All articles by Daniel Brooksbank – Page 101
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Mellon says it wins Textron UK pension business
UK - Mellon Financial Corp.'s investor solutions arm says it has won a contract to provide pension administration and actuarial services to US-based industrial group Textron's UK defined benefit plans.
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Canadian scheme backs Luxembourg’s Honsel
LUXEMBOURG – Ontario-based public pension scheme OMERS has made a US$40.6m (E35m) investment in Luxembourg-based car industry supplier Honsel International Technologies.
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Lothian scheme reappoints Hymans Robertson
UK – The £2bn (€2.85bn) Lothian Pension Scheme has reappointed Hymans Robertson to provide actuarial and investment consulting services.
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MLIM’s Dyson sees new consultant-manager model
EUROPE – Andrew Dyson, head of institutional business at Merrill Lynch Investment Managers in Europe, has explained his ideas about a “new model” for the relationship between investment consultants and asset managers.
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UK: NAPF’s wants trustees to “pull their weight”
UK – The National Association of Pension Funds has published a guide on voting to help pension fund trustees “pull their weight” with UK firms.
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ING IM taps Bank of NY for middle office
NETHERLANDS - ING Investment Management has signed a letter of intent for the Bank of New York covering to provide middle office trade and processing outsourcing.
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Group offers contingent capital to ease deficits
EUROPE - A group comprising insurance and software executives says it has put together a vehicle using so-called contingent capital that can help with pension funding problems.
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Dow Jones, FTSE unveil classification benchmark
GLOBAL - Global index providers Dow Jones Indexes and FTSE Group say their new joint classification system is now available.
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AXA IM names Griffiths as UK CEO
UK – AXA Investment Managers has named investment chief Paul Griffiths as chief executive of its UK operations.
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State Street AUM up 22% but earnings slump
GLOBAL - State Street Corp.'s assets under management have risen 22% to a record, but quarterly earnings have fallen by 58.8%.
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European institutions’ hedge fund use “jumps”
EUROPE – Hedge funds have now moved into the mainstream with 32% of European institutions now using them, Greenwich Associates says.
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Morley says it wins Go Ahead asset allocation
UK – Morley Fund Management says it has been awarded tactical and strategic asset allocation briefs by transport firm Go Ahead.
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Watson Wyatt & Co. to buy Watson Wyatt LLP
GLOBAL – US-based Watson Wyatt & Co. is to buy the approximately 80% of UK-based Watson Wyatt LLP that it doesn’t already own for around $451m in cash and stock.
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IBM’s main UK scheme 73% covered – source
UK – Computer giant IBM’s main UK final salary pension scheme was able to cover just 73% of its liabilities as at the end of 2003, according to a new actuarial valuation prepared by Watson Wyatt.
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State Street wins ChevronTexaco Europe custody
EUROPE - State Street Corp. says it has won $2bn (E1.5bn) in global custody from oil firm ChevronTexaco Corp.’s European pension plans.
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UK institute sees E38bn tax rises for ageing
UK – Taxes in the UK may have to rise by around £27bn (E38bn) a year to deal with the costs associated with demographic ageing, the head of the National Institute of Economic and Social Research has said.
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Dutch building scheme backs Aareal fund
NETHERLANDS - The Dutch building workers pension scheme has committed equity on behalf of two pension fund clients to a real estate fund run by Aareal.
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Bank of Ireland under scrutiny at Lothian scheme
UK – The £2bn (€2.85bn) Lothian Pension Scheme says it is set to tender for global and Europe (ex-UK) equities, briefs held by troubled Bank of Ireland Asset Management.
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USS, PGGM investor group OKs 10 brokers
EUROPE - A group of leading European institutions, which includes pension funds USS and PGGM, have commended 10 brokerage firms for the way they analyse non-financial material.
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Trichet flags up pensions at ECB rate meeting
EUROPE - Jean-Claude Trichet, the president of the European Central Bank, flagged up the challenge of population ageing and pension systems in the bank’s monthly press conference on monetary policy.
