All articles by Daniel Brooksbank – Page 211
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State Street eyes more job cuts as profits fall
US – State Street Corp. plans further staff reductions and “operational efficiencies” to offset lower than expected revenue.
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IMF sees need for Polish pension reform
POLAND – The International Monetary Fund says further reform of state pensions and farmers pensions is needed to bolster reforms that have already taken place in Poland.
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GMO wins three emerging markets mandates
EUROPE – US-based asset manager GMO says it has won three emerging markets mandates in Europe worth 104 million pounds (153 million euros).
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UK: most see no need for set retirement age
UK – Most people do not see the need for a mandatory retirement age, according to a new survey
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Europe to be “retirement village” without reform
EUROPE – A leading pensions academic has raised the spectre of Europe becoming a “retirement village” if the continent ignores the challenges of demographic ageing and pension reform.
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CEO quits Credit Suisse’s Bank Leu
SWITZERLAND – The chief executive of Credit Suisse’s Bank Leu subsidiary, Reto Donatsch, has stepped down and will be replaced by CS veteran Hans Nuetzi.
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Pensions on EU summit agenda
BELGIUM – European heads of government meet at a summit in Brussels on Thursday and Friday - and pensions reform is on the agenda.
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IMF calls for Norwegian pension reform
NORWAY – The International Monetary Fund has reiterated its call for Norway’s public pension systems to be reformed to ensure its viability across generations.
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Pension reform “essential” to Belgium – S&P
BELGIUM – Ratings agency Standard & Poor’s says reform of the pension system is part of a set of measures that are “essential” to the country’s plans to lighten taxation and improve budgetary flexibility.
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Moody’s says Spain must tackle pension liabilities
SPAIN – Ratings agency Moody’s Investors Services says demographic change will present Spain with pension liabilities that “must be taken into account”.
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State Street sees problems in rating pension schemes
EUROPE – State Street Global Advisors sees potential problems in S&P’s suggestion that it is considering rating pension schemes – though it says the idea is “interesting”.
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Petroleum Fund prefers “security-specific” risk
NORWAY – The 78.7 billion euro Petroleum Fund says it prefers to take risks at the level of individual securities rather than at the macro level.
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Hewitt focuses on international business
US - Employee benefits and investment consultancy firm Hewitt Associates says it is paying a lot of attention to its international business, following its acquisition of pension consultant Bacon & Woodrow in the UK.
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Watson Wyatt hires Friends Ivory equities head
UK – Pensions consultancy form Watson Wyatt has hired the head of global equities from Friends Ivory & Sime to be a senior consultant in the UK.
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Gartmore hires top execs for hedge fund
UK – Asset manager Gartmore has hired senior executives from Goldman Sachs and UBS to help run a new hedge fund.
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UK funds show interest in absolute returns
UK – Pension and charitable funds have shown that they are interested in pursuing an absolute return, or targeted, strategy.
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ING names first ever global pensions chief
NETHERLANDS – Dutch bank ING has put its global pensions business under the wing of one of its most senior executives.
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Northern Trust names risk management head
US – Northern Trust has made a series of management changes, including the creation of a new corporate risk management post.
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State Street hires ING wealth management chief
US – State Street Corp. has hired the chief operating officer of Dutch bank ING’s US wealth management business.
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Think tank: scrap all UK final salary schemes
UK – A financial markets think tank wants all final salary schemes in the UK to be abolished – calling for a “D-Day” when they are abolished across the board.
