All articles by Daniel Brooksbank – Page 121
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UK wants 50% of trustees to be member-nominated
UK – The UK’s new pensions minister has put forward proposals to ensure that half of pension scheme trustees are nominated by members, up from a third at present.
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Cabinet proposals of no value to low-paid - PGGM
NETHERLANDS – PGGM, the second largest Dutch pension scheme, says government proposals on tax relief for old-age pensions are “of no practical value” to its members on low and average pay.
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Fund aims and manager pay “misaligned” – Watson
GLOBAL – Roger Urwin, global head of investment consulting at Watson Wyatt, says the firm has found pension funds are worried about a “misalignment” between their objectives and asset managers’ remuneration.
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Multinationals eye cross-border pensions - Mercer
EUROPE – Multinational companies are “moving strongly” towards more cross-border pensions, according to Mercer Investment Consulting.
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UK unions want compulsory employer contributions
UK – The head of the umbrella union body, the Trades Union Congress, has called for employers to be compelled to make pension contributions.
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NAPF chief: trustees may need “new legal form”
UK – Christine Farnish, the chief executive of the National Association of Pension Funds, has acknowledged that a “new legal form” of the trustee system may be needed – as part of “fresh thinking” needed in the industry.
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KPMG's Menken joins Cardano
NETHERLANDS – Cardano Risk Management has appointed KPMG’s Roel Menken as commercial director and member of the board.
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Reuters’ ex-asset management chief quits
UK – Jane Platt, former president of asset management at information group Reuters, says she will leave the company at the end of October.
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Global finance chiefs reviewing hedge funds
GLOBAL – The central bankers, regulators and international bodies that comprise the Financial Stability Forum say they are scrutinizing the impact of hedge fund inflows on markets and institutions’ risk.
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List of this week’s UK pension fund disclosures
UK – The following are UK pension funds’ holdings in companies that have been disclosed this week under the Financial Services Authority’s stock market listing rules.
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Bank of NY securities services exec Perna quits
GLOBAL – The Bank of New York says senior executive vice president Thomas Perna, who headed several of the bank’s securities servicing businesses, has resigned.
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UK opposition slams Blair pension “shambles”
UK – Prime Minister Tony Blair has named Alan Johnson as pensions minister following the surprise resignation this week of Andrew Smith – with the opposition dubbing the affair a “shambles”.
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Ex-SPF CIO Groeneveld joins medical fund
NETHERLANDS - Ton Groeneveld, the former chief investment officer at Dutch railways scheme SPF Beheer has joined the 10.5 billion-euro medical scheme SBA on an interim basis as head of asset management.
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KAS Bank says first half profit rises 7%
NETHERLANDS – KAS Bank says its first-half net profit rose seven percent to 8.8 million euros from 8.2 million euros a year ago, with the company forescasting a “healthy profit recovery”.
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Researchers say DC more “individualistic”
EUROPE – Calling the shift to defined contribution pension schemes a move towards ‘individualisation’’, Dutch researchers have called for a ‘minimum level of collectiveness' in pension provision.
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Asset management back-office deals set to grow
EUROPE – The market for outsourcing back office functions in the European asset management industry will reach 758 million dollars (622.5 million euros) by 2006, says Datamonitor.
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ABP equities chief Straatman gains fixed income
NETHERLANDS – ABP Investments, the asset management arm of Europe’s largest pension fund, has rotated the responsibilities of its board of directors – with equities chief Jan Straatman also gaining responsibility for fixed income.
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Aon enters Swedish pension consulting market
SWEDEN – Aon Consulting says it has entered the Swedish pension consulting market – aiming to become market leader by 2007.
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Pension fund management needs “paradigm shift”
GLOBAL – Keith Ambachtsheer, the head of KPA Advisory Services, has called for a “paradigm shift” in pension fund management.
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Credit Agricole AM in E12bn asset boost
FRANCE – Assets under management at Credit Agricole‘s asset management business rose by 12 billion euros in the fist half – boosted by institutional and corporate inflows.
