All IPE articles in July 2005 (Online) – Page 4
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UBS, JP Morgan lose out at France’s CRPN
FRANCE – CRPN, the €3.4bn pension fund for flight personnel, has dismissed JP Morgan Fleming Asset Management, UBS Global Asset Management and Baring Asset Management from a €40m emerging market portfolio.
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Hewitt, Bode launch German joint venture
GERMANY – Consulting firm Hewitt Associates has formally launched its German joint venture with Bode Grabner Beye, a Munich-based actuarial and benefits consultancy.
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State Street earnings flat as expenses rise
US – State Street Corp. has reported flat second-quarter earnings as expenses have risen by 8% to more than $1bn (€835m).
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Denmark’s PKA grows to more than €13bn
DENMARK – Pensionskassernes Administration, the third largest pension provider in Denmark, says its first-half return of 12.1% has taken its market value to more than DKK100bn (€13.3bn).
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Belgian funds return 8.68% in first half
BELGIUM – Average returns for Belgian pension funds in the first half of 2005 have matched returns for the whole 2004 - boosted by good equity and bond returns, according to a survey by the Belgian Association of Pension Institutions.
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Italy’s Maroni starts pension reform group
ITALY – Welfare minister Roberto Maroni has launched a 21- strong working group to monitor pension expenses and the sustainability of the 2004 pension reform.
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Dutch railways fund returns 4.2% in Q2
NETHERLANDS - The €10.4bn Dutch railways pension fund, or SPF, has posted a return on investments of 4.2% in the second quarter.
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Union Investment unveils private pension
GERMANY - Union Investment says it's the first asset manager in Germany to rollout a private pension targeted at pensioners and others above the age of 55.
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German opposition shelves pension reform plans
GERMANY - The conservative opposition in Germany has shelved plans for a major pension reform if – as polls indicate – it wins a federal election in September and forms the next government.
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European fund body EFAMA looking for new head
EUROPE – The European Fund and Asset Management Association is looking to hire a new director general to take over from Steffen Matthias when he retires.
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BNP Paribas longevity bond gets no takers
GLOBAL – BNP Paribas says it has not had enough investor interest in its so-called longevity bond for UK pension schemes.
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UK armed forces combine pensions admin
UK – The Armed Forces Pensions Administration Agency is introducing a new pensions and compensation administration system to combine the needs of the Army, Navy and Royal Air Force schemes.
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Dutch union angered over government report
NETHERLANDS – FNV, the largest Dutch trade union, has refuted the government’s new policy paper on old age.
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IMF sees economic impact of Dutch pension rules
NETHERLANDS – The International Monetary Fund says there could be “macroeconomic consequences” of new pension fund coverage requirements in the Netherlands.
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Coal schemes raise stakes in ex-nuclear firm AEA
UK – The two main coal industry pension schemes have raised their stakes in AEA Technology, part of the former state-owned Atomic Energy Authority which still has some nuclear business activities.
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EU says fund proposals to aid pension crisis
EUROPE – The European Commission says new investment fund proposals released today will help tackle the continent’s pensions crisis.
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ABP hit by low interest rates
NETHERLANDS - Stichting Pensioenfonds ABP, Europe's largest pension fund, says its financial position "deteriorated" in the second quarter due to low interest rates.
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Irish reserve fund commits €3bn to private equity
IRELAND – The €13.5bn Irish National Pensions Reserve Fund says it plans to commit around €3bn to private equity in the next five years or so.
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BGI names Pictet's Locher as Swiss chief
SWITZERLAND - Barclays Global Investors has hired Pictet's Claire Locher to head its new Swiss operation.
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Former Mercer London chief joins new firm
UK – Paul Couchman, the former head of consulting for London and the southeast of England at Mercer Human Resource Consulting, has joined two-year-old consulting firm Premier Pensions Management.
