Advisers – Page 154
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ABB taps GMO for e47.8m emerging markets job
SWITZERLAND – Swiss pension fund provider ABB Investment Foundation has appointed Boston-based fund manager, Grantham, Mayo, Van Otterloo (GMO), to run a new 70 million Swiss franc (47.8 million euro) emerging markets equity portfolio.
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Mercer sees greater asset class specialisation
EUROPE – Investment managers will increasingly look to specialise in asset classes in which they perform best, in what is a growing trend away from balanced fund houses to specialist managers, believes a senior consultant at Mercer Investment Consulting.
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Dutch, Swiss funds tender mandates via IPE
NETHERLANDS – A Dutch consultant has placed a tender for a 50 million euro European equity mandate on IPE-Quest on behalf of a Dutch pension fund.
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Buck hires Mercer’s Littlewood for NW England
UK – Mellon Financial Corp.’s Buck Consultants has hired a former Mercer Investment Consulting senior investment consultant for its Manchester office in the north west of England.
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UK: Higgs governance proposals welcomed
UK – A new set of proposals aimed at reforming the role of non-executive directors in UK companies has been broadly welcomed by the industry, though some say institutional shareholders will have to do their bit as well.
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Third of European asset managers to post losses
EUROPE – Thirty-six percent of Europe’s asset managers will report negative profitability for 2002, projects management consultant McKinsey & Co. in its 2002 asset management economics survey.
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Crestco to launch electronic proxy voting
UK – Crestco Ltd., the UK subsidiary of Euroclear, is to launch an electronic proxy voting service on January 20 in response to increasing market demand.
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Halcyon days of basic DB are over – Towers Perrin
UK – Consultancy firm Towers Perrin says cooperation between all parties is needed in order to avoid further accusations of pension mis-selling, saying the “halcyon days” of basic pension communications are now over.
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Mercer Investment Consulting names Europe head
UK – Mercer Investment Consulting has bolstered its operations in Ireland and Continental Europe with the appointment of Divyesh Hindocha as head of the Ireland and Continental Europe practice.
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UK’s South Yorkshire reappoints PIRC for SRI
UK – The 2.6 billion pound (3.9 billion euro) South Yorkshire Pensions Authority has reappointed Pensions Investment and Research Consultants for three-year corporate governance and socially responsibility investment mandates. The size of fee was not disclosed.
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Investment fund assets fall 7.9% in Q3 - Fefsi
GLOBAL – Investment fund assets worldwide dropped 7.9% in the third quarter of 2002, to 10.65 trillion dollars, according to the latest research by Fefsi, the pan-European umbrella organisation of the investment funds industry of the 15 Member States of the EU.
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Dutch pension funds slam PVK requirements
NETHERLANDS – The three main Dutch pension fund bodies have rejected pension fund regulator PVK’s requirements on cover ratios, calling them “unnecessary” and “bad for the economy”.
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Watson says global pension assets decline 12%
GLOBAL – Watson Wyatt says global institutional pension fund assets fell by 12% to 1.4 trillion dollars in 2002, leaving many pension funds in the “difficult predicament” of facing pressure to get their balance sheets back in shape.
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Former MLIM managers launch UK fund firm
UK – A group of former fund managers at Merrill Lynch Investment Managers have launched a new specialist fund management company, Majedie Asset Management, to focus on the management of UK equities for pension funds and charities.
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Watson's London investment head to take time off
UK – The head of Watson Wyatt’s London investment team, Iain Woods, has announced that he will be taking a six-month sabbatical in May 2003. Jane Welsh, a senior investment consultant will also be taking sabbatical leave as of August 2003.
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UK’s Railpen boosts investment team
UK – Railpen Investments, the fund manager of UK’s rail industry pension schemes, has restructured and made two additions to its investment and actuarial team.
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Green Paper lacking on custody - Northern Trust
UK – Custody services provider Northern Trust says the government’s recent pension reform proposals did not address a key aspect of the Myners report dealing with the independence of custodianship.
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Eversheds sees Danner judgment as positive
EUROPE – The European Court of Justice’s October 3 judgment in the Danner case has cleared the way for cross-border pensions, says a pensions lawyer at UK firm Eversheds.
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ABN Amro seeks 5% of Belgian pensions market
BELGIUM – Dutch bank ABN Amro has set up a pensions subsidiary in Belgium, with a view to grabbing a 5% share of a market it says will grow by almost 14% in the coming years.
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PGGM chairman to step down in 2004
NETHERLANDS – Dick de Beus, chairman of the executive board of Dutch health and welfare pension fund PGGM is to resign on April 1 2004.
