All IPE articles in June 2002 (Online) – Page 4
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News
BVI joins critics of Riester occupational pensions
GERMANY – The new Riester occupational pension schemes need to be more flexible and simplified if they are to be a success according to Udo Behrenwaldt, a spokesman for the board of the BVI, the German asset management association.
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Fidelity replaces Jupiter at Nortel scheme
UK – The £1.4bn (€2.2bn) Nortel Networks UK pension fund has appointed Fidelity Investments to run a specialist £137m UK equity portfolio. Fidelity replaces Jupiter Asset Management which was dropped by the pension fund last month. The mandate will be benchmarked against the FTSE All Share index.
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Torfaen seeks managers following shift to active
UK – The £730m (€1,135m) Torfaen County Borough pension fund in South Wales has undertaken its three-yearly investment review which is likely to lead to RFPs for about two thirds of its assets, comprising active UK, European and Far Eastern equity portfolios and an active global fixed income portfolio.
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Mercers rounds on EU pensions directive
BRUSSELS/UK- Mercer Human Resource Consulting has dismissed reports that Ecofin’s acceptance of the EU Pension Fund Directive will make it any easier to set up cross-border European pension funds.
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PEPGO launches European tax test case for AMS
UK- Business and IT consultants AMS Management Systems has sown the seeds of a potential test case tackling tax discrimination across Europe by seeking permission from the UK Inland Revenue to place a UK employee in its Dutch company pension scheme.
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UK workers prepared to strike over DB closures
UK - UK workers are prepared to take strike action to stem the closure of defined benefit schemes, claims a survey by the UK’s largest private sector union, Amicus. According to Amicus, a typical defined contribution scheme generates 40% less at age 60 than a similar defined benefit scheme. ...
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Prudential to manage e700m corporate bonds for AP3
SWEDEN- Sweden’s AP3 fund has appointed the US-based investment manager Prudential to run an active Sek6.4bn (e700m) corporate bond mandate.
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Pioneer promotes Pearson to head of equities
IRELAND – Dublin-based Pioneer Investments has promoted head of European equities Stan Pearson to the newly-created position of head of equities.
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CSAM picks Citi for unit trust and ICVC custody
UK – Credit Suisse Asset Management Funds (UK), part of the Credit Suisse Asset Management group (CSAM), has appointed Citibank Global Securities Services as trustee and custodian for an additional £1.2bn (€1.9bn) of its unit trust and ICVC – investment company with variable capital - assets.
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Equitable fiasco leaves AVC market in turmoil
UK- The market for additional voluntary contributions (AVCs), the system allowing scheme members to top up their occupational pensions, is in turmoil according to a new survey from the consultants Hewitt Bacon & Woodrow.
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Threadneedle takes share in multi manager Attica
UK- Threadneedle Asset Management, part of the Zurich Financial Services Group, has taken a 29.9% share in the multi manager Attica AM. Attica retains overall control of the company but the deal with one of Europe’s mid-sized investment managers will boost its distribution network.
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UK workers may be forced to join company schemes
UK – Employers may once again be able to force workers to join company pension funds if the government accepts one of the key recommendations in the upcoming pensions simplification review.
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FEFSI names Mansfeld as new president
EUROPE / GERMANY - The Brussels-based Fédération Européenne des Fonds et Sociétés d'Investissement (FEFSI), the pan-European federation of investment managers associations and companies, has appointed Wolfgang Mansfeld as its new president.
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New research gives trustees high praise
UK - Despite many trustees not having formal backgrounds in finance, they make good gatekeepers for your pension savings, says research by the UK’s Cranfield School of Management and Watson Wyatt.
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Swiss funds shun balanced management
SWITZERLAND – Swiss pension funds are increasingly moving towards specialist management, with overseas equities mandates gaining ground at the expense of domestic portfolios, according to the latest two-yearly survey of Swiss pension funds jointly produced by Robeco, Bilanz and Prévoyance Professionnelle Suisse.
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Siemens moves into third party asset management
GERMANY- Siemens Financial Services’ investment management division in Munich is now offering asset management to third party institutional clients. The focus will be on domestic business, particularly for pensions assets of other corporates, says Wolfgang Lotze, head of investment management at SFS.
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Top UK managers hit by loss of business in 2001
UK – The top five investment managers of segregated pension funds in the UK saw the value of their business fall last year, according to a Financial Times survey of pension fund managers, which blames the decline on the downturn in the financial markets and the shift among pension funds ...
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Ecofin approves occupational pensions directive
LUXEMBOURG/EU- European finance ministers have accepted a compromise position on the EU occupational pensions directive in a move that will finally enable companies to launch pan European funds.
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Irish Life launches capital guaranteed fund
IRELAND – Dublin-based financial services group, Irish Life International, has launched the Secured Growth Bond Series8 fund. The new fund, like its seven predecessors, offers full capital security.
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SEI names management for Paris operation
FRANCE- Multimanager SEI Investments has retained the senior management of the Paris-based joint venture CCF-SEI Investments that it bought Crédit Commercial de France out of last month.
