All IPE articles in August 2006 (Online) – Page 2
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Aer Lingus plugs pension deficit before IPO
IRELAND – Irish airline Aer Lingus is to make a “one-off” pension contribution ahead of its planned new €1.2bn initial public offering.
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JP Morgan ousts Wellington at Merseyside
UK - The £3.8bn (€5.5bn) Merseyside Pension Fund has appointed JP Morgan Asset Management for its newly created £100m European (ex-UK) equities mandate.
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State Street shareholder activist ‘facing jail’
GLOBAL – A shareholder activist is facing jail after being ejected at State Street Corp.’s annual meeting, according to a filing at the Securities and Exchange Commission.
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FERI Institutional Advisors names four new MDs
GERMANY – German consultant FERI Institutional Advisors has appointed four new managing directors while confirming that Hartmut Leser, another MD, is to leave at the end of September.
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Folksam facing money-laundering allegations
SWEDEN - Swedish insurance company Folksam is facing allegations that it offered clients money-laundering opportunities.
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Dutch schemes ‘must keep check on hedge funds’
NETHERLANDS - New rules should be set under which pension funds can invest in hedge funds, says the largest labour union FNV Bondgenoten.
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LA Fire & Police to invest in pooled real estate
REAL ESTATE – The $13.6bn Los Angeles Fire & Police Pension System has approved an investment in a commingled fund and signed off on some emerging manager guidelines.
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Fortis sets up green venture capital fund
NETHERLANDS – Fortis Venturing has set up a new venture capital fund for sustainable so-called ‘technostarters’ in the Netherlands.
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Schroders’ Denmark chief retires
DENMARK - Steen Svendsen has retired as managing director of Schroders Investment Management Denmark to take a role at a private equity group.
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Swiss bank chief queries pension competence
SWITZERLAND – Jean-Pierre Roth, president of Switzerland’s central bank, says he agrees with the view expressed by another top government official that many who run Swiss pension funds are incompetent.
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Confusion over 30-year Belgian tender
BELGIUM – A 30-year pension fund administration tender by Belgian municipality Saint-Josse-ten-Noode has left observers confused.
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Hewitt’s Paris head Puche leaves
FRANCE – Vincent Puche, head of Hewitt Associates’ Paris investment practice, has left the firm (adds investment).
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Henderson posts €4.3bn institutional outflow
UK – Henderson Global Investors had a £2.9bn (€4.3bn) outflow of institutional assets in the first half of 2006, the company said in its first-half report.
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IASB tackles IAS19 minimum funding problem
GLOBAL – The International Accounting Standards Board has proposed guidance on the “tricky issue” of how to reconcile pension funds’ minimum funding requirements with the IAS19 pensions accounting standard.
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Fiduciary management ‘needs wider scope’
NETHERLANDS – The concept of fiduciary management needs a wider interpretation than just asset management, says pensions and investment manager Compendeon.
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Dutch institutional real estate reaches €29bn
NETHERLANDS – Dutch institutions’ investment in the real estate sector have surged to €29bn, according to De Nederlandsche Bank (DNB).
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Rentokil details asset revamp
UK – Pest control firm Rentokil Initial, which is the process of closing its defined benefit pension fund, has revealed more details about the scheme’s switch into bonds.
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Asset chief takes over at Finland’s Evli
FINLAND – First-half losses at Finland’s Evli Bank have been followed by asset management chief Maunu Lehtimäki taking over as group chief executive from Henrik Andersin.
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UK rail schemes return 16.3% amid union concern
UK - The UK’s combined £17bn (€25bn) railway pension funds made an aggregate return of 16.3% in 2005 – almost double the previous year’s 8.3%, company accounts show.
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DC to take off in Germany, Watson Wyatt says
GERMANY – Defined contribution pension plans are set to boom in Germany, according to international consultant Watson Wyatt.
