All IPE articles in July 2004 (Online) – Page 8
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News
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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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.
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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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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.
