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Alternative Market Briefing

Towers Watson catalogues global pension changes over 2012

Thursday, March 28, 2013

Beverly Chandler, Opalesque London: Global news on pension fund investment issues from Towers Watson’s latest Global Investment Matters finds that from Germany to Japan, hedge funds and new regulations are having an impact.

The firm reports that while German investors could be pleased with their investment performance in 2012, a number of regulatory changes loom on the horizon, opening with the revision of the EU IORP Directive which is expected to lead to the introduction of risk-based capital charges.

The firm writes: "A major overhaul of German investment law is due to come into effect by June 2013 as part of the adoption of the EU Alternative Investment Fund Managers Directive. Originally intended to regulate hedge funds, the Directive has the consequence of so-called Spezialfonds falling under its scope. Spezialfonds are institutional fund vehicles commonly used by pension funds to bundle their portfolio investments to gain certain accounting and tax advantages. The new rules will increase the disclosure requirements for these funds leading to an expected increase in costs."

In Japan, Towers Watson’s consultants report that after $2.5bn fraud committed by a hedge fund manager, the Japanese corporate pension fund system is facing a turning point. "The majority of victims were Employees’ Pension Funds (EPFs), which ar......................

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