All IPE articles in August 2002 (Online) – Page 5
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News
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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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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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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CAAM launches new distribution arm in Spain
SPAIN – Crédit Agricole Asset Management (CAAM), the investment management arm of French financial services group, Crédit Agricole, has re-organised its Madrid-based Spanish subsidiary with the creation of a new mutual fund distribution arm, Agencia de Valores.
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Mellon appoints consultant relationship manager
UK/EUROPE- Mellon Global Securities Services has appointed Amanda Field to its newly-created position of consultant relationship manager. Representing both Mellon European Fund Services and ABN Amro Mellon, Field will build contacts with the European consultant community.
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French pension associations merge
FRANCE – Agirc and Arrco, the two French caisses de retraite supplementary retirement fund associations, have merged to form one new umbrella association, Groupement d’Intérêt Économique AGIRC-ARRCO (GIE Agirc Arrco).
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German PE market down 30% in first half of 2002
GERMANY – The private equity market in Germany is heading for what will be its worse year since 1999, despite a pick-up in business in the second quarter of this year, says the BVK, the German private equity association.
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PGGM moves into inflation-linked bond market
NETHERLANDS- PGGM, the e50bn pension fund for Dutch healthcare and social workers had hired Barclays Global Investors to build a new $200m active inflation-linked bond portfolio.
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European equity outflows highest since September
EUROPE– Investors in Europe are selling off their European equity holdings because of the recent sharp declines in the stock markets, according to the latest European fund flow research published by Schroder Salomon Smith Barney (SSSB). The aggregate outflow for June reached €2.1bn, the largest since last September, when a ...
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UK institutions trim property exposure
UK – Institutional investors such as pension funds and insurance companies decreased their exposure to property by £689m (€1,088m) during the first quarter of this year according to new figures from DTZ Research.
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Nestor joins Citi as European institutional head
UK- Henderson Global Investors’ director of institutional marketing John Nestor is leaving to take up a position as head of Citigroup Asset Management’s institutional business in Europe.
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AFG-ASFFI urges French government to reform tax
FRANCE – The French asset management association, the Paris-based AFG-ASFFI, has called on the government to reform the tax system to encourage people to save more and to set up a new regulatory body to ensure the continued growth of the asset management and pensions industry in France.
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IPE launches new international recruitment service
GLOBAL- The publishers of Investment & Pensions Europe magazine (IPE) and sister news service IPE-Newsline.com have launched a new international recruitment service.
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Swiss fund CSIF alters investment strategy
SWITZERLAND – The SFr 17bn (€11.7bn) Civil Service Insurance Fund (CSIF) of the Swiss canton of Zurich has altered its investment strategy to halt a slide in the returns on its investments which fell to –7.1% in 2001. A spokesman for the fund says despite the changes, CSIF is still ...
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S&P may downgrade companies with deficit pensions
UK- Rating agency Standard & Poor’s has announced it may begin downgrading the credit ratings of companies in Europe with pension funds that have large deficits. The action will particularly affect UK firms where the new accounting standard FRS17 is designed to reveal their pension scheme’s funding level at a ...
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Canada Pension Plan puts e370m in private equity
CANADA- The investment board of the CS$14.3bn (€9.3bn) national Canadian pension fund has announced it is allocating a e370m to three new private equity funds.
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MLIM and J Sainsbury settle underperformance claim
UK- Merrill Lynch Investment Managers and the £2.4bn (e3.8bn) pension fund of retailer J Sainsbury have avoided going to court over alleged underperformance following a settlement of an undisclosed amount. The supermarket group had been pursuing a claim from Merrills following the landmark payment made to Unilever last year.
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CSAM appoints Mellon for third party admin
UK – Credit Suisse Asset Management (CSAM) has appointed Mellon European Fund Services, the London-based fund administration arm of Mellon Financial Corporation, as third party administrator for the funds it acquired from Sun Life of Canada (SLC) last year. The funds are worth some £2.5bn (€4bn).
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Watson Wyatt names Eyre as multinational advisor
UK– Watson Wyatt has appointed Peter Eyre as a senior consultant advising multinational clients on the management of their worldwide employee benefits programmes.
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DeAM gives ten reasons to go out and buy equities
GLOBAL – Despite continued market weakness and investor caution, the time is right for investors to begin increasing their exposure to equities, says Deutsche Asset Management (DeAM)...
