All IPE articles in December 2005 (Online) – Page 6
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News
Thomas named president of Morgan Stanley IM
GLOBAL – Owen Thomas has been named as president of Morgan Stanley Investment Management, taking over a role vacated by Mitchell Merin in September.
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Dutch Treasury won’t issue index-linked bonds
NETHERLANDS - The Dutch State Treasury Agency won’t issue index-linked bonds in the near future, it said in its outlook for 2006.
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Allianz’s DEGI cuts German real estate holdings
GERMANY – Real estate fund provider DEGI plans to cut the German holdings of its core German fund, after the fund was hit by €271.5m in net outflows in the first 11 months of this year.
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Unilever sets up €5bn asset pooling vehicle
EUROPE – Consumer products group Unilever has set up a pension asset pooling vehicle called Univest which could grow to around €3-5bn in size.
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BT Scheme joins Enhanced Analytics Initiative
UK – The £33bn (€57bn) BT Pension Scheme has become the latest member of the Enhanced Analytics Initiative, which seeks to encourage investment research to look at extra-financial issues.
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Study rejects retirement asset meltdown theory
GLOBAL – The retirement of the baby-boom generation from 2010 will not result in a capital market meltdown, according to a new study.
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Supervisors to circulate pension principles
GLOBAL - The International Organisation of Pension Supervisors is to circulate a newly approved set of principles for pension supervision in the New Year.
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Pension costs could hit UK rating, says S&P
UK – Rating agency Standard & Poor’s has warned that rapidly rising state pension costs could hit the UK’s sovereign debt rating in the long-term.
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Bank of Ireland buys into alternatives group
IRELAND – The Bank of Ireland has agreed to buy more than 70% of US hedge fund group Guggenheim for €154m.
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Fiduciary Trust in management reshuffle
GLOBAL – Anne Tatlock is to retire as chairman and chief executive at Franklin Resources’ Fiduciary Trust Co. in the autumn of 2006.
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Mercer parent MMC names new CFO
GLOBAL – Marsh & McLennan, the parent company of Mercer and Putnam, has named a new chief financial officer to take over from Sandra Wijnberg.
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SPF Beheer gets more LevensloopPlus takers
NETHERLANDS - Four more pension schemes have joined the initiative of Dutch railways pension fund SPF for a joint ‘levensloop', or life course, scheme.
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PGGM names new head of strategy & research
NETHERLANDS – PGGM, the Dutch health care pension fund, has named Jaap van Dam as head of strategy and research.
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German pension association Aba rejects DC
GERMANY – Germany’s occupational pensions association Aba has come out against the proliferation of defined contribution plans in Germany, arguing that DC creates new risks for employers and is ineffective.
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Rentokil closes DB scheme, cuts equities
UK – Pest-control firm Rentokil is to close its final salary defined benefit pension scheme and cut equities exposure in a bid to address its £325m (€481m) deficit.
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Horeca moves into commodities
NETHERLANDS - Pensioenfonds Horeca & Catering, the €2bn Dutch hotel and catering scheme, has awarded a passive commodities mandate to Western Asset Management.
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UK body to review pension liabilities disclosure
UK – The UK’s corporate financial reporting regulator is to review best practice for firms’ disclosure of pensions liabilities.
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Cordares-ASW merger set for January
NETHERLANDS - The Dutch construction industry pensions providers Cordares and ASW say they will complete their previously announced merger as of January 1.
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F&C puts 2005 asset outflows at €11.5bn
UK - F&C Asset Management expects to post net asset outflows of around £7.8bn (€11.5bn) in 2005 – excluding the previously announced €20bn insurance withdrawals.
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Allianz Global Investors sets up Luxembourg arm
EUROPE – Allianz Global Investors has founded a subsidiary in Luxembourg from which it plans to bolster its European presence, especially where investment funds are concerned.
