All articles by Daniel Brooksbank – Page 71
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AP2 returns 8.4% after cutting external managers
SWEDEN - The Second Swedish National Pension Fund, AP2, made an 8.4% return on its investments in the first six months of 2005.
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Skandia hands €500m equities brief to NTGI
SWEDEN – Skandia Liv has handed a €500m passive international equities mandate to Northern Trust Global Investments.
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Schroders has €2.9bn institutional outflow
UK – Schroders has continued to lose institutional assets, with a £2bn (€2.9bn) net outflow in the first half of 2005.
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Reuters awards custody to Bank of NY in revamp
UK - The £650m (€953m) Reuters Pension Fund, the main UK scheme of the news and data group, has awarded a custody mandate to the Bank of New York after a revamp.
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Florida awards $113bn master custody to Mellon
US – Florida’s State Board of Administration has awarded a $113bn (€91.7bn) master custody mandate to Mellon Global Securities Services.
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Watson Wyatt sees growth from UK legislation
GLOBAL – Consulting firm Watson Wyatt & Co. says its revenue growth in 2006 is expected to be driven in part by consulting related to legislative changes in the UK.
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UK coal scheme gets new secretary
UK – The £9.6bn (€13.8bn) British Coal Staff Superannuation Scheme has named Dawn Shirley as its new scheme secretary, replacing John Haigh.
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Wide variety seen in UK actuarial assumptions
UK – A new survey has found wide variations in assumptions used by companies and actuarial advisers to calculate FRS17 pension liabilities.
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LSE bid could involve European schemes
EUROPE – European pension funds could potentially become involved in a takeover battle for the London Stock Exchange if Australia’s Macquarie decides to make a bid for the exchange.
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GlaxoSmithKline looking at managers in revamp
UK - Pharmaceutical giant GlaxoSmithKline says it is "looking at managers" as it combines more than £4bn (€5.8bn) in pension assets.
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Delta Lloyd hit by €240m mandate loss
NETHERLANDS – Delta Lloyd says its flow of new investments “fell back” in the first half – partly due to the withdrawal of a €240m mandate.
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Swiss Capital awards custody to Northern Trust
SWITZERLAND – Swiss Capital, a Zurich-based alternatives firm which manages pension fund assets, has handed a $1.2bn (€1bn) hedge fund custody and administration mandate to Northern Trust.
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Hewitt’s Farquhar hire is response to bond shift
UK – Hewitt Associates said its decision to hire former Lombard Odier Darier Hentsch fixed income head Christine Farquhar is a response to pension fund demand for fixed income.
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Julius Baer institutional assets up €5.8bn
SWITZERLAND - The Julius Baer Group says it gained CHF9bn (€5.8bn) in institutional assets under management in the first half of 2005.
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Allianz says EU pension assets to double
EUROPE – Germany’s Allianz says it is targeting retirement provision and that it expects pension assets in Europe to more than double in the next 10 years.
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Pension consultants call for revised tax rules
UK – The Society of Pension Consultants has called for a revision of tax rules to encourage companies to repair pension fund deficits.
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Danica Pension makes 8.5% return in first half
DENMARK – Danica Pension, the pension and life insurance arm of Danske Bank, made an 8.5% return on assets in the first half of 2005.
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UK: NAPF chairman takes aim at actuaries
UK – The chairman of the National Association of Pension Funds, Robin Ellison, has issued a broadside against actuaries, questioning their fees and their role in setting obligations for firms.
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Aon Consulting’s deputy benefits head leaves
EUROPE – Brian Waite, deputy head of the international benefits practice at Aon Consulting, has left after five years to join Mercer Human Resource Consulting.
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Blue Sky hires ex-Dutch bond agency official
NETHERLANDS – Blue Sky Group, which manages the pension assets of airline KLM, has hired a former official of the Dutch State Treasury Agency.
