Advisers – Page 166
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Avon drops MLIM and Gartmore for underperformance
UK – The £1.5bn (€2.4bn) Avon Pension Fund has dropped Merrill Lynch Investment Managers (MLIM) and Gartmore from mandates worth almost £1bn (€1.6bn) for failing to achieve performance targets since they were appointed in 1997.
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Mercers makes Couchman new head of administration
UK- Paul Couchman is replacing Bill Rayner as consultant William M Mercer’s head of pensions administration. Couchman, who will be based in London, takes up the post at the beginning on April and consequently becomes a member of the UK board.
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Beaver and Edmans join Opra board
UK – The Occupational Pensions Regulatory Authority (Opra) has appointed Wendy Beaver and Laurie Edmans as members of its board with effect from April for one year, replacing John Bowman and Sue Ward whose one-year term of office has expired.
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IKA considers external managers for e1.8bn
GREECE- Greece’s largest pension fund, the Social Security Foundation (IKA), is considering the use of external investment managers to manage E1.8bn of its assets.
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PMI and NAPF launch basic pensions exam
UK – The London-based Pensions Management Institute (PMI) and National Association of Pension Funds (NAPF) have launched a new foundation level qualification, the Retirement Provision Certificate (RPC), aimed at people whose work brings them into contact with pensions and at those embarking on a career in pensions and benefits.
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Royal London recruits Spiller as head of DC
UK- Royal London Asset Management has appointed Susan Spiller head of defined contribution sales as part of a move by the group to increase the volume of assets under management from defined contribution clients.
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East Riding issues RFP for £200m overseas mandate
UK – The £1.3bn (€2.1bn) East Riding of Yorkshire Pension Fund is looking for asset managers to run a £200m active overseas mandate. The pension fund is looking to appoint up to three managers to take care of the portfolio which contains European, Japanese and North American equities. Its current ...
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Watson Wyatt- UK trustees remain underqualified
UK- The qualifications of UK pension fund trustees remain insufficient and are likely to come under increasing examination, according to research by Watson Wyatt and the Cranfield School of Management.
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Government figure for DB closures 'bogus'
UK - The government was today accused of complacency over its approach to the recent acceleration of defined benefit scheme closures in the UK. Speaking at the NAPF investment conference in Edinburgh, Colin Richardson, a partner with actuaries firm Barnett Waddingham, said that the government's official figure of 41 closures ...
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UK government and ASB heading for FRS17 showdown
UK - The government and accounting standards board (ASB) are heading for conflict over the introduction of the FRS17 accounting standard. The warning came after the chairman of the ASB, Mary Keegan, gave a speech at the NAPF's investment conference in Edinburgh in support of the new accounting principle which ...
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Hewitt opens retirement practice in Portugal
PORTUGAL- Consultant Hewitt Associates is establishing a new retirement and financial management department at its Portuguese office that will provide actuarial and employee benefit and investment services to Portuguese companies.
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Schroders names new head for Sweden and Finland
SWEDEN/FINLAND- Schroder Investment Management has appointed Johan Hamilton as country head for Sweden and Finland. Hamilton, who will be based in Stockholm, joins from Wassum Investment Consulting where he was a senior consultant advising pension funds, trusts, companies and local governments on investment strategy and manager selection.
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UK managers reluctant to drop soft commissions
UK – The Investment Management Association (IMA) and the National Association of Pension Funds (NAPF) have drawn up a pension fund disclosure code to be unveiled this week that will require fund managers to provide six-monthly reports on the way they invest UK pension scheme assets on stock markets.
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ING buys CSFB custody business in Russia
RUSSIA - ING Bank (Eurasia), Russia’s largest custodian bank, has acquired Credit Suisse First Boston’s custody business in Russia
