All IPE articles in December 2004 (Online) – Page 2
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News
Mercer parent MMC downgraded by Fitch
US – Marsh McLennan Companies, the parent of pensions consulting firm Mercer, has had its senior debt rating downgraded by Fitch Ratings to ‘BBB-' – the latest fallout of an insurance bid-rigging probe.
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Mercer parent MMC sued over staff retirement
US – Consulting firm Mercer’s troubled parent company Marsh & McLennan Companies is facing a class action suit alleging staff have suffered in their retirement accounts.
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EU-backed SRI pension “toolkit” launched
EUROPE – The European Social Investment Forum has launched a European Commission-backed “toolkit” to help pension trustees integrate socially responsible investing into their investment policy.
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Vodafone pensions chief joins Towers Perrin
UK - Paul Kelly, who heads up the £2.5bn (E3.6bn) pension fund at Vodafone, is leaving the telecommunications giant to join global human resources consultancy Towers Perrin.
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Ericsson sets up E950m pension trust (Correct)
(Corrects typographical error in headline) SWEDEN – Telecoms equipment firm Telefonaktiebolaget LM Ericsson says its board of directors has decided to capitalize a Swedish pension trust with SEK8.5bn (E950m).
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LCP unveils specialist consulting services
UK -- Lane Clark & Peacock (LCP) has launched two specialist practices, LCP Trustee Consulting and LCP Corporate Consulting, to offer advice to the trustees and corporate sponsors of pension schemes.
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Germany’s BVI sets fund transparency standards
GERMANY - Fund industry association BVI has teamed up with rating agencies to unveil new transparency standards pertaining to how the agencies evaluate the performance of investment funds and their managers.
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Opra warns over “inappropriate” trustee deals
UK – The UK’s Occupational Pensions Regulatory Authority has warned against trustees making “inappropriate” deals with scheme sponsors – saying trustees should be more assertive with companies.
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Red and blue book pension directories now online
EUROPE – The pension directories published by IPE and AP Information Services have gone online to meet the demand for updated pension data.
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Crédit Agricole, Caisse d’Epargne in custody tie
FRANCE - Crédit Agricole and Caisse Nationale des Caisses d’Epargne have confirmed they are looking at combining their securities services businesses - with a view to creating a “major player” in the industry.
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UK says schemes need to do more on Myners
UK – The UK government says it has reviewed the take-up of the Myners principles on institutional investment and found that “further action is needed” for pension schemes - in particular on trustee training and decision making.
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Former KLM pension exec joins Morgan Stanley
EUROPE – KLM Pensioenfondsen’s former head of investment analytics, Patrick Lighaam, has joined Morgan Stanley's European Pensions Group.
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NAPF names new chairman to succeed Faulkner
UK – Pinsents lawyer Robin Ellison has been named as the new chairman of the National Association of Pension Funds, taking over from Terry Faulkner.
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UK government report slams actuaries
UK – A new government-sponsored review of the actuaries in the UK has slammed the profession – finding among other things a concentration of advice to the largest pension funds and a possible restriction of competition.
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AP3 changes mandate structure for US equities
SWEDEN - The 152 billion-crown (17 billion-euro) Third Swedish National Pension Fund, Tredje AP-fonden or AP3, has divided its 15 billion-crown US equity portfolio into three market-cap brackets.
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Volvo boss switches to DC (Correct)
(Corrects headline) SWEDEN – AB Volvo president and CEO Leif Johansson has switched from a final salary defined benefit (DB) pension deal to a defined contributions (DC) arrangement.
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NAPF chairman ballot result due
UK -- The board of the National Association of Pension Funds (NAPF) is to choose a new chairman tomorrow to replace Terry Faulkner whose two-year term will end in May 2005.
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Siemens pension chief Miller departs
UK – Tony Miller, general manager of the £1.2bn pension (E1.75bn) scheme of Siemens Shared Services Ltd., has left the fund following a review of the schemes’ structure.
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EU to present occupational portability draft
EUROPE – The European Commission is going to present a draft directive on occupational pension portability within the first quarter of next year, a top EU official said.
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Italian trade unionist warns of reform delay
ITALY – Italy’s pension reform could be delayed if the 2005 budget, being voted on by the Senate today, does not include provisions to fund tax incentives for employees and compensation for employers, a leading trade union official has warned.
