All IPE articles in August 2005 (Online) – Page 7
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Row looms between German consultants, managers
GERMANY – A row is looming in Germany as investment consultants complain that asset managers are trying to break into their market – a charge that managers deny.
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INTERVIEW: Rürup backs semi-mandatory approach
GERMANY - Professor Bert Rürup, the government’s chief economic advisor, has come out in support of a semi-mandatory corporate pension, saying the Riester reforms of 2002 have not done enough to boost the second-pillar.
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Dutch schemes gain €2.1bn from NIBC sale
NETHERLANDS – ABP and PGGM say the proceeds from the sale of their 50-50 owned merchant bank NIB Capital will amount to more than €2bn.
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COMMENT: Interesting times for multi-managers
COMMENTARY - The news that Mercer is getting an excellent response for its new multi-management offering is interesting.
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Coats Pensions chairman Dow steps down
UK – Sam Dow, chairman of board of Coats Pensions Trustee Ltd., has stepped down to be replaced by Laurie Todd of Guinness Peat Group, according to the scheme’s web site.
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State Street ‘could double Ireland workforce’
IRELAND – State Street Corp. could eventually employ up to 2,000 people in Ireland, the Boston-based bank’s chief executive Ron Logue has been quoted as saying.
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S&P says pensions a factor in Italy downgrade
ITALY – Italy’s pension expenditure was a factor in rating agency Standard and Poor’s decision to downgrade the country’s outlook from stable to negative.
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Directive ‘set to change discount rate methods’
EUROPE – The implementation of the European directive on occupational pensions could lead to a change in the way discount rates are determined, according to the European actuarial consultative group.
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Hewitt boosted by international revenues
GLOBAL – Hewitt Associates has reported stronger profit and revenue at its consulting division in the third quarter, driven by growth outside its North American base.
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London Pension Fund Authority changes strategy
UK – The £2.9bn (€4.2bn) London Pensions Fund Authority has outlined its new investment strategy following what it admits have been disappointing returns.
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Aon Consulting names Europe manager
EUROPE – Aon Consulting has appointed Theo Lutgendorff as manager of international benefits for continental Europe.
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Finland’s Varma returns 6.7% in first half
FINLAND – Varma, Finland’s largest private sector pension insurer, says it made a 6.7% return on its investments in the first half of 2005 – but the number of people insured declined slightly.
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Ireland to target firms failing on pensions
IRELAND – Ireland’s Pensions Board plans to target the 30,000 employers who appear not to have met their pensions obligations.
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Essex scheme set to change asset allocation
UK – The more than £2bn (€2.9bn) Essex County Council Pension Fund says it is poised to change its asset allocation as soon as possible.
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Pearson pension scheme manager retires
UK – Pam Jenkins, secretary and manager of the £1bn (€1.5bn) defined benefit group pension of publishing group Pearson, has retired.
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Switzerland’s Argau scheme gets gold sale boost
SWITZERLAND - The Swiss canton of Argau has used its share of the Swiss National Bank’s CHF14bn (€8.9bn) gold sale to finance the merger of its two pension funds and lower its pension deficit.
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ABP expects millions in TimeWarner compensation
NETHERLANDS - Dutch civil service scheme ABP says it could receive ‘millions’ from TimeWarner in compensation for accounting irregularities which caused a steep fall in the US media group’s share price.
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Barclays Global Investors gains €47bn of assets
GLOBAL – Barclays Global Investors gained £33bn (€47bn) of net new assets in the first half of 2005, parent Barclays Plc said in its earnings statement.
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Portuguese returns boosted by European stocks
PORTUGAL – European equities, with an average yield of 4.4%, were the biggest source of return for Portuguese funds in July, according to Watson Wyatt.
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Schroders’ Zerner joins Lazard AM as marketer
UK - Lazard Asset Management has appointed Schroder Investment Management’s Mary Zerner as head of central marketing services.
