All articles by Daniel Brooksbank – Page 160
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Irish group managed funds up 19% in year
IRELAND – Irish group pension managed funds have risen by around 19% in the past year, according to new data from consultants.
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Ericsson makes E384m pension payment to Alecta
SWEDEN – Phone equipment company Ericsson has made a “one-time” payment to Alecta which has cut its pension liability by 3.5 billion crowns (384 million euros).
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Ex-AXA investment chief Gillson named Aerion CEO
UK – Roy Gillson, the former UK chief investment officer at AXA Investment Managers, has become chief executive of the 10.1 billion-pound (14.8 billion-euro) gas industry pension manager Aerion.
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Northern Trust names European sales manager
EUROPE - Northern Trust says it has hired former Citigroup securities services executive John Gout as a sales manager for Europe.
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European governance principles unveiled
EUROPE – The “equitable treatment of shareholders” is one of the tenets in a new set of European corporate governance principles unveiled by a group of consultants today.
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S&P: Pension reform underpins Dutch rating
NETHERLANDS – Rating agency Standard & Poor’s says current pension reform could assist the sustainability of the Dutch budget and underpin its credit standing.
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AP3 fires Schroders from Japanese equity brief
SWEDEN – AP3 has fired Schroder Investment Management from managing around 200 million euros in Japanese equities - though the UK asset manager will remain in the fund's manager pool.
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AP2 returns 17.7% but underperforms benchmark
SWEDEN – Andra AP-fonden, the Second Swedish National Pension Fund, has reported a return on total assets of 17.7% in 2003 – but says it underperformed its benchmark by 0.8%.
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BoNY names new pension fund relationship head
EUROPE – The Bank of New York has named a new head of relationship management for pension funds in the UK and Europe.
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Watson Wyatt’s income and revenues decline
GLOBAL – Watson Wyatt & Co. has reported a decline in income and revenues for the second quarter, but says it has improved its market share.
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IMF proposes “solidarity factor” for Luxembourg
LUXEMBOURG – The International Monetary Fund has proposed a “solidarity factor” as a further pension reform measure for Luxembourg.
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AP3 chief executive Nicolin joins Alecta as CEO
SWEDEN – AP3, whose chairman was fired by the government last year, says its chief executive Tomas Nicolin is to leave and join Alecta.
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ABN Amro sees “major opportunity” in asset mgmt
NETHERLANDS – ABN Amro says it sees a “major opportunity” in investment management, although profits at its asset management unit fell by more than five percent in 2003.
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Mercer’s Hobart, Bastin transfer to Oliver Wyman
UK – Julia Hobart and Denis Bastin have transferred from Mercer Investment Consulting to sister company Mercer Oliver Wyman.
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FTSE confirms hedge fund index launch
UK – Index provider FTSE Group has confirmed that it plans to launch a hedge fund product.
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SocGen sets up global investor services arm
FRANCE – Société Générale says it has set up a new investor services division headed by former its former global banking chief.
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State Street sees “work to do” in Europe on GSS
EUROPE – State Street says it still has “work to do” on integrating the Global Securities Services business it bought a year ago – but insisted the integration was going well.
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Accenture names pensions business sales head
UK – Consulting firm Accenture has named Liberata’s John Spelman as business development director for pensions, a new role.
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VB says Dutch cover ratios now at 111.2%
NETHERLANDS - According to provisional data from the VB, the Dutch Association of Industry-wide Pension Funds, cover ratios of VB-affiliated pension funds rose to an average 111.2% at the end of 2003 - up from 106.5% a year earlier.
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Myners wants top UK funds to define ownership
UK - Paul Myners has recommended that the top 200 UK pension funds move to a more specific definition of share ownership.
