Latest – Page 329
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NAPF: Conference told swaps are the future for pension funds
UK – Delegates at the National Association of Pension Funds (NAPF) conference have been told that most pension schemes will use swaps in the future..
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Only one in five Spanish trustees has good financial knowledge - Mercer
Only 20% of the trustees of second pillar pension schemes in Spain consider that they have a good level of financial knowledge.
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French retire en masse before new law kicks in
Almost 100,000 people in France have asked to retire before the statutory retirement age of 60, following reforms of the French pension system introduced in January.
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Stopford promoted to Investec fixed income top slot
UK - Investec Asset Management has promoted the head of its South African fixed income team, John Stopford, to head up the firm’s fixed income business.
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AP3 switches US equity portion to Asia-Pacific region
SWEDEN –Sweden’s third national pension fund, AP3, has reduced the size of its 24.7 billion Kronor (2.6 million euros) US mandate by 2.5% of the total portfolio to boost a 930 million kronor (100 million euros) Asia Pacific exposure.
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VB may take government to court over Staatsen
NETHERLANDS - The VB, the Dutch Association of Industry-wide Pension Funds, says it may have to take the Dutch government to court if it decides to introduce a form of quantitative investment restrictions for Dutch pension funds as part of the findings of the Staatsen Commission.
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Northern Trust hires Gartmore’s Harper
UK – Northern Trust Global Investments has hired Gartmore’s Kate Harper as a director of institutional sales.
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EU expansion to boost private equity – EVCA
EUROPE – The expansion of the European Union at the start of May is being seen as providing a boost to the European venture capital and private equity business.
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Luxembourg’s EFA “positioned for pensions”
LUXEMBOURG – Fund firm European Fund Administration says it is now “ideally positioned” to support the European pension market.
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KBC sells Polish pension fund to PTE Polsat
POLAND - Kredyt Bank, the Polish unit of Belgian financial holding company KBC, has decided to sell its pension business to competitor PTE Polsat for an undisclosed price.
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New Italian fund Fondapi seeks asset managers
ITALY – Fondapi, the newly licensed pension fund for small and medium companies, is looking for three asset managers for a total of 56 million euros in mandates.
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Royal Bank shifts to specialists in revamp
UK - The Royal Bank of Scotland has hired seven new specialist asset managers in a revamp of its 12 billion-pound (18 billon-euro) pension fund that was previously exclusively managed by Gartmore and Newton.
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KAS Bank reduces staff by five in 2003
NETHERLANDS – Dutch custody services group KAS Bank reduced its staff levels by five in 2003.
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Investment Solutions nabs Maiden DB brief
UK – Media owner Maiden Outdoor awarded multi-manager Investment Solutions a 10 million-pound (14.8 million-euro) global mandate to manage British Transport Advertising’s closed defined-benefit pension fund.
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Airbus selects Invesco for employee pre-pension accounts
GERMANY- Aircraft manufacturer Airbus Deutschland has appointed Invesco Asset Management to administer and manage Lebensarbeitszeit-Konten or working-life accounts for its 18,000 employees.
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Winterthur boosted by pension rate cut
SWITZERLAND – Winterthur’s Swiss life unit swung to profit in 2003 – aided in part by a controversial reduction in the minimum interest rate on second-pillar pension schemes to 3.25% from four percent.
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European investment funds rise 12% - FEFSI
EUROPE – The combined assets of the European investment fund market rise by 12% in 2003, said industry body FEFSI.
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State Street joins equity trade platform E-Crossnet
EUROPE – State Street Corp. has become a participant and shareholder in the European equity trading platform E-Crossnet.
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S&P to shift US indices to ‘free float’
US – Standard & Poor’s is to change its US indices so they more closely reflect the amount of shares available to investors.
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Ethix in talks with institutions, Wassum tie
SWEDEN – Socially responsible investing consultant Ethix has confirmed it may sell a stake to institutional investors – and that it has entered a cooperation with Hewitt affiliate Wassum.
