All IPE articles in August 2004 (Online)
View all stories from this issue.
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News
Janus says client to withdraw $5bn
US – An unnamed client is to pull five billion dollars (4.1 billion euros) from Janus Capital by the end of the year.
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KPMG granted leave to appeal pensions ruling
UK – Consulting firm KPMG says it has been granted leave to appeal a High Court ruling that said its closed pension scheme is defined benefit not defined contribution.
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Deutsche Post uses share-sale cash for pensions
GERMANY – Logistics company Deutsche Post says it will use the proceeds of its recent initial public offering to cut its pension obligations.
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UK Ombudsman critical of government
UK - The UK’s Pensions Ombudsman has strongly criticised the lack of support his office is getting from the government
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FEFSI rejects legal action on pension directive
EUROPE – European investment fund association FEFSI says it doesn’t intend to take legal action over the European pension directive – despite earlier saying the directive is discriminatory.
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Mellon to buy currency management firm Pareto
GLOBAL – Mellon Financial Corp. is to buy the 70% of currency management firm Pareto Partners that it does not already own for an undisclosed sum.
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ABN Amro's institutional AUM fall
EUROPE – Institutional assets under management at ABN Amro’s asset management arm have fallen to around 86.3 billion euros at the second quarter from almost 88 billion euros at the first quarter of 2004.
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Northern taps Mellon's Hamilton for fund role
UK - Northern Trust has hired Mellon’s Karen Hamilton as vice president and product development manager for its Global Fund Services arm.
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Asset manager hires pension fund
UK – Asset management firm AXA has tapped pension scheme-owned Hermes to run a set of passive funds.
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PGGM discontinues chief economist role
NETHERLANDS – The Dutch health care fund PGGM’s appointment of Peter Kraneveld as special adviser means that the chief economist role no longer exists at the scheme.
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Turkey sets deadline for pension reform decision
TURKEY – The Turkish government has set said it will decide on its strategy for reforming its pension system by the end of the third quarter of this year.
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IAS19 to affect pension design – Watson Wyatt
EUROPE – Consulting firm Watson Wyatt says the IAS19 accounting standard for retirement benefits will affect the way companies consider pension scheme obligations and plan design.
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Swiss pension funds boost alternatives - CSAM
SWITZERLAND – Swiss pension funds have raised their allocation to alternative assets to 1.8%, Credit Swiss Asset Management says.
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Nestlé “very seriously” considering Irish CCF
GLOBAL - Multinational food group Nestlé, which has a 6.2 billion-Swiss franc (3.8 billion-euro) pension fund says it is “very seriously” considering Ireland’s tax-transparent pension vehicle Common Contractual Fund, or CCF.
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US SEC acts in hedge fund fraud case
US – The Securities and Exchange Commission has acted against alleged fraud at a Pennsylvania-based hedge fund called Fountainhead.
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MLIM makes German institutional hire
GERMANY - Merrill Lynch Investment Managers has hired former J P Morgan sales executive Kai Volkmann to boost is German sales institutional team.
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Judge tells Campina to resolve indexation row
NETHERLANDS - Dairy products manufacturer Campina and its pensioners’ association, VGC, have been asked by a district judge to solve their differences over pension indexing out of court.
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Pfizer’s Smith joins Marsh Mercer DB scheme
EUROPE – John H Smith, head of European pension investments at the 402 million-pound (610 million-euro) Pfizer Pension Scheme, has joined the 1.8 billion pound Marsh Mercer defined benefit pension scheme as director, corporate finance and investments.
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Top European firms’ pension gap E116bn – report
EUROPE- The aggregate deficit of Europe’s largest companies, those listed in the European Dow Jones STOXX 50 index, has been put at 116 billion euros by Lane Clark & Peacock.
