All IPE articles in July 2004 (Online) – Page 2
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News
VB presents draft governance code
NETHERLANDS – The Dutch Association of Industry–wide Pension Funds, the VB, has presented its draft code for pension fund governance.
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Italian opposition sticks by Dini reform
ITALY- The left-wing coalition would not change the Dini pension reform of 1995 if it won the next general election in 2006, a top official at the left-wing Democratici di Sinistra party said.
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Switzerland votes to lower 2nd-pillar threshold
SWITZERLAND - The Upper House of the Swiss parliament has lowered the eligibility threshold above which workers are required to join the second pillar, from 25,320 francs (15,932 euros) to 18,990.
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Asset managers at “inflection point” – KPMG
(Corrects name to KPMG) GLOBAL – The global investment management industry is at an “inflection point”, driven by weak markets and scandals, according to a report by KPMG and CREATE.
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Lane Clark buys Switzerland's Libera for E13m
SWITZERLAND - Lane Clark & Peacock has bought Swiss employee benefit consultancy Libera from Ernst & Young for around 20 million Swiss francs (13.2 million euros).
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Railpen names Johnson as finance director
UK - The 14 billion-pound (20.8 billion-euro) Railways Pension Trustee Co. has appointed Frank Johnson as finance director following the retirement of Malcolm Gray.
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IPE launches European fund industry publication
EUROPE - IPE is to begin covering the five trillion-euro European fund distribution market from September with a publication called European Fund Focus.
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M&S trustees appoint advisors amid takeover bid
UK – The trustees of the Marks & Spencer pension scheme have appointed financial, public relations and legal advisors as the retailer seeks ways to deal with a proposed takeover from tycoon Philip Green.
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M&S says trustees must decide on Green request
UK – Retailer Marks & Spencer says the trustees of its pension scheme must decide for themselves how to respond to tycoon Philip Green’s request for information on pension funding that forms part of his takeover proposal.
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Polestar taps Investec for fixed income
UK - The 380 million-pound (568 million-euro) pension scheme of printing firm Polestar Group has awarded Investec Asset management a 140 million-pound fixed income mandate.
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Northern Trust enters UK fund accounting business
UK - Northern Trust says it has entered the UK fund accounting, to complement its European Global Fund Services business.
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AP2 names head of corporate governance
SWEDEN – The 140.4 billion-crown (15.3 billion-euro) second Swedish national pension Andra AP-Fonden, or AP2, has named Carl Rosén as head of corporate governance and communications.
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Pensions a priority for Dutch EU presidency
EUROPE – The “social and financial sustainability” of pension schemes is one of the stated priorities of the Netherlands’ tenure of the European Union presidency.
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German pension measures insufficient – report
GERMANY – Germany’s measures to deal with its pension problems, while necessary, are still insufficient, a new report from the International Monetary Fund says.
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Swiss mull boost to minimum guaranteed rate
SWITZERLAND - The minimum interest rate of second-pillar pensions might be boosted from 2.25% to 2.75% in 2005 if the suggestion of the Social Security Commission, SGK, of the lower chamber of parliament is accepted.
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French reserve fund allocates final E1.88bn
FRANCE – The 16 billion-euro French reserve fund, the Fonds de réserve pour les retraites, has allocated its final 1.88 billion euros in assets to managers in four lots.
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UBS sees “catharsis and renewal” for UK pensions
UK – The current period of increased scrutiny and funding shortfalls may in future be seen as a period of “catharsis and renewal” in the UK pensions industry, says UBS Global Asset Management.
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Fund Forum: UCITS boards shun auditors
EUROPE - More than a quarter of the boards of pan-European mutual funds UCITS never ask auditors to attend their meetings, according to a new survey by a leading consultancy.
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New 3i CEO gets extra cash to beat pension cap
UK – The new chief executive of venture capital firm 3i is to get an extra 200,000 pounds (299,600 euros) a year on top of his salary to enable him to beat the government’s controversial 1.5 million-pound lifetime pension cap.
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S&P cuts Italy rating, says pensions a worry
ITALY - Standard & Poor’s Ratings Services has lowered its long-term sovereign credit ratings on Italy to AA- from AA, citing weak public finances and rising pension expenditure.
