All articles by Daniel Brooksbank – Page 227
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News
S&N pension fund seeks alpha in new BGI bond fund
UK – The pension fund of brewer and pub operator Scottish & Newcastle says it is seeking “a little bit of alpha” by being among institutional investors that have committed 128 million pounds (199.4 million euros) to a new Barclays Global Investors bond fund.
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Mellon unveils UK custody operation
UK – Financial services company Mellon Financial Corp. says it plans to launch a UK custody operation towards the end of the first quarter of 2003, ending its two-year relationship with sub-custodian Clydesdale Bank.
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Calpers names Jensen as chief auditor
US – The 128 billion dollar California Public Employees' Retirement System, or Calpers, has named Larry Jensen as chief of its office of audit services.
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Report calculates European annual fund charges
EUROPE – Funds in Belgium and Germany have the lowest annual charges – as measured by total expense ratios - while Italy and Spain have the highest, according to new research by European fund information firm Fitzrovia International.
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Boots: no comment on pensions chief Ralfe
UK – UK retailer Boots Plc had no comment on newspaper reports that corporate finance head John Ralfe – the man responsible for the company pension fund’s move into a long bond portfolio – is to leave the company.
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OECD seeks “urgent” move on later retirement
EUROPE – The Organiation for Economic Cooperation and Development has called for “urgent measures” to shift European pensions policy towards encouraging later retirement, saying that the current trend of early retirement is affecting the wider economy.
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Bolkestein sees “real benefits” in pension pact
EUROPE – The European Union’s commissioner for internal markets says that a forthcoming agreement on the EU pensions directive is part of a package of measures that will lead to “real benefits” such as competitiveness and sustainable employment.
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HVB signs up 250 firms to chemical fund
GERMANY – German bank HVB says it has 250 companies signed up to its new pension fund for the chemicals industry – with at least another 100 expressions of interest.
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BAA’s pension director declines to follow fashion
UK – The head of the 2.4 billion euro pension scheme for UK airport operator BAA Plc says pension administrators should not follow fashion and try to work out their requirements for themselves.
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Shell sticking with defined benefit plans
UK – The head of investment policy for Shell’s pension funds says the oil company’s pension funds are sticking with defined benefit pension schemes because it suits the organisation very well.
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PwC: Danner case may hinder pan-European pensions
EUROPE – Accountancy firm PricewaterhouseCoopers believes the European Court of Justice’s recent judgement in the Danner case may hinder the prospects of a single European market for pension products by five years or more.
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Lipper names head of German research
GERMANY – Reuters-owned funds information company Lipper has named Alice Segschneider as its head of research in Germany, a new role.
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European pensions faces new era – State Street
EUROPE – A senior European pension executive says the European pensions industry is on the verge of a new era - though costs are to remain an issue between pension funds and their suppliers.
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UK government to propose simpler pension rules
UK – The UK government says it will propose simpler regulation and better “information flows” in its long-awaited Green Paper on pension reform.
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Frank Russell bags e125m UK waterways mandate
UK – Multi-manager specialist Frank Russell Co. says it has been appointed by the British Waterways (1990) Pension Fund to manage an 80 million pound (125.6 million euro) equity and bond mandate.
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Schroders posts Q3 loss, hit by asset decline
UK – Schroders Plc, parent of the seventh largest manager of European pension fund assets, has posted a loss in the third quarter while reporting that its assets under management have declined 15%.
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Henderson’s Handley joins SSGA as fund manager
UK – State Street Global Advisors, the ninth largest manager of European pension fund assets, has hired a fund manager from Henderson Global Investors.
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GSTPA fallout continues as SIS loses e27m
SWITZERLAND – Fallout from the collapse of the Global Straight Through Processing Association claimed another victim today with Swiss central securities depositary SIS Group announcing a 40 million Swiss franc (27.2 million euro) “value adjustment” and passing on its annual dividend.
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Northern Trust reshuffles European management
EUROPE – US-based banking and custody services provider Northern Trust has reshuffled its senior management in Europe, with Stephen Potter taking on a role vacated by Steven Fradkin.
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Stampe to join PensionsDanmark
DENMARK: Claus Stampe, chief investment officer of the Danish medical pension fund, is to join PensionsDanmark, the common management company of four Danish pension schemes which together have assets of 23 billion Danish kroner (3.1 billion euros).
