All IPE articles in July 2004 (Online) – Page 6
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MLIM’s institutional assets decline to E190bn
GLOBAL – Merrill Lynch Investment Managers’ institutional assets under management have fallen to 235 billion dollars (190 billion euros) from 239 billion dollars a year ago.
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Spanish pension fund assets rise 14%
SPAIN - The assets managed by Spanish pension funds rose more than 14% in 2003, according to the economy ministry.
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State Street CEO sees revenue pressure
GLOBAL - State Street Corp. says it expects "downward pressure" on revenues in the short term - and costs related to its European outsourcing business.
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SSGA launches absolute return currency fund
GLOBAL - State Street Global Advisors has launched its first absolute return currency fund for institutional investors.
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Asset managers sceptical on economy and profits
GLOBAL - Fund managers worldwide are getting increasingly “sceptical” about the prospects for the global economy and corporate profit growth for the first time in three years, this month’s Merrill Lynch Fund Manager Survey says.
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BNP Paribas in Austria securities services move
AUSTRIA - BNP Paribas Securities Services has extended its local custody services to Austria in a bid to secure business from pension funds and other institutional investors.
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ING-Bank of NY alliance has first big custody win
EUROPE - ING and the Bank of New York say their year-old securities services joint venture has won a 900 million-euro custody deal from Hamburg-Mannheimer - its first major win.
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UK’s DWP to cut budget and 30,000 jobs
UK – The UK government’s Department of Work and Pensions is to cut its staff by 30,000 and its administration budget by three percent a year - the unions said they couldn’t rule out industrial action.
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Watson Wyatt sees rise in “risk-sharing” pensions
UK – Watson Wyatt says risk-sharing is the fastest growing type of pension scheme design – and that many more employers will consider this option in the coming years.
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French utilities’ funded pensions – more details
FRANCE – More details have emerged about the structure of the funded pension arrangements of the French utilities Gaz de France and Electricité de France following their planned partial privatisation.
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Blue Sky to “actively explore” cooperation
NETHERLANDS – The Blue Sky Group, which manages the pension assets of airline KLM, says it will “actively explore” cooperation possibilities.
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Dutch doctors’ fund considers changing status
NETHERLANDS - Stichting Gemeenschappelijk Beheer & Administratie Beroepspensioenfondsen Artsen (SBA), the Dutch medical pension fund, is in the process of transforming into a common management company.
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UBS hires Royal Bank of Scotland’s Williams
UK – UBS has hired Huw Williams, head of pension fund strategy at Royal Bank of Scotland, as head of pensions strategy.
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CEA says public pensions a priority for insurers
EUROPE – Viable public pensions systems and portable pensions are priorities for European insurers, says the new head of the European insurance industry body the CEA.
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Pensions grow to 41% of asset management - report
GLOBAL - Pension fund assets have risen to 41% of the asset management industry's client assets in Benelux, France, Germany and Italy, up from 41%.
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M&S reveals pension trustees’ investment data
UK – Retailer Marks & Spencer has revealed information provided by its pension trustee about investment policy amid the ongoing takeover battle for the company.
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Fund Forum: difficulties managing managers
FRANCE – The issue of managing investment managers has been raised at the Fund Forum event in Monaco – with one senior industry figure likening it to ‘herding cats’.
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Mellon consulting arm hires Hymans’ George
UK - Mellon Financial Corp.’s Human Resources & Investor Solutions arm has named Marian George as a senior investment consultant.
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Italy’s Espero teachers’ fund tenders admin
ITALY - Fondo Scuola Espero, the new government-backed pension fund targeting 1.1 million teachers, has tendered for a manager to take on its administration and accountancy function.
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F&C names director of sales for Germany
GERMANY - F&C Management has named Andreas Steinmeier, formerly head of institutional marketing and sales at Commerzbank’s Cominvest Asset Management, as director of sales and client service for Germany.