All articles by Daniel Brooksbank – Page 215
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UK jails pension fraudsters
UK – An investigation by the Occupational Pensions Regulatory Authority has led to the imprisonment of two fraudsters who ran a pension liberation scam.
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TRW investment chief MacDougall leaves
UK – William MacDougall, the managing director of TRW Investment Management Co. Ltd., has left and is being replaced on a temporary basis by Jeremy Brown.
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Drugmaker Schering halves pension provisions
GERMANY – Drugmaker Schering cut its pension provisions in half in 2002 – though it put 500 million euros into its main pension trust.
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Irish funds lose an average 19% - IAPF
IRELAND – The head of the Irish Association of Pension Funds says Irish pension funds lost an average of 19% in 2002 - and that stocks remain their key assets.
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Spanish occupational pension assets up 12.3%
SPAIN – The assets under management at Spanish occupational pension schemes rose 12.31% to 21.15 billion euros at the end of 2002, according to figures released by Inverco, the Spanish association of institutional investors and pension funds.
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ADAM hires equity performance risk head from MLIM
UK - Allianz Dresdner’s asset management division has hired a senior risk and performance executive from Merrill Lynch Investment Managers.
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BGI chief to head FTSE committee
UK – The head of Barclays Global Investors in Europe is to chair index company FTSE’s policy group.
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J P Morgan Fleming AM names global equities head
UK – J P Morgan Fleming Asset Management has named Martin Porter as its new global head of equities.
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Ratings agencies slated for pension downgrades
EUROPE – The head of UK fixed income at AXA Investment Managers has criticised ratings agencies for the way they rate companies based on their pension deficits.
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Irish regulator approves first PRSA products
IRELAND – The Irish pensions regulator has approved the first 41 Personal Retirement Savings Accounts products, or PRSAs, provided by six different companies.
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Norway’s Petroleum Fund to surpass oil revenues
NORWAY – The head of the Norwegian central bank says the return on the Petroleum Fund is likely to exceed the cash from the country’s petroleum activities in around 15 years.
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Dutch pension funds
NETHERLANDS – The Dutch sector wide pension fund association says pension funds in the Netherlands have an average coverage ratio of 106.5% - and that they have 17 billion euros more than they need to meet their financial obligations.
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Law Debenture’s net asset value falls 23%
UK – UK-based trustee services and investment trust firm Law Debenture Corp. has seen its net asset value decline by 23.5% to 170.5 pence (250 euros) per share in 2002, compared to 222.9 pence (326 euros) in 2001.
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The actuary strikes back over bonds
UK – One of the UK’s top actuaries has hit back at criticism of the profession, saying the case for investing a pension fund portfolio entirely in bonds is far from clear.
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SanPaolo, BGI in Italian ETF launch
ITALY – Barclays Global Investors and SanPaolo IMI have launched an Italian exchange traded fund that will start trading on February 28.
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UK’s RAC extends final salary scheme
UK – UK motoring organisation RAC says it is maintaining its final salary pension scheme and extending it to its younger employees – though staff will have to choose whether to take reduced future benefit levels or make increased contributions.
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Winterthur pensions CEO leaves as jobs go
SWITZERLAND – Swiss bank Credit Suisse Group is to cut around 350 jobs at its pensions and insurance division Winterthur in a revamp that will see current pensions head Markus Dennier reassigned within Credit Suisse.
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Allianz corporate pension business up 37%
GERMANY – German life insurer Allianz Leben has seen its new premiums from corporate pension business rise almost 37% to 850.6 million euros.
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Polish pension woes hit Finland’s Sampo
FINLAND – Finnish bancassurance firm Sampo says its acquisitions in the Polish pensions and life insurance industry will not hit their profitability targets.
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Norway’s Storebrand sees DC surge
NORWAY – Norwegian bank Storebrand, currently undergoing a merger with Finansbanken, has seen a large rise in defined contribution occupation pension schemes.
