EFC puts pressure on Italian EU presidency to move on foundation statute

first_imgThe European Foundation Centre (EFC) has written an open letter to the Italian EU presidency and EU governments urging the presidency to achieve results towards the enactment of a European Foundation Statute (EFS), which the EFC has advocated for several years.The letter, also signed by the Donors and Foundations Network in Europe (DAFNE), says: “We are likely at a turning point in the negotiations on the EFS, given the progress made on this file over the past six months during the Greek EU presidency.“To achieve decisive progress, however, five key questions will now need clear answers.”The EFS proposal, currently going through the EU legislative process, establishes a constitution for a pan-European foundation (FE) operating across borders, removing the requirement for foundations operating in different jurisdictions to set up separate legal entities in each country. It is supported by the industry because it would provide a single set of rules for European foundations, helping to reduce the costs and uncertainty involved in cross-border activities.It could also stimulate cross-border donations, and provide a level of transparency and accountability to individual foundations set up under its framework. 

It would not, however, replace existing national laws, but would be optional and complementary.The European foundation sector disburses €100bn annually and employs 1m people, with more than double that number working as volunteers.The final step in the process to create a regulation will be a vote by all 28 EU member states, which must be unanimously in favour for the proposal to become law.The EFS proposal has gone through a long process of refinement to maximise the chances of success at the final hurdle.The current text is the seventh version since the European Commission unveiled the original proposal in February 2012.In particular, the proposal’s tax provisions were removed after proving a major obstacle to progress.Emmanuelle Faure, European affairs senior officer at the EFC, said: “We take stock of developments and progress at the beginning of each EU presidency, as they lead the negotiations on the file.“There’s been a lot of work and engagement from the Greek EU presidency in the first half of 2014. Building on the good dynamic and concrete outcome of negotiations, the Italian EU presidency can now lead the discussion to a fruitful conclusion.”The questions the letter says must be answered include the issue of whether the EU should still require a unanimous vote of member states to pass the EFS, and whether the perceived slow uptake of previous EU company laws precludes adopting a European statute for foundations pursuing general interest purposes.A further question is whether austerity measures at the national level are a major stumbling block to a new law seen more as an administrative cost than a return on investment to society.The letter says: “This would be all the more astonishing in particular in those countries that have a highly developed charity sector, and where large sections of community services are co-run by foundations.”A question as to whether it matters that a European foundation has a starting capital of €25,000 or €50,000, when its aim is to benefit the public at large, refers to the minimum level of assets an FE must have and maintain throughout its life-span, which has become a critical issue.The final question challenges the situation that, while there is unanimous agreement within the EU for more transparency via compulsory information storage for all types of entity, registration for future European foundations is still an issue in some countries.The letter ends: “Both the EFC and DAFNE are urging member states to adopt the proposal in due course.“A solution is every bit as possible as it is necessary. It takes the shape of a simple tool that is not only about better regulation but first and foremost about being responsive to citizens and society’s needs.”last_img read more

Norway’s oil fund to sell all remaining coal stocks

first_imgThe Norwegian sovereign wealth fund has been ordered to  divest all coal stocks, in a move that will prompt up to NOK50bn (€6bn) of equity sales.A vote in the Norwegian parliament yesterday ended with agreement backed by all parties that the NOK6.9trn (€812bn) Government Pension Fund Global (GPFG) should sell off its holdings in companies which have 30% or more of their activities in the coal business.Labour party MP Torstein Tvedt Solberg, who is a member of the parliamentary Finance Committee, said: “The decision made in parliament is a clear mandate for the fund to divest its coal mining and coal utility investments.”The agreement in parliament was followed up today by a corresponding vote by the Finance Committee, he said. Tvedt Solberg said it had been estimated that investments affected included between 70 and 80 companies with a share value of NOK40bn to NOK50bn.“The vote in parliament sends a clear message, but the government will have to operationalise it and make a set of criteria to enforce the vote,” he said.The GPFG would have until January 1st, 2016 to implement the divestment, he said, but added he believed that the fund had started the job today.However, a full set of criteria for the divestment would have to be worked on, he said.Earlier this month, the sovereign wealth fund said it had almost halved its exposure to thermal coal since the start of 2015, and now only had shares in firms where mining was one of several business areas.It said it had divested seven coal mining companies.Norwegian NGOs Greenpeace Norway and The Future in Our Hands, along with Germany’s Urgewald, welcomed the decision and said the GPFG was one of the top ten investors in the global coal industry.Arild Hermstad of The Future in our Hands said coal was bad for all aspects of the environment and the primary threat to the climate.“Such investments are not in line with the values of Norwegian society, and the unanimous vote of the Finance Committee means that this is now recognised across all party lines,” he said.The NGOs said the decision meant the pension fund would now shed investments in companies such Germany’s RWE, China’s Shenhua, Duke Energy in the US, AGL Energy in Australia, Reliance Power in India, Japan’s Electric Power Development Corporation as well as Semirara Mining from the Philippines and Poland’s PGE.In a report published earlier this month, the three NGOs said that although the GPFG had divested from 51 coal companies in 2014, the total sum of its coal industry holdings had grown by over NOK3bn since 2013, and was now NOK85.8bn.This analysis showed the shortcomings of reports focusing only on divestment actions that did not say where funds had been reinvested, the report said.“They serve to create the illusion that the pension fund’s coal portfolio has shrunken, while resources have, in fact, only been shifted from one coal company to the next,” it said.last_img read more

Dutch managers join forces to measure impact of investments on climate

first_imgHe estimated it would take at least one year to develop a uniform measuring method that would enable the platform to set out its climate objectives.The PCAF said it would base its standard on the protocol of the World Resources Institute (WRI) and the World Business Council on Sustainable Development (WBCSD), the global standard for measuring greenhouse gas emissions. Meanwhile, in other news, MN, the asset manager for PMT and PME, has joined the Portfolio Decarbonization Coalition (PDC), a joint initiative by the UN Environment Programme Finance Initiative (UNEP FI), Sweden’s AP4 and Amundi. MN said it joined the PDC due to the potential for co-operation through its international network, as well as the transparency of its participants on their targets and results.Karlijn van Lierop, head of sustainable investments at MN, said: “Since this year, we have gained insight into the carbon footprint of our equity portfolios, so we know the companies responsible for the largest emissions.“We will encourage the largest ‘polluters’ to switch to sustainable technology and start using clean energy.”PMT and PME added that, in light of the “carbon-intensive” aspect of the metal industry, embracing new energy technology and sustainability could make a “real difference”.The PDC, which initially set itself a target of decarbonising $100bn (€94.3bn) of assets, recently announced it was on track for $230bn after attracting 23 signatories managing $2.2trn.The PDC’s asset-owner signatories include the UK’s Environment Agency Pension Fund, KLP of Norway, the Church of Sweden’s pension scheme and France’s ERAFP and Fonds de réserves pour les retraites. Eleven Dutch banks and asset managers including APG, PGGM and MN have established a platform to develop a standard to measure the impact of their investments on the climate.Participants in the Carbon Accounting Platform for Financial Institutions (PCAF), which also includes PMT and PME, said reaching an agreement on how best to reduce their carbon footprint would be the first step in their efforts to tackle climate change.They also called on negotiators at the UN Climate Change Conference in Paris to consider institutional investors’ potential role in achieving climate targets.Piet Sprengers, head of sustainable policy at ASN, which came up with the idea for the PCAF, has been appointed chairman of the platform.last_img read more

Japan’s Pension Fund Association awards Hermes stewardship mandate

first_imgThe appointment comes after Japan’s first corporate governance code came into effect last June. The country’s stewardship code, the Principles for Responsible Institutional Investors, was introduced in 2014.Hermes EOS was involved in the development and promotion of the two codes and, together with Hermes Investment Management, was one of the first signatories to the Stewardship Code.Daisuke Hamaguchi, CIO at the PFA, said: “We are pleased to have appointed Hermes EOS to aid us in the implementation of the requirements of the Stewardship and Corporate Governance Codes.“At a high level, our focus is to improve the transparency and efficiency of Japan’s capital markets to attract more investors, not only from within Japan but also from overseas. It is about time the industry started acting as good stewards.”The appointment follows that of Masaru Arai, who joined Hermes EOS in early February as senior engagement consultant. He is based in Japan, where he will focus on engagement in the country on behalf of Hermes EOS and its clients. Masaru is chair of the Japan Sustainable Investment Forum and was previously CIO at Daiwa Asset Management, where he worked for 19 years.Hans-Christoph Hirt, co-head of Hermes EOS, said: “We are honoured to have been selected by one of Japan’s largest pension funds to provide our stewardship services and look forward to working with Japanese companies on PFA’s behalf.“This comes at a crucial time for stewardship and corporate governance in Japan, and we are delighted to be a part of these important developments.”As at the end of fiscal year 2014, the PFA had a 17.2% allocation to domestic equities, according to its website. Its biggest allocation was in domestic bonds (42%), followed by foreign equities (28.5%), with foreign bonds representing a 12.8% share of the asset allocation for what is referred to as the ‘basic pension’.The UK has had a stewardship code since 2010, which inspired Denmark to draft its own. The International Corporate Governance Network (ICGN), meanwhile, is working on a global stewardship code that builds on that in Japan and the UK.Hemes EOS declined to comment on the tender process. Japan’s JPY12.7trn (€101bn) Pension Fund Association (PFA) has appointed Hermes EOS to deliver and implement the investor’s stewardship activities in relation to the country’s stewardship and corporate governance codes.The PFA manages assets on behalf of those individuals who withdrew from corporate pension plans after a short period – usually less than 10 years – and provides pension benefits to them.The PFA is Hermes EOS’s first Japanese client.Neither the value nor duration of the appointment was disclosed.last_img read more

People moves: Ex-Vervoer CIO joins Shell’s in-house manager

first_imgSeth Bernstein has been named president and CEO, joining from JP Morgan Asset Management, where he was global head of managed solutions and strategy. He has worked at JP Morgan Chase for 32 years in various senior roles. Robert Zoellick, former president of the World Bank, has been named chair of AllianceBernstein’s (AB) board of directors. Zoellick was most recently vice chairman of Goldman Sachs, and has held several influential roles in the US government in the Ronald Reagan, George H W Bush, and George W Bush administrations. He also sits on the board of the Singapore sovereign wealth fund Temasek.The group also appointed four new directors to a “newly reconstituted” board: Barbara Fallon-Walsh, Daniel Kaye, Ramon de Oliveira, and Anders Malmstrom. The first three are directors of AXA Financial, while Malmstrom is chief financial officer. They join the AB board alongside Zoellick and Bernstein, as well as existing board members Denis Duverne – who also chairs AXA’s board – and Mark Pearson, AXA Financial’s CEO.PKH – Jens Kristian Bøe has been appointed as CIO at PKH the Norwegian pension fund for health enterprises in the Oslo metropolitan area. He will take over some areas of responsibility Mariann Bendriss had in her role as CFO of the pension fund, before she became its chief executive on 1 March. Bøe comes to PKH from his job as portfolio manager at Oslo Pensjonsforsikring (OPF) where he was worked since 2007. Before that, Bøe worked at other organisations in the sector, including several roles at Nordea Asset Management. He will take up the job at PKH on 21 August.Mercer – Nick Sykes, director of European consulting at Mercer, is to retire next month after 20 years at the consultancy giant. He joined in 1997 and has also chaired the company’s UK and international research committees.Meanwhile, Tim Burggraaf has also left Mercer to take up the new position of client partner at US recruiting firm Korn Ferry Hay Group as of 1 May. Based in Amsterdam, he will focus on recruiting management staff for the pensions sector. Burggraaf held several positions at Mercer since joining in 2001. He has been head of innovation, growth and sales, as well as defined contribution leader in the Netherlands. His most recent position was head of solutions, products and innovation for Benelux. Prior the his career at Mercer, Burggraaf was an adviser at Aon.Alecta — Camilla Wirth has been appointed as the new chief financial officer (CFO) at Alecta and will take up the role at the beginning of August. She will replace Katarina Thorslund who has decided to focus on her role as head of the company’s clients division, Alecta said. Wirth comes to the Swedish firm from Nordax Bank, where she was CFO since 2012. Before that, she worked as CFO at Aberdeen Asset Management and as an auditor at KPMG.Folketrygdfondet – Siri Teigum has been appointed by the Norwegian Finance Ministry as the new chair of the board at Folketrygdfondet, which manages the Government Pension Fund Norway (GPFN). She will take over from Erik Keiserud, who has been chair of the board for more than ten years, on 16 May. Teigum is a partner at the law firm Thommessen as well as the deputy chair of Sporveien and a director of Gyldendal.In addition, business leaders Liselott Kilaas and Bjørn Østbø have been named as new members of the board, while Marianne Hansen, vice president at Sparebank 1 Nord-Norge, and Renate Larsen, managing director of the Norwegian Seafood Council, have been re-appointed as board members. Anne Kvam, sustainability risk management advisor with DNV, has been appointed as deputy board member. All the new appointments take effect from 16 May this year and will last four years.ABP – Patrick Fey has been named as the worker representative on the board of the €389bn Dutch civil service scheme ABP, and will take a seat in ABP’s select committees for pension policy and audit. Fey is chairman of the CNV unions for government and public services since 2015. At ABP, he has succeeded Willem-Jelle Berg, who has completed two four-year terms on the ABP board. Until last April, Fey was a trustee of the €187bn healthcare scheme PFZW, where he was a member of the investment committee.State Street Global Advisors – State Street’s asset management arm has hired Noel Archard as head of global SPDR product, a newly created role within its exchange-traded fund business. SSGA has also appointed Seth Morrison as head of global SPDR marketing, also a newly created role. Archard will oversee product strategy, innovation, range, and “lifecycle management” for SPDR. He joins from BlackRock, where he led the asset management giant’s operations in Canada. Morrison joins from Vanguard where he was head of business development for the passive manager’s high net worth client business.Neuberger Berman – The asset management firm has hired Jonathan Bailey as head of environmental, social, and governance (ESG) investing. He joins from Focusing Capital on the Long Term (FCLT Global), an ESG think tank. He has previously worked on sustainability and governance projects under Al Gore, the former US vice president, and former UK prime minister Tony Blair. In his new role, Bailey will work with Neuberger’s investment teams and research departments to help integrate ESG into the firm’s processes. He will also chair the firm’s ESG Investment Advisory Committee.CEPS/ECMI – The Centre for European Policy Studies (CEPS) and European Capital Markets Institute (ECMI), which CEPS manages, are seeking policymakers, industry representatives and academics to join a task force on the challenges and opportunities facing asset allocation in Europe. The purpose of the group “is to contribute to the public debate about the need to facilitate European households’ access to savings products with stable returns over time, and to promote long-term investment across the EU through more capital markets-based financial intermediation”. The task force chairman is Jean-Pierre Pinatton, chairman of the supervisory board at Oddo BHF Group. Cosmina Amariei and Apostolos Thomodakis, researchers at ECMI, are rapporteurs alongside Karel Lannoo, CEO of CEPS and general manager at ECMI.Hymans Robertson – The UK consultancy firm has appointed five staff as partners in the business, and three to “equity members”. Amanda Switzer (people leader for the firm’s Glasgow actuarial and benefits practice), David Walker (head of LGPS investments), Emma Cameron, Laura McLaren, and Tracy Weller (third party administration leader) are the new partners. Calum Cooper (head of trustee consulting), Jon Hatchett (head of corporate consulting), and Shireen Anisuddin (head of clients) are the equity members. Shell, Northern Trust, PPF, Doughty Hanson, AllianceBernstein, AXA, Mercer, Korn Ferry, Alecta, Nordax, Government Pension Fund Norway, ABP, SSGA, BlackRock, Vanguard, Neuberger Berman, Centre for European Policy Studies, Hymans RobertsonShell Asset Management – Patrick Groenendijk has started as head of strategy of Shell Asset Management, the Rijswijk-based asset manager for Shell’s pension funds, including those in the Netherlands and the UK. Groenendijk joins from Northern Trust, where he has been head of worldwide equity strategy at the financial giant’s asset management arm. Between 2005 and 2014, Groenendijk was chief investment officer at Vervoer, the €20bn sector scheme for private road transport.Pension Protection Fund – The UK’s defined benefit lifeboat scheme has hired Tim Robson as head of alternatives. He joins from Doughty Hanson, a London-based private equity firm. Barry Kenneth, CIO at the Pension Protection Fund, said Robson’s experience in private equity and private debt would help the fund “evolve and expand the alternatives portfolio”. The £23.4bn fund had roughly 20% allocated to alternatives at the end of March 2016, according to its latest annual report.AllianceBernstein – The $498bn asset manager has ousted its CEO and board chairman Peter Kraus as part of an overhaul of its board of directors which has seen parent company AXA take more direct control. Six of the eight members of the new-look board are AXA employees.last_img read more

Merseyside pension fund seeking fund-of-hedge-funds manager

first_imgThe UK’s Merseyside Pension Fund is carrying out a search for a fund-of-hedge-funds manager using IPE Quest.The £8.2bn (€9.5bn) local government pension scheme is looking to create a longlist of managers, after which it will send a more detailed questionnaire to candidates.According to IPE Quest search IN-2366, Merseyside wants a manager that has previously worked with a UK pension fund with at least £10bn of assets under management (AUM).The manager should have AUM of at least £1.5bn and experience of providing investment services for a local authority pension fund. Merseyside wants a manager whose flagship commingled fund has posted annualised net returns of at least 5.6% since inception to the end of the second quarter of 2017.It should have an annualised standard deviation of no more than 5.04%, with a track record of at least five years.The successful manager must be willing, experienced and able to perform ongoing operational due diligence on Merseyside’s direct hedge fund investments, of which it has around half a dozen.As at 31 March, the pension fund had £53m in UK managed hedge funds and £219m in overseas managed hedge funds. The investments are managed internally.Interested managers should apply online via IPE Quest by 31 October.Applicants should disclose the average saving versus the charges of the underlying hedge funds for its flagship commingled fund, assuming an 8% annualised gross return.Merseyside is partnering with West Yorkshire and Greater Manchester pension funds to form the collaboration known as the Northern Pool, which will have around £35bn of assets. In a submission to the government last year, the participating pension funds had said they would opt for co-investments and single strategy funds instead of funds-of-funds for private equity and hedge fund investments.The IPE news team is unable to answer any further questions about IPE Quest, Discovery, or Innovation tender notices to protect the interests of clients conducting the search. To obtain information directly from IPE Quest, please contact Jayna Vishram on +44 (0) 20 3465 9330 or email jayna.vishram@ipe-quest.com.last_img read more

AP4 calls on government to open door to unlisted direct investments

first_imgThe fourth of Sweden’s state pension buffer funds has called on the country’s government to allow the funds to add unlisted direct investments to their portfolios.In July, the Swedish Finance Ministry proposed to amend the mandate for the AP funds. In a lengthy response to the consultation, AP4 said it welcomed the increased flexibility the new rules would give it to allocate between asset classes, but said allocation options should be accompanied by additional opportunities for unlisted direct investments.Niklas Ekvall, chief executive of AP4, said: “AP4 believes it is important that the increased allocation capabilities be supplemented with opportunities for direct investment in unlisted companies and credit.“The memo does not include this, which is unfortunate as it would allow more long-term and cost-effective investment rather than just investing indirectly in funds.” Including direct unlisted investments was also in line with prevailing market trends and practices, he said.Ekvall cited examples such as co-investments in unlisted companies alongside venture capital funds, major institutional owners or other investment consortia, and infrastructure companies. The latter should be possible in the same way as the AP funds currently invest in real estate companies, he said.These two asset types were very similar and adding infrastructure would give exposure to an attractive and socially-beneficial investment area in a cost-effective manner, Ekvall added.The CEO cited private credit as an emerging and socially important area of investment since the 2008 financial crisis.He also highlighted sustainability-orientated investment opportunities and initiatives, which were likely to increase in importance in the future. “Most of these are unlisted and therefore not investable according to the memo,” Ekvall said.AP4’s sister fund, AP6, was set up in 1996 to invest solely in private equity. Sweden’s government had proposed merging AP6 with AP2, but this idea – part of a wider restructuring proposal for the AP fund system – was rejected in 2015.Regarding the most recent investment guidelines proposals, the Finance Ministry’s draft of the amended mandate puts in place a new 40% ceiling on illiquid investments, replacing the current 5% cap on unlisted instruments.The 40% ceiling is to include real estate, an asset class that is not restricted under the current rules.Among other proposed changes to the mandate is a reduction in the minimum allocation to interest-bearing securities with low credit and liquidity risk to 20%, from 30%.last_img read more

AP7: Proposed reforms could mean lower pensions

first_imgIn it, he laid out options for reforming the PPM, which is the funded part of the first pillar state pension that allows individuals to choose their own investment provider.Addressing the Pensions Group in AP7’s response, Källstrand said the fund agreed with parts of Lundbergh’s study, welcoming the proposal dealing with a system that was adapted to the needs of the individual.He also welcomed the idea of having a clear principal in charge of the funds market.“However, Lundbergh also proposes that the prescription be converted into an insurance-inspired solution with characteristics similar to a traditional pension insurance,” Källstrand said, which would not be in the best interests of savers. Sweden’s Seventh AP Fund has rejected a proposal by pensions expert Stefan Lundbergh to reduce investment risk in the country’s premium pension system (PPM), saying it will lead to lower pensions.Bo Källstrand, chairman of AP7’s supervisory board, said in the pension fund’s official response to the proposal: “In AP7’s opinion, the proposal reduces the likelihood that more pension savers will get a better premium pension outcome and leads to a worse risk diversification in the overall public pension.”AP7 is the national pension fund responsible for the default option in the PPM. Lundbergh, director at Cardano, presented his report to the Swedish government’s cross-party Pension Group at the end of August. Stefan LundberghThe chairman said the proposal could lead to more people being invested in long-term interest-bearing assets with low growth potential and non-existent diversification in relation to the income pension – the portion of Sweden’s state pension that runs alongside the premium pension.Källstrand argued that even though insurance solutions based on a high percentage of long-term interest-bearing assets had given similar returns to equities over the last 20 years, this was because long-term interest rates had fallen over a long period of years.“A doubling of the interest rate from the current level would mean that the return on such a product would remain negative for a very long time,” he said.last_img read more

People moves: Sampension creates new actuarial role; New supervisory board chair at APG

first_imgThe People moves for 9 April 2020 can be found here.Sampension, APG, Aegon, DUFAS, LOIM, Capital Cranfield, Schroders, PGB, BMO, SPP, Vasakronan; BaringsSampension — Danish labour-market pension fund Sampension has appointed Anne Louise Baltzer Engelund as its new product director and member of its management group. The fund said she will now head up its actuarial, customer law and IT development departments in what is a newly-created role.Baltzer Engelund is replacing former mathematical director Flemming Windfeld, who Sampension said is stepping down from the role to look for new challenges, but remaining available to the pension fund for a period. Baltzer Engelund has worked for Sampension since 2007 as head of its actuarial department, which includes product development. Prior to this, she was an actuary at Denmark’s largest commercial pension provider PFA since 2001, having begun her career at Pension Denmark in 1999. She will start work in her new role on 1 February. APG – Pieter Jongstra has been elected as new chair of the supervisory board (RvC) of Dutch APG Group. He succeeds Jaap van Manen, who resigned on 1 January. Since then, Jongstra had been acting chair. APG manages €534bn of pension assets for several pension funds, including the €459bn civil service scheme ABP.Jongstra has been a member of APG’s RvC since February 2015. For most of his professional career he has worked at EY. Between 2015 and 2018, he chaired the Dutch professional organisation of accountants (NBA). APG’s RvC also comprises Dick van Well (vice chair), Roger van Boxtel, Maes van Lanschot, Edith Snoeij and Claudia Zuiderwijk.Aegon – Boaz Magid has been appointed chief financial officer at Aegon Netherlands as of 1 April. He is to succeed Rutger Zomer, who has decided to leave the company after 12 years. Magid is currently chief investment officer at Aegon.Anke Schlichting, chief technology officer, is to join the executive board and will also take on the role of chief transformation officer. According to Maarten Edixhoven, Aegon’s chief executive officer, she had gained ample experience in complicated technolgical and transformational issues at Accenture, APG and Aegon.Aegon has also appointed company secretary Annie-Marie Roth as the successor of Maarten van Luijn as director of legal matters. Clim Parre is to succeed Rob Spuijbroek as chief people officer, while Spuibroek is to become Aegon’s global head executive staffing. Aegon has also named Wim Hekstra as chief operating officer for Aegon Netherlands.The company said the appointments were part of succession planning and talent development. It added that Maarten Edixhoven and Willem Horstman would remain in their positions of CEO and chief risk officer, respectively.DUFAS – Dick van Ommeren has been appointed as chair of the Dutch Fund and Asset Management Association (DUFAS) as of 1 February. He is managing director of Triodos Investment Management. Van Ommeren will succeed Roelie van Wijk, following her departure as global head of responsible business and public affairs at Aegon AM. Prior to this, Van Wijk was CEO of Aegon subsidiary TKP Investments.Van Wijk, who chaired DUFAS for two years, is to focus on non-executive board positions, advice and supervisory roles. The association also named Bas NieuweWeme, CEO at Aegon AM, as trustee.Lombard Odier Investment Managers (LOIM) – The Geneva-headquartered asset manager has hired four sustainability experts to work in its sustainable investment research, strategy and stewardship team.Kristina Church has joined LOIM as senior investment strategist for sustainable investment from Barclays Capital, where she was global head of future mobility thematic research. In her role at LOIM, Church will focus on research and investment strategy for sustainability across all asset classes and will produce a regular outlook for clients.Thomas Höhne-Sparborth has left Roskill Consulting Group, where he was director of economics and analytics to join LOIM as senior sustainability analyst. At LOIM, he will focus on the financial and macroeconomic analysis of sustainability challenges and their implications for business models and risk-return dynamics across all industries and geographies.Ruairidh Cumming has joined as quantitative analyst from Cabot Financial, where he was responsible for developing bespoke pricing models using machine learning tools to inform analysis and build advanced predictive models. Laura García Vélez, an environmental engineer, has also joined as a quantitative analyst. She was previously at the World Wildlife Fund, where she used innovative data science approaches to identify potential emerging human threats in the protected areas network, and to provide advice for the planning and monitoring of different climate change and environmental initiatives.Capital Cranfield – The trustee services provider has added Jon Millidge, Paul Watson and Richard Hubbard to its team of professional trustees, saying this was in response to continued high demand for its services. Millidge has had responsibility for group pension policy and held a number of senior roles, including group human resources director. Capital Cranfield said he was “a leading light in the campaign for legislation for CDC pensions”.Watson is a qualified actuary with 20 years of investment consulting experience and joins Capital Cranfield after nine years as a partner at Mercer. Hubbard joins from BP, where he held senior corporate finance and investment roles. He chairs the pension committee of the Church of England Pension Board responsible for three schemes, and he also has trustee experience with BP’s cross-border scheme.Schroders – The UK listed asset manager has made a series of appointments for its buy and hold credit investment desk. Daire O’Sullivan, Mervin Coutinho and Marco Conti have been appointed as portfolio managers. O’Sullivan was most recently head of liability-driven credit at Aviva Investors, where Coutinho also worked. Conti joins from DWS.Teodor Stefanov has joined the buy and maintain credit team as a solutions manager, having most recently worked at Axa Investment Managers.PGB – Jochem Dijckmeester has been appointed as new chair of the €29.5bn Dutch multi-sector pension fund PGB as of 1 February. He is to succeed Ruud Degenhardt, who will stay on as vice chair until the end of the year. Dijckmeester has been trustee for strategic communication at PGB since 2016, and was named vice chair last year. He will focus on the scheme’s future and its relationship with its stakeholders. Dijckmeester has been trustee at the €8.7bn Pensioenfonds UWV.This year, the PGB board has to fill in several vacancies, including the vacancy of Freek Busweiler, who died last year. In addition, Bert Coenradie and Frans de Haan will step down this year. PGB said Degenhardt will focus on guiding the changes on its board.BMO Global Asset Management – Nora O’Mahony has been appointed head of product for the EMEA region. The appointment follows BMO GAM’s decision to regionalise its product structure, strengthening its focus on product development in EMEA and North America. O’Mahony has worked for Fidante Partners, Citi and GAM, where she was head of global product and fund Development.SPP — Johanna Lundgren Gestlöf has been hired by SPP, the Swedish subsidiary of Norwegian financial group Storebrand, as its new sustainability manager. She is joining the firm from her previous job as senior consultant at Nordic management consultancy Qvartz, where she has worked since 2016. SPP said Gestlöf has a background in politics and in disruptive business and strategy development.Vasakronan — Christian Fredrixon  has been appointed by Sweden’s largest real estate company Vasakronan as its new head of real estate investments. The firm, which is owned jointly by national pension buffer funds AP1, AP2, AP3  and AP4, said he is replacing Johanna Skogesti, who moved up to become its CEO last autumn. Fredrixon joins Vasakronan from Swedish property firm ICA Real Estate where he was head of strategy and investment – a position he has held since 2013. Before that, he was a partner at Munich-based Catella Real Estate. Vasakronan said Fredrixon will become part of its management team, starting work in the new role on 4 May.Separately, Vasakronan announced that its current head of property development in Stockholm, Anna Nyberg, would now take charge of the overall coordination and completion of the firm’s largest project Sergelhuset. Meanwhile, Jan-Erik Hellman – now regional manager in Uppsala – would take over Nyberg’s role and also take responsibility for the coordination of the company’s project operations in all locations, Vasakronan said.Barings — MassMutual financial services subsidiary Barings has appointed Thorsten Slytå  as regional head of real estate for Scandinavia and Robbert-Jan van Baal for as head of real estate acquisition for Benelux. Slytå joins from his most recent position as director of the Nordic region at the real estate fund management arm of M&G Investments, M&G Real Estate. Slytå works out of Stockholm.Van Baal, who is based in the Netherlands, joins Barings from AXA Investment Managers where he was head of asset management for the Netherlands. Barings said both men would now report to its head of European transactions Gunther Deutsch.last_img read more

PenSam adopts MSCI Climate Index for €4.8bn equities portfolio

first_imgDanish labour market pension fund PenSam said it has switched weightings in its passively-managed listed global equities portfolio to take account of climate factors, by adopting the MSCI All Country World Index (ACWI) Climate index for the whole €4.8bn allocation.Torsten Fels, PenSam’s chief executive officer, said: “The MSCI Climate Change Indexes consider both the opportunities and risks associated with the transition to a low carbon economy, enabling PenSam to integrate climate risk considerations in the global equity portfolio.”Announcing the move, index provider MSCI said its climate change Indices re-weighted securities based on MSCI’s low carbon transition score, which kept track of a company’s exposure to low carbon transition risk, carbon emissions and fossil fuel reserves as well as its exposure to opportunities including alternative energy and clean technology.A spokeswoman for the €20bn Danish pension fund confirmed to IPE that it had adopted the index for both listed Danish and foreign equities, adding that the fund had only a minor exposure to Danish equities. PenSam previously used the MSCI ACWI, she said.Alvise Munari, global head of client coverage at MSCI, said: “It is critical that the investment industry leads the transition to a low carbon economy, before climate change becomes a major threat to financial stability.”MSCI was trying to aid this transition, he said, by developing tools that analysed “next-generation data” to support clients’ integration of sustainability into their investment processes.The ACWI Climate Change Index is based on the MSCI ACWI, including large and mid-cap securities across 23 developed and 26 emerging market countries, said MSCI.Last June, French utility company EDF announced that it was adopting the index for its €28.1bn nuclear plant decommissioning fund, and was planning to switch some of its passive investments into indexed funds using the new MSCI indices.last_img read more