All IPE articles in December 2002 (Online) – Page 3
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Bolkestein sees “real benefits” in pension pact
EUROPE – The European Union’s commissioner for internal markets says that a forthcoming agreement on the EU pensions directive is part of a package of measures that will lead to “real benefits” such as competitiveness and sustainable employment.
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OECD seeks “urgent” move on later retirement
EUROPE – The Organiation for Economic Cooperation and Development has called for “urgent measures” to shift European pensions policy towards encouraging later retirement, saying that the current trend of early retirement is affecting the wider economy.
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Boots: no comment on pensions chief Ralfe
UK – UK retailer Boots Plc had no comment on newspaper reports that corporate finance head John Ralfe – the man responsible for the company pension fund’s move into a long bond portfolio – is to leave the company.
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Report calculates European annual fund charges
EUROPE – Funds in Belgium and Germany have the lowest annual charges – as measured by total expense ratios - while Italy and Spain have the highest, according to new research by European fund information firm Fitzrovia International.
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Calpers names Jensen as chief auditor
US – The 128 billion dollar California Public Employees' Retirement System, or Calpers, has named Larry Jensen as chief of its office of audit services.
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Mellon unveils UK custody operation
UK – Financial services company Mellon Financial Corp. says it plans to launch a UK custody operation towards the end of the first quarter of 2003, ending its two-year relationship with sub-custodian Clydesdale Bank.
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Northern Trust names Dublin operations head
IRELAND – Northern Trust’s Dublin-based fund administration subsidiary has appointed Meliossa O’Caoimh as head of operations.
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AXA, Societe Generale in French custody pact
FRANCE – The French arms of AXA Investment Managers and Societe Generale Asset Management have formed a joint venture to provide custody services for the two associations’ employee company savings accounts (epargne salariale).
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Netherlands’ Gamma awards Russell e175m mandate
NETHERLANDS – Dutch textiles company Gamma Holding has appointed multi-manager specialist Frank Russell to manage a 175 million euro equity and bond portfolio for its 340 million euro pension fund.
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S&N pension fund seeks alpha in new BGI bond fund
UK – The pension fund of brewer and pub operator Scottish & Newcastle says it is seeking “a little bit of alpha” by being among institutional investors that have committed 128 million pounds (199.4 million euros) to a new Barclays Global Investors bond fund.
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UK active equity managers “add no value” – report
UK – Enhanced equity specialist Macquarie has reviewed academic research into UK active equity fund managers – and, unsurprisingly perhaps, found little or no evidence that they are effective.
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EU’s Solbes sees benefit of funding pensions
EUROPE - The European Union’s economic commissioner says a “partial shift” to funding of pension systems in EU member states would contribute to their long-term sustainability – though he called for “social policy objectives” to continue.
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UPDATE: AXA IM confirms departure of former CEO
UPDATE: UK – AXA Investment Managers has now confirmed that former UK chief executive Virginia Holmes left the company in early December, after previously declining to comment.
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UK: Schroder Property wins Tower Hamlets mandate
UK – UK local authority Tower Hamlets’ pension fund is to switch its 40 million pound (62.6 million euro) property allocation to a property unit trust run by Schroder Property Investment Management.
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UK Environment Agency fund taps SSGA for eco fund
UK – The UK Environment Agency pension fund has appointed State Street Global Advisors to manage an ‘eco-enhanced” index fund.
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Credit Suisse pensions unit swings to loss
SWITZERLAND - Credit Suisse’s pensions and life division swung to a net operating loss of 1.5 billion Swiss francs (euros) in the first nine months of 2002 – which the Swiss banking group attibuted to a 3.0 billion franc decline in investment income.
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Mutual funds are best channel for Italy - Cerulli
ITALY – The Italian mutual fund advisory programme market is the most effective way to penetrate the Italian asset management market, says Boston-based asset management research and consulting firm, Cerulli Associates.
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State Street wins e1.32bn Royal Liver mandate
UK - Royal Liver Assurance has continued its shift to outsourcing its fund management activities with the appointment of State Street Global Advisors to manage a 850 million pound (1.32 billion euro) multi-asset passive mandate.
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EU Parliament committee to discuss pension reform
EUROPE – The European Parliament’s Committee on Economic and Monetary Affairs is likely to discuss pensions reform when it meets in January.
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Norway’s Storebrand rejigs management
NORWAY – Insurer and pensions provider Storebrand says it is to revamp its management following the merger with private bank Finansbanken.
