All articles by Daniel Brooksbank – Page 106
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Bristol Water scheme shifts to fixed income
UK – The pension scheme of utility firm Bristol Water is shifting to fixed income from equities in a bid to redress a 9.8 million-pound deficit following equity market declines.
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Pension portability directive seen in Spring
EUROPE – The European Commission is planning a draft directive on occupational pension portability for next Spring, according to a Brussels-based consultant at Hewitt Associates.
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AXA IM transfers 217 staff to State Street
EUROPE – AXA Investment Managers says it has completed the previously announced 300 billion-euro outsourcing of its investment operations, with an initial 217 staff transferring to State Street.
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Towers Perrin hires two consultants from rivals
EUROPE – Towers Perrin says increasing demand from European multinational companies is behind its recruitment of two consultants from rival firms and the transfer of another from its Toronto office.
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OPEC founder sees institutions’ oil price impact
GLOBAL – Sheikh Ahmed Zaki Yamani, former Saudi Arabian oil minister and one of the architects of the OPEC oil cartel, has highlighted the role of institutional investors in the current high oil price environment.
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CS sees heavy demand for Swiss real estate fund
SWITZERLAND – Credit Suisse says institutional investors and banks have shown great interest in a new Swiss real estate fund.
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AP3 names hedge fund exec as equities head
SWEDEN - The 152 billion-crown (17 billion-euro) Third Swedish National Pension Fund, Tredje AP-fonden or AP3, has appointed a hedge fund manager from Nordea as its new head of equities.
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Pension Protection Fund quiet amid T&N crisis
UK – The Pension Protection Fund appeared to be keeping its own counsel today over the crisis-hit Turner & Newall Pension Scheme, which could be facing wind-up after parent company Federal-Mogul withdrew its offer to continue the scheme.
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EU to review fund industry amid pension timebomb
EUROPE – Calling the current framework for investment funds “an old banger”, Europe’s new internal market commissioner Charlie McCreevy says he will review the asset management industry in a bid to help defuse the pensions timebomb.
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Pension funds seeking yield in FX market – BIS
GLOBAL – Pension funds are helping to drive activity in the foreign exchange market as part of a “global search for yield” the Bank for International Settlements says.
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Pension funds to save “millions” in ITG-EXN deal
EUROPE – Pension funds could be set to save millions of pounds as a result of Posit operator ITG Europe’s plans to buy E-Crossnet, or EXN, the equities crossing network that is owned by asset management firms.
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Strike threat over UK civil service pensions
UK – The government has confirmed it is reviewing the Civil Service Pension Scheme – prompting the threat of strikes from the unions.
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Red faces over Dutch pension bill error
NETHERLANDS – The Dutch government and Parliament have to repair a mistake in the country’s new Pensions bill, it has emerged.
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IPE Awards – the full list of winners
EUROPE – The full list of country and themed-award winners at this week’s IPE Awards is now available below.
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UK debt office consults on long-dated bonds
UK – The UK’s Debt Management Office has launched a consultation on ultra-long dated government bonds following talks with the pension industry this summer.
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EU’s CEIOPS sees IFRS introducing volatility
EUROPE - The Committee of European Insurance and Occupational Pension Supervisors has said that the introduction of new accounting standards for pensions will increase liabilities and introduce volatility.
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FEFSI says UCITS sales slow in Q3
EUROPE – European investment fund body FEFSI says net sales of UCITS slowed down in the third quarter of 2004 to 14 billion euros - from 24 billion euros in the second quarter.
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SWIP registers Italian mutual fund range
ITALY - Scottish Widows Investment Partnership says it has registered its mutual fund range for sale in Italy.
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UK public pension spending to rise by E1.3bn
UK – The UK government projects that public pension spending will rise by 0.9 billion pounds (E1.3 billion euros) – on top of current expenditure – within the next four years.
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Bank of England chief eyes longevity bonds
UK - The governor of the Bank of England, Mervyn King, has suggested that the government issue longevity bonds to help annuity providers to hedge longevity risk.
