All articles by Daniel Brooksbank – Page 86
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Rover trustee aims for Pension Protection Fund
UK - The new independent trustee for two underfunded pension schemes at collapsed car firm MG Rover has confirmed that it wants them to enter the Pension Protection Fund.
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SSGA names European consultant liaison director
EUROPE - State Street Global Advisors has named F&C's Valerie Nicholson as director of marketing and consultant liaison, with a Europe-wide brief.
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UK’s Merseyside ousts Bank of NY
UK - State Street Corp. says it has been awarded a securities services mandate by the $6.0bn (€4.6bn) Merseyside Pension Fund - ousting incumbent Bank of New York.
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Norway’s KLP rejects conversion to public status
NORWAY – Members of the NOK140bn (€17bn) mutually owned Norwegian life insurance and asset management firm KLP has rejected its board’s plan to convert into a public limited company.
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Irish reserve fund avoids bonds amid low yields
IRELAND – Ireland’s €12.3bn National Pensions Reserve Fund says it is avoiding the bond market and holding more than €1bn in cash while yields are at their current historic lows.
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Bank of NY buys commission recapture firm
GLOBAL – The Bank of New York has bought commission recapture specialist Lynch, Jones & Ryan from Instinet Group for up to $159m (€122m).
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Mellon’s Ireland fund admin MD resigns
IRELAND – Kevin Potts, managing director of Mellon Financial Corp.’s fund administration arm in Dublin, has resigned.
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Fujitsu UK arm facing High Court pension writ
UK - A UK subsidiary of Japanese technology giant Fujitsu has been issued with a High Court writ by one of its former employees and pension fund trustees.
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Dutch consultant Strategeon hires ex-ING exec
NETHERLANDS – Strategeon, the consulting firm run by former Watson Wyatt Dutch investment head Paul van Aalst, has hired a former ING Investment Management marketing executive.
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“We love hedge funds” - Deutsche Börse
GERMANY – A top executive at the Deutsche Börse has said how much the exchange values hedge funds due to the turnover they bring.
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PPF says insolvency fears haven’t materialised
UK – Predictions that the UK’s new Pension Protection Fund would be swamped with applications and rapidly become insolvent have failed to materialise, says fund chairman Lawrence Churchill.
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Corporate governance manual launched
EUROPE – The CFA Institute has launched a 55-page manual on corporate governance for investors.
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Bank of Ireland Asset Management names UK head
UK - Bank of Ireland Asset Management has named Olivier Santamaria as managing director of Bank of Ireland Asset Management (UK) Ltd.
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Turner & Newall in $13m pensions cost for parent
UK – Failed UK engineering company Turner & Newall has cost US-based parent company Federal-Mogul $13m (€10m) in extra costs associated with its pension plan
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Pension fund buys Shell power venture
GLOBAL – A Canadian pension fund and a private equity arm of US insurer AIG have teamed up to buy InterGen, a power generating joint venture of Shell and Bechtel, for US$1.75bn (€1.3bn).
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Standard Life says 65 staff to join Bank of NY
UK - Around 65 staff at Standard Life Investments could be set to transfer to the Bank of New York in Edinburgh in an outsourcing deal.
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MLIM to run €12bn Philips pension assets
NETHERLANDS – Electronics giant Philips is to outsource the management of its €12bn in Dutch pension assets to Merrill Lynch Investment Management in a move that will see 55 staff transfer to MLIM.
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SSGA’s assets under management rise 11%
GLOBAL – Assets under management at State Street Global Advisors, the asset management arm of State Street Corp, have risen 11%.
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MLIM’s total assets under management fall 7%
GLOBAL – Total assets under management at Merrill Lynch Investment Managers have declined by seven percent to $479bn (€368.3bn) due to outflows in institutional liquidity products.
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Jardine Lloyd unit named as MG Rover trustee
UK - Jardine Lloyd Thompson's Independent Trustee Services arm has been named as independent trustee to two pension schemes of failed UK car firm MG Rover.
