Advisers – Page 157
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News
Solutia appoints Frank Russell to run entire fund
UK - The Trustees of the Solutia UK pension scheme have appointed Frank Russell Company as the sole investment manager for its £35m( e55.4m) pension scheme. The global equity and fixed income assets will be spread across Russell’s full range of multi-manager funds.
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Danske Capital receives GIPS compliance
DENMARK - Danske Capital, the asset management arm of Danske Bank, has announced it has received compliance with the Global Investment Performance Standards (GIPS).
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Bristol opts for manager of manager approach
UK- The University of Bristol has put out to tender a manager of managers (MoM) mandate for its £100m (e158m) pension fund. The scheme is currently managed by Barclays Global Investors and Merrill Lynch IM.
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UK DB closures have already cost members e1.27bn
UK- UK pension fund members have missed out on up to £800m (e1.27bn) of benefits as a result of final salary schemes winding up inefficiently, according to actuarial consultants HighamNobbs.
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ABP subsidiary launches global SRI fund
NETHERLANDS- Dutch fund manager Loyalis, a subsidiary of ABP, is launching a global SRI fund which will be open to pension funds worldwide. ABP is the first pension fund to participate.
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Opra reconsiders role of pensions whistleblowers
UK- The Occupational Pensions Regulatory Authority (Opra) is reviewing its guidance for auditors and actuaries as whistleblowers, with the aim of reducing the high number of reports on minor breaches, and enabling it to concentrate on other areas.
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ING launches new pension fund in Russia
RUSSIA- ING has announced the launch of its Non-State Pension Fund ING in Russia, a voluntary pension fund for corporate clients. ING maintains it is the country’s first non-state pension scheme.
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Bellas joins Mercers as multinational specialist
UK- Mercer Human Resource Consulting has appointed Eladio Bellas as a consultant in its London offices in a role that will see him advise a portfolio of multinational clients on their global employee benefit strategies.
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DB fund members need protection says UK minister
UK- Work and pensions secretary Andrew Smith has said any changes in pensions legislation in the government’s imminent Green Paper must protect existing employees in the case of a scheme being wound up.
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Consultants back multi manager approach
UK- UK consultants believe that the multi-manager approach to investment will attract significant pension fund assets over the next five years, according to research carried out on the behalf of AIMMI, the Association for Institutional Multi-Manager Investing.
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State Street wins e14bn custody from Alberta
CANADA- Alberta Revenue, manager of the Province of Alberta’s CAD$35bn investments for public pension plans and provincial corporations, has appointed State Street to provide domestic custody and securities lending for CAD$22bn (e14.3bn) in assets.
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Bayer appoints Watson Wyatt for consultancy advice
UK- The UK subsidiary of Germany’s Bayer has appointed Watson Wyatt to provide actuarial, investment and consultancy services to the company and to the trustees of its largest UK pension fund. Watson Wyatt replaces rival consultant Mercers.
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Managers more optimistic about equity prospects
GLOBAL- Fund managers are more optimistic about the prospects for the world equity markets than they have been for a year according to the latest Merrill Lynch fund manager survey.
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Good past performance ‘carries forward’ says IMA
UK - UK equity funds with top quartile past performance are more likely to perform well in the future, according to research commissioned by the Investment Management Association, (IMA).
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Shareholder voting rises smartly in UK
UK – There has been a sharp increase in voting among UK shareholders this year, along with a growing trend of dissention, Pensions Investment Research Consultants (PIRC) reports.
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Asset-backed investments find favour in Europe
EUROPE - Almost e92bn of new asset-backed debt has been sold into Europe so far this year, according to Deutsche Bank, indicating that the market sector is becoming increasingly popular among investors.
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Mercers claims DC management practices are lacking
GLOBAL- Management practices in defined contribution retirement schemes are not meeting employer and employee expectations according to a global survey conducted by Mercer Global Human Resource Consulting.
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Danner victory boosts European pensions' cause
EUROPE- The European Court of Justice has delivered a judgement in favour of Rolf Dieter Danner in a move that confirms elements of Finnish tax legislation contravene EU legislation.
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IPE announces 2002 pension fund awards winners
EUROPE- IPE Magazine has announced the winners of its 2002 pension fund awards for both “investment strategy” and “fund structure and administration”. Entrants were judged by selected panels of experts selected country by country.
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ECJ verdict on Danner case expected tomorrow
EUROPE- The European Court of Justice is expected to pass judgement on the Danner case tomorrow in a ruling that many champions of pan European pensions believe could help pave the way for European schemes.
