All articles by Daniel Brooksbank – Page 134
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Diageo profits take E132m FRS17 hit
UK – Drinks group Diageo says the FRS17 pension accounting standard has led to an 88 million-pound (132 million-euro) lower operating profit.
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Commission acts against Spain, UK on pension tax
EUROPE – The European Commission has referred Spain to the European Court of Justice over pension taxation and has asked the UK to amend its legislation.
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Northern Trust working with multinats on pooling
LUXEMBOURG – Northern Trust says it is working with two multinational companies on Luxembourg-based tax-transparent pension pooling.
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S&P cuts Italy rating, says pensions a worry
ITALY - Standard & Poor’s Ratings Services has lowered its long-term sovereign credit ratings on Italy to AA- from AA, citing weak public finances and rising pension expenditure.
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New 3i CEO gets extra cash to beat pension cap
UK – The new chief executive of venture capital firm 3i is to get an extra 200,000 pounds (299,600 euros) a year on top of his salary to enable him to beat the government’s controversial 1.5 million-pound lifetime pension cap.
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UBS sees “catharsis and renewal” for UK pensions
UK – The current period of increased scrutiny and funding shortfalls may in future be seen as a period of “catharsis and renewal” in the UK pensions industry, says UBS Global Asset Management.
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French reserve fund allocates final E1.88bn
FRANCE – The 16 billion-euro French reserve fund, the Fonds de réserve pour les retraites, has allocated its final 1.88 billion euros in assets to managers in four lots.
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Pensions a priority for Dutch EU presidency
EUROPE – The “social and financial sustainability” of pension schemes is one of the stated priorities of the Netherlands’ tenure of the European Union presidency.
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German pension measures insufficient – report
GERMANY – Germany’s measures to deal with its pension problems, while necessary, are still insufficient, a new report from the International Monetary Fund says.
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AP2 names head of corporate governance
SWEDEN – The 140.4 billion-crown (15.3 billion-euro) second Swedish national pension Andra AP-Fonden, or AP2, has named Carl Rosén as head of corporate governance and communications.
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Northern Trust enters UK fund accounting business
UK - Northern Trust says it has entered the UK fund accounting, to complement its European Global Fund Services business.
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M&S says trustees must decide on Green request
UK – Retailer Marks & Spencer says the trustees of its pension scheme must decide for themselves how to respond to tycoon Philip Green’s request for information on pension funding that forms part of his takeover proposal.
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M&S trustees appoint advisors amid takeover bid
UK – The trustees of the Marks & Spencer pension scheme have appointed financial, public relations and legal advisors as the retailer seeks ways to deal with a proposed takeover from tycoon Philip Green.
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Lane Clark buys Switzerland's Libera for E13m
SWITZERLAND - Lane Clark & Peacock has bought Swiss employee benefit consultancy Libera from Ernst & Young for around 20 million Swiss francs (13.2 million euros).
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Railpen names Johnson as finance director
UK - The 14 billion-pound (20.8 billion-euro) Railways Pension Trustee Co. has appointed Frank Johnson as finance director following the retirement of Malcolm Gray.
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IPE launches European fund industry publication
EUROPE - IPE is to begin covering the five trillion-euro European fund distribution market from September with a publication called European Fund Focus.
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Asset managers at “inflection point” – KPMG
(Corrects name to KPMG) GLOBAL – The global investment management industry is at an “inflection point”, driven by weak markets and scandals, according to a report by KPMG and CREATE.
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VB presents draft governance code
NETHERLANDS – The Dutch Association of Industry–wide Pension Funds, the VB, has presented its draft code for pension fund governance.
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Germany has not adapted to ageing – Köhler
GERMANY – Germany’s new president, Horst Köhler, has said that Germany has failed to adapt the welfare state to deal with population ageing.
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Jobs to go as ISIS buys F&C Management
EUROPE – An unspecified number of jobs are set to go with the acquisition by Friends Provident’s ISIS Asset Management of F&C Management from Eureko, which values the deal at more than a billion euros.
