March 2020

31Mar

Swedish pension giant splits investment efforts and names new leaders

Swedish pension giant AP7 has restructured its investment team to split it into three new units, the Stockholm-based group has announced. A spokesperson for the institutional investor, which has $50bn (SEK 525bn) in assets under management, confirmed to Citywire Selector that its investment capabilities are now split as follows: risk management and asset allocation; alternative investments; and, fixed income and forex segments. According to AP7’s chief investment officer, Ingrid Albinsson, the split was implemented to strengthen the capabilities of...

March 31, 2020
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30Mar

South Africa. Use pension funds for coronavirus relief efforts – unions

South Africa’s biggest labor-union federation and a key political ally of president Cyril Ramaphosa is pushing the government to tap state institutions for a stimulus plan to combat the fallout from the coronavirus outbreak. The Congress of South African Trade Unions, which represents about 1.8 million workers ranging from miners to teachers, wants state companies such as the Public Investment Corp, which oversees government pensions, to provide relief to hard-hit industries including hospitality, manufacturing and mining. It’s also seeking...

March 30, 2020
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26Mar

Masataka Miyazono to Head up Japan’s Government Pension Investment Fund

The Japanese government named Masataka Miyazono, as the new President of Japan Government Pension Investment Fund (GPIF). Masataka Miyazono is the former Deputy President of Norinchukin Bank. Masataka Miyazono will replace current president Norihiro Takahashi, whose term is due to expire at the end of March 2020. Masataka Miyazono retired from Norinchukin Bank on June 22, 2018. Read more @swfinstitute

March 26, 2020
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20Mar

Dutch pension funds receive billions as additional collateral

Dutch pension funds received billions of euros as additional collateral on swap contracts last week in the wake of rapidly declining interest rates. Liability-driven investment managers at Achmea Investment Management and NN Investment Partners, which deal with swaps used by pension funds for hedging their interest risk, said that checking whether banks and central clearing houses could fulfill their obligations required a lot of attention. Last week, the 30-year swap rate – schemes’ main criterion for discounting liabilities –...

March 20, 2020
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19Mar

Nigeria: Backlog of Unpaid Pensions, One of My Worst Pains ― Ortom

Governor Samuel Ortom of Benue State has apologized to retirees and workers of the state over the inability of successive governments to find lasting solution to the nagging backlog of unpaid pensions in the state. The Governor who tendered the apology in Makurdi while flagging off Contributory Pension Scheme, CPS, for the state workforce, said the huge pension liabilities he inherited was one of the unpleasant realities his administration had been battling with. He said "the pension problem was...

March 19, 2020
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18Mar

How are Canadian pension plans responding to coronavirus?

Across the country, public pension plans are releasing statements to assure members that their defined benefit pensions are secure and that they’re taking measures to protect the health and safety of their own staff. The Colleges of Applied Arts and Technology pension plan said it regularly tests operations and will continue to make pension payments. “We are well prepared and feel confident your pensions will be paid on time,” it wrote in a statement. “Although our response times to...

March 18, 2020
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17Mar

COVID19 checklist for pension schemes

As governments and central banks across the world introduce extraordinary measures to limit the damage of this pandemic to both health and the global economy, The Pensions Regulator has urged trustees to have appropriate contingency plans in place to mitigate risks that could have significant consequences for their schemes and members. As such, Buck has launched a checklist aiming to help trustees and employers understand these risks, including actions that can be taken to mitigate them. The checklist...

March 17, 2020
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17Mar

In Nagoya, scramble for hospital beds shows coronavirus challenge for aging Japan

Hospitals in Nagoya city in Japan's industrial heartland have more coronavirus patients than they can treat, forcing transfers to nearby areas and offering a glimpse of the challenges the outbreak poses for a country with a huge elderly population. Japan has closed schools and canceled public events, which experts say has helped prevent an explosive spread of the virus. But because testing hasn't been widespread, some medical experts say the extent of infection is understated, and a surge could...

March 17, 2020
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13Mar

Feverish Stock Price Reactions to COVID-19

By Stefano Ramelli, Alexander F. Wagner This paper studies how markets adjust to the sudden and rapid emergence of previously neglected risks. It does so by analyzing the stock price effects of the 2019 novel Coronavirus (COVID-19) outbreak. Over the first two months of 2020, the health care industry did relatively well in China, the US, and several other countries. Transportation and Energy plummeted everywhere. Within industries, US firms reliant on Chinese inputs and those with a strong export...

March 13, 2020
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13Mar

Inquiry Alleges ‘Substantial Impropriety’ at South Africa’s Public Investment Corp.

A judicial inquiry in South Africa recommended sweeping changes to laws governing Africa’s biggest fund manager after it found senior management, including former Chief Executive Officer Dan Matjila, flouted internal procedures. The investigation, led by retired Judge Lex Mpati, concluded there had been “substantial impropriety” at the state-owned Public Investment Corp., which manages 2.13 trilllion rand ($130 billion) of state-employee pension funds. It found that the board had acted as a “rubber stamp” for Matjila, who failed to disclose...

March 13, 2020
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