All articles by Daniel Brooksbank – Page 148
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Nordic institutions say SRI pays – survey
NORDIC – A majority of institutional investors in Sweden, Norway and Denmark say socially responsible investments deliver the same yield as other investments, according to SRI firm GES.
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Metalektro returns 4.2% in first quarter
NETHERLANDS - The 14 billion-euro pension fund for the Dutch metals industry, Bedrijfstakpensioenfonds voor de Metalektro or PME, made a 4.2% return on investments in the first quarter.
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AP1 appoints six US small-cap managers
SWEDEN - The 139 billion-crown (15.2 billion-euro) Swedish buffer fund Första AP-fonden says it has appointed six asset managers to manage around 300 million dollars in active US small-cap equities.
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Sweden sees E5.5bn pension surplus
SWEDEN – The Swedish government says a 51 billion-crown (5.5 billion-euro) surplus in the pension system will offset a higher central government deficit in 2005.
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Profits surge at ABP/PGGM-owned NIB Capital
NETHERLANDS – NIB Capital, ABP and PGGM’s merchant banking venture, has recorded a net profit of 74 million euros, up from 10 million euros in 2002.
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AP3 investment chief Ekvall joins Carnegie
SWEDEN – Sweden’s third national buffer fund, the 142.5 billion-crown (15.5 billion-euro) AP3, says chief investment officer and deputy chief executive Niklas Ekvall is to leave and join investment bank Carnegie.
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Insurers call for prudence on portable pensions
EUROPE – The European insurance industry body, the Comité Européen des Assurances, has called for a “prudent” approach to pensions portability at the European level.
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Spain needs pension reserve fund – Moody’s
SPAIN – Rating agency Moody’s says the building up of a public pensions reserve fund is one of Spain’s top priorities – and that a funded system is an “option” alongside the current pay-as-you-go system.
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UBS names new European institutional chief
EUROPE – UBS Global Asset Management has named Michael Strobaek as head of its European institutional business in Europe outside Switzerland to take over from Christof Kutscher, who is moving to Hong Kong.
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Raiffeisen names head of Russian pension fund
RUSSIA - Austria's Raiffeisen has named a new head of the Russian pension fund it bought last month.
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Belgian pension funds return 9.6 % - Mercer
BELGIUM - Powered by equities and, to a lesser extent, real estate, Belgian pension funds returned 9.6% in 2003, according to Mercer Human Resource Consulting.
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UK schemes want to cut equities - Watson Wyatt
UK – Watson Wyatt says many UK pension schemes are looking to cut their exposure to equities – but are being held back by market conditions.
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State Street: GSS “transformational” in Europe
EUROPE – State Street Corp. says its 1.5 billion-dollar acquisition of Deutsche Bank’s Global Securities Services business last year has been “truly transformational” for its business in Europe.
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Philips sees E1.2bn saving from pension agreement
NETHERLANDS – Dutch electronics giant Philips predicts a 1.2 billion-euro cut in benefit obligations – as well as ongoing savings – as a result of a shift to average-salary pensions agreed earlier this year.
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Northern Trust wins E13.1bn Halifax custody
UK – Northern Trust says it has won been awarded custody of Halifax Financial Services’ 8.6 billion-pound (13.1 billion-euro) fund range.
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Putnam trustees “pleased” with $110m settlement
US – The head of Putnam’s funds trustee board says he is “pleased” with Putnam Investments’ 110 million-dollar market timing settlement with the SEC and the state of Massachusetts.
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Consultant tenders E150m via IPE-Quest
EUROPE – A Zurich-based investment consultant has tendered an active global mid- and small-cap equities brief worth 150 euros via IPE-Quest.
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Irish funds in “precarious” position – Mercer
IRELAND – Around 80% of Irish pension funds fail to meet minimum solvency requirements, according to a survey of 250 clients conducted by Mercer Investment Consulting – though the regulator disputes this.
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BNP Paribas buys Zurich hedge business
FRANCE – BNP Paribas Asset Management says it has agreed to buy the Javelin fund of hedge funds business from Zurich Financial Services’ ZCM Investor Capital arm.
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UK government details simplified pensions tax
UK – The UK government has published details of the proposed simplification of pension taxation in the new Finance Bill.
