Investor Strategy – Page 242
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Mercer reports growth figures for 2002
GLOBAL – Consultancy firm Mercer has reported a 2% increase in annual revenues for the period 2002, according to the year-end results of parent group Marsh & McLennan.
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Cerulli: Manager acquistions not yielding results
US – The asset management industry may be getting better at investing in other asset management firms, but it is still not yielding added value overall...
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Ex-KPMG pensions head Evers joins Aon
UK – Actuarial consultant Aon has hired Charles Evers, a former head of KPMG’s pensions practice, as a principal in its executive benefits practice.
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Hewitt Bacon & Woodrow boosts UK investment team
UK – Consultancy firm Hewitt Bacon & Woodrow has recruited four new members to its investment team following increased demand.
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Regulator approves new Italian transport fund
ITALY – Italy’s regulatory authorities have given the all-clear to a new complementary industry-wide pension fund for Italy’s workers in public transport services and associated companies, Fondo Priamo.
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MLIM assets fall for third year in a row
GLOBAL – Merrill Lynch Investment Managers’ assets under management fell in 2002 for the third consecutive year.
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Fund managers see value in Euro stocks – survey
EUROPE – Fund managers in the euro-zone see equities in the euro-zone as undervalued and are guardedly positive about the outlook for the European economy, according to a survey by Merrill Lynch.
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Credit Suisse Asset Management boosts UK team
UK – Credit Suisse Asset Management is boosting its UK fixed income team with the appointment of Fidelity’s Richard White as a portfolio manager.
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UK: Higgs governance proposals welcomed
UK – A new set of proposals aimed at reforming the role of non-executive directors in UK companies has been broadly welcomed by the industry, though some say institutional shareholders will have to do their bit as well.
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Pensions on agenda at World Economic Forum
SWITZERLAND – The impact of pensions on government finances and financial markets is on the agenda at the World Economic Forum’s annual meeting in Davos, Switzerland this week.
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ABP shrinks in size by 7% to e135.5bn
NETHERLANDS – Hit by falling stock markets, Europe’s largest pension fund, the Dutch civil servants’ ABP, has posted a 7.2% decline in its capital value to 135.5 billion euros – though it sees no reason to change its investment strategy.
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Investment fund assets fall 7.9% in Q3 - Fefsi
GLOBAL – Investment fund assets worldwide dropped 7.9% in the third quarter of 2002, to 10.65 trillion dollars, according to the latest research by Fefsi, the pan-European umbrella organisation of the investment funds industry of the 15 Member States of the EU.
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Dutch pension funds slam PVK requirements
NETHERLANDS – The three main Dutch pension fund bodies have rejected pension fund regulator PVK’s requirements on cover ratios, calling them “unnecessary” and “bad for the economy”.
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Watson says global pension assets decline 12%
GLOBAL – Watson Wyatt says global institutional pension fund assets fell by 12% to 1.4 trillion dollars in 2002, leaving many pension funds in the “difficult predicament” of facing pressure to get their balance sheets back in shape.
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Germany’s BVI in pensions savings tax plea
GERMANY – Capital gains tax on long-term savings will discourage citizens that are preparing for an independent old-age pension, says Stefan Seip, head of the German investment fund association Bundesverband Investment und Asset Management (BVI).
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Green Paper lacking on custody - Northern Trust
UK – Custody services provider Northern Trust says the government’s recent pension reform proposals did not address a key aspect of the Myners report dealing with the independence of custodianship.
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ABN Amro seeks 5% of Belgian pensions market
BELGIUM – Dutch bank ABN Amro has set up a pensions subsidiary in Belgium, with a view to grabbing a 5% share of a market it says will grow by almost 14% in the coming years.
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French bosses back longer pension contributions
FRANCE – The president of the French employers’ organisation Medef, Ernest-Antoine Seilliere, today backed the government’s proposals to increase the length of contributions, saying the level of pensions can only be guaranteed if more contributions are made.
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European private equity down 30% to e27bn
EUROPE – European private equity firms saw the value of funds raised decline by almost 30% in 2002, with the combined total of 27.4 billion euros raised by 57 funds far short of 2001’s 38.2 billion euros, according to private equity research firm AltAssets.
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US fund sponsors’ costs rise 10% - report
US – US pension fund sponsors’ operational costs have risen 10% in the last three years, to almost 0.4% of total assets, according to new research by the Callan Investment Institute – with the rise driven by staff pay and fee rises.
