Tuesday 29th July 2014
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The Union Bank of the Philippines (UBP) released a 49% drop in net earnings in the first half of 2014, as it came in to just PHP3.2bn, almost half of its net earnings in the same period last year. In the April to June period alone, net income fell 36% from PHP2.18bn in the second quarter of 2013 to PHP1.6bn in the second quarter of 2014. However, it is important to note that net interest income grew by 29% year-on-year, as it came in at PHP5.2bn in the half of 2014 – Rangold chief executive Mark Bristow will present the firm’s Q2 results at noon on Thursday this week at The Forum, London Stock Exchange Around 10.00 am today some traders on Moscow Exchange’s Derivatives Market reportedly experienced difficulties entering orders via the FIX protocol, with some valid messages rejected with an error code. The FIX protocol has been functioning as usual since 11:37 am says the exchange. Moreover, the exchange stresses other protocols to access the Derivatives Market’s trading system have been functioning as usual - Société Générale Securities Services in Luxembourg has been mandated by wealth manager Bedrock, with $6bn in assets under management, to provide custody, fund administration and registrar services for its range of UCITS funds - Moody's Investors Service has assigned a first-time provisional (P)B3 corporate family rating (CFR) to Empik Media & Fashion SA Group. At the same time, Moody's has assigned a provisional (P)B2 rating to the firm’s proposed senior secured notes due 2019 to be issued at EM&F Financing AB, a wholly owned and guaranteed subsidiary of EMF, reflecting its overall ranking within the debt capital structure. The outlook on the ratings is stable. This is the first time Moody's has assigned ratings to EMF - Lithuania will adopt the euro on January 1st next year. Lithuania will become the 19th member state to adopt the euro. "Lithuania's consistent efforts have paid off: today the eurozone has opened the door for us," said Algirdas Butkevičius, prime minister of Lithuania, on the announcement. The entry of Lithuania into the euro family is of great importance for the whole euro area. "It's a demonstration of the continuing attractiveness of the single currency project and its relevance for the future of our community," added Sandro Gozi, State Secretary for European Affairs of Italy and President of the Council of the EU. The conversion rate has been set at 3.45280 Lithuanian litas to the euro – Global macro hedge fund manager Atreaus Capital is now live with SunGard’s Hedge360 Risk Reporting Service. Delivered as a managed service, the Hedge360 Risk Reporting Service provides highly customized daily risk reports, offering transparency to investors and integrated internal risk management to hedge funds. Trading a broad range of products with an emphasis on FX and commodities, in the form of both OTC derivatives and futures - AnaCap Financial Partners LLP, the specialist European financial services private equity firm, together with HIG and Deutsche Bank, have completed the acquisition of a €495m portfolio of non-performing and sub-performing loans from Volksbank Romania. Under terms of the agreement, funds advised by AnaCap will jointly acquire the entire portfolio with HIG and Deutsche Bank. The portfolio of 3,566 loans in total is backed by a mix of primarily residential, commercial real estate and development land. APS Romania will be appointed as Master Servicer. The transaction is the largest of its kind in Romania to date, and came about as a result of the ongoing pressure on financial institutions across Europe to restructure and divest assets in order to clean up balance sheets and comply with new capital requirements. After a prolonged correction following the financial crisis, the property market in Romania is now showing strong signs of improvement. GDP and unemployment have recovered on the back of labour market reforms in 2011 and an IMF financing package. House prices, which declined 38% since their peak in mid-2008, are now on the rise, with the areas surrounding central Bucharest and other main cities increasing 4% for 2013.

West Midlands Integrated Transport Authority completes first Local Government Pension Scheme buy-in

Friday, 20 April 2012
West Midlands Integrated Transport Authority completes first Local Government Pension Scheme buy-in West Midlands Integrated Transport Authority (WMITA) has completed the buy-in of its pensioners with Prudential and the assistance of Mercer and Squire Saunders. This is the first  local authority involvement in UK’s buy-in market. With a premium in the region of £272m, this is the largest such transaction to date in 2012. http://www.ftseglobalmarkets.com/

West Midlands Integrated Transport Authority (WMITA) has completed the buy-in of its pensioners with Prudential and the assistance of Mercer and Squire Saunders. This is the first  local authority involvement in UK’s buy-in market. With a premium in the region of £272m, this is the largest such transaction to date in 2012.

West Midlands Integrated Transport Authority (WMITA) has completed the buy-in of its pensioners with Prudential and the assistance of Mercer and Squire Saunders. This is the first such transaction for any local government pension fund. With a premium in the region of £272m, this is the largest such transaction to date in 2012.

A buy-in is an insurance wrapper which provides payment of pensions for the insured section of a pension fund’s members. The Fund continues to be managed as before but the transaction gives them certainty over their costs. This is distinct from a buyout where the liabilities are fully transferred to an insurance company.

According to Geik Drever, director of Pensions at the West Midlands Pension Fund, the transaction forms an important part of the WMITA Fund’s risk management strategy, "and has insured  circa 50% of the fund’s liabilities. It has protected the fund and the sponsor against the volatility of investment markets and any unanticipated increases in life expectancy of the pensioners. Risk management is a very important part of local authority governance for both the main fund and the WMITA Fund, and as such this is a welcome outcome given the policies in place for the Funds as well as the Authority.”

According to Clifford Sims, partner at Squire Saunders, the law firm which advised the authority and its fund on the legal issues surrounding the transaction: “As in all local government contracts, the public sector procurement process, which requires great depth of transparency and objectivity, had to be followed. This transaction is the first time that these procedures have been entwined in the processes surrounding a bulk annuity transaction. Another feature was that the price was determined by an electronic auction process enabling the price to be settled in a matter of hours.”

Paul Middleman, fund actuary and head of Public Sector Consulting, adds, "Whilst we have seen this in the private sector this is breaking new ground in the sector in terms of local authority pension fund risk management for a sponsoring employer and ultimately the taxpayer. The transaction required a team with specialist knowledge and experience when determining whether it was the right option. Now one Fund has taken the plunge we could see this becoming a viable option for Funds when dealing with legacy liabilities as part of the governance around their risk management strategy."

Squire Sanders' team was headed by pensions partner Clifford Sims, assisted by senior associate Ohad Graber-Soudry on procurement issues and pensions associate Sian Williams. Global legal practice Squire Sanders, with 37 offices in 18 countries, has one of the largest pensions law teams in the UK. 

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