All IPE articles in July 2004 (Online)
View all stories from this issue.
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News
UK’s FSA pension scheme shifts to bonds
UK – The Financial Services Authority, the UK’s main financial regulator, says its own pension scheme is in “serious” deficit – prompting a move away from equities to bonds.
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Petroleum Fund resumes foreign currency buying
NORWAY – Higher oil prices have led Norges Bank to resume the purchase of foreign currency for the 915.3 billion-crown (111.2 billion-euros) Petroleum Fund from next month.
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EFRP says pension directive largely accepted
ITALY- The European Commission's directive on institutions for occupational retirement provision – the pensions directive – is "largely" accepted, a survey by the European Federation for Retirement Provision has found.
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BNP Paribas reorganises securities services
GLOBAL - BNP Paribas has reorganised its four autonomous securities services business units into a single structure in a bid to "create a unified sales and relationship management force and an enhanced product function".
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Italy names new president of Mefop pension body
ITALY - The Association for the Development of pension funds, Mefop, whose major stake-holder is the finance ministry, has appointed a new president after Marcello Messori stepped down at the end of his term.
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Fortis Bank asset services arm hires ING’s de Boer
GLOBAL – Fortis Bank’s asset servicing arm, Fortis Bank Information Banking, says it has hired former ING executive Jan Bart de Boer as global director of commerce.
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CLAM name disappears in merger
EUROPE – The Crédit Lyonnais Asset Management names is set to disappear with the regulatory approval of the merger between Crédit Agricole Asset Management and CLAM.
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Dutch funds working on pension fund governance
NETHERLANDS – Dutch industry-wide pension funds are working on a pension fund governance code, along the same lines as the new Tabaksblat corporate governance code.
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France’s FRR awards transition management brief
FRANCE – The French reserve fund, the Fonds de réserve pour les retraites, has awarded a transition management mandate to Goldman Sachs International for three years.
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UK coal scheme aligns with BTPS on governance
UK – The 10 billion-pound (14.9 billion-euro) British Coal Staff Superannuation Scheme has aligned with the BT Pension Scheme on governance issues, with an outsourcing deal with Hermes.
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Logue replaces Spina as State Street CEO
GLOBAL – State Street Corp.’s 61-year-old chairman and chief executive David Spina, who had heart surgery last year, is to retire and be replaced by operating chief Ron Logue.
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IPE.com launches IPE Insight
GLOBAL - IPE.com has launched IPE Insight – a new and innovative web micro-site providing the pensions community with a comprehensive guide to managing pension funds.
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UK’s PPF to outsource firms’ pension assets
UK – The new Pension Protection Fund will outsource insolvent companies’ pension assets to asset managers via an open tender process, the fund’s new chairman said.
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Germany: Sihler’s DeAM bond team joins UBS
GERMANY – Joerg Sihler, head of fixed income at Deutsche Asset Management in Frankfurt, and his team have moved to UBS Global Asset Management.
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FIAP hails role of individual pension systems
GLOBAL - FIAP, the International Federation of Pension Funds Administrators, has hailed the individual capitalization system of pensions that was pioneered by Chile as making a “decisive contribution” to the pensions problem.
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Hedge funds can cut risk - Morgan Stanley study
GLOBAL – A study by Morgan Stanley suggests that hedge funds can reduce pension fund risk as part of a “holistic” approach to risk budgeting.
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Jobs to go as ISIS buys F&C Management
EUROPE – An unspecified number of jobs are set to go with the acquisition by Friends Provident’s ISIS Asset Management of F&C Management from Eureko, which values the deal at more than a billion euros.
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Germany has not adapted to ageing – Köhler
GERMANY – Germany’s new president, Horst Köhler, has said that Germany has failed to adapt the welfare state to deal with population ageing.
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Swedish pension market in midst of restructure
SWEDEN - The crisis in the Swedish mutual life insurance market is leading to a shake-up in the pensions industry, Alex Inkapool writes.
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French MPs to debate electricity and gas pensions
FRANCE - The French senate is to discuss a draft bill next week that would turn the pay-as-you-go pension schemes of the public gas and electricity companies, GDF and EDF, into a public fund.
