All articles by Daniel Brooksbank – Page 206
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Mercer retirement consulting revenues rise 11%
US – Mercer Inc. has reported that its first-quarter retirement services consulting revenue rose 11% to 300 million dollars from 270 million dollars a year before.
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UK government actuary ousted at Civil Service scheme
UK – The Government Actuaries Department has been replaced as scheme actuary to the Civil Service pension scheme by Hewitt Bacon & Woodrow.
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Hewitt to buy Northern Trust retirement arm
US - Hewitt Associates has agreed to buy Northern Trust’s US-based retirement consulting and administration business, with the two companies signalling a closer working relationship.
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Invesco to build own DC pension platform
UK – Scottish Life has lost its three-year old defined contribution outsourcing deal with Invesco, as the asset manager builds its own pensions administration capability.
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Swedish DB premiums “too high” for older workers
SWEDEN – The Organisation for Economic Cooperation and Development says premiums for defined benefit pensions in Sweden are too high for older workers - making companies reluctant to employ them.
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Aviva’s European pensions and life sales rise 23%
EUROPE – Continental European sales of life and pensions at UK-based Aviva rose 23% to 294 million pounds (425.5 million euros) and now account for more than half of its global new business.
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Pension woes could hit jobs, says BOE
UK – Pension deficits may hit UK companies’ investment, dividends and employment, according to Bank of England analysis.
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Aegon sees benefit from demographic change
NETHERLANDS – Insurance and pensions provider Aegon says that the ageing population continues to “bode well” for its earnings for a long time to come.
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Turkey to consolidate pension institutions
TURKEY – The Turkish government has said it will pass legislation to include its three pension institutions under one organisation by the end of this year.
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ETF trading volumes rise 34%
GLOBAL – The average daily trading volume of exchange-traded funds rose 34% in the first quarter, though assets under management in Europe were flat.
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BGI the leading manager of S&P indexed assets
US - As at the end of 2002, Barclays Global Investors was the leading manager of S&P indexed assets, Standard & Poor’s says.
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UK pension tax proposals to cost “e1.44bn”
UK – The government’s proposals on simplifying the taxation of pensions could cost the industry as a whole up to one billion pounds (1.44 billion euros) in the short term, a consultant says.
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MLIM’s global revenues fall 20%
US - Merrill Lynch Investment Managers says its worldwide revenues declined by a net 20% in 2002 – although the unit’s top executive says it is poised for profitable growth.
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Report calls for removal of EU clearing barriers
BELGIUM – A European Commission-backed report has called for the “concerted removal” of barriers to clearing and settlement in the European Union.
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Portugal: Espirito Santo pension premiums surge
PORTUGAL – Portuguese financial group Espirito Santo Financial Group says that private pension premiums at its life arm rose 78.1% in the first quarter.
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State Street sees “unlimited” growth opportunity
US – State Street Corp.’s chairman and chief executive says he sees almost “unlimited” opportunities for growth – despite posting “disappointing” quarterly earnings and having announced a total of 2,800 job cuts.
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UK’s Hymans on recruitment drive
UK – Actuarial firm Hymans Robertson has recruited three people for its investment practice at its Glasgow office and says further hires are likely in the next few months.
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State Street says GSS revenue set to fall
US - Revenue at State Street Corp.'s Global Securities Services division, which it recently bought from Deutsche Bank, is set to fall by 124 million dollars this year as the company posts “disappointing” first-quarter earnings.
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UBS is top Luxembourg fund manager
LUXEMBOURG – Swiss bank UBS is the largest manager of Luxembourg-based funds with total net assets of 93.2 billion dollars, according to new research.
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PWC blames everyone for UK pension problems
UK – A pensions partner at PricewaterhouseCoopers has launched a scathing attack on everyone involved in the UK pensions industry, with nobody escaping the blame for its current problems.
