All articles by Daniel Brooksbank – Page 93
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UK’s Turner explores housing-pensions link
UK – The head of the Pension Commission, Adair Turner, has outlined his ideas about the links between the UK housing market and retirement savings.
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Hewitt Associates issues profit warning
US – Hewitt Associates has cut its earnings expectations for the second quarter and the 2005 fiscal year, partly due to lower than expected consulting revenues.
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Julius Baer says it’s not a takeover candidate
SWITZERLAND – Julius Baer Group says its new share structure does not mean it’s a takeover candidate - and that it could be on the lookout for acquisitions.
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Head of underperforming AP4 gets pay cut
SWEDEN – The president of the SEK151.4bn (€16.7bn) Swedish buffer fund AP4 – which underperformed its benchmark by three points in 2004 – has had his pay cut by almost five percent.
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RWE sets up deferred pay pension scheme
GERMANY – Utilities giant RWE has set up a deferred pay company pension scheme for its employees.
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AP1 awards risk mandate to managing director
SWEDEN – Swedish buffer fund AP1 says it has awarded a ‘risk mandate’ to its own managing director, William af Sandberg, to enable him to exploit the market and generate returns.
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Central banks see Dutch impact on long bonds
NETHERLANDS – The Bank for International Settlements has said that changes to the Dutch pension system has increased the demand for long-dated assets.
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DaimlerChrysler using cars as pension collateral
GERMANY – Automotive giant DaimlerChrysler is using €295m of company cars as collateral for its German pension scheme.
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RBC ousts SocGen in R&M custody survey
GLOBAL – RBC Global Services has knocked Société Générale from the top in a widely-watched survey of global custodians organised by R&M Consultants.
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Finland: Kaupthing nabs Carnegie research head
FINLAND - Kaupthing Bank Oyj Asset Management says it has hired Carnegie’s Finland research head Kim Nummelin.
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Royal London deputy CEO made redundant
UK - David Hughson, deputy chief executive of Royal London Asset Management, has been made redundant.
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‘Convexity’ key as Dutch schemes buy long bonds
NETHERLANDS – Convexity, or the sensitivity of bonds to interest rates, is an important factor as Dutch pension schemes move into longer dated bonds amid the new FTK regulations – according to a market analysis firm.
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IAPF chairman Ryan leaves Eircom
IRELAND - Gerry Ryan, the chairman of the Irish Association of Pension Funds, has left his position as pension fund administrator at Dublin-based corporate pension fund Eircom.
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UK Coal facing High Court pensions claim
UK – Privatised mine operator UK Coal is facing a High Court claim over pension benefits in relation to Transfer of Undertakings (Protection of Employment) regulations that could cost it up to £30m (€43.6m).
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UK deficits have ‘no link’ with sponsor strength
UK – Standard & Poor’s have analysed the top 500 defined benefit schemes in the UK and found there is no correlation between the size of deficits and the credit strength of the sponsor.
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Schroders chief foresees death of tracking error
EUROPE – A top executive at Schroders has foreseen that tracking error may no longer be the best way of measuring portfolios as the focus moves towards risk and liabilities.
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Wegener names KAS as global custodian
NETHERLANDS – The €635m pension fund of Dutch media group Wegener has awarded a global custody and administration mandate to KAS Bank.
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Schroders loses €12.2bn in institutional assets
UK – Asset management group Schroders says it had a net outflow of £8.4bn (€12.2bn) of institutional assets in 2004 as investors withdrew from balanced mandates.
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Petroleum Fund closing in on CalPERS
NORWAY – The Petroleum Fund has grown to just over NOK1trn (€124bn) and says it is now about the same size as the California Public Employees’ Retirement System in the US.
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Mercer’s UK revenues decline, says MMC
UK – Revenues at Mercer Human Resource Consulting in the UK and the US declined by an unspecified amount in 2004, says embattled parent firm Marsh & McLennan.
