All articles by Daniel Brooksbank – Page 96
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Crédit Agricole AM investment chief Voisin quits
FRANCE - Pascal Voisin, chief investment officer at Crédit Agricole Asset Management, is to leave and be replaced by economic research chief Pascal Blanqué.
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BNP Paribas sees interest in new longevity bond
UK – BNP Paribas says it is seeing trustee interest in the so-called longevity bond it plans with the European Investment Bank.
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UK’s PPF could be a “new arena of conflict”
UK – Consulting firm Towers Perrin has warned that the UK’s new Pension Protection Fund could usher in a “new arena of conflict” between employers and scheme members.
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AP1 and AP3 both return 11.4%
SWEDEN – Both AP1 and AP3 say they returned 11.4% on their investments in 2004.
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ING loses 10% of institutional assets in revamp
NETHERLANDS – ING’s asset management arm lost €13.8bn, or more than 10%, of its institutional assets under management in the last three months of 2004 - due to the reclassification of assets and a disposal.
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CSAM hit by €2bn loss of two large accounts
SWITZERLAND – Credit Swiss Asset Management lost CHF3.2bn (€2bn) in assets under management in the fourth quarter – due to the loss of two large accounts.
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Ireland amends legislation for EU directive
IRELAND – The Irish government has proposed amending its social welfare legislation to incorporate the European occupational pensions directive.
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Norwegian central bank calls for pension changes
NORWAY – The governor of the Norwegian central bank, Svein Gjedrem, has called for pensions to be amended to help boost employment.
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European fund body FEFSI becomes EFAMA
EUROPE – FEFSI, the European investment funds body, has officially changed its name to the European Fund and Asset Management Association.
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Vopak scheme appoints MN as fiduciary manager
NETHERLANDS – Stichting Pensioenfonds Vopak, the pension scheme of oil services firm Koninklijke Vopak, has appointed MN Services as fiduciary manager.
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UK institutions move into long bonds – BOE
UK – The Bank of England – citing “market intelligence” - says institutional investors have started to shift their asset allocation towards long-dated bonds.
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Pension funds buying innovation - Watson Wyatt
GLOBAL - Pension funds have become buyers of innovation as they seek to meet their liabilities, according to Roger Urwin, global head of investment consulting at Watson Wyatt.
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Unprecedented demand for London longevity event
UK – This week’s conference on longevity risk and capital market solutions at Cass Business School in London has been so popular that the organisers have had to set up an external video link.
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Storebrand sets up 460 new DC schemes
NORWAY – Storebrand says it set up around 460 new defined contribution pension schemes last year – taking the total number of DC client companies to more than 1,000.
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EU says Spain should reform pensions vigorously
SPAIN – Spain should embrace pension reform more vigorously to meet the ageing challenge, the European Commission says.
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Latvia’s Parex expects pension interest in notes
LATVIA – Parex, the largest bank in Latvia, says it is expecting interest from pension funds for a public offering of notes.
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Higham buys consulting firm Dunnett Shaw
UK – Dunnett Shaw, a consulting firm which helped BP move its pensions administration in-house, has been bought by Higham Group for an undisclosed sum.
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Dutch schemes recover from bear market – WM
NETHERLANDS – Dutch pension schemes returned 8.4% on their investments last year - meaning they have now recovered most of the losses of the equity bear market, according to WM Performance Services.
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Putnam’s investment head Oristaglio retires
US - Steve Oristaglio is to retire as head of investments at Putnam Investments and be replaced by his deputy Kevin Cronin.
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Assets surge NIB’s asset management arm
NETHERLANDS – NIB Capital, the bank owned by the two largest Dutch pension funds ABP and PGGM, said assets under management at its investment management unit rose 70% in 2004.
