All IPE articles in December 2002 (Online) – Page 6
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Daimler's pension deficit larger than forecast
GERMANY – US/German group DaimlerChrysler could be facing underfunded pensions obligations of more than 8 billion euros by the end of 2002, says ratings agency, Standard & Poor’s.
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RLAM wins e204m mandate at West Midlands
UK – West Midlands Metropolitan Authorities' four billion pound (6.3 billion euro) pension fund has appointed Royal London Asset Management to run a 130 million pound (204 million euro) UK non-government portfolio.
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Lipper names head of German research
GERMANY – Reuters-owned funds information company Lipper has named Alice Segschneider as its head of research in Germany, a new role.
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European pensions faces new era – State Street
EUROPE – A senior European pension executive says the European pensions industry is on the verge of a new era - though costs are to remain an issue between pension funds and their suppliers.
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Belgacom pension fund tenders equity mandate
BELGIUM – The pension fund of Belgian telecoms provider Belgacom SA has put out to tender an international equity mandate.
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UK government to propose simpler pension rules
UK – The UK government says it will propose simpler regulation and better “information flows” in its long-awaited Green Paper on pension reform.
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Credit Agricole chairman leaves as BNP ups stake
FRANCE- Crédit Agricole’s chairman Marc Bué has resigned, six months before his term was due to end. In his place the board has elected René Carron, chairman of the French bank’s holding company, SAS La Boétie, and of Fédération Nationale du Crédit Agricole (FNCA).
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Deutsche AM loses e566m West Sussex mandate
UK – Deutsche Asset Management has lost a 360 million pound (566 million euro) mandate for the West Sussex County Council pension fund. The balanced portfolio, equating to half the entire fund, will now be managed by Edinburgh-based Baillie Gifford.
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Frank Russell bags e125m UK waterways mandate
UK – Multi-manager specialist Frank Russell Co. says it has been appointed by the British Waterways (1990) Pension Fund to manage an 80 million pound (125.6 million euro) equity and bond mandate.
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Cariplo pension fund seeks operating consultant
ITALY – Cariplo’s 2.7 billion euro pension fund says it is looking for an operating consultant to assist in its recent decision to outsource part of the fund to external managers.
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AGF reappoints SocGen as global custodian
FRANCE – Société Générale says it has been reappointed as global custodian for Allianz AG’s French insurance subsidiary AGF. The global custody and trustees services for AGF represent 70 billion euros, and the mandate will commence as of July 2003.
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Schroders posts Q3 loss, hit by asset decline
UK – Schroders Plc, parent of the seventh largest manager of European pension fund assets, has posted a loss in the third quarter while reporting that its assets under management have declined 15%.
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Northern Trust unveils pension tax service
EUROPE - Northern Trust has rolled out a new service aimed at multinationals seeking to evaluate the tax implications of pooling the investments of their various international pension funds.
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State Street: Deutsche custody is a ‘perfect’ fit
GERMANY - Ron Logue, president and chief operating officer of State Street Corp., has championed the bank's recent acquisition of Deutsche Bank’s global securities services business, calling it a ‘perfect’ fit.
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Netherlands’ BPMT backs German property fund
GERMANY/NETHERLANDS – The Dutch metalworkers’ pension fund BPMT has backed Warburg-Henderson KAG’s new German property fund by being the lead investor, with an equity commitment of 60 million euros.
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Henderson’s Handley joins SSGA as fund manager
UK – State Street Global Advisors, the ninth largest manager of European pension fund assets, has hired a fund manager from Henderson Global Investors.
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Northern Trust reshuffles European management
EUROPE – US-based banking and custody services provider Northern Trust has reshuffled its senior management in Europe, with Stephen Potter taking on a role vacated by Steven Fradkin.
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GSTPA fallout continues as SIS loses e27m
SWITZERLAND – Fallout from the collapse of the Global Straight Through Processing Association claimed another victim today with Swiss central securities depositary SIS Group announcing a 40 million Swiss franc (27.2 million euro) “value adjustment” and passing on its annual dividend.
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Stampe to join PensionsDanmark
DENMARK: Claus Stampe, chief investment officer of the Danish medical pension fund, is to join PensionsDanmark, the common management company of four Danish pension schemes which together have assets of 23 billion Danish kroner (3.1 billion euros).
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Portuguese pension fund returns improve in Q3
PORTUGAL – A change in asset allocation by Portuguese pension funds has resulted in an improvement in returns in the third quarter, according to results published by consultant Watson Wyatt.
