All IPE articles in April 2005 (Online) – Page 7
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Turner & Newall in $13m pensions cost for parent
UK – Failed UK engineering company Turner & Newall has cost US-based parent company Federal-Mogul $13m (€10m) in extra costs associated with its pension plan
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ABP could face €50bn indexation bill - Maassen
NETHERLANDS – Dutch civil service scheme Stichting Pensioenfonds ABP could face a €50bn bill if pensions indexation were to become compulsory, says Jaap Maassen, the scheme’s director of pensions.
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Deutsche announcement on DeAM seen delayed
GERMANY - Deutsche Bank is not expected to announce a decision on the possible sale of Deutsche Asset Management in the UK until early next month.
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Bolkestein warns on market as directive nears
NETHERLANDS - Former EU commissioner Frits Bolkestein has called for European Union member states to be “market-conscious” when they transpose the directive on occupational pension funds into national law.
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Pension fund buys Shell power venture
GLOBAL – A Canadian pension fund and a private equity arm of US insurer AIG have teamed up to buy InterGen, a power generating joint venture of Shell and Bechtel, for US$1.75bn (€1.3bn).
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Bank of Ireland Asset Management names UK head
UK - Bank of Ireland Asset Management has named Olivier Santamaria as managing director of Bank of Ireland Asset Management (UK) Ltd.
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Corporate governance manual launched
EUROPE – The CFA Institute has launched a 55-page manual on corporate governance for investors.
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Philips scheme appoints director (Correct)
NETHERLANDS – The board of directors of the Philips Pension Fund has appointed Jasper Kemme, 42, as the new director of the fund (Corrects reference to Mercer in 2nd paragraph).
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PPF says insolvency fears haven’t materialised
UK – Predictions that the UK’s new Pension Protection Fund would be swamped with applications and rapidly become insolvent have failed to materialise, says fund chairman Lawrence Churchill.
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Dutch schemes eye long bonds for FTK – NIBC
NETHERLANDS – Most Dutch pension funds are planning to invest in long-term bonds and interest rate derivatives to comply with the new FTK rules, according to a survey by merchant bank NIB Capital and Mercer Human Resource Consulting.
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“We love hedge funds” - Deutsche Börse
GERMANY – A top executive at the Deutsche Börse has said how much the exchange values hedge funds due to the turnover they bring.
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Don’t castigate managers - Unilever pensions head
SWITZERLAND - Pension funds should not castigate their active asset managers for failing to add value to their portfolios, Unilever’s Philip Lambert has told a conference.
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Schemes should ‘look at structured products’
SWITZERLAND - The pension fund world lacks risk management and should look at structured products, an investment conference in Geneva has been told.
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DeAM declines comment on latest reports
GERMANY - Deutsche Asset Management in the UK has declined comment on a report that the asset management arms of Lloyds TSB, BNP Paribas and Old Mutual have expressed an interest in buying it.
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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.
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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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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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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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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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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).
