All articles by Daniel Brooksbank – Page 127
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Croatia “committed to pension sustainability”
CROATIA – The Croatian government says it is committed to the sustainability of the pension system – and that the recent change in how pensions are indexed will be beneficial.
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Schroders loses E5.9bn in UK balanced mandates
UK – Schroders says it lost four billion pounds (5.9 billion euros) in balanced mandates in the first half as UK clients continued to restructure their portfolios – but added the revenue impact is “limited”.
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Julius Baer gains institutional assets (Correct)
(Corrects euro figure) SWITZERLAND – Julius Baer Group says its first-half income was boosted by a six billion-franc (3.9 billion-euro) rise in institutional assets under management.
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Commission splits internal markets and taxation
EUROPE - New European Commission president José Manuel Baroso has appointed two commissioners to run the internal markets and taxation departments that Frits Bolkestein used to head on his own.
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Fidelity names new UK DC development head
UK – Fidelity Investments has appointed Julian Webb as head of business development for its UK defined contribution business.
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HSBC AM names global fixed income head
GLOBAL – HSBC Asset Management has named a former Citigroup and Credit Suisse Asset Management executive, Gregg Diliberto, as its new global head of fixed income.
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ABN Amro: consultants, trustees not to blame
UK – ABN Amro has sent a letter to IPE about an item we ran yesterday picking up comments it made about consultants and trustees. The full text of the letter is below:
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T&N crisis talks at “stalemate” (Update)
(Updates headline) UK – Alexander Forbes, scheme trustee at the crisis-hit Turner & Newall Pension Scheme, says talks over the future of the scheme have hit an impasse.
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Watson Wyatt & Co. in “thought leadership” focus
US – Watson Wyatt & Co., the US sister firm of Europe-based Watson Wyatt LLP, says it aims to stay focused on “thought leadership” – despite a fall in income and revenue.
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Martinez-Aldama hopeful on pan-European pensions
EUROPE – Angel Martinez-Aldama, the head of the Spain’s pension association and vice chairman of the European Federation for Retirement Provision, has expressed hopes that pan-European pension funds will be soon be a reality.
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Northern Trust hires Leech for planning role
GLOBAL - Northern Trust says it has hired Wilson Leech from State Street to be head of international strategic planning, a new role.
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Alternative ‘wall of money’ not seen – Mercer
GLOBAL – Mercer Investment Consulting says the predicted “wall of money” into alternative assets such as hedge funds has not materialised – in part due to the lack of transparency, costs and governance problems.
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Irish board spends more on rent than awareness
IRELAND – The Pensions Board, the Irish pensions regulator, spends more on office rent than on its pensions awareness campaign, its accounts reveal.
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CalPERS hedge fund returns miss benchmark
US – CalPERS, the largest US pension scheme, says its hedge fund returns underperformed their benchmark by more than four percentage points for the year to the end of June 2004.
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Trustees and consultants “ill-informed” - ABN Amro
UK - ABN Amro, which last week launched a pension advisory unit, says both pension fund trustees and consultants are “ill-informed in investment matters”.
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Alternatives 71% of new UBS institutional assets
GLOBAL – More than 70% of the new institutional assets at UBS’s asset management arm in the second quarter were inflows into its alternative and quantitative business.
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Mercer names new head of pensions admin
UK – Mercer Human Resource Consulting has named Patrick Cosgrave as head of its pensions administration practice.
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UK public pension liabilities estimated at E862bn
UK – Consulting firm Watson Wyatt has estimated the UK’s unfunded public sector pension liabilities are around 580 billion pounds (862 billion euros).
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Eurostat admits difficulty of pensions taxation
EUROPE – The European Union’s statistical office has admitted that the issue of how to treat pension taxation is difficult on both the conceptual and practical level.
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UK consults on pension tax simplification
UK – The Inland Revenue, the UK’s tax agency, is consulting on the planned simplification of pension taxation – and has announced some “substantive” changes to provision of information regulations.
