All articles by Daniel Brooksbank – Page 169
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Santander boosts pension aim with VidaCaixa deal
SPAIN – Grupo Santander says the sale of its insurance portfolio to life insurer VidaCaixa leaves it free to focus on pensions.
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Russell to buy private equity firm Pantheon
GLOBAL – Russell Investment Group is to buy global private equity fund-of-funds specialist Pantheon for an undisclosed sum, with Russell hailing the deal as an "ideal strategic fit".
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Towers Perrin hires two from Watson Wyatt
UK – Towers Perrin has hired two consultants from Watson Wyatt, Huck Ch'ng and David Finn.
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Alfred Berg buys Norwegian asset manager
NORWAY – ABN Amro’s Alfred Berg has bought the asset management activities of Norwegian banking alliance SpareBank in a deal worth around 6.7 million euros.
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Allianz pension arm gets DB transfer approval
GERMANY – Allianz Group’s pension arm has won approval from financial regulator Bafin to take over existing corporate defined benefit pension plans.
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UK warned over deficit as population ages
UK – The UK has been warned by the IMF to cut its deficit “to provide more comfort” against liabilities such as population ageing.
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Dutch fund tenders E190m debt via IPE-Quest
NETHERLANDS – A Dutch pension fund has tendered two debt mandates worth a total 190 million euros via IPE-Quest.
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UK projects 12% rise in pensioners
UK – According to government projections, the number of pensioners is set to rise by almost 12% to 12.2 million in the next 10 years.
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European Commission backs EDF pension plan
FRANCE – The European Commission has approved the French government’s plan to reform the pension scheme for the electricity and gas sector.
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CalPERS sues New York Stock Exchange
US – The largest US pension fund, CalPERS, is suing the New York Stock Exchange and seven trading firms over a fraud it says has “generated untold shareholder losses”.
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EU raps four countries over pension taxation
EUROPE - The European Commission wants Belgium, Portugal, Spain and France to end tax discrimination against foreign pension funds – saying it is “incompatible” with the EC Treaty.
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Irish occupational pensions at “watershed”
IRELAND – Occupational pension provision in Ireland is at a “watershed” due to regulatory changes, according to an academic writing in an Irish banking quarterly.
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New EU study sees higher taxes to combat ageing
EUROPE – A new academic study published by the European Commission envisages higher taxes as a solution to the problem of population ageing.
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UK business spending seen hit by pensions
UK – The influential economic forecasting group the ITEM Club says it is still concerned that business expenditure in the UK is being hindered by pension fund deficits.
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Tate & Lyle fund taps State Street for lending
UK – The 600 million-pound (854 million-euro) Tate & Lyle Group Pension Scheme has named State Street as its securities lending agent.
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Mercer wins demerged Six Continents pension fund admin
UK – The demerger of the Six Continents leisure group has resulted in Mercer Human Resource Consulting winning the pension administration business for the group’s four former pension schemes.
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Italian occupational fund subscribers up 0.6%
ITALY – New subscribers to Italian occupational pension funds have risen a “mere” 0.6% in 2003, according to research consultancy Prometeia.
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Deutsche calls for political action on pensions
GERMANY – Deutsche Bank has called for German politicians to get more involved in pensions, saying “political action is required”.
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UK regulator consults on whistleblowing
UK – The Occupational Pensions Regulatory Authority is consulting with the industry over guidance for voluntary whistleblowers, people who report potential problems with schemes.
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Portuguese returns seen at 6.9% for year so far
PORTUGAL – Watson Wyatt estimates Portuguese pension returns at +6.9% for the first 11 months of the year.
