Solberg said: “I am pleased to announce today that we will follow this up with concrete proposals for solutions when the finance minister presents the report on the Government Pension Fund Global on April 4.“This proposal is to extend the mandate of the fund both in the amount of kroner and as an expansion of the range of environment investments Norges Bank can undertake,” she said.Norges Bank Investment Management is the institution running the NOK5trln (€602bn) sovereign wealth fund, which is built on revenue from Norway’s petroleum activity in the North Sea. ”In addition, the government with the Liberals and Christian Democrats agreed to ask a group of experts to look at what measures the government pension fund can take about the problem of greenhouse gas emissions from coal and petroleum companies,” Solberg told the conference.This showed the government took the climate threat seriously, and also that it was continuing to make rigorous academic studies before making decisions about the management of the GPFG, she said. Solberg said Norway needed economic growth that was not based on the increasing use of fossil fuels.“We need green growth,” she said, adding: “Only then can we can we ensure a good legacy for the next generation.” The Norwegian government has firm plans to broaden the mandate of the Government Pension Fund Global (GPFG) – the former oil fund – to let it increase the number of environmentally-targeted investments.Prime Minister Erna Solberg said there would be concrete proposals for the fund to invest in sustainable companies and set up a separate mandate for renewable energy.In the new coalition government’s declaration in October — the Sundvolden Declaration — it stated that it would establish an investment programme within the GPFG aiming to invest in sustainable companies and projects in poor countries, Solberg told the government’s climate conference yesterday.The declaration also said that the government would consider establishing a separate mandate for renewable energy, with the same management requirements as for other investments in the fund, she said.
Pension funds in Denmark in 2013 suffered their poorest investment returns in the last five years, according to data from the financial regulator Finanstilsynet, with an overall loss on bonds dragging on performance.The average investment return of lateral pension funds and life insurance companies was 1.9% or DKK75bn (€10bn) in 2013 – down 61.2% from DKK194bn the year before, the regulator said, based on an analysis of annual reports.The institutions made a net profit of DKK4.3bn in 2013, compared with DKK12.6bn in 2012, with the decline attributable to the drop in investment returns, according to the data.Finanstilsynet said: “Compared with the last five years, the return in 2013 was at its lowest.” Bonds in particular were to blame for the low return, it said, with this asset class ending the year with an overall loss in 2013 of 0.17%, compared with a return of 7.7% achieved in 2012.Contributions, on the other hand, rose in 2013 by 1.8% to DKK126bn, according to the data.Total pensions assets climbed to DKK2.9trn by the end of December, meaning the lateral pension funds (industry-wide occupational schemes) and life insurance companies together managed 63% of all Danish pensions assets.The remainder is divided between ATP, LD, banks and corporate pension funds.The capital buffers of all pension providers included in the analysis have risen, the regulator said, with the excess coverage percentage rising to 12.1% at the end of last year from 10.9% the year before.Customers’ capital buffers, in the form of the bonus rate, rose to 6.6% in 2013 from 5.5%, according to the analysis.Average investment returns were higher for non-commercial pension providers last year than they were for the commercial firms, the data showed. While non-commercial providers ended 2013 with an average return of 4.5%, compared with 11.6% the previous year, commercial providers reported an average return of 0.4%, down from 8%.These return figures excluded unit-link results, it said.Data in the report also revealed the extent to which Danish pension providers have managed in the last few years to shift their assets under management away from pensions with a high level of guaranteed yield to with-profits pensions with no guarantee, or pure unit-link products.The high reserve requirements carried by the guaranteed products have become increasingly burdensome for the pension providers.Last year, provisions for contracts with high guarantees – of more than 4% – fell to 17% of total provisions, down from around 22% in 2012 and about 37% in 2009.On the other hand, provisions for contracts with a zero-yield guarantee continued to rise to 38% in 2013 from 11% at the end of 2009.There was a notable difference between non-commercial and commercial providers in this, however, with non-commercial pension funds having increased provisions for zero-guarantee products to 46% from 15%, and commercial firms lifting them to 30% from 8%.Market concentration figures showed PFA Pension had increased its lead over other pension providers in Denmark over the course of last year.It saw pension contributions rise to DKK24.8bn in 2013 from DKK21.5bn, while Danica Pension – second in the ranking – saw contributions only slightly higher at DKK16.8bn from DKK16.6bn.
Swiss pension funds’ liabilities grew by 4% over the first quarter due to a sustained drop in discount rates, according to Towers Watson’s Global Pension Finance Watch. At the same time, investment returns have come under pressure in recent months, according to UBS. The Towers Watson report, which covers defined benefit plans, found that the Swiss benchmark discount rate fell by 23 basis points to 0.72% over the first three months of the year.Over the last 12 months, Swiss funds have seen the rate fall by 100bps. This is mirrored in the steep and steady decline of long-term interest rates in Switzerland, where the 30-year government bond yield fell from 1.52% to 0.42% over the last 12 months, while the 10-year yield fell from 0.96% to -0.05%.As a result, Towers Watson’s pension finance index for Switzerland fell by 1.8% over the period.This is despite positive investment returns for Swiss pension funds.The benchmark portfolio grew by 2.1% over the same period and by 10.7% over the past 12 months.According to the report, Swiss pension funds’ domestic equity portfolios grew by 3.2% and fixed income portfolios 2% over the first quarter.However, data from UBS shows returns for Swiss pensionskassen are coming under increasing pressure.According to the UBS Pensionskassen Barometer, returns in June fell by 1.6%, bringing the overall return for the first half into negative territory.UBS noted how the negative returns recorded in June were almost equivalent to the levels seen in January, when Swiss pensionskassen were caught in a storm caused by the Swiss National Bank’s decision to abandon the peg with the euro.In February, the monetary authority also introduced a negative rate of 0.75% on Swiss banks’ deposit account balances, which meant pension funds were being charged to hold cash deposits.The UBS Pensionskassen Barometer also found that return differentials between institutions of different sizes were negligible.In June, all asset classes held by Swiss pensionskassen performed negatively, particularly Swiss equities and foreign government bonds, which fell by 4.92% and 1.66%.Swiss government bond portfolios fell by 0.83%.The data may signal that a positive trend for Swiss pension funds, which have grown assets steadily over the past three years, might be reversing.During the first quarter, the Credit Suisse Pension Fund Index reached an all-time high, although the pace of growth had been slowing steadily from February.The index grew by 1.51% in the first quarter, reaching a record high of 154.53 due to a 2.74% performance in February.However, Credit Suisse reported that the index had grown by just 0.64% in March.The annualised return since January 2000 is 2.89% compared to the annualised mandatory minimum rate for pension funds of 2.55%.This is set by BVG, the Swiss pension regulator.For the first quarter, Credit Suisse found pension funds decreased their cash allocations to all-time lows, while allocations to domestic fixed income increased from the previous quarter.Equity allocations remained stable.
The US department justified its decision to offer an exemption, rather than uphold the ban on Credit Suisse, by arguing that it would allow for the imposition of “stringent conditions” on the asset manager’s operations for the next decade, which would otherwise not be possible.“As a regulator,” it said in the note, “the department will proactively investigate the operations of the Credit Suisse QPAMs, review each exemption audit submitted by the independent auditor and take whatever action it deems necessary to ensure affected plans and IRAs are adequately protected.”A number of other European financial services groups are hoping for exemptions after pleading guilty in cases including the manipulation of LIBOR.Commenting on the department’s decision, a spokesman for Credit Suisse said: “We are pleased that the Department of Labor has granted our QPAM exemption following a rigorous evaluation process, and we look forward to continuing to work on our clients’ behalf.”,WebsitesWe are not responsible for the content of external sitesLink to notice of exemption Credit Suisse’s US asset management business will not be barred from managing the assets of domestic pension funds, after it won a five-year exemption.The exemption – necessary after the Swiss bank last May pleaded guilty to helping US clients file false tax returns and received a 10-year ban – was granted by the US Department of Labor.In the note detailing the exemption, the department said it was Credit Suisse AG, the Zurich-based parent, that was subject to the conviction rather than its qualified professional asset manager (QPAM).Credit Suisse’s US asset managers will be required to undergo annual audits to ensure they comply with the Employee Retirement Income Security Act (ERISA), a prerequisite for the firm to be offered a further five-year exemption that would allow it to continue acting as asset manager for pension clients without interruptions.
The latter included some pension schemes buying conventional or index-linked UK government bonds after selling the related swaps given bigger yield spreads between bonds and swaps.Rosa Fenwick, LDI portfolio manager at BMO GAM, said: “Some pension funds and insurance companies took advantage of the higher yields available in bonds by switching out of the related swaps and locking in the gains.“This was a driver of bonds becoming more expensive over the quarter.” She added that “this move was intensified” after the late June UK vote to leave the European Union.According to the survey, there was also “considerable appetite to de-risk in outright terms” in Q2, particularly in bonds with longer maturities.The Bank of England is meeting tomorrow, 4 August, and is widely expected to lower interest rates, with some anticipation of further quantitative easing, too.Adrian Hull, senior fixed income product specialist at Kames Capital, said the short end of the Gilt market had fully priced in a rate cut to 0.25% but that “there are a myriad of other possible policy outcomes”.“Quantitative easing is back on the agenda, but, unlike the last round of QE in 2012, there is less clarity on what to expect from the bank,” he said.“The market has priced in expectations of a further £50bn in QE, but either £100bn or zero is equally as likely.”According to BMO’s Fenwick, from an LDI perspective, the “general message” is that interest rates and inflation were now “even lower for even longer”.“Appetite for LDI hedging,” she added, “is expected to continue, as corporate sponsors and trustees alike continue to take unrewarded risk off the table.”The survey is based on pools of derivatives trading desks of investment banks on volumes of UK/sterling hedging transactions.The banks’ data is aggregated, but pension schemes are expected to represent the large majority of institutional investors behind the data. Interest-rate hedging by institutional investors fell in the second quarter this year while inflation hedging grew by 16%, according to the latest quarterly liability-driven investment (LDI) survey by BMO Global Asset Management.Inflation hedging grew from £20.1bn (€23.8bn) to £23.2bn, becoming the second most active quarter in the six-year history of the survey.The most active quarter was the second quarter of 2015.The asset manager said activity in the second quarter of this year was split equally between new hedging activity and switching between assets.
SwissRe is implementing environmental, social, and governance (ESG) benchmarks across its entire $130bn investment portfolio, with the switching process due to be completed in the third quarter of this year. Last year SwissRe moved to adopt ESG-based benchmarks for its actively managed credit and equity portfolios. A spokeswoman for the company said it was around 90% through the shift for the whole portfolio.Guido Fürer, group chief investment officer at Swiss Re, said adopting broad-based ESG benchmarks “has been the most meaningful and strategic step in our journey to integrate ESG considerations into the investment process”.“These benchmarks represent a suitable tool to achieve the desired investment behaviour and set the right measurement both from a performance and ESG perspective,” he added. The indices it selected were based on MSCI’s ESG methodology. It is using the MSCI ESG index family for equities and the Bloomberg Barclays MSCI Corporate Sustainability index family for fixed income. SwissRe carried out analysis that it said demonstrated corporate bond portfolios constructed from companies with higher ESG ratings showed a better risk-adjusted return.The same applied to equities, but not in all local markets to the same extent, the reinsurer added.It acknowledged that a shift to ESG benchmarks would entail a smaller investment universe, but said that over the long-term such moves would motivate excluded companies to further incorporate ESG considerations in their business approach and expand and improve disclosure.“ESG factors will have an impact on company valuation and cost of capital, and as such become an integral part of financial analysis,” it said. For actively managed portfolios, portfolio managers are allowed to invest a small percentage in off-benchmark investments with additional ESG rating restrictions based on their own ESG assessment, SwissRe said.SwissRe’s announcement comes after Japan’s Government Investment Pension Fund earlier this week announced it will track three ESG indices for around ¥1trn (€7.8bn) of Japanese equity investments.Impediments to wider ESG take-up SwissRe said it was convinced that taking ESG criteria into account made economic sense and reduced downside risks – especially for long-term investors.However, ESG integration was not yet part of the standard investment approach, the reinsurer said. One key reason for this was a lack of industry standards for responsible investing. SwissRe cited a survey from the Chartered Alternative Investment Analyst Association in which 84% of 647 respondents took this view.“Having a more standardised responsible investing market environment with a generally agreed set of best practices provides clear guidance to investors and reduces investment barriers,” said SwissRe. “Enabling a systematic and consistent integration of ESG considerations requires clear definitions, standards and methodologies.”Short-termism in company investment analysis was another hurdle to wider adoption of ESG integration, as ESG factors materialise over a longer-term horizon, noted SwissRe.In an update on its initiative about ESG and credit risk analysis earlier this week, the Principles for Responsible Investment said the time horizon over which ESG factors are deemed material was one of the points where there was the most disconnect between credit rating agencies and investors.SwissRe also said there was a lack of suitable ESG-related investment products, with traditional benchmarks, especially for fixed income, not including ESG approaches in their security selection.Benchmarks that did consider ESG factors were often skewed toward a specific theme, such as carbon footprint reduction, it added.Overall, according to SwissRe, “much of the available information and recommendations related to ESG investing remain on a rather theoretical level and are not sufficiently concrete for long-term institutional investors”.“Well-defined and more detailed guidance is needed to help the investor base become comfortable with ESG integration and to support an industry shift towards longer-term and more sustainable investing,” it said. “From a macro-prudential perspective, standard setters have to adjust quickly and provide an appropriate framework around the disclosure and regulation of responsible investing.”
In a statement, they said: “The volume of liquid investments that need to be actively managed, especially for pension commitments and the associated financial risks, is increasing, which makes asset management increasingly important to corporate treasury.”In Germany companies can provide workplace pensions in a variety of ways. The most popular route is on-book pensions provision, known as Direktzusage, which stands in contrast to using external vehicles such as Pensionskassen or Pensionsfonds.According to Mercer, in 2018 the value of the top 30 public German companies’ pension liabilities amounted to €366bn, and pension plan assets were worth €246bn on an IFRS accounting basis.Michael Sauler, investment expert at Mercer Germany, told IPE the new VDT department reflected the increased attention that companies were paying to pension obligations.“Looking at the balance sheet, pension obligations have increased over the last couple of years due to declining interest rates,” he said. “As the low interest rate environment is expected to stay for the foreseeable future, managing balance sheet risks is becoming a priority.“Further, as pension plans are maturing, handling the associated cash flows to pay pensions is an additional challenge corporates want to be prepared for.” Germany’s association for corporate treasurers has set up a group dedicated to asset management, with a focus in particular on “pension asset management”.The group is the VDT’s fifth internal subject matter department, and will focus on “the current legal, economic and technical aspects of asset management and, in particular pension asset management within the company from the point of view of corporate treasury”.Topics covered will include organisation of asset management – in-house versus external fiduciary management, for example – pension finance, and accounting.The new specialist department is headed by Heinrich Degenhart and Nicolas Vogelpoth, respectively professor of finance at Leuphana University Lüneburg, and head of asset management and quantitative strategy at energy company Uniper.
Denmark’s financial regulator has sent letters to 25 of the country’s life insurers and pension providers ordering them to change the way they calculate their solvency reserves, after finding they have not been using the new method required under the full implementation of Solvency II.The FSA (Finanstilsynet) has now given the companies – mostly occupational pension providers – nearly three years to correct their balance sheets, and says it is not yet clear what effect the adjustments will have.In a statement, the watchdog said: “The FSA has published its follow-up to the December 2018 Christmas letter on corporate valuation of provisions for solvency purposes.“Twenty-five companies have been ordered to calculate the provisions in accordance with the applicable requirements in the valuation notice.” In December 2017, an amendment to the valuation order for insurance obligations (værdiansættelsesbekendtgørelsen) came into force, as part of the full implementation of Solvency II. This has meant the companies can no longer use the same valuation method for solvency purposes as they use for accounting.Recipients of the brief letters containing an official order (påbud) to take action include the majority of the country’s main pension providers, such as AP Pension, MP Pension, Norli Pension, Industriens Pension, Danica Pension, PenSam Liv and TopDanmark.However, the FSA said that a further three companies had determined their solvency provisions in accordance with the principles set out in the valuation order, without naming these firms.The regulator said that because of the large methodological adjustments, “it is not immediately clear what effects the necessary adjustments may have, and that there may, therefore, be uncertainty associated with the calculation of provisions and solvency in the intervening period”.Because of this, the FSA said that in collaboration with the firms, it would continuously assess the need for temporary measures until the change methods were fully implemented.The companies have been given until the end of 2022 to make the adjustments.
It was a precautionary measure to avoid pension insurance companies being forced into selling equities at depressed prices.At the end of both April and May, the average solvency position of employment pension companies, pension funds and foundations was up from its 1.5 low at the end of March, and stood at 1.6, TELA reported – though it noted this was still below the 1.7 level of the end of 2019.“The most acute crisis in the financial markets was experienced in March, and the situation has since calmed down somewhat,” said Mäkinen, in a written commentary.“However, as it is difficult to predict the progress of the coronavirus crisis, the situation in the financial markets may change very quickly,” she warned.“It is therefore a good thing that the legislation has been prepared so that it can enter into force quickly if necessary,” Mäkinen said.Meanwhile, the Finnish Financial Supervisory Authority (FIN-FSA) announced it would continue to collect occupational pension company solvency data according to its condensed schedule, with providers to submit the next monthly sets of information by 8 July and 10 August.“The Financial Supervisory Authority may increase the reporting interval if the situation in the investment market changes,” the regulator said.FIN-FSA also said pension providers had to review the fair value of any real estate investment object if there were indications of a significant decrease in its value.Last week, Finland’s Finance Ministry said it expected the economy to contract 6% in 2020 because of the pandemic, but said the lifting of specified COVID-19 restrictions at the start of June would bring growth in the consumption of services in the third quarter of this year.To read the digital edition of IPE’s latest magazine click here. Emergency legislation on pension fund solvency – which has been drawn up but not yet enacted – is not needed for now, said Finnish pensions alliance TELA, because occupational pension providers’ financial situations have improved since the depths of the pandemic crisis.However, Finland’s financial regulator has announced it will continue with the intensified reporting schedule it put in place for pension funds this spring.Hanna Mäkinen, mathematician at TELA, the lobby group for providers in Finland’s earnings-related pension system, said: “In the light of the latest solvency figures, it does not seem that there is a justified need to pass a bill right now.”At the end of April, following a phase when falling asset prices had dented pension fund solvency ratios, the Finnish Ministry of Social Affairs and Health prepared a bill on the temporary strengthening of pension insurers’ solvency, which parliament could pass at short notice if average solvency took a sudden dive.
DSM, RPMI Railpen, Af2i, PBU, Almenni, Birta, Eurosif, PLSA, Brunel PP, PGIM Fixed Income, AMPDSM – Jacqueline Lommen has joined the board of the pension fund of DSM, a Dutch specialty chemicals and nutrition company. From 2017 until May this year, she had worked for State Street Global Advisors as a pensions strategist for Northern Europe.During her 30-year career in the pensions industry, she also worked for Aegon Asset Management, Aon Hewitt and Robeco, where she was senior vice-president for European pensions. Between 2005 and 2008, she worked as a pensions regulator for DNB and EIOPA. RPMI Railpen – Mike Craston has been appointed non-executive chair of the Railpen Investments Board, replacing Paul Trickett, who chaired the board for six years since independent non-executive directors joined in 2014.Craston is currently chair and non-executive director of Aviva Investors, whose global executive committee he joined in 2016 with responsibility for leading on global business development. Before joining Aviva he was CEO for Legal & General Investment Management in America and Asia, preceded by senior positions at LGIM in the UK and at Aegon Asset Management.The Railpen Investments Board has the full delegated authority of the trustee board to oversee Railpen’s role as the investment manager for the UK’s £30bn (€32.6bn) railways pension schemes. It comprises three non-executive director investment professionals, two members from the trustee board, and RPMI CEO John Chilman.Chris Hannon, chair of the trustee board, said: “Mike brings a wealth of experience to the Railpen Investments Board. His expertise and insights will ensure the railways pension schemes continue to benefit from the highest standards of governance and scrutiny.”Af2i – Hubert Rodarie was voted in as the French institutional investor association’s new president this week, succeeding Jean-François Boulier.Rodarie was most recently deputy managing director at insurance group SMABTP, with responsibility for finance and the personal insurance business. He began his career as an engineer at the French atomic energy commission and Electricité de France.Before joining the SMABTP group in 2001 he had worked for 10 years as managing director of asset management firm BTP Investissements. Rodarie is responsible for having set up AFIMAT, an association of bond market professionals.Rodarie said: “Af2i experienced a real boom under the presidency of Jean-François Boulier, notably in the areas of training and research, international relations, data, and association life.”I am very honored to have been elected President of Af2i for a three-year term. I would like to continue to anchor the association, as a major player serving French institutional investors.”Boulier has been appointed honorary president of Af2i. He told IPE he could have sought to stay on for another three-year term but that he preferred to find a successor to be able to enjoy more time for family, friends and other personal interests. He has agreed to support Af2i in matters of international activities and academic research. Under Boulier’s tenure, Af2i co-developed a pan-European research initiative to allow institutional asset owners to share intelligence about asset allocation activity and their future investment intentions.PBU – Pernille Riis, chair of the the North Zealand branch of Denmark’s trade union for education workers other than teachers, the BUPL, is joining the supervisory board of the labour market sector’s pension fund, Pædagogernes Pension (PBU). Riis was voted in at the DKK79bn (€10.6bn) fund’s annual general meeting on Monday.Almenni –Oddur Ingimarsson has been elected as the new deputy chair of the board of directors of Icelandic pension fund Almenni. The ISK281bn (€1.8bn) pension fund said he had replaced former deputy chair Hulda Rós Rúriksdóttir, who stepped down from the role. Almenni, an open pension fund providing industry-wide schemes for a number of sectors, also said the chair of its board of directors Ólafur Jónsson had been re-elected at its annual general meeting.Birta – Icelandic pension fund Birta announced the election of Hrönn Jónsdóttir as the new chair of its board of directors at its annual general meeting. The fund, the fourth largest in the country, said Jónsdóttir currently works for Icelandic food processing firm Marel as a multimedia designer and printmaker.Birta also announced Pálmar Óli Magnússon, CEO of Icelandic services company Dagar, had been elected as the board’s new deputy chair. Jónsdóttir is filling the shoes of previous chair Ingibjörg Ólafsdóttir, while Magnússon replaces previous deputy chair Jakob Tryggvason.Both these previous incumbents were first elected in 2012 to the board of the pension fund Stafir, so had reached the end of their maximum terms of eight years. Birta was formed from the merger between Stafir and the pension fund Sameinaði back in 2016.Eurosif – Victor van Hoorn has been named the organisation’s new executive director. He will start his appointment with Eurosif in Brussels on 28 August, joining from Hume Brophy in Brussels where he is currently head of financial services.He joins following a strategic review carried out by Eurosif in 2019 and is due to lead the implementation of its recommendations and strengthen the links between Eurosif’s members across Europe and the EU’s institutions to support the successful implementation of the EU sustainable finance action plan, the EU Green Deal and the “renewed” sustainable finance strategy that will be unveiled by the European Commission towards the end of the year.Van Hoorn said: “ I am delighted to be joining Eurosif at a critical juncture for the European sustainable finance agenda where Eurosif has a unique role to play in promoting SRI/ESG investments across Europe, by being a bridge between European policymakers and the financial services industry. I look forward to working with the member SIFs and expanding the member firms’ membership of Eurosif.”Forum per la Finanza Sostenibile – Gian Franco Giannini Guazzugli, of the national financial consultants association (ANASF), has been elected the new president of Italy’s Forum for Sustainable Finance. He succeeds Pietro Negri. In addition, the forum’s governing council has been expanded from nine to 12 members to ensure a better representation of the membership base.PLSA – The Pensions and Lifetime Savings Association is recruiting a new policy lead for investment and stewardship to replace Caroline Escott, who is leaving the industry body. She joined the PLSA in 2017, having previosuly worked at the Personal Investment Management and Financial Advice Association (PIMFA) and the UK Sustainable Investment and Finance Association (UKSIF).Brunel Pension Partnership – The local authority pension pool has published an advertisement for the position of chief investment officer, which is being vacated by Mark Mansley. Stated responsibilities include being “ an active influencer in the asset management industry, building productive commercial relationships, while challenging managers to improve their responsible investment credentials”.Remuneration is stated as to be negotiated.PGIM Fixed Income – Jacques-Etienne Doerr has been hired to fill the newly created role of head of institutional sales for Switzerland, based in Zurich and effective immediately.According to PGIM Fixed Income, Doerr has over 27 years’ experience working in the asset management industry, with the majority of that time spent in Switzerland. For the past 12 years, Doerr was with Vanguard Investments Switzerland, most recently as the managing officer and head of business development. He has also worked for Lehman Brothers International (Europe) and GMO Switzerland.AMP Limited – Boe Pahari has been named CEO of AMP Capital, effective 1 July 2020. He will succeed Adam Tindall, who will retire from AMP after almost five years leading AMP Capital.Pahari is currently AMP Capital’s global head of infrastructure equity and director for the north-west Region (UK, Europe and the Americas).He joined AMP Capital in 2010 and has led the development and global expansion of the Infrastructure Equity business, which at the end of 2019 had A$23bn (€13.8bn) in assets under management.