Advisers – Page 163
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ACA says UK needs to rethink occupational policy
UK- Employers, the government and the pensions industry need to come up with ideas for promoting occupational pension schemes or face the alternative of taxpayers having to pay an increasing share of pensioners' incomes, according to the Association of Consulting Actuaries.
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FIS appoints new head of institutional business
UK – London-based asset manager Friends Ivory & Sime (FIS) has appointed Robert Mathews as head of institutional business. Matthews will replace Paul Richards, who is leaving to join Goldman Sachs Asset Management.
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Legal changes set to open up Sweden's mutual funds
SWEDEN- Reform to Sweden’s mutual funds legislation may result in the abolition of capital gains tax for members switching between fund providers. If the move is introduced, it will open the e95bn mutual fund market to foreign investment managers- at present, local banks account for 80% of the business.
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US institutions cut overseas investment
EUROPE/US – The total invested overseas by US institutions fell 25% in 2001, but the overall amount allocated to Europe continued to grow, from 67% to 73%, according to research by research firm Greenwich Associates.
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FIS loses institutional director to Goldmans
UK – Paul Richards, the director of institutional business at London-based asset management group, Friends Ivory & Sime (FIS), is leaving the firm to become part of the business development team at Goldman Sachs Asset Management (GSAM).
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Watson Wyatt publishes latest benefits report
UK- Watson Wyatt has announced the launch of two reports, one covering benefits in western Europe, Canada and the USA and another monitoring employment terms and conditions in western Europe.
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Edinburgh Investment Trust in €2.2bn RFP
UK – The £1.4bn (€2.2bn) Edinburgh Investment Trust (EIT) has put the contract to manage its assets out to tender. The action is the result of uncertainty in the relationship between the trust and its current managers, Edinburgh Fund Managers (EFM)...
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North Yorkshire drops Invesco from €268m mandate
UK – The £730m (€1,152m) North Yorkshire Council pension plan is looking for managers for a £170m (€268m) balanced mandate. A spokesman for North Yorkshire says the mandate, currently managed by Invesco, is under review since the fund’s investment committee is not “entirely satisfied” with Invesco’s performance.
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Mercers- funds should scrutinise custodians more
UK- Occupational pension schemes should pay closer attention to custody and the security of their assets according to Mercer Investment Consulting’s response to the latest government consultation document on independent custodians.
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Lindstrom branches out into portfolio management
SWEDEN- Swedish Consultant Bohman & Lindstrom, formerly known as Lindstrom & Partners, is broadening activities from straightforward advisory services and taking more responsibility for client’s portfolios with the launch of what it calls PAF, or Portfolio Assembling Factory.
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UK Council drops MLIM from e790m mandate
UK- Bath & North East Somerset Council's £1.7bn pension fund has added to Merrill Lynch Investment Management’s woes by dropping it from a £500m (e790m) mandate. A spokesman for the fund stressed that the replacement was result of an ALM study and restructuring and not primarily for underperformance although they ...
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AIMSE opens debate on Dutch third party management
NETHERLANDS- AIMSE International, the association for investment management sales and marketing professionals, is organising a meeting focusing on the emerging trend for large Dutch pension funds to set up their in-house investment teams as third-party asset managers.
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Kirschenhofer is new Siemens asset management head
GERMANY- Klaus Kirschenhofer has joined Siemens’ corporate finance treasury in Munich after over seven years with Wacker-Chemie as a pensions investment manager and member of the board.
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Barnett Waddingham announces new partners
UK- Independent actuarial partnership Barnett Waddingham has announced the appointment of two new partners and seven associates.
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SwissAir names five sub-fund managers for e600m
SWITZERLAND- SwissAir has announced the names of managers appointed to run e600m in five sub-funds belonging to the recently restructured pension scheme. The fund has appointed managers to five mandates, each valued at approximately e120m.
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UK fund and Mercer agree performance-related fees
UK – The £500m (€803m) Caterpillar pension fund has struck a new performance-related fee structure with its advisor Mercer Investment Consultant. The new arrangement covers both manager selection and strategic advice and is in response to the Myners Review recommendation that trustees should consider a formal assessment of their consultants.
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Rentokil fund to undergo full ALM study
UK – The £600m (€691m) UK pension plan of Rentokil Initial, the hygiene and pest control company, is undergoing an actuarial review that is likely to lead to a full asset liability study later in the year.
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Punter Southall acquires pension consultant BGJ
UK – London-based pensions management and actuarial consultants Punter Southall has acquired pensions consultancy firm, BGJ. BGJ was founded in 1993 and specialises in the corporate pensions market, offering advice on all aspects of corporate pensions to both companies and individuals.
