All IPE articles in April 2005 (Online)
View all stories from this issue.
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Liabilities are now the benchmark – PME chief
NETHERLANDS – Roland Van den Brink, managing director of investments at the €14bn PME scheme, says schemes should only benchmark against their liabilities.
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ABN Amro Mellon to open Luxembourg office
LUXEMBOURG - ABN Amro Mellon Global Securities Services is to open an office in Luxemburg by the end of the second quarter of 2005, says chief executive Nadine Chakar.
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SSGA names Duncombe as UK managing director
UK – State Street Global Advisors has named foreign exchange head Paul Duncombe as managing director of its UK business, taking the role vacated by Nigel Wightman in March.
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DNB sees improvement in Dutch schemes
NETHERLANDS - The Dutch Central Bank says the overall financial position of Dutch pension funds have improved remarkably.
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Schemes’ lack of derivatives expertise ‘an issue’
UK – One of the trustees behind the Friends Provident scheme’s move into derivatives in 2004 has warned that a lack of expertise could be an issue at other pension funds.
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Swiss public employees oppose pension cuts
SWITZERLAND - The Swiss public sector employees’ union body VGB has launched a petition to stop parliament implementing pension and job cuts aimed at saving up to CHF2bn (€1.29bn) by 2008
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Sweden’s Alecta cautious about 2005 returns
SWEDEN – Occupational pensions provider Alecta has posted a 2.5% return for the first quarter of 2005 – but says it is cautious about full-year returns.
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Essex hires Martin Currie for equities
UK – The Essex County Council Pension Fund has awarded a £45m (€66.5m) active equity mandate to Martin Currie Investment Management.
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German asset managers get governance code
GERMANY - A committee headed by well-known finance expert Professor Wolfgang Gerke has unveiled a new corporate governance code for asset managers active in Germany.
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AXA names hedge head
GLOBAL - AXA Investment Managers has Olympia Capital Management's Véronique Courlier as global head of hedge fund activities.
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EFRP to complain to EU over pension tax
EUROPE - The European Federation for Retirement Provision plans to make a formal complaint to the European Commission over discriminatory pension taxation.
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Siemens says better returns boost scheme funding
GERMANY – Industrial group Siemens says higher than expected returns – plus supplemental contributions – has cut the underfunding of its main pension plans to around €1.1bn – from €3.1bn six months ago.
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Italy still eyes reform amid political crisis
ITALY – The Italian government appears to want to bring forward the implementation of pension reform despite the current political crisis.
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Netherlands: Interpolis to merge with Achmea
NETHERLANDS – Rabobank’s insurance subsidiary Interpolis is to merge with Eureko’s insurance group Achmea in a deal that builds on an existing agreement between the two firms.
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ABN Amro AM reviewing mandates as profit falls
EUROPE – ABN Amro says it is reviewing the profitability of individual mandates at its asset management business amid a 10% decline in net profit at the division.
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Hedge funds ‘should be part of core portfolio’
SWITZERLAND - Hedge fund investments should be part of the core as well as satellite portfolio – according to a professor at the Edhec French business school.
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Greece sees pensions at 25% of GDP by 2050
GREECE – The governor of the Greek central bank, Nicholas Garganas, has warned that Greece is set to pay 25% of its GDP in pensions by 2050, given the low retirement age, high unemployment and falling birth rates.
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ATP makes €711m return on interest-rate swaps
DENMARK – ATP, the Danish labour market supplementary pension scheme, says it made a “healthy” DKK5.3bn (€711m) return on its interest-rate swaps portfolio in the first quarter.
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EU says six states not ready for directive
EUROPE - Six of the 25 EU member states won’t be ready for the EU directive on occupational pensions when it comes into force on September 23, says EU insurance and pensions commissioner Karel van Hulle.
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SSGA names European consultant liaison director
EUROPE - State Street Global Advisors has named F&C's Valerie Nicholson as director of marketing and consultant liaison, with a Europe-wide brief.
