All articles by Cecilia Valente – Page 13
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Public pensions cuts “out of line” - Watson Wyatt
GLOBAL – The increased focus on the costs of public sector pensions, triggered by lower investment returns and increasing longevity, is getting “out of line” compared with the private sector — according to a survey by Watson Wyatt.
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IPE-QUEST: Luxembourg insurer tenders €23m
LUXEMBOURG - A Luxembourg domiciled mutual insurance company has tendered a large-, mid- or small-cap equities mandate worth up to $30m (€23.1m) through IPE-Quest.
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Austrian hedge fund market ‘could grow 15%’
AUSTRIA - Funds of hedge funds in Austria could see annual growth of up to 15%, according to an Austrian alternative investments firm.
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AMF Pension hikes bonus rate for 2m pensioners
SWEDEN - The SEK220bn (€24.08bn) pension provider AMF Pension says it is to increase its bonus rate on traditional pension policies from five to six percent from next month.
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BNP Paribas makes securities services hire
NETHERLANDS – BNP Paribas Securities Services has hired Fortis Bank’s Marco Homburg for its institutional investor sales team.
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Italian pension reform delayed amid friction
ITALY - One of the key aspects of Italy’s pension reform, the development of the second pillar through the investment of severance payments into pension funds, has been postponed amid a lack of clarity on regulation and management.
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Swiss pensions safe in Lufthansa move
GERMANY – Deutsche Lufthansa’s €310m takeover of Swiss International Air Lines is not likely to alter the Swiss company’s pension arrangements.
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Northern Foods closes final salary fund
UK – Food producer Northern Foods has closed its final salary pension scheme to new employees but said it will pay £50m (€72m) in the next two years to plug the scheme’s £220m deficit.
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Mercer to advise staff at Denmark’s Nykredit
DENMARK - Mercer Human Resource Consulting is to advise members of the Danish pension scheme of financial group Nykredit, which has launched a new pension option for its employees.
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Merchant Navy in court decision on contributions
UK – The £2.8bn (€4.02bn) Merchant Navy Officers Pension Fund has emerged from a court case with a decision about the size of the contribution shipping firms, including P&O, are due to pay towards its deficit.
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Derbyshire scheme consolidates custody
UK – The £1.45bn (€2.08bn) Derbyshire County Council pension fund has consolidated the custody of its four portfolios under ABN Amro Mellon after UBS Global Asset Management gave up custody of one of them.
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Gloucestershire ousts managers in revamp
UK - Gloucestershire County Council's £600m (€863m) pension fund has appointed Standard Life Investments to manage a segregated specialist £130m UK equity portfolio.
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Pensions a factor amid stability pact revamp
EUROPE – Pensions have emerged as a factor in the wrangling over changes to the European Union’s Stability and Growth Pact, which are expected to be approved today.
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IPE-QUEST: European bank tenders €303m
EUROPE – A European bank has tendered three mid-cap US equity mandates, featuring growth, value and core, worth a total $400m (€303.1m), via IPE-Quest.
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German insurers invest €5bn in hedge funds despite scandal
GERMANY- German insurers have invested about €5bn, or more than four times previous estimates, in hedge funds in 2004, according to its trade body (GDV), and are now more worried about poor performance than the latest hedge fund scandal.
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Morgan Stanley’s Derbyshire joins Merrill Lynch
UK – Gareth Derbyshire, executive director at Morgan Stanley and number two at the firm’s European Pensions Group, has left the company after seven years to join rivals Merrill Lynch.
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UBS asset management arm nearly doubles institutional fund inflows
SWITZERLAND – UBS Global Asset Management said inflows to its institutional business nearly doubled to CHF 23.7bn (€15.3bn) in 2004.
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Riester products 'to make comeback'
GERMANY – The government-subsidised Riester pension products, which were launched in 2001 to encourage pension savings but that have sold poorly, could be “on the brink of a comeback,” according to Allianz Group chairman Michael Diekmann, who declared, for the first time, that his annual pay increased by 3% last ...
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Dutch criticised for ethical failings
NETHERLANDS - Dutch pension funds lack transparency in involving social and environmental issues in their investment policies, while the locally-listed companies are less “socially responsible” than their French and UK counterparts, according to two reports.
