All IPE articles in July 2003 (Online) – Page 7
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Commission takes on Denmark over pension taxation
EUROPE – The European Commission has decided to take Denmark to the European Court of Justice over pension tax discrimination, as well as starting infringement procedures against the UK and Ireland.
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Hymans sets up London investment practice
UK – Pensions actuaries Hymans Robertson has set up a London-based investment practice – and hired a consultant from rival firm Hewitt Bacon & Woodrow.
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State Street says 3,100 take voluntary redundancy
US – State Street Corp. says that 3,100 of its employees have opted to take voluntary redundancy – more than it expected. A spokesman said the cuts would all be in the US.
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AMF names Northern Trust as custodian
SWEDEN - The 22.9 billion-euro AMF Pension has appointed Northern Trust as custodian for its international portfolio.
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Ignore consultants’ advice, says Somerset
UK – The head of the 600 million-pound (867 million euro) local authority pension fund of Somerset County Council says only a bad pension fund follows the advice of investment consultants to the letter.
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French pension reforms going right way - OECD
FRANCE – French pension reform initiatives are “going in the right direction” says the Organisation for Economic Cooperation and Development - although more needs to be done to ensure medium and long-term fiscal stability.
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LGIM is largest UK pension fund manager - report
UK – Legal & General Investment Management is now the largest manager of pension fund assets in the UK, with 60.4 billion pounds (87 billion euros) under management, according to Hymans Robertson.
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Germany publishes draft hedge fund proposals
GERMANY – The German government has published its draft of the Investment Act which will make hedge funds and hedge funds of funds available to the German retail and institutional investor.
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Directive a success for insurers, says CEA
EUROPE – The European insurance industry body, the Comité Européen des Assurances, says the European directive on occupational pensions represents a “substantial success” for insurers.
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ABP posts second quarter returns of +6.9%
NETHERLANDS – Europe’s largest pension fund, Stichting Pensioenfonds ABP, has announced that it made a total return on investment of 6.9% in the second quarter - boosted by rises in equities and alternatives.
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Global investment fund assets fall 3.8%
GLOBAL – Worldwide investment fund assets fell by 3.8% in the first quarter, according to statistics released by Fefsi.
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Diageo takes E136m pensions charge
UK – Drinks firm Diageo is to take a 95 million-pound (136.8 million euro) charge in relation to its 1.4 billion pound pension deficit.
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ADAM names Luxembourg operating chief
LUXEMBOURG – Allianz Dresdner Asset Management Luxembourg’s new chief operating officer is Jean-Christoph Arntz.
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Staffordshire taps Goldman for asset allocation
UK – Staffordshire County Council has appointed Goldman Sachs Asset Management to run a 970 million pound (1.4 billion euro) asset allocation mandate for its pension fund. The total fund size is 1.3 billion pounds (1.9 billion euros).
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Spain has 10-year pension reform window – PWC
SPAIN – The Spanish government has a 10-year window of opportunity to reform the pension system which it “cannot afford to miss” says PricewaterhouseCoopers.
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UK's South Tyneside to name new actuary
UK – The two billion-pound (2.9 billion euro) South Tyneside Metropolitan District Council pension fund is to announce the replacement of Watson Wyatt as scheme actuary over the coming week.
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Baring AM’s Mantel leaves to start hedge fund
UK - European pensions expert Jan Mantel has left Baring Asset Management, where he was head of the UK and European equity team, to start his own hedge fund.
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Credit Lyonnais AM to launch SRI subsidiary
FRANCE - Crédit Lyonnais Asset Management is to make a full-scale sortie into the arena of socially responsible investment with the launch of a new subsidiary called Integral Development Asset Management, or IDEAM.
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European institutions shun consultants - poll
EUROPE – A new poll has found that 67% of European institutional investors do not employ the services of an external investment consultant.
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HFR boosts European institutional marketing
UK – Hedge Fund Research has hired a former Bank of America vice president to boost its European institutional marketing.
