Against the grain

While UK and Danish pension funds have been frantically buying up long-dated government paper, German funds have begun to do the opposite. Gareth Gore talks to the country's largest scheme about its own portfolio revamp


"When your scheme members are the people working at the forefront of the country's financial industry, obviously that's going to create a bit of pressure on you to perform," says Rainer Jakubowski, chief financial officer of Germany's biggest private pension provider, the Berlin-based BVV Versicherungsverein.

Formed in 1909 by a group of German private banks to manage retirement provisions for the industry's growing employee base, the fund today manages the pensions of 95% of the German private

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