All IPE articles in December 2002 (Online) – Page 5
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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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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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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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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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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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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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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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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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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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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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HVB signs up 250 firms to chemical fund
GERMANY – German bank HVB says it has 250 companies signed up to its new pension fund for the chemicals industry – with at least another 100 expressions of interest.
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Chiswell names head of pension fund marketing
UK – London-based investment manager Chiswell Associates has appointed Simon Hill as its new head of pension funds marketing in a push to develop its institutional pension fund business.
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HBOS names managers at Rothschild Asset Management
UK – HBOS’s investment arm, Insight Investment Management, has announced its new senior management structure following the acquisition of Rothschild Asset Management this week.
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BAA’s pension director declines to follow fashion
UK – The head of the 2.4 billion euro pension scheme for UK airport operator BAA Plc says pension administrators should not follow fashion and try to work out their requirements for themselves.
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European Q3 investment fund assets fall 5% - FEFSI
EUROPE – The combined assets of Europe’s investment fund market fell 5.2% during the third quarter of the year, according to FEFSI, the pan-European federation of investment managers associations and companies.
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Diageo's group pensions director Mingle to leave
UK – Global drinks company Diageo’s group pensions and benefits director, Steve Mingle, is to depart at the end of 2002.
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UK's NAPF names Faulkner chairman
UK – The National Association of Pension Funds has appointed Terry Faulkner to replace Peter Thompson as its chairman, effective from the NAPF’s annual conference in May 2003.
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Shell sticking with defined benefit plans
UK – The head of investment policy for Shell’s pension funds says the oil company’s pension funds are sticking with defined benefit pension schemes because it suits the organisation very well.
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HBOS confirms e98m acquisition of Rothschild AM
UK – Rothschild’s asset management arm has officially been sold to HBOS’s fund management arm, Insight Investment Management, for 61 million pounds (95.8 million euros).
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PwC: Danner case may hinder pan-European pensions
EUROPE – Accountancy firm PricewaterhouseCoopers believes the European Court of Justice’s recent judgement in the Danner case may hinder the prospects of a single European market for pension products by five years or more.
