have factories located in the West Bank settlements and often employ Palestinian workers, paying them far less than they would have to pay Israeli workers, without providing them with holiday pay, sick pay or the right to join a trade union,” UNISON said.“Others provide services to the Israeli military, checkpoints or prisons.”The trade union said investment managers for UK pension funds should be put under pressure to engage with companies and stop involvement in the occupied territories, given the evidence of engagement working on other matters.It said the occupation was illegal under international law and that companies associated with it were at risk over reputational damage, not to mention litigation.“Influencing multinational companies is not easy,” it said, “but they will listen to their major investors, including our pension funds.”In the Netherlands, the €189bn pension fund manager PGGM divested from five Israeli banks involved in funding settlements in areas of Israeli-occupied Palestine.PGGM’s decision was triggered by a request from main client, healthcare worker scheme PFZW, but resulted in a political storm resulting in the Dutch ambassador’s being summoned by the Israeli government, and pro-Israel protests outside its offices.The NOK7trn (€806bn) Norwegian Pension Fund Global had previously excluded property and construction companies operating in Israel over concerns they were violating the European Convention on Human Rights. The UK’s second largest trade union, UNISON, has launched a campaign for members to lobby pension funds to divest from companies supporting the Israeli occupation of Palestine.It advises members to cite the UK Law Commission’s recent update and guidance on fiduciary duty, which it said made clear where trustees could invoke ethical concerns that were financially important.The trade union, with more than 1m members mainly in the public sector, said its campaign was primarily focused on Local Government Pension Schemes (LGPS) with more than £200bn (€275bn) in assets, and some private sector defined benefit (DB) plans.UNISON said it intended to extend the campaign to private sector defined contribution (DC) investors in due course.last_img read more

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Regulation hindering shift towards alternatives in Germany – Feri

first_imgFeri observed that those investors enjoying more regulatory leeway in their investments, including many pension providers, made more significant adjustments to their risk portfolios.“Pension providers have increased the share of equities in their portfolios from 11% to 19% since 2009 and decreased the share of bonds from 73% to 59%,” it added.Investors with stricter investment limits, it added, did not have that option, but they are planning to increase their exposure to non-investment-grade bonds by 25% over the next three years, it said.Overall, the average allocation to bonds remains very high, at 80%, Feri said.However, Christian Michel, director at Feri EuroRating Services, predicted a “significant change” in the German market, as typical covered-bond instruments such as Schuldscheine, Namenspapiere or Pfandbriefe were “going out of fashion”, while corporates “increase in importance each year”.This increased demand for corporates was also evident when preliminary results of the study were released in January. As for real estate, Feri said the asset class remained “under-represented” at 6.4%, almost the same average allocation as in 2011.“The low growth in the segment of real estate investments is less the result of slow demand and more of limited availability,” Feri said. German institutional investors’ alternatives allocation remains at around 3% despite expectations in the industry that it was set to grow, according to a Feri EuroRating Services survey.In Feri’s 2013 survey, institutional investors planned to increase private equity investments by almost 500 basis points (from 1.3%) and hedge funds by more than 300bps (from 0.4%), while maintaining exposure to commodities at 0.3% by 2016.However, the 2015 survey – canvassing nearly 130 institutional investors, with €720bn in combined assets – showed that overall exposure to alternatives remained at 3%.Similarly, the average equities allocation stayed at around 6%, roughly the same level as in 2009.last_img read more

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Academics back private equity allocation for Norway’s SWF

first_imgPrivate equityIn their report, Trond Døskeland, associate professor at the Norwegian School of Economics, and Per Strömberg, professor at the Stockholm School of Economics, made three arguments in favour of a private equity allocation – although they stopped short of explicitly advising the ministry to permit the GPFG to invest in such assets. Per Strömberg Norway’s giant sovereign wealth fund would benefit from investing in private equity, according to an academic report commissioned by the country’s Finance Ministry.A second government-commissioned report, which analysed the performance of the fund’s active management, advised sticking with this approach rather than going passive – even though such a switch has been advocated by some expert observers.The NOK8.5trn (€883bn) Government Pension Fund Global (GPFG) is managed by Norges Bank Investment Management (NBIM), a department of the country’s central bank.Last week the chairman and chief executive of NBIM co-signed a letter to the Finance Ministry advocating an allocation of up to 4% to private equity.center_img Trond DøskelandThe fund’s unique characteristics – its large size, capacity to take on liquidity risk, need for transparency and its strong reputation – had several implications for private equity investment, according to the report.Døskeland and Strömberg implied that the GPFG should have a comparative advantage of building strong in-house teams for private equity investment, given its scale, reputation, and track record in asset classes such as real estate.Secondly, the fund could take on liquidity risk, enabling the GPFG to invest more aggressively in private equity during market downturns when the liquidity premium was high, they said.As the third point, Døskeland and Strömberg said: “[GPFG’s] strong reputation and record for transparency and ESG should make it a prestige partner for large private equity firms, particularly in the buyout segment. This, together with its size, should give GPFG strong bargaining power with such funds when it comes to negotiating fees and other fund terms.”The authors also advised against the fund rushing into the asset class, should the ministry allow such investment to begin.Strömberg is quoted in Norwegian business daily DN as saying the GPFG should wait until the next financial crisis to start any private equity investment programme.“Then the liquidity premiums rise, which is a compensation you get to invest in less liquid markets,” he told the newspaper.Active management The review group tasked with analysing the performance of NBIM’s active management included Magnus Dahlquist, professor at the Stockholm School of Economics, and Bernt Arne Ødegaard, professor at the University of Stavanger. They were also asked to recommend whether the fund’s expected tracking error limit should be changed. Dahlquist and Ødegaard said the traditional view of active management was that delegated fund managers on average added no value to investors, and that the managers who did add value could have simply been lucky.“Does this imply that the fund should refrain from seeking active management itself and/or delegating assets to other active fund managers? Not in our opinion,” they said. “First, the fund is not an average investor. It has certain comparative advantages – and disadvantages – that suit it for different kinds of strategies.”Dahlquist and Ødegaard said the oil fund’s external mandates had outperformed their benchmarks by approximately 2% per year after costs, “contributing substantially to the fund’s total performance”.They emphasised the strong historical relative results NBIM had generated in listed equity, but the weakness of its performance record on fixed income.“The equity portfolio has outperformed its benchmark, whereas the performance of the fixed-income portfolio has been neutral or negative,” they said.Regarding the current tracking error limit set by the Finance Ministry, the academics said it might be “worthwhile to focus on using ranges in asset weights rather than the tracking error to better set risk limits”.They continued: “We also wonder whether it would be worthwhile to have an absolute return target, a benchmark outperformance target, and/or a tracking error target.”last_img read more

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New British Steel scheme ‘passes size and funding tests’

first_imgThe new British Steel Pension Scheme (BSPS) is on course to launch at the end of this month, according to an update from the trustee board.In a statement today the trustees said the minimum size criteria – one of the main conditions for its restructuring to proceed – had been “comfortably exceeded”.The scheme’s actuary has conducted an assessment of the proposed structure of the new BSPS and declared the funding level test had also been “comfortably met”, as of 31 January 2018.The trustees are now awaiting approval from the Pensions Regulator (TPR) and the Pension Protection Fund (PPF) for the restructure to go ahead. If successful, the new scheme will open on 28 March. Tata Steel plant in Workington, UK The restructuring relates to the “regulated apportionment arrangement” finalised last year by the BSPS trustees and the sponsoring employer, Tata Steel UK.This involved each of the scheme’s 122,000 members being given the choice of transferring to the new scheme, which provides lower indexation, or the PPF, which caps benefits for those who have yet to retire.Following an extensive communications exercise an estimated 83,000 members opted to move to the new scheme. Allan Johnston, chair of the new BSPS trustee board, said: “The minimum size and initial funding tests have now been met paving the way for the New British Steel Pension Scheme to go ahead on 28 March as planned.“This is very good news for the 83,000 members who wanted to receive their benefits from the new scheme and chose to switch to it. The trustee expects to write to members in early April to welcome them to their new pension scheme.”Last year the trustee board said those joining the new scheme were estimated to represent 80% of assets and liabilities, meaning the new scheme would be roughly £11bn (€12.4bn) in size and the PPF would take on approximately £3bn.last_img read more

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Danish pension fund must resolve lawsuit in Portugal, UK court rules

first_imgIn his reasoning, Lord Sumption, who led the Supreme Court’s five judges, cited article 3 of the EU Reorganisation Directive covering the reorganisation and winding-up of credit institutions.Lord Sumption said: “Its purpose is to ensure that all assets and liabilities of the institution, regardless of the country in which they are situated, are dealt with in a single process in the home member state. This can be achieved only by taking the process as a whole and applying its legal effects under the law of the home state in every other member state.”He concluded: “An English court must treat the Oak liability as never having been transferred to Novo Banco. Novo Banco was therefore never party to the jurisdiction clause.”While the investors’ action in the English courts has effectively now reached an end, the lawsuit in the Portuguese courts is still in progress. The UK Supreme Court has dismissed an appeal from institutional investors to pursue a claim against a failed Portuguese bank through the English courts.The court said the dispute should be resolved in Portugal.The investors – which include TDC Pension, the Danish telecommunications pension scheme, and the New Zealand Superannuation Fund (NZ Super) – have been attempting to reclaim a $785m (€670m) loan made to Banco Espírito Santo (BES) in July 2014 to finance a refinery project for a Venezuelan state oil company.BES collapsed in August 2014 and was bailed out by Banco de Portugal, the country’s central bank and designated national resolution authority. Credit: Cristina MaciaLisbon, PortugalStuart McNeill, a partner at law firm Pinsent Masons, which is representing Novo Banco in the case, said: “The Supreme Court’s judgment has ramifications for other cases across Europe, and highlights the obvious danger – indeed potential chaos – of different courts interpreting the same decision of a single resolution authority in different ways.”From Venezuelan oil to the UK Supreme CourtThe money at the centre of the case was lent to the Venezuelan company by Oak Finance Luxembourg, a special purpose vehicle set up by Goldman Sachs, which raised funds from investors by issuing fixed-rate notes.The loan was arranged under a facility agreement between Banco Espirito Santo and Oak Finance, using English law and under English jurisdiction. As part of BES’ bailout, assets and senior debt were transferred to Novo Banco, the designated ‘good bank’. This left other items in BES – dubbed the ‘bad bank’ – to be liquidated. The Oak Finance loan was purportedly transferred to NB.However, in December 2014, the Portuguese central bank announced it was reversing the transfer of the Oak Finance loan, since it regarded the original deal as a related-party transaction because Goldman Sachs had a small shareholding in BES.Related-party assets and liabilities have been kept within the ‘bad bank’, with little chance of repayment.The group of investors – led by NZ Super and including hedge fund managers Silver Point Capital and Bracebridge Capital – filed debt-recovery proceedings against Novo Banco in the English courts in February 2015.Goldman Sachs and the investors brought separate proceedings against Banco de Portugal in Portugal soon afterwards.Later in 2015, the High Court dismissed an attempt by Novo Banco to have the English case dismissed. This ruling was reversed by the Court of Appeal, and the reversal was upheld by the Supreme Court in a unanimous decision.last_img read more

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UK publishing company agrees £500m buy-in with L&G

first_imgHe said: “The ease of execution under the umbrella contract meant a win-win for the trustee, [which] was able to lock in attractive pricing relative to the very latest longevity trends, and L&G who got off to a strong start to 2019.”The deal follows another by the Yorkshire Building Society Pension Scheme, which purchased a £245m pensioner buy-in policy with Pension Insurance Corporation in early February.Last year was a bumper 12 months for pension risk transfer, with more than £20bn was de-risked. This volume smashed through the previous record of £13.2bn set in 2014.Adolfo Aponte, director at Lincoln Pensions, said the deal was indicative of a growing trend of “end game planning”, with pension funds seeking to protect liabilities as they unwind over 60 years or more – potentially without the support of a sponsoring company.Aponte said: “While the market is familiar with the use of insurance to reduce investment and liability volatility, it is also important to note that actions like this reduce the scheme’s exposure to the [employer] and vice versa. We expect more schemes and corporates to follow the likes of Pearson… and estimate that we could see as much as £30bn of similar transactions before the end of the year.”The pension fund had £3.3bn in assets and £2.8bn in liabilities at the end of 2017, according to its most recent data. In its preliminary company results, published this morning, it reported an £8m charge related to the cost of equalising guaranteed minimum pension payments. Educational publishing company Pearson has completed a second insurance buy-in with insurer Legal & General (L&G) for its UK pension scheme, taking its de-risked liabilities to around 50%.The £500m (€574.3m) deal, which secured around 2,200 members’ benefits, followed a similar transaction in 2017 for £600m and was carried out under the same terms, using a so-called “umbrella contract”. In the 2017 deal, Pearson also secured an additional £600m with Aviva.Chris DeMarco, managing director for UK pension risk transfer at L&G, said establishing this type of contract had enabled smooth execution of the follow up transaction over a short timeframe.Clive Wellsteed, partner at LCP and lead adviser to the Pearson trustee board, added that the transaction was completed around two weeks after receiving pricing.last_img read more

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People moves: Mercer appoints UK leader; Lærernes boss to retire [updated]

first_imgFrancesco Martorana, GeneraliGenerali – Francesco Martorana (right) has been appointed CEO of Generali Insurance Asset Management (GIAM), effective 1 April. He is currently GIAM’s head of investments, a role the company said he would keep for the time being.Martorana joined Generali in 2013 as head of group asset liability management and strategic asset allocation. He has previously worked in management positions for Allianz in Italy and Germany.He succeeds Santo Borsellino , who has led GIAM as CEO since 2013. Borsellino has become chairman of GIAM’s board and head of investments and asset management, corporate governance, implementation and institutional relations. BMO Global Asset Management – The $260bn (€231bn) investment house has hired Stewart Bennett as global head of alternatives, responsible for the group’s newly formed alternatives business that includes private equity, real estate and real estate securities.Bennett will join on 7 May from Ondra Partners , an independent investment bank, where he was head of its financial institutions group. He has also held a similar role for Dresdner Kleinwort.Notariaat – The €2.8bn Dutch pension fund for notaries and their staff has appointed Laetitia de Leede as a trustee, representing employees. She succeeds Toon Baakman , who was employer chair until January. His role was taken over by board member Adri Jansen. De Leede has more than 25 years’ experience in financial services.BNP Paribas – Geert Lippens has been named chief executive and country head for the Netherlands at BNP Paribas, responsible for all the company’s Dutch group entities. He succeeds Daniel Thielemans , who held the role since 2016. Lippens was previously head of leveraged platforms and energy.Buck – The UK consultancy has made four new hires to its team as it seeks to expand its offering. Peter Dean joins from technology provider Broadstone as a senior investment consultant for defined benefit and defined contribution clients. Jamie Patterson has also joined as a senior investment consultant and principal, having previously worked for PwC. He will have particular responsibilities for Buck’s work on fiduciary manager oversight.Jenny Richards joins from BBS as a senior consulting actuary. She has also worked on committees at the Institute and Faculty of Actuaries and the Association of Consulting Actuaries.Stuart Cameron has been appointed a senior benefit consultant. He was previously at XPS and will focus on provide benefits support to clients.Kirk Kapital – Bjarne Graven Larsen has been appointed as the new chairman of Kirk Kapital, the investment company for the Kirk Johansen families, who are descendants of Lego founder Ole Kirk Kristiansen.Graven Larsen, who recently set up his own asset management firm Qblue, will replace Casper Kirk Johansen in the role. Kirk Johansen will become deputy chair. Oscar Mosgaard , senior industry expert at investment firm Triton, has also been appointed to the board, while Jens Jørgen Madsen and Leif Hasager have stepped down.Graven Larsen was CIO at Ontario Teachers’ Pension Plan for two years, and was CIO at ATP between 1999 and 2010. Mosgaard, meanwhile, was managing partner at Danish investment firm FIH Partners until 2014.Aon – Marleen Lemmens is to start as chief transformation officer at Aon Netherlands. She has been tasked with improving efficiency in operational processes at Aon’s Dutch divisions, focusing on improving service provision through digitisation and innovation. Lemmens has more than 25 years of experience in operations, transformation and optimising processes in financial services.Local Pensions Partnership (LPP) – Joanne Darbyshire has been appointed as director of pension administration for the UK local authority pension collaboration. She has previously held several senior roles at Co-operative Group , and is currently a non-executive trustee and director at Leasehold Knowledge Partnership.LPP provides pension administration services to more than 590,000 members in 17 public sector pension schemes.Candriam – The €115bn asset manager has named Matthieu David as global head of financial institutions and partnerships. He will take on the role alongside his existing responsibilities as head of Candriam’s Italian branch.In the newly created role, David is responsible for global distribution for financial institutions, including banks and insurers. In Italy, he has helped Candriam’s assets under management grow by more than 200% to €7bn.David joined Candriam in 2015, and was previously head of external distribution in Italy for BNP Paribas Investment Partners. He has also worked at Fortis, Edmond de Rothschild and AXA.State Street Corporation – Francisco Aristeguieta is State Street’s new CEO for its international business, the financial services giant announced this week. Aristeguieta will join in July from Citigroup , where he was most recently CEO of its Asia business.He also led Citigroup’s Latin American business, and has worked as vice chairman of Banco de Chile. Aristeguieta will be responsible for State Street’s business activities outside the US, the company said, including strategy, client engagement, talent development, and growth opportunities.PTL – Dawn Harris has joined UK independent trustee company PTL as chief operating officer, a newly created role. She joins from Oury Clark , an accountancy and solicitors company, where she was director of finance.Richard Butcher, managing director at PTL, said Harris’ appointment reflected the company’s “extremely ambitious” growth plans. Jupiter/Columbia Threadneedle – European equities manager Mark Heslop has left Columbia Threadneedle Investments to join UK listed asset manager Jupiter . Subject to regulatory approval, Heslop will join in September. Jupiter plans to launch a European small cap equities fund, which Heslop will manage.At Columbia Threadneedle, Heslop ran a £2.7bn (€3.1bn) European small cap strategy as well as working on the company’s global small cap products.Columbia Threadneedle has promoted two investment staff in response to Heslop’s departure. Equity analyst Mine Tezgul is to become deputy manager of the Europe ex-UK Small Cap portfolios, supporting head of European equities Philip Dicken, while Scott Woods has been named manager of the Luxembourg-domiciled Threadneedle Global Smaller Companies fund. He was previously deputy portfolio manager.Association for Financial Markets in Europe (AFME) – Founding CEO Simon Lewis will step down from his role at the end of his contract in October. He joined the European banking lobby group in 2010, and has overseen its growth to more than 80 people in three offices.During his period as CEO he led the association’s engagement with the European Commission on issues including the capital markets union, banking union, and the implementation of MiFID II, as well as AFME’s work on Brexit.The AFME board has begun its search for a successor “to ensure there will be time for a smooth handover”.Van Lanschot Kempen – The supervisory board (RvC) of Van Lanschot Kempen has nominated RvC chair Willy Duron for reappointment for a two-year period. It said it hadn’t been able to find a suitable new candidate during an 18-month search.Achmea – Achmea has appointed Roelof Joosten as a member of its supervisory board for a four-year term. He is to succeed Antoon Vermeer , who has completed his maximum term. Joosten was chief executive of dairy firm FrieslandCampina from June 2015 to January 2018, after joining the firm’s executive board in 2012.This article was updated on 29 April to amend Buck’s company name. Mercer – The consultancy giant has hired Sylvia Pozezanac (pictured) as its UK CEO. She joins next month, subject to regulatory approval, and will replace Fiona Dunsire , who is set to become Mercer’s global wealth leader.Pozezanac was previously senior managing director for Prudential Financial ’s client management unit, based in New York. Before her six-year spell with Prudential she had a 26-year career with Willis Towers Watson in a number of senior leadership roles in retirement and insurance. She also oversaw elements of the merger between Watson Wyatt and Towers Perrin in 2010. In her new role, Pozezanac will be responsible for integrating the Mercer and Jardine Lloyd Thompson (JLT) teams, after Mercer’s parent Marsh & McLennan completed its purchase of JLT earlier this month.Martine Ferland, president and CEO of Mercer, said Pozezanac was “the ideal person to lead our business in the UK”. Ferland also thanked Dunsire for her work leading the UK business since 2013, highlighting her “tireless work to improve opportunities for women and minorities across the industry”.Lærernes Pension – Paul Brüniche-Olsen has set the date for his retirement from his role as chief executive of Lærernes Pension. He will step down on 1 October, the Danish pension fund fund announced, having headed up the fund for teachers since 1995, and for most of its 26-year history.center_img Mercer, Lærernes Pension, Generali, BMO, Notariaat, BNP Paribas, Buck, Kirk Kapital, Aon, LPP, Candriam, State Street, PTL, Jupiter, Columbia Threadneedle, AFME, Van Lanschot Kempen, Achmealast_img read more

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