All articles by Dickon Reid – Page 4
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Multinationals centralise pensions activities
GLOBAL- Multinationals across the world are centralising the management of their pension fund arrangements according to a new survey by the consultant Watson Wyatt.
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GSAM picks up e2bn mandate after Janus is fired
US- American Skandia has hired Goldman Sachs Asset Management after firing Janus Capital Management as manager of a $2bn (e2bn) US large and mid cap equity mandate.
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Merrill Lynch reorganises global equities division
GLOBAL- Merrill Lynch has announced the reorganisation of its global equities business for a second time in under a year. Under the new structure, the previous three product groups in four regions have been replaced with five product groups across three geographical regions.
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NAPF warns government over scrapping tax benefits
UK- The National Association for Pension funds and the Confederation of British Industry have warned the government against scrapping one of the most significant tax benefits for pensions.
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Survey shows 76.5% of US DB plans are in deficit
US- A new survey by the ratings agency Standard & Poor’s shows that more than three out of four large US corporate funds now face a pension fund deficit. S&P has recently finished surveying 624 companies in the US and discovered the average funding ratio of DB plans has ...
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Hermes CEO Tony Watson resigns from EFM
UK- Tony Watson, chief executive of Hermes Investment Management, has resigned as non-executive director of the UK investment management house Edinburgh Fund Managers after a disagreement with the board over strategy.
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MLIM loses e637m mandate as BAA changes strategy
UK- Merrill Lynch Investment Managers has lost a £400m (e637m) UK equities mandate following the decision by the British Airports Authority pension fund (BAA) to cut its UK exposure in favour of global equities.
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FTSE Group opens Spanish office
UK/SPAIN- Index provider FTSE Group today has announced it is opening an office in Madrid to serve markets and investors in Spain, Italy and Portugal.
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CalPERS invests $200m in Japanese governance fund
US- CalPERS, the $135bn pension fund for Californian public employees, has approved a $200m investment in a fund that will employ corporate governance activism to turn around underperforming publicly traded companies in Japan.
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L&G remains largest manager of UK pension assets
UK- Legal & General remains the largest manager of UK pension fund assets according to the latest edition of an annual survey of investment managers by the independent consultant Hymans Robertson.
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F&C appoints Invesco's Broccardo as CIO
UK- F&C Management has appointed Anthony Broccardo as chief investment officer after Arnab Banerji announced earlier this year that he was leaving the company to pursue a career in public services following his appointment as a member of the advisory panel of a government think tank.
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Hewitt signs agreement with Benefit Network
NORDIC- The joint venture between the consultants Hewitt and Swedish consultant Loneanalyser has signed an alliance with the Norwegian consultant Benefit Network in a bid to offer more comprehensive consulting services in the Nordic region.
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SSgA wins e1.35bn GE global equity mandate
UK- GE Life, part of the US insurance and investment group GE Financial, has appointed State Street Global Advisors (SSgA), the investment arm of to run the £850m (e1,345m) equity element of its GE ‘Pensions With Profits’ fund.
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Belgian occupational pensions law finalised
BELGIUM- The Belgian government has reached agreement on the final details of its reform to occupational pensions in a move that is likely to produce a series of new industry wide pension schemes.
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Assets of top 300 pension funds fell 12% in 2001
GLOBAL- Assets held by the world’s largest 300 pension funds fell by 12% according to research by consultant Watson Wyatt and Pensions & Investments.
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Schroders sells pensions group to Alexander Forbes
UK- South African financial services group Alexander Forbes and its consultant subsidiary Lane Clark & Peacock have announced they are to buy the Schroder Pensions Group, which administers defined contribution schemes, for £22.5m.
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State Street and Deutsche negotiate custody deal
US/GERMANY- Deutsche Bank is expected to announce tomorrow that it is in exclusive negotiations with Boston-based State Street over the sale of its global securities services business.
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Schroders sells indexing business to Hermes
UK- Schroders has announced the sale of its index tracking business to the independent fund manager Hermes Pensions Management for £4.5m after owning it for just over two years.
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UK's FSA boss hits out at EC finance directives
UK- Howard Davies, chairman of UK regulator the Financial Services Authority, has rounded on the raft of directives contained in the European Commission’s Financial Services Action Plan.
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Institutions more optimistic of global recovery
GLOBAL- Institutional investors are showing more confidence in the global economy and are more upbeat about the prospects for the US according to the latest edition of the Merrill Lynch fund manager survey.
