All IPE articles in December 2002 (Online) – Page 4
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UK firms providing wider funds choice – report
UK – UK companies with defined contribution schemes are providing employees with an increasingly wide choice of investment funds, says consultants Watson Wyatt.
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Belgium voices disapproval of EU pension proposals
BELGIUM – Belgium has voiced its disapproval over European pension reform, citing a compromise over proposed investment rules that it says it “cannot endorse”.
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PIRC calls on trustees to take responsibility
UK – Pension fund trustees must take more responsibility for overseeing investment strategy, and must use their power as shareholders to intervene at underperforming companies if markets are to be reformed, says Pensions Investment Research Consultants, or PIRC.
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Britannic Asset Mgmt to cut one in eight jobs
UK – Glasgow-based Britannic Asset Management is to lose 12.5% of its staff in a bid to cut costs. Cuts will be across the board, with estimates of 40 redundancies in total.
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Mellon the winner in HVB multi-manager launch
GERMANY – Mellon Financial Corp. is the biggest winner in HVB Group’s decision to launch the first ever German multi-manager programme for institutional clients, by winning seven of the 24 asset management slots available as well as other business, including custody.
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AP4 awards e384m Japan mandate to Martin Currie
SWEDEN – Fjarde AP-Fonden, the 13.4 billion euro Swedish state pension fund, has named three managers for Japan and Asia-Pacific equities mandates – Martin Currie, Capital and APS.
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UK’s IMA seeks European policy analyst
UK – The UK-based Investment Management Association, a trade body for the asset management industry, says it is looking to hire a European policy analyst as it takes on a greater role in Europe.
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Guru tells pension funds: bear market to persist
UK - The current bear market is likely to last until 2005 at least, one of the US’s most prominent investment strategists told pension fund managers and their advisers today.
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Downturn forces Nordea IM to cut 15% of staff
SWEDEN – Nordea Investment Management, the fourteenth largest manager of European pension fund assets, says it will cut its payroll by 55 or 15% due to the “continued unfavourable business environment”.
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Merrill Lynch loses $543m Calpers bond mandate
US – The 128 billion dollar California Public Employees' Retirement System, Calpers, has dropped Merrill Lynch Investment Managers from its international fixed income manager line-up. MLIM had been managing a 543 million dollar portfolio, accounting for 8.73% of Calpers’ entire fixed income portfolio.
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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
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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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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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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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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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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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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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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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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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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.
