All articles by Daniel Brooksbank – Page 146
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News
LGIM wins E8.1bn in new institutional business
UK – Legal & General Investment Management won 5.4 billion pounds (8.1 billion euros) of new institutional business in the first quarter of 2004, a 93% increase on the same quarter a year ago.
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State Street trading arm names operating head
GLOBAL – State Street Global Markets, the investment research and trading arm of State Street Corp., has hired former Credit Suisse First Boston executive Robert Sisti as global head of operations.
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ECB’s own pension fund assets miss liabilities
EUROPE – The assets of the European Central Bank’s pension fund are less than its liabilities, according to the bank’s annual report for 2003.
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Hewitt UK head downbeat on revenue growth
UK – The managing director of Hewitt Associates’ UK arm, Hewitt Bacon & Woodrow, says the firm is not seeing the revenue growth it has been used to.
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Dutch doctors’ fund licences State Street system
NETHERLANDS – The 10 billion-euro Dutch doctors’ pension fund SBA Artsenpensioenfondsen has licensed a portfolio management system from State Street’s Princeton Financial Systems.
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Russell/Mellon says UK funds rise 1.1% in Q1
UK – Russell/Mellon says balanced pensio0n funds in the UK rose 1.1% in the first quarter.
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Dutch funds could lift equity allocation – report
NETHERLANDS – Dutch pension funds could raise their equity allocations as a way to cut underfunding risk, according to ABN Amro.
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MLIM to launch real estate fund of funds
UK - Merrill Lynch Investment Managers says it plans to launch a UK real estate fund of funds for institutional investors.
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Swedish life insurer SPP plans mutual vote
SWEDEN – Swedish life insurer SPP’s policy-holders will vote in the next few months over whether it should demutualise, parent Svenska Handelsbanken said.
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Curbing pension spending “essential” – Trichet
EUROPE – The president of the European Central Bank, Jean-Claude Trichet, has said curbing pension spending is “essential” to cut non-wage costs and ensure social security sustainability.
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ECB wants fiscal measure to account for pensions
EUROPE – The vice president of the European Central Bank, Lucas Papademos, says pensions spending should be included in the way the sustainability of public finances is measured.
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Norway plans occupational boost – central bank
NORWAY – The Norwegian government plans to include more people in occupational pension schemes, the central bank says.
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UK says funds buying long bonds for liabilities
UK – The UK’s Debt Management Office says pension funds and insurers are probably buying long-dated bonds in order to match their liabilities.
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Commission plans pensions portability directive
EUROPE – The European Commission plans to table a pensions portability directive, according to the European Parliamentary Pension Forum.
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Institutions put $300m into FTSE hedge vehicle
EUROPE – Institutions have put 300 million dollars (253 million euros) into the hedge fund vehicle behind FTSE’s new investible hedge fund index, the fund’s asset manager said.
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UK seeks advice from US on protection fund
UK – The UK government has met with the former head of the Pension Benefit Guaranty Corp. as it seeks advice for its planned Pension Protection Fund.
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CSFB pensions co-head Keating joins private bank
UK/SWITZERLAND – Giles Keating, co-head of Credit Suisse First Boston’s pensions advisory and structuring group, is to transfer to Credit Suisse Private Banking.
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State Street wins corporate governance vote
US – State Street Corp. has won a vote at its annual general meeting seeking changes to its board structure – which came as the group’s top executive said institutional investors are dealing with “enormous” forces.
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Robeco seeks “forceful” institutional growth
NETHERLANDS – Robeco, reporting a 48% rise in net profit, says it is looking to “forcefully grow” its European institutional business.
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ING adopts “more active” voting policy
GLOBAL – ING Group, whose asset management businesses run about 162 billion euros of equity assets, says it will adopt a “more active” role as an institutional investor.
