SPAIN - Fonditel, the pension fund manager for Spanish telecoms giant Telefónica, is reviewing ways it can reposition the firm in order to boost returns going forward.
In 2008, the fund lost 26.86%, according to local media reports. Fonditel runs €3.1bn (US$4.0bn) in assets, with 38% in equities, 14% in alternative and 48% in fixed income. Officials also announced they had a €7m exposure to the Ponzi scheme run by Bernard Madoff.
Martinez said directors at the firm could look at everything from its investment structure to personnel. He could not provide further details but said he expects the results of the review to be released in the next month.
He added: "Everybody wants to reduce risk but we don't want to lose returns."
Separately, Martinez denounced English-language media reports that chief investment officer Iñigo Colomo had resigned as false.
Martinez said: "He continues in his post."
He added that Fonditel does not run as a "star manager" organization where one person is solely responsible for investment decisions. He said it was unlikely Colomo would be pressured to resign over one poor year of performance after years in the top quartile.
Proposed changes to The Pensions Regulator's (TPR) notifiable events framework so it can be more proactive when corporates make changes will create a very challenging workload, it has been said.
Aviva has created a new pension skill for Amazon Alexa that allows customers to find out how much they have saved towards their retirement.
PP has compiled a list of what to watch out for over the coming months.
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.