All articles by Daniel Brooksbank – Page 201
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DeAM and Schroders ousted at Oxford council
UK – The 500 million pound (703 million euro) pension scheme of Oxfordshire County Council has replaced Deutsche Asset Management and Schroders with UBS, Baillie Gifford, Alliance Bernstein and Legal & General as part of a move to find better performance.
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Belgian fund tenders emerging debt via IPE-Quest
BELGIUM – A Belgian pension fund has tendered a mandate for global emerging markets debt worth around 20 million euros via the IPE-Quest system.
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EU unveils corporate governance action plan
EUROPE – The European Commission has unveiled an action plan on corporate governance – aimed at strengthening shareholders rights and protecting employees and creditors.
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EU proposes raising staff retirement age
EUROPE – The European Council has proposed raising the retirement age for new staff at European Union institutions to 63 and raising the annual accrual rate to 1.9%.
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Denmark should scrap early retirement – report
DENMARK – The Organisation for Economic Cooperation and Development says Denmark should consider scrapping its early retirement scheme to help it meet the challenge of population ageing.
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Institutions flex muscles in Glaxo pay vote
UK – Shareholders have voted to reject a controversial pay package of the chief executive of drugs company GlaxoSmithKline - the first time a UK blue-chip company has had its pay scheme rejected by shareholders.
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M&S, BA pension deficits top one billion pounds
UK – Two of the UK’s biggest corporate names, Marks & Spencer and British Airways, have both disclosed pension deficits of more than one billion pounds (1.4 billion euros) each.
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UK pension funds lack formal assessment of consultants
UK – An overwhelming majority of UK pension funds have no formal way of assessing the advice they receive from consultants, according to a new survey.
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Pictet loses Exel equity mandate to SSGA
UK – The 1.6 billion pound (2.2 billion euro) common pension investment fund of logistics firm Exel has ended a five-year relationship with Pictet Asset Management.
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Norway’s KLP ready for new pension proposals
NORWAY – Mutually-owned insurer KLP says it is well placed to benefit from proposed changes in the Norwegian pensions market, but says it will mean hard work and a change in its approach.
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European ETF assets rise 17% - Morgan Stanley
EUROPE – Assets under management in exchange traded funds listed in Europe rose by 17.1% in April, according to the latest research by Morgan Stanley.
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Russell, Metzler in German hedge fund alliance
GERMANY – Frank Russell Co. and Metzler Asset Management have made a “strategic alliance” under which Metzler will offer its clients Russell’s multi-manager hedge fund product.
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Allianz sees mixed picture on pensions business
GERMANY – Insurance giant Allianz says its corporate pensions business is “very positive” – though its Riester private pension business is showing only moderate growth
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ING’s institutional assets under management fall
NETHERLANDS – Institutional assets under management at Dutch banking and insurance group ING have fallen 1.6%.
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Hymans Robertson names new partners
UK – Pensions actuaries Hymans Robertson has named two new partners – taking its total partners to 23.
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Norway lowers Petroleum Fund estimate by E3.8bn
NORWAY – The Norwegian finance ministry has lowered its forecast for the size of the Petroleum Fund at the end of this year by 30 billion crowns (3.8 billion euros).
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Asset managers “need louder voice at Brussels”
EUROPE – The outgoing head of the UK’s asset management trade association says there is a lack of understanding of the industry at the European policy level.
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UBS buys Lloyds TSB French wealth manager
FRANCE – Swiss bank UBS has agreed to buy the French wealth management business of Lloyds TSB for an undisclosed price.
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Mercer: managers open to liability benchmarking
UK - Mercer has found that UK investment managers are open to the idea of using liability benchmarking – though it says there has to be more dialogue between trustees, consultants and managers to make them workable.
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S&P bemoans European pension disclosure
EUROPE - Many top European companies are not consistently disclosing their assumptions on future increases in pensionable earnings, says Standard & Poor’s.
