All articles by Daniel Brooksbank – Page 147
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UK’s Sandler to join Fortis board
NETHERLANDS/BELGIUM – Ron Sandler, author of a UK government-backed review of saving, is to join banking and insurance group Fortis as a non-executive director.
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LGIM sees slow swaps take-up
UK - Legal & General Investment Management says only a very few of its 2,000 UK pension fund clients have so far looked at swaps as a means of matching their liabilities.
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Sappi scheme taps LGIM for inflation-linked
NETHERLANDS - The Dutch pension fund of South Africa-based paper maker Sappi has awarded a 16.25 million-euro inflation-linked bond mandate to Legal & General Investment Management.
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Mercer retirement services revenues rise 1%
GLOBAL - Mercer's retirement services revenue rose one percent on an underlying basis to 350 million dollars in the first quarter, says parent company Marsh & McLennan Cos.
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SEI taps ex-Citigroup exec as Benelux, Nordic MD
NETHERLANDS - SEI Investments has named former Citigroup executive Bart Heenk as managing director for the Benelux and Nordic regions.
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CBI says UK pension deficits fall by E89.7bn
UK - The employers' body the Confederation of British Insurers says companies' pension deficits under the FRS17 accounting measure have fallen by 60 billion pounds (89.7 billion euros).
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Turkey says it plans “ambitious” pension reform
TURKEY – The Turkish government says it plans “ambitious” institutional and parametric pension reform as part of a wider bid to meet EU standards.
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E.ON seeks
GERMANY - German energy firm E.ON is targeting an equity allocation of up to 65% for its 4.9 billion euros of pension arrangements in 2004 as it seeks "real-time coverage" for its obligations.
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Janus CEO Whiston resigns with $13.7m
GLOBAL – Mark Whiston has resigned as chief executive of Janus Capital and will be succeeded as CEO by Steve Scheid, who remains chairman.
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Northern Trust assets under administration up 44%
GLOBAL – Total assets under administration at Northern Trust Corp. rose by 44% to 2.3 trillion dollars in the first quarter, the company said.
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NAPF says UK occupational schemes not safe
UK – The chief executive of the National Association of Pension Funds says occupational pension schemes in the UK are not ‘cast-iron’ safe – and that workers’ confidence in employers is amazing.
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M&G hit by loss of bond brief
UK - M&G had a net outflow of 879 million-pounds (1.3 billion euros) in its institutional business in the first quarter of 2004 - hit by a client withdrawing a segregated fixed income brief.
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Ireland says two UK firms seek to register funds
EUROPE – The Irish pensions regulator says two UK companies have applied to register pension funds in Ireland under the new European Union pensions directive.
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Sweden’s AP1 to look at hedge funds
SWEDEN – The 139 billion-crown (15.2 billion-euro) Swedish buffer fund Första AP-fonden says it plans to research hedge funds.
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ABP and PGGM upbeat but Staatsen looms
NETHERLANDS – ABP and PGGM, the two largest Dutch pension funds, have posted positive returns – though the potential costs of the Staatsen review could run into billions of euros.
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UK’s FSA sees “considerable problems” with DC
UK – The chairman of the UK’s financial regulator says the shift to defined contribution pension schemes presents “considerable problems”, due to people’s lack of knowledge about finance.
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UK pension funds raise cash holdings – Lipper
UK – Pension funds in the UK raised their exposure to cash investments in March, according to fund research firm Lipper.
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Citigroup Europe investment management earns $9m
EUROPE – Citigroup’s investment management activities in Europe had a net income of nine million dollars (7.5 million euros) in the first quarter, from a three million-dollar loss a year before.
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HSBC Actuaries wins National Counties brief
UK - HSBC Actuaries and Consultants Ltd., says it has been appointed as investment consultants to the National Counties Building Society Pension and Life Assurance Scheme - initially to review investment strategy.
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BoNY wins Insight mutual fund custody
EUROPE - Insight Investment has awarded the Bank of New York a fund accounting, depositary and custody brief for its eight billion-pound (12 billion-euro) UK and European mutual fund business.
