All IPE articles in April 2002 (Online)
View all stories from this issue.
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News
Dutch pension funds lose 2.8% in 2001
NETHERLANDS- Dutch pension funds lost an average 2.8% in 2001 according to figures from the WM Company. Figures published in the Dutch newspaper Het Financieele Dagblad show equities as the worst performing asset class, down an average 15%.
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Upper house passes Irish pension bill
IRELAND- The long-awaited Irish Pension Bill which will lead to the introduction of Personal Retirement Savings Accounts (PRSAs) has been passed by Ireland’s upper chamber, the Seanad. The legislation comprises two additional elements- amendments to occupational schemes and the introduction of a pensions ombudsman scheme. The Bill also introduces, as ...
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Lombard Odier names new international equity CIO
LONDON- Lombard Odier is appointing Fabrizio Pierallini as chief investment officer for international equities. In his new role, Pierallini will head the international equity team and will be responsible for the link between London and the firm’s country and sector analysts and managers in Geneva, Zurich and Hong Kong.
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Polish pensions and insurance regulators merge
POLAND- Poland has merged its pensions and insurance regulators to create a “one-stop” financial services supervisor.
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WM figures show PGGM down 6% in 2001
NETHERLANDS- Official publication of WM Company’s performance figures for Dutch pension funds show an average return of –2.8% in 2001. Individually the funds reported yields ranging from –8.6% to 4.5% with many of the country’s larger schemes at the lower end of the spectrum.
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Spain proposes EU pensions solvency test
EUROPE / UK – A proposal by the Spanish delegation to the EU pensions working group to introduce a solvency test for pension funds could lead to billions of euros having to be injected into occupational schemes overnight. But the idea has come under fire from the UK government which ...
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BP will retain DB scheme despite new 4% deficit
UK – The slump in the equity markets means the $16.9bn (€19.2bn) BP Amoco UK pension scheme only has enough assets to cover 96% of its liabilities, opposed to 120% the previous year, according to its latest annual report. However, the company says it won’t close its defined benefit scheme, ...
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Germany needs further reform says ABA
GERMANY – The German occupational pensions market needs further reform if it is to compete successfully with the private pensions industry, says Klaus Stiefermann, general manager of the Heidelberg-based Aba, the German occupational pension fund association.
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Dutch industry-wide funds meet Z-score targets
NETHERLANDS- Figures released today show the Netherlands’ 63 industry-wide pension funds have all passed their Z score performance target of –1.28 despite concerns last year that some were likely to fail. The news will come as a relief to many of the schemes as they faced the prospect of losing ...
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Hermes appoints new head of private equity
UK – Hermes Pensions Management has appointed Rod Selkirk as head of private equity, replacing Robert Padgett who will take full retirement later this year. Selkirk, who has over 20 years experience in private equity, joins from Bridgepoint Capital, where he was managing director and member of the executive and ...
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VGZ picks GSAM for e1bn fiduciary role
NETHERLANDS- Zorgverzekeraar VGZ, one of the largest specialised health insurers in the Netherlands, has appointed Goldman Sachs Asset Management as fiduciary manager for its entire investment portfolio worth almost e1bn. VGZ remains responsible for dictating the strategic investment policy but as fiduciary manager, Goldman Sachs will look after asset ...
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Clemeur replaces Brasseur at Belgian association
BELGIUM – The Belgian Association of Pension Funds in Brussels has appointed Hugo Clemeur as general secretary, replacing Leon Brasseur, who decided last week to leave the association to concentrate on developing his career directly within the pensions industry.
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Gissings loses investment consulting head to SBJ
UK- Steve Barker has left his job as head of investment consulting at Gissings after just a year to take up the same role at SBJ Consultants in London. Barker, who has a background in investment consulting and fixed income management, will report to the chairman Peter Gray.
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Powys seeks investment managers for £80m
UK – The £160m (€260.7m) Powys County Council pension fund in Wales is looking for asset managers for a £48m active fixed income mandate and two £16m active equity mandates. John McNeil, head of finance at the fund, says the RFP has come about because the fund grew unhappy with ...
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Brennen to replace Bolsover as CEO at Baring AM
UK – David Brennan has been appointed chairman and chief executive of London-based Baring Asset Management (BAM) with effect from July. He will replace John Bolsover who is retiring after 27 years with the firm.
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DC not necessarily cheaper than DB says Aon
UK – Switching from defined benefit to defined contribution can be a costly exercise if companies don’t weigh up the pros and cons properly, warns Paul McGlone, a principal and actuary at Aon Consulting in London. The news comes at a time when many companies are closing their DB schemes ...
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S&P to publish 2,200 funds' asset allocation data
GLOBAL- S&P Fund Services has announced it is to publish asset allocation data for more than 2,200 UK unit trusts, OEICs and offshore funds from the end of the month. The data, available on www.funds-sp.com, will show each fund’s top ten securities by name and percentage, portfolio allocations by industry, ...
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Fidelity extends coverage of Select pooled fund
EUROPE- Fidelity Investments is extending the coverage of its Select Global Fund by registering it in France, Switzerland and the Netherlands. The Select fund, a sub fund of the international OEIC, was registered in the UK at the end of February as a pooled vehicle whereas previously it was ...
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Scottish Life launches guaranteed growth fund
UK – Isle of Man-based capital protected products specialist Scottish Life International (SLI) has launched a new guaranteed growth fund, the Protected Term Deposit (PTD) Series I, aimed at self-administered pension schemes.
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Dorset picks Cazenove for £38m cash mandate
UK – West Dorset District Council has awarded a £38m (€62m) fixed income and cash mandate to Cazenove Fund Management. The appointment will take effect from May and the mandate represents a fund that is part of the council’s liquid assets.
