All IPE articles in April 2005 (Online) – Page 2
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Rover trustee aims for Pension Protection Fund
UK - The new independent trustee for two underfunded pension schemes at collapsed car firm MG Rover has confirmed that it wants them to enter the Pension Protection Fund.
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Dutch must discuss higher retirement age – DNB
NETHERLANDS - Dutch society should start discussing the gradual rise of the retirement age from 65 to 67, to compensate for population ageing, said central bank president Nout Wellink (Corrects organisers in 2nd paragraph).
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AP1 to vote against GE and Chevron at AGMs
SWEDEN – Forsta AP-fonden, the €17bn Swedish buffer fund, is to back environmental resolutions at US industrial giants General Electric and ChevronTexaco at their annual general meetings tomorrow.
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BGI says it has two-thirds of bond ETF market
GLOBAL – Barclays Global Investors says its exchange traded funds, iShares, have around two thirds of the $9bn (€6.9bn) fixed income ETF market.
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Germany’s Heidelberg to supplement pensions
GERMANY – Printing machinery firm Heidelberg Gruppe, is to provide its 12,000 employees in Germany with a supplement to their company pension in exchange for their agreeing to work more overtime over the next five years.
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Pension reform hit as Czech PM resigns
CZECH REPUBLIC – The resignation today of Czech Prime Minister Stanislav Gross appears to have delivered a deathblow to attempts to accomplish pension reform before next year’s general election.
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Shell studies worldwide pension consolidation
NETHERLANDS – Oil giant Royal Dutch/Shell is running a feasibility study on the possibilities of merging its worldwide pension asset and investment advice departments.
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Switzerland's Ticino mulls strategy change
SWITZERLAND - The CHF2.68bn (€1.73bn) pension fund for the public employees of the Ticino canton is set to change its investment strategy after seeing its solvency ratio fall below 70% in 2004.
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UK’s Merseyside ousts Bank of NY
UK - State Street Corp. says it has been awarded a securities services mandate by the $6.0bn (€4.6bn) Merseyside Pension Fund - ousting incumbent Bank of New York.
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Sainsbury’s scheme doubles hedge fund allocation
UK - The £3bn (€4.4bn) pension fund of retailer J Sainsbury has doubled its exposure to funds of hedge funds - investing new money and resources diverted from passively managed UK equities.
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Watson-Lyonnais court hearing postponed
UK – A court hearing between consulting firm Watson Wyatt and the UK pension fund of French bank Credit Lyonnais over negligence allegations has been postponed to May 9.
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Germany could issue 50-year bonds, sources say
GERMANY – A German 50-year government bond could come in the future, despite official denials that Germany has no immediate plans to issue longer dated bonds, sources say.
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Norway’s KLP rejects conversion to public status
NORWAY – Members of the NOK140bn (€17bn) mutually owned Norwegian life insurance and asset management firm KLP has rejected its board’s plan to convert into a public limited company.
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Irish reserve fund avoids bonds amid low yields
IRELAND – Ireland’s €12.3bn National Pensions Reserve Fund says it is avoiding the bond market and holding more than €1bn in cash while yields are at their current historic lows.
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Bank of NY buys commission recapture firm
GLOBAL – The Bank of New York has bought commission recapture specialist Lynch, Jones & Ryan from Instinet Group for up to $159m (€122m).
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Dutch consultant Strategeon hires ex-ING exec
NETHERLANDS – Strategeon, the consulting firm run by former Watson Wyatt Dutch investment head Paul van Aalst, has hired a former ING Investment Management marketing executive.
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Fujitsu UK arm facing High Court pension writ
UK - A UK subsidiary of Japanese technology giant Fujitsu has been issued with a High Court writ by one of its former employees and pension fund trustees.
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Austria’s APK wary of funds of hedge funds
SWITZERLAND - The head of investments of the €1.8bn Austrian multi-employer scheme APK has warned against funds of hedge funds.
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Mellon’s Ireland fund admin MD resigns
IRELAND – Kevin Potts, managing director of Mellon Financial Corp.’s fund administration arm in Dublin, has resigned.
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Germany’s EnBW to cut managers in €3.8bn revamp
GERMANY - Energie Baden-Württemberg (EnBW), Germany’s third largest energy firm, is planning a sweeping revamp to its €3.8bn in corporate pension assets.
