All IPE articles in July 2002 (Online) – Page 6
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Euroclear and CRESTCo announce merger
UK/EUROPE- The merger of Brussels-based settlement house Euroclear and its UK counterpart CRESTCo announced today will create Europe’s largest settlement operation, one that will handle over 60% of European equity trades.
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Swiss guaranteed rate cut from 4% to 3%
SWITZERLAND- Switzerland’s government has announced it is lowering the minimum guaranteed interest rate for occupational pensions from 4% to 3% from the beginning of October.
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New Dutch fund names F&C as sole manager
NETHERLANDS- The Dutch transport workers sector fund Vervoer has named F&C as the sole manager for its recently-established early retirement fund.
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Dutch funds' PZH picks Vanguard for e450m mandate
NETHERLANDS- PZH, the body working on behalf of six medium-sized Dutch funds that began co-ordinating their operations earlier this year, has awarded Vanguard Investment a e450m passive mandate.
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State Street chief warns against market timing
ITALY- A strong message about market timing for pension funds came from David Spina, chairman of global custodian State Street this morning.
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S&P warns UK of complacency over pensions
UK – The government’s projections about the long-term costs of state pension provision is overly optimistic, with a gradual build-up of debt related to retirement provision likely by 2050 if current policy remains unchanged, warns Standard & Poor’s (S&P) in its latest report on demographic changes.
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State Street to penetrate alternatives market
US – Boston-based banking and financial services company, State Street Corporation, has acquired New York-based alternative investment fund accounting and administration services firm, International Fund Services, signalling its intention to increase its presence in the alternative investment area.
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Metcalfe joins Hermes as business development head
UK- Hermes, the £46bn investment manager owned by the British Telecom pension fund, has appointed Charlie Metcalfe as head of business development and deputy chief executive.
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Administrator MNPA hires Aon's Applegarth
UK- Sue Applegarth has taken over from Geoff Henry as managing director of the specialist pensions administrator, Merchant Navy Pensions Administration (MNPA).
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ASB postpones introduction of FRS17
UK- Companies will have more time to implement the accounting method FRS17 after the UK Accounting Standards Board (ASB) announced it was extending the compulsory December deadline.
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Equitable deals another blow to investors
UK – Troubled mutual life company, Equitable Life Assurance Society, has raised the early exit penalty for customers wishing to withdraw their pensions assets from it with-profits fund from 14% to 20%.
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Mefop and Russell Mellon to evaluate Italian funds
ITALY – Mefop, the Rome-based society established to promote the development of pension funds in Italy, has entered into a joint venture with Anglo-American performance measurement and research group, Russell Mellon Analytical Services to produce a complete evaluation of the players in the fledgling Italian supplementary pension fund market.
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Style Research hires Peter Hopkins from Baring AM
UK – London-based equity research and portfolio analysis firm, Style Research has appointed Peter Hopkins as a new partner in its London office.
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AP2 names State Street as its new global custodian
SWEDEN- Sweden’s second national pension fund AP2 has appointed State Street to provide investment services, including global custody and fund accounting, for its $14bn in assets.
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BGI employs Global Risk Management in SRI drive
UK- Barclays Global Investors has appointed risk management and research company Global Risk Management (GRM) to carry out social, ethical and environmental research on the European companies it invests in.
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Margins for UK and Ireland managers fall a third
UK/IRELAND – Fund managers in the UK and Ireland saw overall profit margins fall from 33% to 23% in 2001 following the shift from defined benefit to defined contribution and poor growth of the retail sector says PricewaterhouseCoopers’ latest annual survey of fund managers in the UK and Ireland.
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Swedish fund fires Nordea, Handelsbanken and SEB
SWEDEN- The Swedish Foundation for Strategic Research, one of Sweden’s largest charitable foundations, is sacking the leading Swedish banks that handle the bulk of its E1bn portfolio. It says it intends to replace them with three smaller ‘boutique’ asset managers.
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Putnam buys UK high yield manager New Flag
US/UK- US global money manager Putnam Investments, has bought New Flag, a UK niche asset manager specialising in high yield bonds. Boston-based Putnam, which handles $300bn of assets worldwide, already manages high yield assets worth $11bn in the US.
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Pioneer hires Citigroup for e30bn custody mandate
US/LUXEMBOURG – Global financial services company, Pioneer Investments, has appointed Citigroup Global Securities Services as global custodian to its $30bn (€30.3bn) Luxembourg-domiciled mutual fund business.
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Belgium refuses to back EU pensions directive
SPAIN- Belgium’s delegation refused to back the EU directive for occupational pensions at yesterday's Ecofin meeting in Madrid and instead chose to abstain from declaring its position.
