THE HAGUE — The Dutch central bank on Sept. 12 postponed implementing new pension fund rules and regulations until Jan. 1, 2007, according to a statement from the bank. The new rules will force pension funds to value liabilities at market rates and shift more assets into bonds, especially long-term bonds, from equities. They were scheduled to take effect Jan. 1, 2006. Some pension funds have already adopted the new rules, known as the Financial Assessment Framework, according to the bank.
INTERNATIONAL: Dutch delay new pension fund rules
PONTYPRIDD, Wales — Rhondda Cynon Taf County Borough Pension Fund made State Street Corp. the sole global custodian for the £;1 billion ($1.8 billion) pension fund, said Ryan Emmett, pension fund accountant with the borough. State Street, which was already custodian for most of the fund, also took custody of a £350 million active global equity portfolio managed by F&C Asset Management. JPMorgan Worldwide Securities Services had been custodian of that portfolio, which originally comprised only Asian equities but has expanded in recent years. The change because it made sense to employ a single custodian for the entire pension fund, Mr. Emmett said.
BOSTON — Putnam Investments, PanAgora Asset Management and Integra Capital Management formed a joint venture targeting Canadian institutional investors. Putnam PanAgora Integra Canada will provide Canadian institutional investors with global equity and fixed-income strategies from Putnam and PanAgora, said Laura McNamara, Putnam spokeswoman. Integra has "long-standing relationships with Canadian institutional clients and consultants," Ms. McNamara said. The joint venture is expected to be a "long-term relationship," but she could not be more specific. Ms. McNamara said no equity changed hands among the firms in the joint venture.
LONDON — Howard Carter will retire as CEO of F&C Asset Management, effective Jan. 1. Alain Grisay, deputy chief executive, will replace Mr. Carter, said Jason Hollands, F&C spokesman. Mr. Carter, who had been CEO of F&C for the past five years, will remain as a board member of parent Friends Provident until May 1 and will serve as an adviser to Mr. Grisay. F&C Asset Management managed £127.6 billion ($229 billion) in overall assets as of June 30.
LONDON — Joanna Munro was named global chief investment officer of HSBC Investments, according to a statement from the firm. She will report to Alain Dromer, global chief executive officer of HSBC Investments.
Ms. Munro was head of U.K. institutional and global consultant relations at AXA Investment Managers, said Zaman Toleafoa, AXA spokesman. She will be replaced by Alastair Cuming, who will have the new title of head of U.K. institutional business. He will have the same responsibilities Ms. Munro had, Mr. Toleafoa said. Mr. Cuming was head of U.K. institutional business at Deutsche Asset Management. DeAM spokeswoman Lucy Davidson said Mr. Cuming's his responsibilities have been divided among staff.
GREENWICH, Conn. — A Canadian government proposal to drop its 30% foreign property rule will likely transform the country's fixed-income market, according to a Greenwich Associates study. More than 25% of Canadian institutions expect to add to their total foreign investments in the first six months after the cap is dropped, and overall, plans expect to increase their holdings of foreign bonds to 5% of their current assets from the current 3%. The percentage of Canadian managers who run foreign bonds is expected to rise to more than 20% from the current 10% if the rule is removed, according to the study.
Total fixed-income assets under management at Canadian institutions increased 17% for the year ended March 31 to C$692 million (US$583 million).
TORONTO — Brian Kralik joined Abria Alternative Investments as vice president, finance, according to Davee Gunn, executive vice president. It is a new position. Mr. Kralik was manager of investment finance with the C$84.3 billion (US$71.3 billion) Ontario Teachers Pension Plan Board, Toronto, according to Lee Fullerton, spokeswoman. Ms. Fullerton said Mr. Kralik has been replaced, but the name of the replacement will not be released until that person starts at Ontario Teachers.
LONDON — Madeline Forrester was named head of U.K. institutional business at Threadneedle Investments, said Richard Eats, spokesman. She will oversee Threadneedle's growing team of investment specialists and sales and consultant relationships, as well as the RFP team. Ms. Forrester was Threadneedle's head of insurance asset management, said Mr. Eats. She will retain some of her previous responsibilities, but Threadneedle will hire a fixed-income specialist who will report to her. Ms. Forrester replaces Mark Stanley, who has decided to move to another firm, according to a Threadneedle press release. Efforts to reach Mr. Stanley were unsuccessful.