Investor Strategy – Page 225
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Royal Bank shifts to specialists in revamp
UK - The Royal Bank of Scotland has hired seven new specialist asset managers in a revamp of its 12 billion-pound (18 billon-euro) pension fund that was previously exclusively managed by Gartmore and Newton.
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KAS Bank reduces staff by five in 2003
NETHERLANDS – Dutch custody services group KAS Bank reduced its staff levels by five in 2003.
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Investment Solutions nabs Maiden DB brief
UK – Media owner Maiden Outdoor awarded multi-manager Investment Solutions a 10 million-pound (14.8 million-euro) global mandate to manage British Transport Advertising’s closed defined-benefit pension fund.
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Airbus selects Invesco for employee pre-pension accounts
GERMANY- Aircraft manufacturer Airbus Deutschland has appointed Invesco Asset Management to administer and manage Lebensarbeitszeit-Konten or working-life accounts for its 18,000 employees.
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Winterthur boosted by pension rate cut
SWITZERLAND – Winterthur’s Swiss life unit swung to profit in 2003 – aided in part by a controversial reduction in the minimum interest rate on second-pillar pension schemes to 3.25% from four percent.
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European investment funds rise 12% - FEFSI
EUROPE – The combined assets of the European investment fund market rise by 12% in 2003, said industry body FEFSI.
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State Street joins equity trade platform E-Crossnet
EUROPE – State Street Corp. has become a participant and shareholder in the European equity trading platform E-Crossnet.
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S&P to shift US indices to ‘free float’
US – Standard & Poor’s is to change its US indices so they more closely reflect the amount of shares available to investors.
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Ethix in talks with institutions, Wassum tie
SWEDEN – Socially responsible investing consultant Ethix has confirmed it may sell a stake to institutional investors – and that it has entered a cooperation with Hewitt affiliate Wassum.
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State Street Jersey fund executive joins ING unit
JERSEY – The head of operations at State Street’s Jersey fund administration unit, Graeme McArthur, has joined ING’s Baring Financial Services Group.
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Hewitt calls for delay to UK pension tax reform
UK – Hewitt Bacon & Woodrow has called for the planned implementation of UK pension taxation reform to be put back a year.
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Spain brings pension law in line with directive
SPAIN – The Spanish parliament has passed an amendment of the law regulating pension funds, the Reglamento de Planes y Fondos de Pensiones, to bring it into line with the European Union’s pension directive.
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Watson Wyatt pursuing “strategic acquisitions”
GLOBAL – The chief executive of Watson Wyatt & Co. has said the company is pursuing “strategic acquisitions” as part of its growth strategy.
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Pickering: trustees have 'outlived their usefulness'
EUROPE – The chairman of the European Federation for Retirement Provision, Alan Pickering, has called into question the 'Anglo-Saxon' system of trustees, saying trustees have “outlived their usefulness”.
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IAPF chief worried about DC awareness
IRELAND – The Irish Association of Pension Funds says it is concerned about the lack of awareness among members of defined contribution pension schemes.
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M&G sees increased allocation to fixed income
UK – M&G won 1.4 billion pounds (2.1 billion euros) in fixed income mandates from institutional business, driven by increased asset allocation by pension funds.
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Watson Wyatt names Ramamurthy as European head
EUROPE – Babloo Ramamurthy is to take over as managing partner of Watson Wyatt LLP from Alan Whalley, who is to become US regional manager of Watson Wyatt & Co.
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SEI names sales director for Germany
GERMANY - Asset manager SEI has named Nadine Fugert as sales director for Germany, to be based in Munich.
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Bulgaria raises 2nd-pillar contributions
BULGARIA – The Bulgarian government says it has raised the share of social security contributions to second-pillar to three percent.
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T. Rowe Price European assets rise to E3.4bn
EUROPE – US-based asset manager T. Rowe Price says its assets under management in Europe have risen to 4.4 billion dollars (3.4 billion euros) at the end of 2003.
