All articles by Daniel Brooksbank – Page 138
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AP3 names European mid- and small-cap managers
SWEDEN – The 140 billion-crown (15 billion-euro) Tredje AP-fonden Swedish buffer fund has appointed five managers to run mid- and small-cap European equities.
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Mellon Global names head of UK pooled funds
UK - Mellon Global Investments has hired Ian Harvey as head of UK pooled funds, a new role.
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ABP leads legal action against Nortel Networks
NETHERLANDS – Stichting Pensioenfonds ABP is the lead plaintiff in a suit seeking 156 million euros against embattled Canadian phone equipment firm Nortel Networks.
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Barclays calls for UK pension-mortgage link
UK – Barclays Capital has called for a closer link between the pension fund and housing mortgage markets in the UK.
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J P Morgan names transition management head
EUROPE – J P Morgan says it has hired John Minderides from ITG to be head of its transition management business in Europe, the Middle East and Africa.
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Boots pension scheme cuts bond allocation
UK – The 2.8 billion-pound (4.2 billion-euro) pension scheme of retailer Boots, which made a high-profile shift into a 100% bond portfolio in 2002, is to cut its allocation to bonds in a bid to match liabilities.
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Hewitt finds only 3% of members understand DC
UK – A new survey by Hewitt Bacon & Woodrow has found that only three percent of employers think that members of defined contribution schemes have enough understanding of funding levels.
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New Luxembourg fund service company set up
LUXEMBOURG - A four-strong group of fund industry executives have set up a one million-euro investment fund servicing company in Luxembourg.
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AP3 fixed income and FX head Nordkvist leaves
SWEDEN – The 142 billion-crown (15.6 billion-euro) Tredje AP-fonden says fixed income and foreign exchange head Lennart Nordkvist is leaving to join Morgan Stanley.
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UK expects to be fully compliant with directive
UK – The UK says it expects to be “fully compliant” with the European occupational pension directive by its deadline next year.
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Report sees unchanged euro zone pension funding
EUROPE – Towers Perrin says euro zone pension funds’ investment returns offset liability changes in the first quarter, meaning almost no change in funded status.
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Watson Wyatt says notional portfolios outperform
UK – Watson Wyatt has today released a four-year track record of its manager research performance, saying that in which all 13 model portfolios outperformed their benchmark.
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UK’s Paul Myners named interim chair at M&S
UK – Paul Myners, the former chairman of Gartmore who wrote a report on institutional investment for the government, has been named interim chairman of Marks & Spencer as it fends off a takeover bid.
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Eircom cuts pension rate of return expectations
IRELAND – Irish telecoms firm Eircom has cut the long-term rate of return expectations for most of its 2.1 billion euros of pension assets under the FRS17 measure.
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Shell to pay e1bn into pensions this year
GLOBAL – Oil giant shell says it will pay around 1.3 billion dollars (1.06 billion euros) into its defined benefit pension schemes in 2004.
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Slow pension reform could hit Czech economy
CZECH REPUBLIC – Without pension reforms, public debt in the Czech Republic will grow rapidly and could lead to higher interest rates, a new report says.
