Investor Strategy – Page 238
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ISIS sees asset management consolidation
EUROPE – “Active managers are competing for a smaller share of the pot”, but specialists and large managers will be the winners, says ISIS’s chief executive, Howard Carter.
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Strathclyde in E1.52bn bond, equity tender
UK – The five billion pound Strathclyde pension fund has put out two tenders of up to 1.05 billion pounds (1.52 billion euros) following an asset liability study.
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DeAM plans new activist shareholder stance
GERMANY - Deutsche Asset Management says it plans to take an activist approach to the running of companies in which it owns significant holdings.
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Mercer retirement consulting revenues rise 11%
US – Mercer Inc. has reported that its first-quarter retirement services consulting revenue rose 11% to 300 million dollars from 270 million dollars a year before.
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Swedish DB premiums “too high” for older workers
SWEDEN – The Organisation for Economic Cooperation and Development says premiums for defined benefit pensions in Sweden are too high for older workers - making companies reluctant to employ them.
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Pension funds targeted with new SLAM fund
UK – Swiss Life Asset Management UK is targeting pension funds wishing to gain global exposure to equity markets outside the UK with the launch of a new fund.
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Research shows European allocation to private equity ‘too low’
UK - Research showing that asset allocation to private equity of nearly 20% for a pension portfolio that 50% invested in equities is an ‘efficient’ figure has been issued by Standard Life Investments (SLI).
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UK pension tax proposals to cost “e1.44bn”
UK – The government’s proposals on simplifying the taxation of pensions could cost the industry as a whole up to one billion pounds (1.44 billion euros) in the short term, a consultant says.
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Top staff leave as e628m Dutch fund closes
NETHERLANDS – Senior staff at Rijswijk-based building group HBG’s pension fund will next month leave for new jobs in the Dutch pensions industry.
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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.
