All IPE articles in August 2004 (Online) – Page 6
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CalPERS hedge fund returns miss benchmark
US – CalPERS, the largest US pension scheme, says its hedge fund returns underperformed their benchmark by more than four percentage points for the year to the end of June 2004.
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Irish board spends more on rent than awareness
IRELAND – The Pensions Board, the Irish pensions regulator, spends more on office rent than on its pensions awareness campaign, its accounts reveal.
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Alternative ‘wall of money’ not seen – Mercer
GLOBAL – Mercer Investment Consulting says the predicted “wall of money” into alternative assets such as hedge funds has not materialised – in part due to the lack of transparency, costs and governance problems.
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Trustees and consultants “ill-informed” - ABN Amro
UK - ABN Amro, which last week launched a pension advisory unit, says both pension fund trustees and consultants are “ill-informed in investment matters”.
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Gartmore names institutional chief
UK - Gartmore Investment Management has named Invesco UK’s Angus Woolhouse as head of business development for its global institutional and alternative investments business, spanning the US, Europe and Japan.
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Medical society taps State Street for custody
UK - The Medical Protection Society Ltd. has awarded State Street a custody and transition management services brief and has retained its asset management arm for its 460 million-pound (688.7 million-euro) portfolio.
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Punter Southall opens Glasgow office
UK - Actuarial consultancy Punter Southall & Co. has opened an office in Glasgow run by ex-Hazell Carr Pensions Consulting staffers Ann Marie Dickson and Andy Thomson.
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Mercer names new head of pensions admin
UK – Mercer Human Resource Consulting has named Patrick Cosgrave as head of its pensions administration practice.
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Alternatives 71% of new UBS institutional assets
GLOBAL – More than 70% of the new institutional assets at UBS’s asset management arm in the second quarter were inflows into its alternative and quantitative business.
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Germany’s Spezialfonds market up 5% - BVI
GERMANY - The German investment fund industry association says said the volume of funds reserved to institutional investors, Spezialfonds, has grown about five percent since last year, boosted by positive markets.
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Eurostat admits difficulty of pensions taxation
EUROPE – The European Union’s statistical office has admitted that the issue of how to treat pension taxation is difficult on both the conceptual and practical level.
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UK public pension liabilities estimated at E862bn
UK – Consulting firm Watson Wyatt has estimated the UK’s unfunded public sector pension liabilities are around 580 billion pounds (862 billion euros).
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French SRI market enters maturity – Novethic
FRANCE - The French Socially Responsible Investment market has entered a “first phase of maturity” after recording 75% growth in 2004, said Caisse de Depots subsidiary Novethic.
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SEI names European institutional sales director
EUROPE - SEI Investments named 10-year company veteran Greg Rodgers to the new role of director of institutional sales for continental Europe.
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UK consults on pension tax simplification
UK – The Inland Revenue, the UK’s tax agency, is consulting on the planned simplification of pension taxation – and has announced some “substantive” changes to provision of information regulations.
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KPN says funding pension deficit a factor
NETHERLANDS – Dutch telecoms firm KPN, which is raising its pension schemes’ equities exposure to boost returns, said the possible funding of its 350 million-euro pension deficit will be a factor in its profitability.
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Zurich fund CSIF postpones independence
SWITZERLAND – The continued coverage deficit at the 16.95 billion-franc (11 billion-euro) Canton of Zurich Civil Service Insurance Fund means its planned independence has been postponed, possibly for years.
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IPE-QUEST: Pensioenfonds Metaal tenders 2 briefs
BELGIUM -Pension Fund for Metal-working and Mechanical Engineering workers, Pensioenfonds Metaal, has tendered two active specialist mandates through IPE-Quest.
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Consultants should stick to consulting – survey
UK – More than two-thirds of respondents to a new survey of occupational pension funds in the UK say that investment consultants should not offer asset management services.
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Germany’s Ruerup sceptical on Austria reform
AUSTRIA - Bert Ruerup, who headed Germany’s pension reform commission, has said Austria’s special pension regulations for workers with heavy manual jobs violated “the spirit of national insurance”.
