All IPE articles in July 2005 (Online)
View all stories from this issue.
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Portability proposal “could be adopted” this year
EUROPE – The European Commission says a proposed directive on pension portability could be adopted this year as part of plans to make 2006 the year of ‘European worker mobility’.
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Fortis to buy US manager Dryden for up to €118m
US – Fortis said it has agreed to buy US asset manager Dryden Wealth Management from Prudential Financial for up to €118m, giving it an extra €9bn in assets.
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BT scheme eyes commodities by end-2005
UK – The £50bn (€74.2bn) pension scheme of phone firm British Telecom may allocate a “single figure” percentage of its assets to commodities from its equity portfolio by the end of the year.
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Coal scheme’s Morgan joins research firm
UK – David Morgan, chief executive of Coal Pension Trustee Services, has been appointed as non-executive chairman of new pension fund monitoring firm Blacket Research.
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DeAM Germany chief Behrens quits to join Deka
GERMANY – Oliver Behrens, head of Deutsche Asset Management in Germany, is to join the management board of fund provider DekaBank.
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Dutch schemes in $175m US real estate deal
NETHERLANDS – Pensions management company MN Services says it has entered into a real estate joint venture with US company Fairfield Residential on behalf of two Dutch pension funds.
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Italy’s Maroni slams banks over 2nd-pillar plan
ITALY – Welfare minister Roberto Maroni has vowed to beat the resistance from the banking sector in his bid to boost the second pillar pension system with the severance payout known as the Tfr.
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Swiss institutions return 2.29% in Q1
SWITZERLAND – Swiss institutional investors had returns of 2.29% in the first three months of the year, according to a survey by Lusenti & Partners.
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Schemes should double property allocation – CBRE
EUROPE - Pension funds should double their allocation to real estate to combat deficits says property consultancy firm CB Richard Ellis.
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Dutch schemes’ boards ‘need more control’
NETHERLANDS - The boards of pension schemes still aren’t sufficiently aware that they need to be in control and that just implementing internal management is not enough, claim two Dutch experts on corporate governance.
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SWIP reviewing State Street outsourcing deal
UK – Scottish Widows Investment Partnership says it is reviewing its five-year outsourcing contract with State Street.
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Akzo Nobel shifts to DC to ease balance sheet
NETHERLANDS - Dutch industrial group Akzo Nobel says it will make a €300m shift to defined contribution pensions to align it with the new Financial Assessment Framework, or FTK.
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Allianz sees European pension markets doubling
EUROPE - The size of European pension markets will more than double over the next 10 years, a leading European asset manager predicts.
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Schroders pulls JP Morgan outsourcing deal
UK – Schroders is to receive £20m (€29.5m) from JP Morgan following the failure of its five-year UK custody and fund accounting outsourcing project with the US bank.
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UK’s PPF says Heath Lambert in assessment period
UK – The Pension Protection Fund today has confirmed that insurance broker Heath Lambert’s three pension schemes have entered into an assessment period.
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Belgian schemes back infrastructure fund
BELGIUM – Two Belgian pension funds have become investors in an infrastructure fund run by Australian bank Macquarie, joining schemes such as ABP and British Airways.
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WestAM names Westen as asset allocation chief
GERMANY - Institutional fund provider WestAM KAG has hired Gunther Westen from HSBC Trinkhaus Capital Management for the new role of director of asset allocation and fund management.
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Cominvest affilate Ebase sees pensions boost
GERMANY - Ebase, a fund service platform tied to German asset manager Cominvest, says the expected boom in occupational pensions will mean assets under administration from that sector will almost double by the end of 2008.
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Hewitt says 39 clients go ‘unconstrained’
UK – Hewitt Associates says 39 of its UK pension fund clients have gone to so-called unconstrained mandates, up from 20 six months ago.
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Irish CCF set to miss assets amid tax change
IRELAND - Billions of euros destined to be placed in an Irish common contractual fund (CCF) vehicle will stay in the UK, following a little noticed change in a bilateral US/UK tax treaty.
