All IPE articles in August 2002 (Online) – Page 3
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Gissings launches attack on multi management
UK- Pension consultancy Gissings has attacked the practice of multi management accusing it of lacking transparency and the ability to provide tactical asset allocation as well as being straightforward consultancy but in a different guise.
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China in crisis as unfunded liability nears e204bn
CHINA- A new report by ratings agency Standard and Poor’s shows flaws in China’s financial markets and an ageing population are adding pressure to the state pension scheme which already has an unfunded liability approaching $200bn (e204bn).
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US funds consider blacklisting off-shore companies
US- US pension funds with combined assets of $1trn are meeting today in New York to discuss the proposal that they cease investing in companies based in off-shore tax havens. If the proposal goes through 22 companies could see their stock being sold by US pension funds.
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Standard Life launches new Dollar cash fund
IRELAND- Standard Life Investments has launched a new US dollar money market fund to complement its Dublin-based sterling and Euro-denominated sub funds.
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US funds head for third year of negative returns
US- Volatile markets continue to take their toll on US pensions schemes which are now heading for their third consecutive year of negative returns. Figures from Mercer Investment Consulting show corporate funds losing 5.5.% in the first half of the year while public plans and foundation/endowment funds lost a respective ...
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Managers urge agencies to clarify fund definitions
EUROPE- Eleven of Europe’s largest investment managers have clubbed together and are pressurising three major ratings agencies, Standard & Poor’s, Morningstar and Lipper, to introduce more consistency to the way they categorise funds.
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Nine out of ten UK schemes now in deficit
UK- Poor performing stock markets have pushed the total deficit in UK company schemes under the accounting standard FRS17 to an estimated £70bn, according to Watson Wyatt which estimates that nine out of ten company schemes are now in deficit.
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Portuguese funds continue to disappoint
PORTUGAL- Portugal’s pension fund market experienced negative growth in the second quarter, according to results published by consultant Watson Wyatt.
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US schemes vow to punish poor corporate practice
US- A core group of pension funds, led by those from California, New York and North Carolina, have agreed to clamp down on companies that do not abide by good company practice following the corporate scandals of firms such as Tyco, Enron and WorldCom.
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ATP picks Pimco and Citi to run e203m fixed income
DENMARK- The e34bn Danish Labour Market Supplementary Pension Scheme ATP has appointed Citigroup Asset Management and Pimco to manage a $200m (e203m) emerging market bond portfolio. Each company will be responsible for $100m.
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Schroders set to retain e313m Yorkshire mandate
UK- The £1.3bn East Riding of Yorkshire pension fund has drawn up a shortlist of three investment managers to run a £200m (e313m) global active equity mandate. Schroders, the incumbent manager, is rumoured to have been retained to run the funds.
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Goldman Sachs puts BT scheme deficit at e9.1bn
UK- British Telecom has refuted estimates that the shortfall in its £27bn (e42bn) pension fund may be as high as a third of its market capitalisation.
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Mercers calls for greater pensions education
UK- Consultant Mercers has criticised the government and employers for failing to invest in educating pension scheme members saying it is one of the biggest problems facing the industry.
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UK funds issue e220m specialist fixed income RFP
UK- The e1,350m superannuation funds of the Welsh county councils Rhonnda, Cynon and Taff are stripping out up to £140m in fixed income from their balanced managers and looking for a fixed income specialist to invest it in global bonds.
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Institutions remain upbeat about equity prospects
UK/US- institutional investors remain upbeat about the prospects for world markets despite lowering their expectations for growth, profits and prices.
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CalPERS yet to name replacement for departing CEO
US- CalPERS, the US’s largest public pension fund, has yet to appoint a replacement CEO for James Burton who is leaving to become head of the World Gold Council.
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S&P hire beefs up multi manager IMS research team
UK- Richard Timberlake’s multi manager outfit Investment Manager Selection (IMS) has appointed Neil Clare from Standard & Poor’s where he was a senior analyst. Clare, who is a specialist on Japan and the Pacific, joins the eight-strong research team which contains many of his old colleagues.
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UK fund gloom continues with 5% first half losses
UK- UK pension funds lost a further 5% in the first six months of the year according to initial estimates from performance measurement consultancy WM Company. The latest figures follow two consecutive years of negative returns, the first time this has happened since the early 1970s.
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Mellon enters Japanese pension market with Shinsei
JAPAN- Mellon Financial Corporation and Japan’s Shinsei Bank are joining forces and establishing an investment advisory and trust company to provide investment management services to the Japanese pensions market.
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Applicants invited for IPE-sponsored Wharton study
EUROPE/US- IPE is again sponsoring a place for a European marketing or sales professional to attend the forthcoming AIMSE Wharton Investment Institute.
