All articles by Daniel Brooksbank – Page 128
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Zurich fund CSIF postpones independence
SWITZERLAND – The continued coverage deficit at the 16.95 billion-franc (11 billion-euro) Canton of Zurich Civil Service Insurance Fund means its planned independence has been postponed, possibly for years.
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KPN says funding pension deficit a factor
NETHERLANDS – Dutch telecoms firm KPN, which is raising its pension schemes’ equities exposure to boost returns, said the possible funding of its 350 million-euro pension deficit will be a factor in its profitability.
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Consultants should stick to consulting – survey
UK – More than two-thirds of respondents to a new survey of occupational pension funds in the UK say that investment consultants should not offer asset management services.
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Ireland says PRSA assets top E83m
IRELAND – The total asset value of the new Personal Retirement Savings Accounts is now 83.6 million euros, says the Pensions Board.
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Aon says consulting revenue rises 4% to $305m
GLOBAL – Chicago-based Aon Corp. said its total second-quarter consulting revenue rose four percent to 305 million dollars (249 million euros).
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AXA’s asset management earnings up 38%
GLOBAL – AXA’s asset management earnings, adjusted for currency effects, rose 38% to 136 million euros in the first half of 2004.
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Punter Southall names Batting as chief executive
UK – Actuarial consultancy Punter Southall & Co. has named John Batting as chief executive and Elizabeth Battams as managing director.
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BGI hires Shellard for European ETF role
EUROPE - Barclays Global Investors has named Nick Shellard as European business development officer for its iShares exchange-traded funds business.
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VB, EFRP to host EU corporate governance event
EUROPE - The Dutch Association of Industry-wide Pension Funds, the VB, has teamed up with the European Federation for Retirement Provision to run a conference on corporate governance in the European Union.
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OECD’s 7-point plan for German pensions
GERMANY – The Organisation for Economic Cooperation and Development has put forward a seven-point plan to continue the reform of Germany’s pension system.
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IPE publishes Top 400 European asset managers
EUROPE - IPE has today published its 2004 ranking of the Top 400 asset managers active in the multi trillion-euro European marketplace, with Allianz, Fidelity and State Street Global Advisors retaining their top three places.
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BGI seeing lot of European interest in ETFs
EUROPE – Barclays Global Investors, the largest manager of European pension fund assets, says it is seeing a lot of interest in Europe for exchange-traded funds.
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Northern hires SSGA’s de Boer for Europe sales
EUROPE – Northern Trust Global Investments has hired State Street Global Advisors’ Heico de Boer as a sales director for Continental Europe.
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EFRP chief wary of pension regulators – report
EUROPE – The chairman of the European Federation for Retirement Provision has been quoted saying a “lack of trust” between regulators is more of an obstacle to pan-European pensions than the taxation issue.
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CSAM gains E845m in assets under management
SWITZERLAND – Credit Suisse Asset Management gained 1.3 billion Swiss francs (845 million euros) in new assets under management in the second quarter – compared to a 1.9 billion-franc outflow a year before.
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Europe ageing is “ultimate stress test” – report
EUROPE – Rapid population ageing is the “ultimate stress test” for the European welfare state and is just a business cycle away, a new report states.
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USS merges with Open University Scheme
UK – The 19 billion-pound (28.7 billion-euro) Universities Superannuation Scheme, the second largest pension fund in the UK, has merged with the Open University Superannuation Scheme for support staff.
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MLIM makes German institutional hire
GERMANY - Merrill Lynch Investment Managers has hired former J P Morgan sales executive Kai Volkmann to boost is German sales institutional team.
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US SEC acts in hedge fund fraud case
US – The Securities and Exchange Commission has acted against alleged fraud at a Pennsylvania-based hedge fund called Fountainhead.
