Investor Strategy – Page 240
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"Surprise" UK funds’ bond weighting
UK – UK corporate pension funds were 24% weighted towards bonds in 2002, according to a new survey by insurance broker and employee benefits firm Jardine Lloyd Thompson – it called the findings “surprising”.
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Dutch pension coverage law under scrutiny
NETHERLANDS – Representatives of Dutch employers and employees have written to the government seeking a change in the law regarding pension fund coverage ratios.
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UBS wins top European fund award
LUXEMBOURG – Swiss bank UBS has been named the “best overall” European fund promoter in the second annual European Funds Awards.
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Spanish occupational pension assets up 12.3%
SPAIN – The assets under management at Spanish occupational pension schemes rose 12.31% to 21.15 billion euros at the end of 2002, according to figures released by Inverco, the Spanish association of institutional investors and pension funds.
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London exchange chief slams tax on pension funds
UK – Chancellor Gordon Brown’s five billion pound (7.3 billion euro) tax on dividend income paid by pension funds has been described as a threat to the position of the City of London – the UK’s financial heartland - by London Stock Exchange chief executive Clara Furse.
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Law Debenture’s net asset value falls 23%
UK – UK-based trustee services and investment trust firm Law Debenture Corp. has seen its net asset value decline by 23.5% to 170.5 pence (250 euros) per share in 2002, compared to 222.9 pence (326 euros) in 2001.
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Allianz corporate pension business up 37%
GERMANY – German life insurer Allianz Leben has seen its new premiums from corporate pension business rise almost 37% to 850.6 million euros.
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UK schemes adopt Myners principles - NAPF
UK – Paul Myners’ recommendations on institutional investment are being adopted by the majority of UK pension schemes, reveals a survey by the National Association of Pension Funds (NAPF).
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Ansbacher in European multi-manager push
EUROPE – Ansbacher is making a push into the growing European multi-manager market and has hired Jeremy Beswick to spearhead the offensive.
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Drop in Swiss pension performance index
SWITZERLAND - The Swiss Pension Fund Performance Index, which measures the performance of 57 Swiss pension funds, fell from 98.3% to 90.5% last year.
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Pensions and savings ‘not in crisis’ says UK Govt
UK - The UK government has denied suggestions that Britain is facing a pensions and savings crisis, responding to questions in the House of Lords.
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Sweden's AP1 announces double-digit loss for 2002
SWEDEN – AP-1, the 117.1 billion Swedish krone (12.8 billion euro) first Swedish national pension fund, has posted a loss of 13.8% for 2002, and has announced changes to its asset allocation following an ALM study....
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UBS to set up holding company
EUROPE – Swiss bank UBS is to create a holding company to incorporate its five independent private banks and GAM, its specialist portfolio and asset manager - together they run 70 billion Swiss francs (47.6 billion euros) in assets on behalf of their clients.
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European CIOs see assets rising in 2003
EUROPE – Eighty percent of European chief investment officers surveyed by US risk measurement firm Barra are positive that assets under management will increase over 2003.
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Henderson names UK institutional marketing head
UK – Henderson Global Investors has appointed two former J P Morgan Fleming Asset Management employees to its UK institutional marketing team.
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Invesco wins Leica DC pension business
GERMANY – Optics firm Leica Microsystems in Frankfurt has chosen Invesco Retirement to provide a defined contribution pension plan for its 1,300 employees in Germany.
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Calpers seeks hedge fund boost
US – Investment staff at Calpers, the world’s second largest pension fund, are to recommend that the fund raise its one billion dollar (930 million euro) allocation to hedge funds when the fund’s investment committee meets in June.
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Finland’s Varma sees higher-than-inflation yield
FINLAND – The largest Finnish pension insurer, Varma-Sampo, sees its average yield rising to 3%-4% higher than inflation – the prediction came as it reported a 1.9% yield on investments in 2002.
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Credit Lyonnais’ asset management profits slip
FRANCE – French bank Credit Lyonnais’ asset management business saw its 2002 net profits fall 5.6% to 203 million euros.
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PPI warns of serious crisis in UK pensions
UK – The UK state pension system has come under fire from the Pensions Policy Institute research organisation, which warns that “a serious crisis is looming”.
