All articles by Daniel Brooksbank – Page 122
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Rapid asset ‘churn’ seen harming hedge industry
GLOBAL – The rapid switching of assets in and out of hedge funds could blow the industry away, says industry veteran Michael Goldman, one of the founders of fund of hedge fund firm Momentum, now part of Pioneer Investments.
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UK firms “trying to keep final salary schemes”
UK – Companies are making efforts to keep their final salary pension schemes open, according to a survey from Mercer Human Resource Consulting.
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Specialist management surges – Watson Wyatt
GLOBAL – New research from consulting firm Watson Wyatt had found that specialist asset managers have grown strongly - with UK firms seeing growth of up to 96%.
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Schroders Benelux MD van Daalen leaves
BENELUX – Pieter van Daalen, managing director of Schroders Investment Management Benelux, has left the company.
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UK’s RBS hires consultants for European pensions
UK – The Royal Bank of Scotland has hired consultants from Mercer Investment Consulting and Milliman UK to boost its UK and European Insurance and Pensions Group.
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OPF: pre-pension plans to hit economy, markets
NETHERLANDS – The OPF, the Dutch Association of Company Pension Funds, has launched an attack on the government’s latest pre-pension proposals, saying they could hit the economy, destabilise markets and have an unclear social impact.
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Hewitt develops new Irish pension fund index
IRELAND – Hewitt Associates’ Irish arm Hewitt & Becketts says it has developed a new index to evaluate the performance of managed pension funds in Ireland.
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Smith resigns as UK pensions minister
UK – Andrew Smith unexpectedly resigned as Secretary of State for Work and Pensions last night, saying he wanted to spend more time with his family and his constituents.
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UK’s FSA names Huertas to oversee asset managers
UK – The UK’s main financial regulator, the Financial Services Authority, has named Citigroup transaction services executive Thomas Huertas to oversee wholesale and institutional markets such as asset management.
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DeAM’s Copley joins Mellon's European fund arm
EUROPE – Mellon Corp.’s European investment administration arm has hired David Copley from Deutsche Asset Management.
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Ageing now on agenda as EU revamps stability pact
EUROPE – Population ageing is now on the agenda being set by the European Commission as it puts forward plans to revamp the Stability and Growth Pact which underpins the single currency.
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Rabobank asset management profit falls 6%
NETHERLANDS – Rabobank says its asset management activities’ pre-tax operating profit fell six percent to 80 million euros in the first half of 2004.
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Legg Mason plans European expansion
FRANCE - Legg Mason Investments says it has opened a Paris representative office - to be followed by similar moves in Germany and elsewhere in Europe.
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Italy's TFR contributions could top E13bn
ITALY – The total amount of the so-called TFR payments that will be invested in Italian pension funds following this summer’s reform could reach 13.5 billion euros a year, according to Hewitt Associates.
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UK port firm in pension holiday, scheme revamp
UK - Associated British Ports, which operates 21 UK ports, has decided to continue its pension contribution holiday as well as revamp its investment arrangements.
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Hewitt Bacon & Woodrow names ‘talent’ chief
UK – Hewitt Associates says its UK arm Hewitt Bacon & Woodrow has named former Barclays executive Jamil Husain as head of its talent and organisation consulting business.
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Irish firms face prison over pension failures
IRELAND – The Irish pensions regulator has warned companies that they could face fines or prison sentences if they fail to comply with pensions legislation covering Personal Retirement Savings Accounts.
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Inarcassa names Di Grazia as general manager
ITALY – Inarcassa, the 2.3 billion-euro association which provides pensions for self-employed engineers and architects, has named Alfio Di Grazia as general manager.
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Belgian pension returns rise in first half
BELGIUM – Pension funds in Belgium are on track to equal the near-10% return they made in 2003 following a positive 4.59% return in the first half of this year.
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Bolkestein: pension reform is up to member states
EUROPE – The European Commission’s outgoing internal market and taxation commissioner Frits Bolkestein says only EU member states – and not Brussels - can reform Europe’s pension systems.
