SOUTH AFRICA - The R30bn ($3.1bn) Engineering Industries Pension Fund is to review its investment strategy in January next year and may allocate some of its assets to alternative investments.
Pension fund manager Edward Jacobs said the exercise may lead to a review of the existing investment manager line-up but added that he did not want to pre-empt this since the managers were currently performing according to the fund’s requirements.
Investment analyst and portfolio manager John Symons said the fund may invest in alternative investments such as offshore hedge funds, but this would depend on the budget announcement in February 2002 when the Government is expected to decide whether it will relax the laws on offshore investing.
Symons said he hoped the offshore limit would be extended as the fund was reluctant to shift assets from the offshore equity portfolio into a hedge fund portfolio. He explained that the fund was already over the offshore limit of 15%. “As soon as the announcement is made, hedge fund investing will become a top priority for the fund,” he said.
The Engineering Industries Pension Fund is invested in local equities (57%), offshore equities (12%), local bonds (24%), offshore bonds (3%), property (2.5%) and cash (1.5%).
By Janet Du Chenne
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.