All IPE articles in August 2003 (Online) – Page 3
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UK switch to DC costs staff E2.3bn - report
UK – The switch from defined benefit to defined contribution schemes has cost employees up to 1.6 billion pounds (2.3 billion euros) in pensions contributions a year, according to Close Wealth Management.
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KLM says career-average pensions an option
NETHERLANDS – Dutch airline KLM has confirmed that it is discussions with the unions about pensions – and that career-average pensions are on the table.
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Nordea says hit by “major” mandate loss
SWEDEN – Nordea’s asset management division has been hit by the loss of a “major” institutional mandate.
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Janus names N. Europe institutional sales chief
EUROPE – Janus Capital has named Henrik Rox Hansen as institutional sales director for northern Europe.
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AXA backs derivatives for pension funds
GLOBAL – AXA Investment Managers has backed a recent academic study which suggested that pension funds should consider using derivatives.
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France: pensions hit EdF's credit rating
FRANCE – French utility Electricite de France has seen its long-term credit rating downgraded by S&P as a result of its unfunded pensions liabilities.
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Brown Brothers Harriman targets European growth
UK - Privately-owned US bank Brown Brothers Harriman says it aims to set up a "direct custody facility" in the UK – as part of a move to boost its presence in Europe.
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Danish investment fund assets rise by E605m
DENMARK – Net assets in Danish investment funds increased by 4.5 billion Danish crowns (605 million euros) in the month to the end of July, according to data from the Federation of Danish Investment Associations.
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Swiss unions protest at pension “robbery” by insurers
SWITZERLAND – Members of the Swiss industrial and building union, SIB, have protested against plans by Winterthur to lower pension conversion rates and hike premiums - with one official likening the matter to robbery.
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Belgian pension fund returns at 4-year high
BELGIUM – Belgian pension funds have produced the highest first-half returns in four years, according to data from ABIP, the Belgian association of pension funds.
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UK’s OPRA updates winding-up publication
UK – OPRA, the UK occupational pensions regulatory authority has produced an updated publication about winding up defined benefit schemes aimed at trustees, advisers and insolvency practitioners.
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Ireland admits slow take-up of PRSAs
IRELAND – Social and family affairs minister Mary Coughlan has admitted that the new Personal Retirement Savings Accounts have been slow to take off.
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Handelsbanken gets pension surplus boost
SWEDEN - Svenska Handelsbanken says its pension surplus is set to boost shareholder equity by around one billion crowns (107.6 million euros).
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Russell/Mellon CAPS hires ex-DeAM marketer Jasani
UK – Russell/Mellon CAPS has bolstered its marketing team with addition of Bella Jasani and Tony Novo.
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UK’s Singer says hit by consultants’ changes
UK – Banking and fund management firm Singer & Friedlander says it has lost several institutional mandates as a result of shifts in strategy by consultants and asset allocation by clients.
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Swedish pension funds and euro set for debate
SWEDEN - There's to be a debate in Stockholm about the possible impact of the forthcoming euro referendum will have on Swedish pension funds.
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Credit Suisse AM sees asset-allocation role
EUROPE – Institutional investors will increasingly seek asset-allocation advice from their fund managers rather than from their consultant, believes Credit Suisse Asset Management.
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Sweden's AP3 posts first-half returns of +6.9%
SWEDEN – The third Swedish national pension fund, Tredje AP-Fonden or AP3, has reported positive returns of 6.9% for the first half of this year, even though property investments failed to perform.
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State Street nears capital adequacy limits
GLOBAL – State Street Corp. says it is nearing US regulatory limits on capital adequacy – but says it has enough capital to do what it wants to do
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AMF Pension posts first-half returns of 5.8%
SWEDEN - AMF Pension says it made a return on investments of 5.8% in the first half of this year.