All articles by Daniel Brooksbank – Page 217
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Diageo names new director of pensions
UK – Drinks company Diageo has named Michael Glasgow to replace Steve Mingle as director of pensions.
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UK insurer seeks managers via IPE-Quest
UK – A UK-based insurer/multi-manager is searching for asset managers with experience in pan-European large-cap value equities via the IPE-Quest system.
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State Street to cut 1,000 jobs
US – State Street Corp. is to cut around 1,000 jobs as it consolidates its 1.5 billion dollar acquisition of Deutsche Bank’s global securities services division.
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UK to review Myners principles
UK – The UK government is to review whether the non-legislative Myners Report on investment principles for occupational pension schemes is working two years after the original report was published.
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Barclays Global Investors’ profit rises 41%
UK – The largest manager of European pension fund assets, Barclays Global Investors, has seen its profits rise by 41% but its assets under management slide by 13% in the last year.
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ABN Amro takes e804m pensions charge
NETHERLANDS – Dutch bank ABN Amro has taken a net charge of 804 million euros under US accounting rules relating to its pension obligations.
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Mellon wins e397m Sanpaolo IMI mandate
ITALY – The one billion euro Sanpaolo IMI pension fund has awarded a mixed mandate to Mellon Global Investments worth around 397 million euros.
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BT sees up to e2.26bn pension fund deficit
UK – British Telecom is the latest large European company to announce that its pension scheme may be in deficit.
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Sweden’s AP3 records 12.6% negative return
SWEDEN – Citing the continued downturn in equity markets, Tredje AP-fonden, the third national Swedish pension fund or AP3, has recorded what it has termed a “painful” negative return of 12.6% for 2002.
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Electrolux sees e146m pension liability
SWEDEN – Swedish electrical appliances maker Electrolux has recorded a minimum pension liability of 1.34 billion crown (146 million euro) under US accounting rules due to a 136 million dollar deficit in its US pension funds caused by the decline in the stock markets.
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Skandia chief Ramqvist resigns
SWEDEN – Lars Ramqvist has resigned as chairman of troubled Swedish insurer Skandia following a year in which operating profits almost halved.
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UK research body calls for action on longevity
UK – The head of the Pensions Policy Institute research body has called for more action on "longevity-related issues" in UK pensions policy.
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Study sees EMU boost for European pension system
EUROPE – A new academic study has found that Economic and Monetary Union has improved the scope for change in European Union pension systems and the growth of institutional investors.
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State Street wins Deutscher Ring mandate
GERMANY – State Street Corp. has won a Depotbank mandate from German insurer Deutscher Ring Versicherungen, though the exact size of the mandate was not disclosed.
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PwC sees four priorities for UK pension system
UK – PricewaterhouseCoopers has suggested that there are four pension issues that need to be addressed by the government - better financial education, greater simplicity, fewer tax complications and improved age discrimination.
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HSBC sets up trustee advisory service
UK – HSBC’s actuarial consultancy arm has launched a service to advise pension fund trustees in the wake of the Myners report.
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Norway committee proposes simpler pensions tax
NORWAY – A government-appointed committee has proposed that Norway simplify the taxation of pensioners in a wide-ranging set of proposals.
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Watson Wyatt “positioned” for market share
US – Pensions consultancy firm Watson Wyatt Co. says its focus on clients has positioned it well to achieve higher market share and growth as the economy improves.
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AP2 assets fall 15% to e12.8bn euros
SWEDEN – AP2, the second national Swedish pension fund, recorded a 15.3% decline in its assets for the year to the end of December 2002 to 117.1 billion kronor (12.8 billion euros) – though it remains determined to pursue its long-term investment strategy “all the way”.
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ABP hails “very rewarding” tie with SSgA
NETHERLANDS – Stichting Pensioen Fonds ABP, Europe’s largest pension fund, says its two-year partnership with State Street Corp. in the State Street Global Alliance has proved “very rewarding”.
