All articles by Daniel Brooksbank – Page 223
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Watson Wyatt sees lower 2003 revenues
US – Human resources consultancy firm Watson Wyatt says it expects lower than expected revenues in the 2003 fiscal year – hit by less predictable project work and the continued soft economy.
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Eversheds sees Danner judgment as positive
EUROPE – The European Court of Justice’s October 3 judgment in the Danner case has cleared the way for cross-border pensions, says a pensions lawyer at UK firm Eversheds.
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ABN Amro seeks 5% of Belgian pensions market
BELGIUM – Dutch bank ABN Amro has set up a pensions subsidiary in Belgium, with a view to grabbing a 5% share of a market it says will grow by almost 14% in the coming years.
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DaimlerChrysler, GM pension funds underfunded
GERMANY/US – The pension funds of carmakers DaimlerChrysler and General Motors are both underfunded by more than previously stated, though the German carmaker’s underfunding was only slightly worse than expected.
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BoNY pays premium for CSFB clearing unit
SWITZERLAND/US – Having missed out on buying Deutsche Bank’s global custody business, the Bank of New York has found another way to grow its securities services business with the purchase of CSFB’s Pershing correspondent clearing division – though it is having to pay 1.4 billion dollars over book value for ...
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Competitiveness critical for pensions – Bolkestein
EUROPE – European Union internal market commissioner Frits Bolkestein says improving European competitiveness is critical for the EU’s ability to pay for pensions, health and long-term care.
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Calpers completes $48bn securities lending auction
US – The 156 billion dollar California public employees pension fund Calpers has completed a 48 billion dollar securities lending auction of US equities, with the principal borrowers named as Credit Suisse First Boston, Deutsche Bank Securities and Lehman Brothers.
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US steel merger tests PBGC’s mettle
US – The 1.5 billion dollar takeover of steelmaker Bethlehem Steel by International Steel Group has put the fate of Bethlehem’s pension plan under scrutiny and presents the Pension Benefits Guaranty Corp. with its largest ever pension bailout.
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Robeco assets fall by 16.6 billion euros
NETHERLANDS – Dutch bank group Rabobank’s asset management division Robeco says market declines have reduced its assets under management by 16.6 billion euros as at the end of 2002.
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State Street: Deutsche buy makes it “European”
US/EUROPE – State Street Corp. says its acquisition of Deutsche Bank’s custody business makes it ‘European’ in a European financial services market, and demonstrates its commitment to the European pension market.
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Watson Wyatt names global financial services head
GLOBAL – Pensions consultant Watson Wyatt has named Philip Brook to replace Nick Dumbreck as its global practice head for insurance and financial services consulting.
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Half of UK pensions don’t pay trustees – report
UK – More than half of the UK’s top corporate pension funds do not pay their trustees, according to a survey by the Financial Times.
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BP ranked best UK pension scheme
UK – Oil company BP’s 19.5 billion euro pension scheme has been ranked the top UK scheme in terms of final benefits by consultancy Union Pension Services.
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Britannic warns on asset management profits
UK - Britannic Asset Management’s 2002 results are likely to be below expectations and its assets are to be written down by around 50 million pounds (76.8 million euros).
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ABP outlines 2003/2004 investment strategy
NETHERLANDS – Europe’s largest pension fund, the 147 billion euro Dutch civil servants’ ABP, says its investment strategy is geared towards fixed interest and equities in 2003/2004, matching its liabilities and risk profile – though it does not rule out making use of temporary market moves.
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Van Winden named Philips Pensioenfonds director
NETHERLANDS – Wim Van Winden has taken over from Noud van den Heuvel as managing director of the 14.7 billion euro pension fund of Dutch electronics group Philips.
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US fund sponsors’ costs rise 10% - report
US – US pension fund sponsors’ operational costs have risen 10% in the last three years, to almost 0.4% of total assets, according to new research by the Callan Investment Institute – with the rise driven by staff pay and fee rises.
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Morgan Stanley: measuring corporate pension risk
EUROPE – Morgan Stanley’s European pensions vice president Jeroen van Bezooyen discusses methods of assessing pension risk in European companies in the January edition of the IPE magazine.
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F&C Management's 2002 profits rise 20% to e47m
UK - F&C Management, the tenth largest manager of European pension fund assets, says its pre-tax profits for 2002 will rise 20% to 47 million euros – despite a 5% decline in revenues.
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Jardine Lloyd wins e5.7m AMP pensions contract
UK – Jardine Lloyd Thompson has won a five-year pensions services contract from wealth management company AMP, which could be worth up to 3.5 million pounds (5.7 million euros).
