All IPE articles in April 2005 (Online) – Page 9
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News
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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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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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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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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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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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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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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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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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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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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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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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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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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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.
