All IPE articles in June 2005 (Online) – Page 7
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Pension Protection Fund ‘takes 10% of insurer’
UK – The Pension Protection Fund could take a 10% stake in insurance broking group Heath Lambert in return for taking on its pension fund deficit, according to reports.
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Mercer sees no chance for pan-European DB
EUROPE - Defined benefit pension schemes may never be achieved at a pan-European level, according to consulting firm Mercer (corrects spelling of Stainier).
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Equities boost Portuguese schemes in May
PORTUGAL – Portuguese pension funds saw their may returns come in seven times higher than the previous month thanks to a recovery in international equity markets.
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IPE-QUEST: Dutch scheme tenders portable alpha
NETHERLANDS – A Dutch investment consultant has tendered a multi-asset class portable alpha mandate worth at least €15m via IPE-Quest.
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AWD sees boom in corporate pension clients
GERMANY - Citing a boom in demand for corporate pensions products, German financial services firm AWD expects to acquire 5,000 corporate clients by the end of 2005, bringing the products’ share of total sales to 10%.
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UK regulator names three executive directors
UK – The UK’s new Pensions Regulator has named three executive directors for strategy, business delivery and business support.
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France's FRR names private equity consultant
FRANCE - The €19.6bn Fonds de Réserve pour les Retraites, the French Pensions Reserve Fund has named a consultant to help it choose private equity managers.
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Dexia and RBC to combine custody arms
EUROPE – Dexia and Royal Bank of Canada are to combine their institutional investor services businesses in a joint venture that will have US$1.8trn (€1.47trn) in assets under custody.
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ABP to name new bond managers by third quarter
NETHERLANDS – Stichting Pensioenfonds ABP, the €168bn scheme for Dutch civil servants is looking for “a couple” of managers to build up its global alpha fixed income fund, according to a senior official.
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Lothian scheme awards £380m equities mandates
UK - The £2bn (€2.98bn) Lothian Pension scheme has appointed three new fund managers to run a total of £380m in global and Europe (ex-UK) equities.
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Hymans and Mercer lose out at E.ON (Update)
UK – Consulting firms Hymans Robertson and Mercer Human Resource Consulting have lost out following a £4bn (€5.9bn) merger between four UK pension schemes of Germany’s E.ON (updates merger size).
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JP Morgan’s Reichl joins Bayern-Invest
GERMANY - German institutional fund manager Bayern-Invest has recruited a senior executive from the German arm of JP Morgan for a new seat on its management board.
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Governance group GES sets up engagement forum
EUROPE – Corporate governance consulting firm GES Investment Services has set up an ‘engagement forum’ for pension funds.
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AP3 aiming to run managers more efficiently
SWEDEN - The SEK160bn (€17.3bn) Swedish third buffer fund, Tredje AP-fonden, says it must be more efficient in the way it deals with its external managers.
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Dutch pension governance group gets new head
NETHERLANDS – A Dutch treasury official is to take over from former Unilever pension executive Jos van Niekerk as director of the Dutch Foundation for Corporate Governance Research for Pension Funds, or SCGOP.
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EU meeting set as fears grow for IORP directive
EUROPE – There is to be a meeting at the European Parliament next week amid a fear that some EU member states will not be ready for the directive on occupational pensions.
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Watson Wyatt reviewing brand amid merger
GLOBAL – Consulting firm Watson Wyatt is reviewing its branding following the merger of its US and European arms.
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Bertelsmann sets up €900m CTA for pensions
GERMANY - Media giant Bertelsmann has emerged as the latest German multi-national to remove its pensions liabilities from the balance sheet and finance them via an external fund.
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Cominvest names new institutional chief
GERMANY - Fund manager Cominvest has appointed Volker Kurr as its new head of institutional business, effective immediately.
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Low rates hit British Airways’ pension gap
UK – Airline group British Airways says its pension deficit has grown by more than £200m (€297.9m) due to lower long-term interest rates.