All articles by Daniel Brooksbank – Page 109
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ING sells Baring AM to MassMutual, Northern Trust
GLOBAL – ING Group is to sell Baring Asset Management’s investment management activities to MassMutual, while Northern Trust will buy the unit’s fund administration arm.
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OECD finds wide variety in pension tax subsidies
GLOBAL - The Organisation for Economic Cooperation and Development has found that despite variations in the size of tax subsidy across different OECD member countries, most governments incur a sizeable positive net tax cost.
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Mercer president leaves MMC board
GLOBAL – Peter Coster, president of Mercer Inc., has left the board of troubled Marsh & McLennan Companies along with four other directors as part of corporate governance effort.
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Norway sets up Petroleum Fund ethics council
NORWAY – The 942.4 billion-crown (115.6 billion-euro) Petroleum Fund’s new advisory council on ethics was set up today by royal decree, the Ministry of Finance said.
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Norwegian government mulls extra pension reform
NORWAY – The Norwegian government has floated a re-design of the tax and pension systems in the face of an ageing society that will see a surge in pension expenditures as a share of GDP.
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Schroders names Fidelity’s Goossens as Benelux head
BENELUX – Schroders has named Hans Goossens as country head for Benelux, taking a role vacated by Pieter van Daalen in the summer.
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Hazell Carr’s Donaldson joins Higham Group
UK – Pensions outsourcing firm Higham Group has hired Kenneth Donaldson from Hazell Carr Pensions Consulting to be director of business development, pensions.
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Sweden sees surge in pension spending
SWEDEN – The Swedish Ministry of Finance says pension expenditure will rise to more than 10% of gross domestic product in the next 30 years.
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Capital Group “world’s finest” – Greenwich (correct)
(Corrects name) GLOBAL – Reclusive asset management firm Capital Group is the best professional services firm in the world, according to the founder of consulting firm Greenwich Associates.
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NAPF suggests interest-rate swaps discount rate
UK – The National Association of Pension Funds has suggested that pension liabilities should be discounted at a “risk free” rate derived from interest-rate swaps.
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Vanguard hires ABN Amro’s Nagel
NETHERLANDS – Ronald Nagel, former head of institutional sales at ABN Amro Asset Management, has joined Vanguard Investments.
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Gartmore UK CEO Jones quits, may run own firm
UK – Glyn Jones, chief executive of Gartmore in the UK, has resigned, with group CEO Paul Hondros taking direct responsibility for the firm’s integrated business.
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British Airways warns on DC benefits
UK – Airline firm British Airways has said its new defined contribution pension scheme will not provide the same benefits as its established defined benefit schemes.
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Dutch schemes ‘opting for top asset managers’
NETHERLANDS – Dutch pension schemes are increasingly concentrating their assets with the leading asset managers in their field, a new report claims.
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European schemes cut govt bond allocations
EUROPE – With a third of continental European pension funds underfunded, schemes are cutting their government bond allocations, according to a survey from Greenwich Associates.
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UK’s PPF could face huge hit if T&N winds up
UK – The Pension Protection Fund could be facing a huge financial hit if the trustees of the struggling Turner & Newall scheme decide on a delayed wind-up in the light of new government guidance, a leading pension analyst has said.
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IPE-QUEST: Swiss client tenders fixed interest
SWITZERLAND - Investment consultant Kieger has tendered 100 million francs (65.8 million euros) in fixed interest on behalf of a corporate treasury client via IPE-Quest.
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Netherlands' VB names new chairmen
NETHERLANDS - The Dutch Association of Industry-wide Pension Funds, the Vereniging van Bedrijfstakpensioenfondsen, has named two new chairmen.
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Schroders loses further E3.8bn institutional assets
UK – Schroders says it lost 2.7 billion pounds (3.8 billion euros) in institutional assets in the third quarter, including 1.6 billion pounds in fixed income assets managed for a single client.
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Lane Clark & Peacock to launch “one-man DB”
UK – Actuarial consulting firm Lane Clark & Peacock is to launch a defined contribution scheme that targets a specified level of pension benefits - which it likens to a single-member defined benefit scheme.
