All IPE articles in April 2002 (Online)
View all stories from this issue.
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News
UK pension funds view private equity as 'trouble'
UK- The flight of UK pension funds from equities into bonds has dashed hopes that schemes would increase their investment in private equity, according to a senior pension fund consultant.
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UK occupational pensions need an extra £100bn
UK- The UK’s occupational pensions need to raise a further £100bn (e163bn) if they are to provide members with the same level of security as those in the life assurance market according to the rating agency Standard & Poor’s.
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Two thirds of UK DB providers rule out DC by 2007
UK- More than two thirds of the UK’s largest final-salary pension scheme providers have said they will not move to a defined contribution (DC) pension scheme in the next five years according to research by JPMorgan Fleming Asset Management.
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New French pension association goes public
FRANCE – A new pensions association designed to promote and protect the interests of pensioners and pension funds in France, Sauvegarde Retraites, has been established in Paris.
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US managers want more transparency from analysts
US – Almost half of US portfolio managers want to direct more of their business to brokers that don’t have a conflict of interest between their research and investment banking operations, according to Connecticut-based consulting firm, Greenwich Associates.
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Survey suggests two thirds of UK funds in deficit
UK- Almost two thirds of the UK’s larger pension funds are now in deficit according to a new survey by Mercer Human Resource Consulting. The study looks at 59 FTSE 250 companies’ accounts recently published under the new FRS17 accounting standard.
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Only 6.6% Italians sign up to new pension funds
ITALY – Only 6.6% of Italy’s 19.5 million workers have signed up to one of the country’s new complementary pension funds, according to Milan-based consultancy firm, IAMA Consulting, who says the figure falls way below the 20% forecast at the time of the Dini pensions reforms of 1995.
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Swiss fund seeks managers for two $20m mandates
SWITZERLAND: Two $20 million mandates for Index-Enhanced Global Debt and Active Swiss Equities have been announced by Zurich-based investment consultant Felix Kottmann of Kottmann Advisory for a Swiss pension fund client.
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Oslo picks PIMCO for new $220m fixed income fund
NORWAY- Oslo Pensjons Forsikring has appointed PIMCO Europe to set up and manage a $220m global fixed-income portfolio for the city's 20,000 employee pension fund.
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Watson Wyatt to take on limited liability status
UK- Watson Wyatt is this week introducing a limited liability aspect to its partnership structure. At present partners’ possessions, including houses, are liable if the consultancy is sued but will be exempt following the introduction of limited liability.
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Fixage poaches Watson Wyatt's Deville
FRANCE – Richard Deville, director of employee benefits and investment consulting at Watson Wyatt in Paris, has left the company and joined rival Paris consultancy, Fixage, as head of its pensions and benefits practice.
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Hermes invests in new Osprey property fund
UK – Hermes Property Asset Management and Bank of Scotland Corporate Banking are among the investors in the newly-established Osprey Limited Partnership, a high-yielding, commercial property fund with a target size of £300m (€485m). The fund starts life with an initial investment of £12m but the amount invested by Hermes ...
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Warburg Pincus fund closes at e5.9bn
US/EUROPE Private equity firm Warburg Pincus has announced that its WP VIII fund has closed with assets of $5.3bn (€5.9bn), a figure it claims is a “considerable accomplishment” in light of the volatile economic climate and consolidating private equity market.
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Six Dutch pension schemes to merge activities
NETHERLANDS- Six of the Netherlands’ medium-sized funds have announced they are to co-operate and to bring together every aspect of running the schemes including investment management, custody, administration and IT systems.
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Equitable to sue former directors for up to e5bn
UK – Troubled assurance and fund management society Equitable Life is suing 15 former directors over its differential terminal bonus policy regarding guaranteed annuity rates. The net loss of the value to the society that Equitable is claiming is difficult to predict but the society says it could top £3bn ...
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Essex fund seeks managers for e1.5bn
UK – The Essex County Council pension fund is looking for managers for £945m (€1,530m) of its £1.8bn assets, including a passive multi-asset equity and bond mandate worth some £620m and a predominantly UK fixed income mandate worth £140m.
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Mellon hires Threadneedle's marketing director
UK- Mellon Global Investments (MGI), the distribution subsidiary of Mellon Financial Corporation, has appointed Threadneedle’s Alan Mearns as head of global marketing.
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NAPF and APUT launch property best practice code
UK- Investment in property is set to become more transparent following the launch in London by the National Association of Pension Funds (NAPF) and Association of Property Unit Trusts (APUT) of a new code of best practice for the management and accountability of property funds.
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New Star launches Dublin umbrella fund
IRELAND- New Star International is launching six actively managed funds offering three currency classes of share. The Dublin based OEIC, New Star global investment funds, will give investors access to New Star's fund managers.
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Frank Russell adds Suffolk to multi manager roster
UK- Frank Russell Company has added New York-based Suffolk Capital Management to its roster of investment managers. The multi manager hired Suffolk to work on the Dublin and Cayman-domiciled US equity funds worth a respective $1.3bn and $420m.
