All IPE articles in August 2004 (Online)
View all stories from this issue.
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News
Technical problems delay Finnair pension shift
FINLAND – The Finnair Pension Fund has delayed the transfer of its 460 million-euro mandatory pension fund to Ilmarinen Mutual Pension Insurance Co. by six months due to “technical problems”.
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Germany enters “new era” for private pensions
GERMANY – Germany’s old-age law that was passed by parliament in June has marked the ‘dawn of a new era’ for the pension market - according to HVB insurance analyst HVB Lucio di Geronimo.
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UK: pension rights safe in Abbey and gas deals
UK – Commitments to pension security have featured in two large corporate deals in the UK today involving Abbey National and National Grid Transco.
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Oil rise forces Petroleum Fund to lift FX buys
NORWAY – The Norwegian central bank is to increase its daily foreign exchange purchases for the Petroleum Fund, Europe’s second largest pension fund, due to higher oil prices.
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IPE publishes Top 1000 European pension funds
EUROPE – IPE has published its annual Top 1000 European pension fund supplement, which shows that Europe’s leading pension funds have come through relatively unchanged in terms of assets.
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Hewitt revamps UK actuarial practice
UK - Hewitt Bacon & Woodrow is making some changes to its UK actuarial practice, splitting its retirement and financial management practices in two: RFM core services and RFM consulting.
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CSAM German institutional assets up 16%
GERMANY – Credit Suisse Asset Management’s German institutional assets under management have risen 15.9% to 4.21 billion euros in the first half, compared to the previous year.
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Hedge firm Tremont names London investment head
EUROPE - Tremont Capital Management, which produces a hedge fund index with Credit Suisse First Boston and owns TASS Research, has named Jim Mitchell to the new role of head of investment management, Europe.
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European fund-of-funds growth levels off – report
EUROPE – Growth in the fund-of-funds market in continental Europe has “levelled off”, according to a report from Cerulli Associates.
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AP4’s Swedish equities returns “unsatisfactory”
SWEDEN - Fjärde AP-fonden, the fourth Swedish buffer fund, returned 5.5% in the first half of 2004 - weighed down by an “unsatisfactory” performance of its Swedish equities portfolio.
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Hewitt to cut up to 350 jobs in Exult merger
GLOBAL – Hewitt Associates says it will eliminate up to 350 jobs as part of its planned acquisition of Exult – with some losses taking place outside the US.
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UK trustees facing OPRA “planning blight”
UK – The UK’s occupational pensions regulator has published guidance on underfunded schemes in wind-up – but observers say it demonstrates the “planning blight” trustees are facing ahead of final details about financial assistance.
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BlackRock to buy State Street Research
US – US investment management firm BlackRock is to buy State Street Research, which is not related to its Boston neighbour State Street Corp., from MetLife for 375 million dollars (310 million euros) in cash and stock.
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Austria’s VPK and BVP complete merger
AUSTRIA- The two billion-euro multi-employer Vereinigte Pensionskassen AG, VPK, and the 1.2 billion-euro banking and insurance sector pension fund BVP-Pensionskassen AG have merged.
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Directive to reveal E297bn UK deficits – PWC
UK – The European pension directive’s solvency requirements will reveal that UK corporate pension schemes are 200 billion pounds (296.7 billion euros) in deficit, according to an article by PricewaterhouseCoopers partner John Shuttleworth.
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AP1 may appoint more external managers
SWEDEN – Första AP-fonden, the 148.1 billion-crown (16 billion-euro) first Swedish buffer fund, says it can’t rule out the possibility of hiring more external asset managers – and that it has set up a new external management unit.
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Switzerland merges pension expert committees
SWITZERLAND - The Bundesrat, the Swiss executive arm, has decided to merge two expert committees working on pension-related issues into one commission.
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IPE-QUEST: Multi-manager tenders Japan equities
EUROPE - A European multi-manager has tendered an actively managed Japanese large-cap or all-cap equity brief through IPE-Quest.
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Capita, Watson win Next pension business
UK - Capita Hartshead and Watson Wyatt have been appointed by the Next Group Pension Plan.
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Fortis institutional assets flat in second quarter
EUROPE - Fortis Investments, the asset management arm of the Fortis group, gained no new institutional assets in the second quarter of 2004, according to its latest earnings report.
