All IPE articles in July 2004 (Online) – Page 7
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News
Merchant Navy scheme CEO retires after revamp
UK - Geoffrey Henry, the chief executive of the 2.7 billion-pound (4.03 billion-euro) Merchant Navy Pensions Administration Ltd. Merchant Navy Officers Pensions Fund, MNOPF, has retired.
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Schroders makes hedge fund appointment
UK - Schroders has appointed Russell Investment Group’s Derek Doupe to the new role of head of business development for its fund of hedge funds business.
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Mercer says UK pension deficits fall to E95.9bn
UK – Mercer Human Resource Consulting says pension scheme deficits at companies in the FTSE350 index fell to 64 billion pounds (95.9 billion euros) from 74 billion pounds over 2003.
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Fund Forum: Mutual fund industry under spotlight
FRANCE - Mutual funds must re-gain the trust of clients after the market timing and late trading scandals, the head of the second largest mutual fund company in the US has demanded.
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BNP Paribas in Italian hedge fund move
ITALY- BNP Paribas Group has partnered with Mediobanca and Mediolanum’s Duemme Hedge to launch a fund of hedge funds targeting small pension funds and individual investors.
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SEI names Harris as France asset mgmt head
FRANCE - SEI Investments has appointed Damian Harris as new head of asset management in France after Jean-Yves Foucat left the company to become an independent consultant.
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German pension reforms boost intermediaries
GERMANY - Industrie Pensions-Verein, which provides pension services for small and medium-sized companies of up to around 500 employees, saw its client base increase by about seven percent last year to over 350,000.
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AMF Pension returns to real estate
SWEDEN - The 197 billion-crown (21.3 billion-euro) pension provider AMF Pension has made its first investment in real estate in a year, buying three properties from Skanska for more than one billion crowns.
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Former HVB pension head Eckert joins Allianz
GERMANY - Carsten Eckert, former chief executive of Pension Consult, the consulting arm of HypoVereinsbank, has joined Allianz.
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Diageo profits take E132m FRS17 hit
UK – Drinks group Diageo says the FRS17 pension accounting standard has led to an 88 million-pound (132 million-euro) lower operating profit.
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France’s FRR to launch governance guidelines
FRANCE - The French pensions reserve found, the Fonds de réserve pour les retraites, is to launch a set of guidelines for corporate governance by the end of the year.
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Commission acts against Spain, UK on pension tax
EUROPE – The European Commission has referred Spain to the European Court of Justice over pension taxation and has asked the UK to amend its legislation.
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PMT scheme raises pre-pension age (Corrected)
(Corrects name of pension fund) NETHERLANDS – Kleinmetaal (middle and small companies) have been confronted by their pension fund, the Pension Fund for Metalworking and Mechanical Engineering, or Pensioenfonds Metaal en Techniek, which has raised the pre-pension age to 60 from 55 previously in a bid to save ...
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VB says new code answers pension crisis
NETHERLANDS – Attention is being focused on the role and impact of the proposed Board of Management contained in the VB’s new pension fund governance code.
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French reserve fund set to name overlay manager
FRANCE - The 16 billion-euro French reserve fund, the Fonds de réserve pour les retraites, is going to appoint an overlay manager by the end of July, the president of the scheme’s executive board, Francis Mayer, says.
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Northern Trust working with multinats on pooling
LUXEMBOURG – Northern Trust says it is working with two multinational companies on Luxembourg-based tax-transparent pension pooling.
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Spain: BBVA wins public sector pension brief
SPAIN - BBVA has cemented its position as the leading pension fund manager in Spain with a major mandate to run public sector pensions.
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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.
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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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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.
