All articles by Daniel Brooksbank – Page 218
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Danish fund tenders $50m mandate via IPE-Quest
DENMARK – A Danish industrial pension fund has tendered a global enhanced index equities mandate for 50 million dollars (46 million euros) plus via IPE-Quest.
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Nordea Swedish pensions head to leave
SWEDEN – The head of Nordea’s life and pensions division in Sweden, Gunnar Andersson, is to leave on April 1 by “mutual agreement”.
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ICI’s pension liabilities top e1bn under FRS17
UK – Chemicals firm ICI says its net liabilities across all its pension funds at the end of 2002 were 688 million pounds or 1.05 billion euros, under the new FRS17 accounting standard. The figure includes a tax credit of 126 million pounds (192 million euros).
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Pensions the main worry for Spain’s elderly
SPAIN – A new survey has found that pensions are the main worry for 60% of Spanish people over 65 years old, with solitude and health the next biggest worries.
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Institutional money market funds to grow
EUROPE – The European market for triple-A rated institutional money market funds could grow to 200 billion dollars by the end of the year, according to the head of the Institutional Money Market Funds Association.
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Commission’s action on pension tax welcomed
EUROPE – European pension industry players have welcomed the European Commission’s decision - confirmed today - to take action against Denmark, Belgium, Spain, France, Italy and Portugal over discriminatory taxation of foreign pension funds.
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Mody to develop Hewitt’s business in N. England
UK – Hewitt Bacon & Woodrow has named Raj Mody and Andy Staddon to run its Leeds office in the northern English county of Yorkshire.
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Dutch fund tenders e30m small cap mandate via IPE
NETHERLANDS – A Dutch corporate pension fund has tendered a 30 million euro European small-cap equities mandate via IPE-Quest.
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New UK pensions consultant Epic spies niche
UK – In the current environment, you might think it would not be advisable to start a new pensions business, but Epic Investment Consulting thinks it’s found a worthwhile niche
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EU to act tomorrow on pensions tax discrimination
EUROPE – The European Commission looks set to act tomorrow against six European Union member states for discriminating against foreign pension funds.
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Westerberg to chair Swedish finance regulator
SWEDEN – The Swedish government has named Bengt Westerberg as the new chairman of financial regulator Finansinspektionen, or Financial Supervisory Authority.
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AIMR hosts forum on European investor confidence
EUROPE – The Association for Investment Management Research is to host an online forum on regaining shareholder confidence in the single European market.
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Bacon & Woodrow boosts Hewitt revenues
US – Hewitt Associates says its consultancy revenues rose 34% to 172.1 million dollars in the first quarter - boosted by the acquisition of UK-based Bacon & Woodrow, though the revenues were slightly lower than expectations due to a “very challenging” market.
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OECD queries Finnish pension reform
FINLAND – The Organisation for Economic Cooperation and Development has queried Finland’s planned pension reform, saying it is “overly generous” in parts and that there is “uncertainty” over some of the assumed employment rates needed for the reforms to be effective.
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Martin Currie wins e76.3m Skandia equity mandate
UK – Life insurer Skandia has awarded a 50 million pound (76.3 million euro) specialist UK equity mandate to Martin Currie Investment Management.
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UK’s ABI sets up corporate governance web site
UK – The UK insurance industry trade body the Association of British Insurers is to launch a corporate governance web site in March. The launch will be marked by a conference on corporate governance.
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State Street “hits ground running” with Deutsche
US/GERMANY – State Street Corp. says it is “hitting the ground running” now that it has completed the “primary closing” of its 1.5 billion dollar acquisition of Deutsche Bank’s securities services business.
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Watson Wyatt, Hewitt report earnings this week
US – Pension consultancy firms Watson Wyatt and Hewitt Associates are both expected to release earnings reports this week.
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Low returns threaten retirement systems - SSgA
GLOBAL – State Street Global Advisors’ chief investment officer Alan Brown says the developed world’s retirement systems are “not well placed” to withstand prolonged poor returns from stocks.
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N. Trust to provide custody for new Insight fund
IRELAND – Insight Investment, the asset management arm of HBOS, has launched a sterling liquidity fund with securities services to be provided by Northern Trust.
