Investor Strategy – Page 238
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Report calls for removal of EU clearing barriers
BELGIUM – A European Commission-backed report has called for the “concerted removal” of barriers to clearing and settlement in the European Union.
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State Street sees “unlimited” growth opportunity
US – State Street Corp.’s chairman and chief executive says he sees almost “unlimited” opportunities for growth – despite posting “disappointing” quarterly earnings and having announced a total of 2,800 job cuts.
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Economy blamed for low Riester take-up
GERMANY – An independent think-tank has blamed the slow take-up of Germany’s private pensions products, Riester-Rente, on the weak economic situation and the products’ lack of simplicity.
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Global investment fund assets fall 18% - FEFSI
GLOBAL – Worldwide investment fund assets, comprising US mutual funds and UCITS, were 10.7 trillion euros at the end of 2002, having dropped 18% over the year, according to the latest figures from FEFSI, the European Federation of Investment Funds and Companies.
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UK managed assets total e2.8trn - IMA
UK – Assets managed in the UK as of end of June 2002 were 1.93 trillion pounds (2.8 trillion euros) according to the latest fund manager survey by the Investment Management Association.
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Minister to speak at World Pension conference
IRELAND – Ireland’s minister for social and family affairs Mary Coughlan is to make the keynote speech at the world Pension Association’s annual conference in Dublin later this month.
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PGGM sees cross-border opportunities of directive
NETHERLANDS - The chief economist at Europe's second largest pension fund, the 47 billion euro Dutch health and social service PGGM, says the European Pension Fund Directive has opened up "irresistible" opportunities for all European pension players.
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IAPF sees directive leading to a ‘wall of money’
NETHERLANDS - The head of the Irish Association of Pension Funds says he expects a "wall of money" to enter the equity market as a result of the Pension Funds Directive.
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French reserve fund to allocate 55% to equities
FRANCE – Francis Mayer, head of the 13 billion euro French reserve fund, has confirmed that 55% of the fund will be allocated to investments in equities and 45% to fixed interest securities.
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New Irish investment vehicle takes on Luxembourg
IRELAND – Tax legislation for a pensions investment pooling vehicle has been passed by the Dail, the Irish parliament, as a new category of investment fund. Included in this year’s Finance Act, the vehicle is designed to provide tax transparency to pension funds using it.
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UK institutions raise net investment by e13bn
UK – Net investment by UK pension funds, insurers and trusts was nine billion pounds (13 billion euros) higher in 2002 than in 2001.
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Irish exchange chief sets up investment consultancy
IRELAND – The chairman of the Irish Stock Exchange has launched a new investment consultancy called Acuvest.
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UK teachers’ pension scheme in technology move
UK – The UK’s second largest pension fund, the Teachers Pension Scheme, is to get access to a range of mobile technology via an outsourcing deal with services firm Capita Group.
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HSBC Asset Management hires AXA investment chief
UK – The global chief investment officer of AXA Investment Managers, Chris Cheetham, has left to take up the same role at HSBC Asset Management.
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Asset managers “not voicing concerns
GERMANY – Klaus Moessle, president of the European Asset Management Association, has criticised asset managers for not voicing concerns about asset allocation with their pension fund clients.
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Actuaries see “disturbing” UK final salary data
UK – The Association of Consulting Actuaries says that almost three-quarters of UK final salary pension schemes are now closed to new entrants – a state of affairs it calls disturbing.
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Finnish fund tenders for Asia Pac equity managers
FINLAND – The e12bn local government pensions institution responsible for pension cover of Finnish municipal employees has put out to tender an Asia Pacific ex Japan equities mandate worth up to e200m.
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Fund managers see little value in bonds
GLOBAL – Only 4% of fund managers believe that there is any value left in bonds, according to a survey conducted by Merrill Lynch.
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New name in German investment consulting
GERMANY – There’s to be a new name in the German investment consulting market – FondsConsult Institutional
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CDC hires Ofivalmo head for equities
FRANCE – CDC Ixis Asset Management has appointed a former board member of Ofivalmo as its head of European and emerging equity investments.
