All articles by Daniel Brooksbank – Page 152
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AXA to outsource E200bn to State Street
EUROPE – AXA Investment Managers is in talks to outsource a total of 200 billion euros in assets to State Street.
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Allianz backs Riester despite sales slump
GERMANY –Allianz Leben says it would be wrong to write off the Riester pension – despite a slump in sales.
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EU Parliament questions pension committee plan
EUROPE – The European Parliament has questioned the European Commission’s plan to set up occupational pensions committees as part of a wider expansion of financial market oversight.
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Commerzbank sets date for DC agreement
GERMANY – Commerzbank says the details of its controversial new defined contribution company pension scheme will be agreed with employees by the end of June.
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UK mulls removing DC limited price indexing
UK – The government says it is considering removing limited price indexation from defined contribution pension schemes.
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European corporate pension gap narrows
EUROPE – Dresdner Kleinwort Wasserstein says the deficit in defined benefit pension schemes in top European companies has declined by 23%.
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Goldman's asset mgmt revenues rise 67%
GLOBAL – Goldman Sachs’ asset management division has posted a 67% rise in revenues in the first quarter.
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Portuguese pension funds return 7.4%
PORTUGAL – Pension funds in Portugal returned a median 7.4% in 2003, according to consulting firm Watson Wyatt.
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Mercer sees rejig of asset management industry
GLOBAL – Consulting firm Mercer Oliver Wyman says the asset management industry should ditch the traditional institutional, retail and high net worth categories and reorganise according to the “professionalism” of investors.
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SEB in E15bn Finnish custody tie
FINLAND – SEB Merchant Banking will take over the Finnish custody and clearing customers of market operator OHMEX, in a move that will add 15 billion euros to its assets under custody.
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Hedge industry “inherently unstable” - NAPF's Hitchen
UK – The incoming chairman of the National Association of Pension Funds’ investment council, Chris Hitchen, says the hedge fund industry is “inherently unstable”.
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AP3 invests E38m in new forestry group
SWEDEN – Tredje AP-fonden has bought a 4.9% stake in new Swedish forestry group Bergvik Skog for around 350 million crowns (38 million euros).
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Citigroup, Mellon sign for new GSAM cash system
EUROPE – Goldman Sachs Asset Management has launched a Europe-wide cash management system, saying that Citigroup, Mellon Global and Invesco have already signed up.
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NAPF: Bank of England warns of risks in search for yield
UK – The Bank of England has warned about risks in the search for yield – and said it wants to extend its dialogue with asset managers...
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NAPF: UK Government review of Myners taking 'longer than expected'
UK – The UK government says it will be “taking stock” of a series of current issues in the pensions industry in the early spring and summer – but conceded the quantitative review of the Myners Report was taking longer than expected.
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NAPF: Chairman Faulkner predicts UK pension fund bond shift
UK – The chairman of the National Association of Pension Funds, Terry Faulkner, says he wouldn’t be surprised to see UK pension funds shifting to bonds over time.
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Schroders to pay E84m to top up pension
UK – Schroders is to pay up to 56.7 million pounds (84 million euros) in extra contributions into its main UK pension scheme.
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NAPF: Cable & Wireless chief slams FRS17 accounting standard
UK – The chairman of telecoms firm Cable & Wireless, Richard Lapthorne, has launched a scathing attack on the FRS17 pensions accounting standard at the National Association of Pension Funds’ annual investment conference.
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NAPF: ABI dismisses ‘concentration of power’ charge
UK – The National Association of Pension Funds and the Association of British Insurers have dismissed an accusation that too much power is becoming concentrated in pension industry associations.
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NAPF: Conference told swaps are the future for pension funds
UK – Delegates at the National Association of Pension Funds (NAPF) conference have been told that most pension schemes will use swaps in the future..
