EUROPE - Peter Dencik, institutional head at Singer & Friedlander Investment Management (SFIM), has warned that the European pensions directive is unlikely to take shape in the next few years despite urgent calls to push the matter forward.
Speaking about the recent NAPF/EFRP conference in Brussels, Dencik said that the European Council was just as split now as it was over a decade ago when the European Commission were shown the first draft: This is very much a deja vu,” said former deputy executive director of Denmark’s PKA pension fund, Dencik.
“Even if the Parliament has moved closer to the view of the pension fund industry, the Council is as divided they were in the early 90's when the first draft was presented by the Commission.”
The European Council is stagnating over the so-called ‘Prudent Man’ principle which promotes liberal over quantitative investment rules.
“This is very disappointing. Given that the disagreement in the Council is on such basic issues as the scope of the directive and whether the investments should be guided by a prudent man rule approach or quantitative rules I do not see directive being passed in the next couple of years, added Dencik.
The institutional division of SFIM handles specialist equity investments, mostly in the UK and continental Europe, presently worth around £1.3bn.
By Madhu Kalia
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