All IPE articles in August 2005 (Online) – Page 5
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Metal Box scheme names PIMCO as bond manager
UK – The £1.4bn (€2.05bn) Metal Box Pension Scheme has appointed PIMCO Europe to manage a £100m bond brief, funded via a relocation of resources within the bond portfolio.
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SAS outsources €40m UK scheme to SEI
UK - Airline company Scandinavian Airline Systems has outsourced the management of its £27m (€39.6m) UK pension fund to SEI Investments.
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Florida awards $113bn master custody to Mellon
US – Florida’s State Board of Administration has awarded a $113bn (€91.7bn) master custody mandate to Mellon Global Securities Services.
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Watson Wyatt sees growth from UK legislation
GLOBAL – Consulting firm Watson Wyatt & Co. says its revenue growth in 2006 is expected to be driven in part by consulting related to legislative changes in the UK.
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UK coal scheme gets new secretary
UK – The £9.6bn (€13.8bn) British Coal Staff Superannuation Scheme has named Dawn Shirley as its new scheme secretary, replacing John Haigh.
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GlaxoSmithKline looking at managers in revamp
UK - Pharmaceutical giant GlaxoSmithKline says it is "looking at managers" as it combines more than £4bn (€5.8bn) in pension assets.
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Low rates hit German industry schemes
GERMANY - German industry schemes known as Versorgungswerke have reported a slight decline in the annual return on their investments owing to low interest-rates.
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LSE bid could involve European schemes
EUROPE – European pension funds could potentially become involved in a takeover battle for the London Stock Exchange if Australia’s Macquarie decides to make a bid for the exchange.
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Wide variety seen in UK actuarial assumptions
UK – A new survey has found wide variations in assumptions used by companies and actuarial advisers to calculate FRS17 pension liabilities.
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Delta Lloyd hit by €240m mandate loss
NETHERLANDS – Delta Lloyd says its flow of new investments “fell back” in the first half – partly due to the withdrawal of a €240m mandate.
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Swiss Capital awards custody to Northern Trust
SWITZERLAND – Swiss Capital, a Zurich-based alternatives firm which manages pension fund assets, has handed a $1.2bn (€1bn) hedge fund custody and administration mandate to Northern Trust.
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Management change at Dutch pharmacists’ fund
NETHERLANDS - Marcellino Kropman is to take over from Dick Wenting as director of the €776m Dutch Pension Fund for Pharmacists’ Employees, or PMA.
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ING IM plans European multi-manager launch
EUROPE - ING Investment Management is pushing forward with the launch of its multi-manager programme in Europe, scheduled for later this year.
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Hewitt’s Farquhar hire is response to bond shift
UK – Hewitt Associates said its decision to hire former Lombard Odier Darier Hentsch fixed income head Christine Farquhar is a response to pension fund demand for fixed income.
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Julius Baer institutional assets up €5.8bn
SWITZERLAND - The Julius Baer Group says it gained CHF9bn (€5.8bn) in institutional assets under management in the first half of 2005.
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Allianz says EU pension assets to double
EUROPE – Germany’s Allianz says it is targeting retirement provision and that it expects pension assets in Europe to more than double in the next 10 years.
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Pension consultants call for revised tax rules
UK – The Society of Pension Consultants has called for a revision of tax rules to encourage companies to repair pension fund deficits.
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Greece bank staff set to strike over pensions
GREECE – The Federation of Bank Employees (OTOE), has called for a strike next Tuesday in a bid to overturn a recent law which would change the structure of the sector’s supplementary pension system.
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UPM-Kymmene UK taps Hymans for consultancy
UK – The £84m (€122m) pension scheme of UPM-Kymmene UK has appointed Hymans Robertson as investment consultant.
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CSAM Germany institutional assets up 23%
GERMANY - The German arm of Credit Suisse Asset Management has reported a 23% rise in institutional assets under management during the first half.