INCLUDING: NETHERLANDS - Appointments at PGGM; GLOBAL - Sinopia names global chief executive officer; UK - DB schemes hit in November; US - CalSTRS announces real estate consultant
PGGM has appointed a new CEO. Wim Walter was previously Director of ICT & Facility Services at PGGM. His successor in that post is Hans van der Zwaag, who was previously IT Operations Manager at PGGM. Paul Wevers has also been appointed as director of strategic accounts. He was previously director of corporate communication at PGGM.
Anne-Else Hojberg, who is currently in charge of the programme to separate PGGM's policy-making and administrative arms, will be his successor.
GLOBAL - Sinopia names global chief executive officer
Pierre Sequier has been appointed global chief executive officer of Sinopia Asset Management, the quantitative specialist of the HSBC Group. Sequier stepped up from the role of deputy CEO and chief investment officer. He also retained his position of chief investment officer at Sinopia.
Philippe Goimard, the former Global CEO, has been promoted to the role of Chief Executive Officer of HSBC Investments in France.
UK - DB schemes hit in November
The aggregate funding position of almost 7,800 defined benefit funds is estimated to have worsened in November 2007. The aggregate funding level (total assets minus total liabilities) fell to a deficit of £5bn, from a surplus of £53bn in October 2007.
This was the first time schemes have fallen into deficit since November 2006, when the aggregate shortfall was £30bn. The decline in scheme funding reflected market movements in November 2007 with both gilt yields and equity markets falling during the month.
US - CalSTRS announces real estate consultant
The Townsend Group has been selected to advise the California State Teachers' Retirement System (CalSTRS) on real estate investments. The CalSTRS investment portfolio, at $180bn, includes a real estate portfolio of $17.3bn as of 31 October 2007. The CalSTRS real estate portfolio ended the fiscal year, 30 June 2007, with a 32.9% return and starts 2008 with a target allocation increased from 9% to 11% of the portfolio.
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point