All IPE articles in December 2004 (Online) – Page 3
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News
SEI scoops £70m mandate
UK – Multi-manager SEI Investments (Europe) has scooped a £70m (€101.8m) mandate with a provider of helicopter services company, which dismissed Legal & General Investment Management and Deutsche Asset Management for “poor performance”.
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IAS 19 brought into line with the UK’s FRS 17
GLOBAL -- The International Accounting Standards Board (IASB) has amended the international pension cost standard IAS 19 to bring it into line with the UK retirement benefits standard FRS 17.
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Kas in revamp as pensions become “unaffordable”
NETHERLANDS - Dutch securities services provider Kas Bank is overhauling its 110 million-euro pension fund because pensions are becoming “unaffordable”.
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Metzler in German institutional asset boost
GERMANY - Citing robust investor demand for so-called “master funds,” Germany’s Metzler Asset Management says its institutional assets under management (AUM) have increased by almost one-third this year.
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IPE-QUEST: Dutch fund in currency alpha review
NETHERLANDS – A Dutch pension fund is reviewing its currency alpha management via IPE-Quest.
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New CPB bulletin focuses on threats
NETHERLANDS -- The latest quarterly bulletin Netherlands Bureau for Economic Policy Analysis (CPB) warns that the pension sector is being confronted by a series of challenges arising from increased pressure on pension premiums and payments, labour participation, international competition and the government’s budgetary proposals.
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Fortis Bank appoints new global head equity finance
NETHERLANDS – Dutch bank insurer Fortis Bank has appointed Andrew Stuart as global head equity finance sales in London.
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Northern Trust: ‘bond fundamentals remain strong’
UNITED STATES – Chicago-based banking giant Northern Trust sounded an upbeat note on the bond market, saying fundamental averages of bonds remained “strong”.
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SN says Dutch population ageing rapidly
NETHERLANDS - A quarter of the Dutch population will be over the age of 65 around 2040, Statistics Netherlands has forecast.
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US IT giant EDS to buy Germany’s BHW Invest
GERMANY -- BHW Invest, a German asset manager specialising in the so-called master fund concept, is to be sold to US information technology giant EDS.
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HPM to break chair link with BTPS
UK – Hermes Pensions Management (HPM), the asset management arm of the British Telecom Pension Scheme (BTPS), has announced that from next month it will separate the roles of its chairman and that of chairman of BTPS, which owns 100% of HPM.
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Akzo Nobel feels IFRS impact
NETHERLANDS - Pharmaceutical giant Akzo Nobel is to write down almost €500m in the new year in order to comply with the new international accounting standard.
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No pensions ‘coverage’ in Italian budget - minister
ITALY – Welfare minister Roberto Maroni has criticised the latest draft of the 2005 budget, due to be voted by the Senate tomorrow.
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Lancashire CC Pension Fund allocates mandates
UK – The £2.5bn (€3.56bn) Lancashire County Council Pension Fund has appointed two new asset managers and retained two of his previous managers in a revamping of its portfolio. The changes followed an investment strategy review earlier this year.
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Dorset County PF names new hedge fund manager
UK -- Dorset County Pension Fund has appointed London and New York-based fund of hedge funds manager International Asset Management (IAM) to manage a diversified portfolio of hedge funds.
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Electronics firm outsources fund management
UK – Manufacturer Intelek plc has appointed insurer Multi-manager Investment Solutions Limited to manage its closed £9.5m (€13.7m) defined benefit pension fund.
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PwC named to help UK clearance procedure
UK -- The Pensions Regulator Programme has appointed PricewaterhouseCoopers to help develop a clearance procedure to ensure that companies and individuals undertaking legitimate corporate transactions will not fall foul of the ‘moral hazard’ clauses contained in the Pensions Act.
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Thomas Murray sets up alternatives services unit
UK -- London-based securities services ratings, research and advisory firm Thomas Murray has established an alternatives investments services division, Thomas Murray Alternative Investment Services (TMAIS).
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TUC unhappy at Hewitt’s ‘Trojan horse’
UK -- The UK’s trade union grouping, the TUC, says that it is unhappy with Tuesday's announcement by trade and industry secretary Patricia Hewitt that British workers can no longer be forced to retire before 65.
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Italy’s Pegaso switches investment strategy
ITALY - The €103m pension scheme for the employees of the gas and electricity industries is looking for seven asset managers as it changes its investment strategy to cater for its members’ different attitudes to risk.
