Investor Strategy – Page 244
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Schroders posts Q3 loss, hit by asset decline
UK – Schroders Plc, parent of the seventh largest manager of European pension fund assets, has posted a loss in the third quarter while reporting that its assets under management have declined 15%.
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Northern Trust unveils pension tax service
EUROPE - Northern Trust has rolled out a new service aimed at multinationals seeking to evaluate the tax implications of pooling the investments of their various international pension funds.
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Stampe to join PensionsDanmark
DENMARK: Claus Stampe, chief investment officer of the Danish medical pension fund, is to join PensionsDanmark, the common management company of four Danish pension schemes which together have assets of 23 billion Danish kroner (3.1 billion euros).
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BGI assets slide 17% in nine months
UK – The largest manager of European pension fund assets, Barclays Global Investors, has seen its assets under management tumble by 90 billion pounds - almost 17% - in the first nine months of 2002.
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Germany’s AWD positive on corporate pensions
GERMANY – German financial services provider AWD Holding AG said its expansion into the corporate pensions market has been “very positive”.
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Vermeiren retires from Belgium's KBC Bank
BELGIUM – Remi Vermeiren, chief executive officer at KBC Bank, and KBC Bank and Insurance Co., is to retire. Willy Duron will replace him as CEO of KBC Bank and Insurance Holding Co., while André Bergen will take over as CEO of KBC Bank.
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Febs opens pan-European pensions operation
SWITZERLAND – Financial & Employee Benefits, or Febs, has opened an office in Winterthur, Switzerland with the aim of administering mobile pensions for corporations on a pan-European basis.
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Calpers private equity performance faces scrutiny
US - Calpers, the US’s largest public pension fund, may have to reveal the performance data and stocks of its 20 billion dollars of private equity investments, after making the information secret last year.
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UK to tweak investment rules
UK - The UK Financial Services Authority is to introduce a series of changes to rules governing the interests of investors in investment companies, including investment trusts. An FSA spokesman says the move is in “reaction to pressure resulting from the split-capital trust issues” and will be “fast-tracked through”.
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Allianz Dresdner boosts alternative offering
UK - Allianz Dresdner Asset Management says it has formed a single manager hedge fund division in a bid to boost its alternative investment business.
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Finland: discretionary management to rise
FINLAND - Around 20% of Finnish institutional investors say they will increase their use of discretionary and mutual fund management by the end of 2004, according to an industry report released in November by Scandinavian Financial Research (SFR).
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AP3 and Boots win top IPE awards
NETHERANDS - Sweden’s AP3 and the UK’s Boots were named the best European pension funds for their investment strategy at the second annual IPE European pensions industry awards last night in Amsterdam.
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Pension funds shun domestic stocks - report
EUROPE - Pension funds are moving away from investing in domestic equities, says research group Greenwich Associates. And what it calls a “global standard” of investment management methods is emerging.
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CREF chiefs vote to reject transparency
Board members at CREF, the 106 billion dollar (105 billion euro) investment component of US teachers’ retirement fund TIAA-CREF, have voted against disclosing how their own votes are cast on social and environmental issues - a move which could be seen to compromise TIAA-CREF’s reputation as an advocate of good corporate governance.
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Norway: investment proposals welcomed
NORWAY - Norway’s market players have welcomed proposals to change regulations governing pensions fund investments as set out in a report by Caspar Holter, partner of Oslo-based consultants Pensjon & Finans.
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UK funds "post 13% negative return"
UK - Deutsche Bank-owned consultancy the WM Company calls the situation “severe” as UK pension funds post a negative return of almost 13% in the three months to the end of September 2002.
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State Street clinches Deutsche custody deal
GERMANY/US - US bank, State Street Corporation, has signed definitive agreements with Deutsche Bank to acquire its global custody business. The business has assets under custody of approximately e2.2trn, taking State Street’s assets under custody up to almost e8trn. The move will result in State Street becoming the largest custodian ...
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Morley gains e320m mandate from Nationwide
UK- Nationwide Investment Group has appointed Morley Fund Management to run a £200m (e320m) balanced mandate, replacing previous manager Schroders.
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Warning from IAPF as Irish pensions assets tumble
IRELAND - John Feely, chairman of the Irish Association of Pension Funds (IAPF), has offered a word of warning to those planning saving for retirement, following a survey which shows total assets of Irish pension funds to have fallen to e43bn this year from e50.6bn at the end of 2001.
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Proposed tax changes threaten Germany's pensions
GERMANY- Proposals by Germany’s coalition government that individuals are to pay capital gains tax on profits from share sales is causing concern for the fund industry, and threatening the new third pillar pensions system.
