All IPE articles in December 2002 (Online) – Page 3
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EU Commission admits non-portable pension problem
EUROPE – The European Commission has admitted that it is “very much aware” that occupational pension schemes lack true portability between European Union member states.
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Germany plans investment tax amnesty
GERMANY – Next year could see 100 billion euros of offshore investments by German citizens return to the country of domicile, if plans announced by Chancellor Schroeder materialise.
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MLIM says it’s still winning European mandates
UK – Merrill Lynch Investment Managers says it is still winning “significant levels" of new mandates across Europe, despite a series of recent losses from UK local authority pension funds and its loss of the Merrill Lynch UK Investment Trust mandate.
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UK firms face e23.4bn pensions hit - consultant
|?´OrDlaims that the UK government is failing to implement an EU directive protecting the pensions of employees of firms that become insolvent could result in a cost to UK companies of 15 billion pounds (23.4 billion euros), says HighamNobbs Consulting.
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Sweden’s AP3 taps CoreRatings for SRI
SWEDEN – The 13.9 billion euro AP Fonden 3 Swedish pension fund says it has hired consultancy firm CoreRatings to provide socially-responsible investing advice, adding that it will take an active role in the companies in which it invests.
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SSGA wins $20m enhanced index mandate
UK – State Street Global Advisors says it has won a mandate from the Clothworkers’ Co., a London ‘livery company’, to manage a 20 million dollar enhanced indexation portfolio.
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Threadneedle to run e155m Russell equity mandate
UK - Threadneedle Asset Management has been appointed to run a 100 million pound (155 million euro) UK equity mandate for Frank Russell Co.
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Commerzbank sees “major concern” in pensions
EUROPE – Commerzbank Securities says underfunded pension plans in the UK and US should be of “major concern” to investors because they represent a movement of wealth from the shareholder to employees.
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French bank merger “won’t be easy” – source
FRANCE – Credit Agricole’s 19.5 billion euro bid for Credit Lyonnais would create an entity with a combined 5.6 billion euros in European pension assets under management – though a source close to the deal says a merger won’t be easy because of the banks' different cultures.
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SPK to invest e31m in Scottish Widows’ SRI fund
SWEDEN – Sweden’s 1.2 billion euro Sparinstitutens Pensionskassa pension fund will invest 31 million euros in Scottish Widows’ Investment Partnership’s European socially responsible investment fund.
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UK wary of “quick-fix” pensions reform
UK – UK pensions minister Andrew Smith says the government must not be tempted by a “quick-fix” solution to pensions reform as it readies its long-awaited Green Paper, due next week.
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Davies quits UK’s Financial Services Authority
UK – The chairman of the Financial Services Authority, Sir Howard Davies, has decided to step down, having served in the position for over five years.
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Russell sees “substantial” European growth
SPAIN – Multi-manager specialist Frank Russell Co. says it has seen “substantial growth in Europe this year” - adding that it has been awarded 30 new institutional client mandates across Europe for its multi-manager funds so far in 2002.
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SEI Investments names McGonigle CFO
GLOBAL – SEI Investments has named Dennis McGonigle as its global chief financial officer. The position has remained vacant since the departure of Henry Greer several years ago.
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Conference to focus on European pension reform
NETHERLANDS – A fund management conference in Amsterdam next year will focus on the need for pension reform, how to fund the pensions gap and the changes to asset allocation.
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Deutsche segregates e3.6bn in pension obligations
GERMANY - Deutsche Bank has segregated 3.6 billion euros of its German employee pension obligations, removing them from the balance sheet and creating a separate fund that will be managed by Deutsche Asset Management.
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Mercer hires PwC’s investment head
UK – Pensions consultancy firm Mercer Human Resource consulting has named Gordon Clark as a European partner, based in London.
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Utility firms’ pension deficits rise 60% - UBS
EUROPE – Pension fund deficits of utility companies worldwide have grown 60% in 2002, taking total deficits to around 65 billion dollars, reveals a report by UBS Warburg.
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Watson advises clients away from equities
EUROPE – Pension consultancy firm Watson Wyatt says it is advising its clients to move away from equities and that it knows of “very few” firms that invest in accordance with best practice.
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UK's NAPF: difficulties in occupational schemes
UK – Companies in the UK are finding it increasingly difficult to provide occupational pension schemes, reveals the National Association of Pension Funds’ 28th annual survey
