All IPE articles in July 2004 (Online) – Page 5
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Citigroup asset management income slips 16%
GLOBAL – Citigroup’s asset management net income, which includes Retirement Services, fell 16% to 69 million dollars in the second quarter, from 82 million dollars a year before.
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140 jobs go as Bank of NY takes over NCS
UK – Citing market consolidation and increased price competition, National Australia Bank’s National Custodian Services is to transfer its UK clients to the Bank of New York - with the loss of 140 jobs.
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BBC scheme trustees back equities
UK – The trustees of the 5.8 billion pound (8.7 billion-euro) main pension scheme of the British Broadcasting Corporation are backing equities to produce higher returns in the long term.
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CSAM’s Parker predicts performance fees
GLOBAL - A senior figure on the global asset management industry predicts that performance fees will replace flat fees within two years.
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Macedonia issues pension fund management tender
MACEDONIA – Macedonia’s pension insurance agency has issued a tender inviting bids for two pension fund management licenses.
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Ireland consults on DB funding
IRELAND - The Irish pensions regulator has embarked on a public consultation on the funding of defined benefit pension schemes.
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DB Real Estate in E1.4bn Italian deal
ITALY – Deutsche Bank’s DB Real Estate arm has bought New Real, the property company of the Italian energy group Enel.
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Austria’s VPK and BVP consider merger
AUSTRIA- The two billion-euro multi-employer Vereinigte Pensionskassen AG, VPK, and the 1.2 billion-euro banking and insurance sector pension fund BVP-Pensionskassen AG may agree to merge by the end of August.
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Ireland mulls hedge fund tax-transparent vehicle
IRELAND - The Irish parliament could vote on a change of legislation to introduce a type of tax transparent vehicle which would allow investments in alternative asset classes like hedge funds.
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Dutch accounting body critical of IAS19 proposal
NETHERLANDS - The Netherlands Council for Annual Reporting (CAR) has asked that industry-wide pension schemes be exempt from the requirement to apply defined benefit accounting standards to the companies within such schemes.
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Hewitt sees take-up of unconstrained benchmarks
UK – Hewitt bacon & Woodrow says six of its pension fund clients have so far adopted the so-called ‘unconstrained benchmark’ approach – with more evaluating such a move.
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Watson Wyatt to buy KPMG Irish unit
EUROPE- Consulting firm Watson Wyatt is to buy the pension and actuarial group of KPMG in Ireland for an undisclosed sum.
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Three largest Dutch funds post quarterly returns
NETHERLANDS – The three largest pension funds in the Netherlands – ABP, PGGM and PME – have released their quarterly portfolio figures today, with returns ranging from –0.5% to +0.5%.
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Stoxx European marketing director Gambini leaves
EUROPE – Simona Gambini, European marketing director at index firm Stoxx, has left and been replaced by Isa Krupka.
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Deutsche’s Walter urges Germans to retire later
GERMANY - Deutsche Bank’s chief economist, Norbert Walter, has called for Germans to get used to the idea of working longer and retiring later to help the country’s economy and preserve its competitiveness.
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Fortis names Talia as Italy fund solutions MD
ITALY- Fortis Bank Information Banking, the Benelux bank’s asset servicing arm, has opened a subsidiary in Milan to boost its presence in the European ‘prime fund solutions’ market.
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Morgan Stanley IM makes UK appointments
UK - Morgan Stanley Investment Management has made two appointments to its UK institutional team.
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Serbia and Montenegro outline pension moves
SERBIA – Top officials of Serbia and Montenegro have laid out changes to the countries’ pensions arrangements in a letter to the IMF.
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IPE-QUEST: Danish fund tenders E1bn in overlay
DENMARK – A pension fund in Denmark has tendered a currency overlay mandate worth around one billion euros via IPE-Quest.
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New TIAA-CREF institutional arm to eye Europe
EUROPE – The new institutional asset management arm of US education retirement system TIAA-CREF will have a presence in Europe before too long, says one of its top executives.
