All articles by Daniel Brooksbank – Page 153
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News
MN Services unveils pension outsourcing package
NETHERLANDS – MN Services has launched a pension outsourcing product for pension funds in the Netherlands.
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SRI firms Innovest and Ethix in research deal
SRI firms Innovest and Ethix have signed a research distribution deal
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CalPERS sets ethics code for managers, advisors
US – CalPERS, the largest US pension fund, says its investment managers and consultants must now follow a code of ethics following recent trading scandals.
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Immigration won’t remove ageing problems – IFO
EUROPE – Research presented by the IFO institute has found that though immigration may alleviate the problems of ageing populations, it will not remove them.
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MMC sees lower profits for Putnam outside US
US – Marsh & McLennan Cos. has said the non-US operations of its Putnam Investments subsidiary may not be as profitable as its US business.
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Schroders loses RSPCA balanced brief
UK - The Royal Society for the Prevention of Cruelty to Animals has appointed Threadneedle Asset Management to run its 68 million-pound (100 million-euro) balanced pension scheme, resulting in a loss for Schroder Investment Management.
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Kvaerner awards custody to ABN Amro Mellon
UK - The 1.8 billion-euro UK pension fund of engineering group Kvaerner has awarded a custody and accounting services brief to ABN Amro Mellon.
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S&P unveils UK pension fund rating
UK – Standard & Poor’s is to launch three defined benefit pension rating products in the UK in May, characterised by a star rating system of credit risk.
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Fortis Investments names new CEO in Belgium
BELGIUM - Fortis Investments has named Peter De Proft as chief executive in Belgium.
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Northern Trust hires Gartmore’s Harper
UK – Northern Trust Global Investments has hired Gartmore’s Kate Harper as a director of institutional sales.
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UK actuaries see longer lives in retirement
UK – The Institute of Actuaries says life expectancy in the UK is likely to increase rapidly in the early part of this century – and that future pension scheme design should reflect this.
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EU expansion to boost private equity – EVCA
EUROPE – The expansion of the European Union at the start of May is being seen as providing a boost to the European venture capital and private equity business.
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BP sees $5.5bn balance sheet impact of FRS17
UK – Oil giant BP says the new pension accounting standard FRS17 would have reduced shareholders’ interest by more than 5.5 billion dollars (4.5 billion euros) – though it would have boosted profit.
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IMF wants stronger Swiss 2nd-pillar supervision
SWITZERLAND – The IMF says there is a “real need” for stronger supervision in the Swiss second pillar – and has called for a “level playing field” between pension funds and life insurers.
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Luxembourg’s EFA “positioned for pensions”
LUXEMBOURG – Fund firm European Fund Administration says it is now “ideally positioned” to support the European pension market.
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Clifford Chance sets up REIT group
UK - Law firm Clifford Chance says it has set up a group to focus on UK real estate investment trusts, or REITS.
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Hewitt’s Irish arm hires NTMA’s Reidy
IRELAND – Hewitt Associates’ Irish arm has hired Deborah Reidy from the National Treasury Management Agency to head its investment practice, a new role.
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Mercer to name new international consulting head
UK – Mercer Human Resource Consulting is to name a new head of its international consulting practice following Alastair Hunter’s appointment as head of the UK retirement practice.
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KAS Bank positive despite profit fall
NETHERLANDS - Securities services group KAS Bank says its overall 2003 net profit fell to 13.2 million euros from 53.8 million euros in 2002 - though it says things are on an upward trend.
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Fortis Investments’ profit and AUM rise 7%
BELGIUM/NETHERLANDS – Fortis Investments has posted a seven percent increase in both net operating profit and assets under management in 2003.
