All articles by Daniel Brooksbank – Page 72
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Mercer facing SEC investigation over Putnam links
GLOBAL – Marsh & McLennan is being probed by the Securities and Exchange Commission about business referrals between its Mercer consulting arm and Putnam Investments asset management unit.
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Watson Wyatt partner Mike Wadsworth to leave firm
UK – Watson Wyatt partner Mike Wadsworth has told IPE that he plans to leave the firm shortly.
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Heitman promotes ex-ABP real estate exec Spencer
EUROPE - Otis Spencer, the former real estate executive at ABP Investments who joined US real estate firm Heitman LLC recently, has been promoted in a management shake-up.
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ECB, BOE say pension fears hit consumption
EUROPE – The European Central Bank and the Bank of England have both acknowledged the role that fears over pensions may be having on consumption.
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UK protection fund taps D&B for insolvency risk
UK – The Pension Protection Fund has awarded a two-year contract to credit firm D&B to measure the insolvency risk of companies who provide defined benefit pension schemes.
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Dutch schemes gain €2.1bn from NIBC sale
NETHERLANDS – ABP and PGGM say the proceeds from the sale of their 50-50 owned merchant bank NIB Capital will amount to more than €2bn.
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Norway warned over Petroleum Fund transfers
NORWAY – The Organisation for Economic Cooperation and Development has warned Norway to limit transfers from the Petroleum Fund.
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Coats Pensions chairman Dow steps down
UK – Sam Dow, chairman of board of Coats Pensions Trustee Ltd., has stepped down to be replaced by Laurie Todd of Guinness Peat Group, according to the scheme’s web site.
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State Street ‘could double Ireland workforce’
IRELAND – State Street Corp. could eventually employ up to 2,000 people in Ireland, the Boston-based bank’s chief executive Ron Logue has been quoted as saying.
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Finland’s Varma returns 6.7% in first half
FINLAND – Varma, Finland’s largest private sector pension insurer, says it made a 6.7% return on its investments in the first half of 2005 – but the number of people insured declined slightly.
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London Pension Fund Authority changes strategy
UK – The £2.9bn (€4.2bn) London Pensions Fund Authority has outlined its new investment strategy following what it admits have been disappointing returns.
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Hewitt boosted by international revenues
GLOBAL – Hewitt Associates has reported stronger profit and revenue at its consulting division in the third quarter, driven by growth outside its North American base.
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Directive ‘set to change discount rate methods’
EUROPE – The implementation of the European directive on occupational pensions could lead to a change in the way discount rates are determined, according to the European actuarial consultative group.
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Barclays Global Investors gains €47bn of assets
GLOBAL – Barclays Global Investors gained £33bn (€47bn) of net new assets in the first half of 2005, parent Barclays Plc said in its earnings statement.
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EU must develop fund market for pensions - IMF
EUROPE – The European market for investment funds needs more work in the face of shifting demographics and the need for retirement savings, says the International Monetary Fund.
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SNS Asset Management rejigs sustainable approach
NETHERLANDS – SNS Asset Management, the institutional arm of the SNS Reaal Group, says it plans to change the way it researches sustainable investing.
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Dutch painters scheme puts €225m with Altera
NETHERLANDS – Altera Vastgoed says it has been awarded €225m of real estate assets by the Dutch painting industry fund BPF Schilders.
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SGAM gets €11.6bn in inflows in second quarter
FRANCE – Société Générale Asset Management gained €11.6bn in net inflows in the second quarter, which works out at a 12% annualised growth rate.
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Credit Suisse says CSAM had Q2 asset outflow
SWITZERLAND – Swiss banking group Credit Suisse says its Credit Suisse Asset Management arm lost a net CHF200m (€128.4m) in assets under management in the second quarter.
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UBS suggests way to measure scheme funding
UK – Investment bank UBS has suggested an alternative to the FRS17 accounting standard as a way of measuring pension scheme funding.
