All IPE articles in December 2002 (Online) – Page 5
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News
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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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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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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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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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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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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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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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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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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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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J P Morgan wins Oppenheimer custody mandate
UK/US - J P Morgan Investor Services says it has been awarded a mandate to provide a “wide range of services” to OppenheimerFunds Inc.’s mutual fund assets – though it declined to say how much the deal was worth.
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European pension fund contributions reach e84bn
EUROPE – Total contributions to pension funds in European Union member states rose 62% to 84 billion euros over the 1997-2000 period, says the EU’s statistics office.
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Marchand to head Norway’s Statens Pensjonskasse
NORWAY – The Norwegian government has appointed a new head for the State Public Sector Pension Fund, Statens Pensjonskasse. Gisele Marchand has been named as director for a six-year term.
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Denmark’s PFA: Danner judgement not so important
DENMARK – The 20.5 billion euro Danish PFA pension fund has said that - despite newspaper reports - the recent judgement in the Danner case will not have a drastic impact on the Danish pensions market.
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UK Green Paper: key points and industry reaction
UK – The government’s pension reform proposals were released today and provided no surprises, though on balance the reaction from pensions experts, unions and financial associations was on the positive side.
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Allianz chief Schulte-Noelle to step down
GERMANY – Beleaguered insurer Allianz AG says the chairman of its management board, Henning Schulte-Noelle, is to resign and be replaced by Michael Diekmann, a board member who is currently head of insurance activities in North and South America.
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Hermes governance fund wins $100m Calpers backing
EUROPE/US – Calpers, eyeing a “tremendous opportunity”, has approved a 100 million dollar investment in a Hermes corporate governance fund which targets underperforming companies.
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EU Sustainable Pension Report: Country Analysis
EUROPE - The European Commission’s draft report (see separate story) on sustainable pensions provisions in Europe includes an analysis of the pensions system in each member state, the main conclusions of which are summarised below.
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EU issues draft report on sustainable pensions
EUROPE – The European Commission says most member states will have to make further reforms to guarantee adequate pensions in an ageing society.
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Credit Suisse Asset Mgmt reorganises management
GLOBAL – Credit Suisse Asset Management has made a series of organisational changes, including the formation of a global executive committee and a reduction in the number of operating regions in a bid to bring the company in line with the Credit Suisse group.
