All articles by Daniel Brooksbank – Page 154
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Switzerland's PPCmetrics in German venture
GERMANY - Swiss consultant PPCmetrics has entered the German market in a joint venture with Georg Seil Consulting.
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WM Co. says UK funds returned 17% in 2003
UK - WM Co. says UK segregated pension funds returned 17% on a weighted average basis in 2003 - but admits that there will be a limited impact on deficits.
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USS awards E5.6bn to Wellington, Goldman and L&G
UK – The 19 billion-pound (28 billion-euro) Universities Superannuation Scheme has appointed Wellington, Goldman Sachs and Legal & General and dropped Schroders, Baillie Gifford and Merrill Lynch.
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State Street receives SEC market timing subpoena
US – State Street Corp. says it has received a subpoena from the Securities and Exchange Commission seeking information on market timing and late trading.
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Pickering proposes sweeping UK changes
UK – Alan Pickering, the chairman of the European Federation for Retirement Provision, has called for a dramatic increase in the basic UK pension and higher retirement age.
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European fund tenders $100m via IPE-Quest
EUROPE – A continental European pension fund has tendered a 100 million-dollar (82 million-euro) Japanese equities mandate via IPE-Quest.
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ING sponsors OECD pensions statistics
GLOBAL – ING has signed a three-year agreement to sponsor the pensions statistics project of the Organisation for Economic Cooperation and Development.
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CAPS sees UK funds moving to passive management
UK – Russell/Mellon CAPS, reporting a weighted average return of 16% for UK pension funds in 2003, says more funds are opting for the passive management of assets.
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Dutch funds show “negligible” interest in CSR
NETHERLANDS – Dutch pension funds show “negligible” interest in corporate social responsibility, according to a survey of Dutch investor relations managers.
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KAS Bank reduces staff by five in 2003
NETHERLANDS – Dutch custody services group KAS Bank reduced its staff levels by five in 2003.
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State Street buys rest of Elkins/McSherry
US – State Street Corp. has bought the rest of data analytics firm Elkins/McSherry that it didn’t already own and named James Bryson as interim president.
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Study shows how France avoided pension conflict
FRANCE – A new academic study argues that French pension reform has been characterised by a strategy of avoiding union protests.
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Jobs threat as Gartmore plans fund merger
JERSEY/LUXEMBOURG – Gartmore is planning to merge its Jersey and Luxembourg fund ranges, which could mean the closure of its Jersey office and the loss of up to 30 jobs.
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Janus expects $4.5bn of institutional withdrawals
US – Janus Capital Group says it estimates that an extra 4.5 billion dollars (3.6 billion euros) will be withdrawn by institutional clients in the next three months.
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OECD backs Norwegian pension fund proposal
NORWAY – The OECD has recommended that Norway implement reforms such as the creation of a new public pension fund based on the Petroleum Fund and the National Insurance Fund.
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French reserve fund to focus SRI effort in Europe
FRANCE – The 16 billion-euro French reserve fund says it will concentrate its socially responsible investing approach on large-cap European equities at first.
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UK should be “more forceful” over pension saving
UK – The UK’s traditional voluntary approach to pension savings has come under scrutiny from the IMF, which says the UK may need to consider “more forceful” methods.
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Netherlands says 38.6% of older workers in jobs
NETHERLANDS – An official from the Dutch Ministry of Social Affairs and Employment has said 38.6% of workers aged 55 and over are in jobs – though it was too early to say if the policy has succeeded.
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Putnam axes four over pension admin errors
US – Marsh & McLennan’s Putnam Investments has axed four people over errors in US defined contribution pension scheme administration.
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M&S hires Syngenta’s Collins as pensions head
UK – Retailer Marks & Spencer has hired Lynn Collins from Syngenta to be head of corporate pensions.
