All IPE articles in July 2002 (Online) – Page 2
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UK to get yet another pensions review
UK- Just a fortnight after publication of the Pickering and Sandler reviews, the house of commons work and pensions committee has announced the launch of a wide-ranging inquiry into the future of saving for retirement in the UK.
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Fund of funds to overtake MoM market by 2007
EUROPE – The retail funds-of-funds market will overtake the manager-of-manager business in Europe by 2007, taking 67% of market share as opposed to 47% in 2001, says research firm, Cerulli Associates, though the manager-of-manager business will see concentrated growth in the UK among institutional investors.
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Number of DC schemes in Ireland surges
IRELAND- Defined contribution pension schemes remain in the ascendancy in Ireland according to the annual report from An Bord Pinsean, the pensions supervisor and regulator.
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Iceland's Kaupthing launches multi-employer Assep
LUXEMBOURG- The Swiss arm of Icelandic financial services provider Kaupthing Bank has received regulatory approval for Luxembourg’s first multi-employer Assep. The new defined contribution fund, KBridge, aims to attract expatriates working for large multinationals.
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S&P to consult on European pension fund ratings
EUROPE- Standard & Poor’s is to begin consulting later this year on recent proposals to rate European pension funds in the same manner as it does in the United States.
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ABN and Mellon formalise custody alliance
NETHERLANDS- ABN AMRO Bank and Mellon Financial Corporation are formalising their current marketing alliance by launching a new, separately-capitalised financial services company that will provide global custody and related services to clients outside of North America.
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ABN to launch insurance pension fund in Luxembourg
LUXEMBOURG- ABN Amro is to launch an insurance-based pensions vehicle for its Luxembourg employees and for those based in the Netherlands that might transfer to the Duchy.
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100,000 join chemical fund in three months
GERMANY – The German chemical industry’s sector-wide supplementary pension fund, Chemie Pensionsfonds, has already signed up 160 large and mid-size companies, representing over 100,000 workers, since gaining regulatory approval in April.
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Dutch telecoms fund slashes equity holdings
NETHERLANDS- Dutch telecoms pension fund KPN has cut its equity investments substantially for the second time this year in a move that takes its holding in the asset class below 30%, down from 56% at the end of 2001.
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Stoiber promises to simplify Riester pensions
GERMANY – Edmund Stoiber, the conservatives’ candidate for chancellor in this autumn’s elections, has promised to simplify the new private Riester pension schemes if elected. Stoiber says the reforms have created a "bureaucratic monster."
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Northern Trust in European pensions drive
UK – London-based Northern Trust Global Investments (Europe) has appointed Keith White as director of European sales with a particular mandate to expand the company’s relationships with continental pension funds.
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AP2 issues equity mandates worth $5.4bn
SWEDEN – The Gothenburg-based $13.5bn (€13.6bn) second Swedish national pension fund, AP2, has issued a RFP for managers for various European, North American, Asia-Pacific ex-Japan, Japanese and global equity mandates, worth a collective $5.4bn.
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Mercers HRC names new worldwide head
US- Daniel McCaw has been appointed chief executive and president of Mercer Human Resource Consulting worldwide. McCaw has headed Mercer’s US operation for two years and prior to that was chairman and chief executive of the Canadian branch.
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JBI Associates joins forces with Deloitte & Touche
LUXEMBOURG- The cross-border life insurance and employee benefits consultancy team of Luxembourg consultants JBI Associates has joined Deloitte & Touche in a bid to capitalise on Europe’s growing cross border life and pensions industry.
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Swiss fund to allocate 3% to hedge funds
SWITZERLAND – The SFr 4.6bn (€3.2bn) Bernische Lehrerversicherungskasse (BVLK), the pension and insurance fund for teachers in the Swiss canton of Berne, is to allocate 3% of its assets to hedge funds to help it achieve its long-term goal of 6.6% returns and to make up for poor overall performance ...
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US funds lose 5% during second quarter
US- US pension funds, endowments and foundations have lost 5% in the second quarter of this year, reversing gains made during the first three months.
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French government slated over pensions policy
FRANCE – Pre-election promises to pump €152bn into the state reserve fund and introduce long-term reform to France’s pension system are likely to amount to nothing, says Arnauld d’Yvoire, general secretary of Observatoire des Retraites, the Paris-based pensions association.
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Brown urged to restore dividend tax credit
UK– The government should make pension fund membership compulsory, restore the dividend tax credit it removed in 1997 and make schemes tax exempt according to ITEM Club, the London-based economic forecasting group sponsored by Ernst & Young.
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New research suggests SRI increases risk
EUROPE- Socially responsible investments (SRI) incur higher risk than traditional portfolios and investors are failing to use SRI indices as benchmarks according to new research from Germany’s Commerzbank.
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German media industry launches new Riester fund
GERMANY – The media, printing and paper industries have become the latest industrial sector to establish a new industry-wide supplementary pension scheme as part of the Riester reforms. It has a potential membership of some 400,000 workers.
