All IPE articles in May 2005 (Online)
View all stories from this issue.
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Germany’s Rürup wants civil service pension cuts
GERMANY - Professor Bert Rürup, the government adviser on pensions, has provoked the anger of German civil servants by urging the government to cut their pension benefits by one-sixth.
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Agricole buys Intesa fund arm for €850m
ITALY – Italian banking group Banca Intesa and Crédit Agricole have agreed to a 12-year deal that sees their asset management arms merging into an entity which would be second in the Italian market.
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Pensions Management Institute names new CEO
UK - The Pensions Management Institute has named Roger Booth, a former global head of custody at Deutsche Bank, as chief executive.
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Norway sees lower returns amid low bond yields
NORWAY – The Norwegian central bank has flagged up the impact of low bond yields on pension funds – and said that the maximum return can be lowered.
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Trichet says pensions a factor in market growth
EUROPE – European Central Bank president Jean-Claude Trichet has identified higher demand for pensions as one of the factors behind the growth of financial markets.
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Man Group names institutional sales head
UK – Hedge fund group Man has named Piers Westerman to the new role of global head of institutional sales.
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Sweden presents occupational pensions bill
SWEDEN - The Swedish government was today set to present a bill to parliament to implement the EU directive on occupational pensions.
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Royal Mail pensioners fear scheme wind-up
UK – Pensioners of the Royal Mail pension scheme, which is £2.5bn (€3.6bn) in deficit, have voiced concerns about a possible closure or wind-up of the fund.
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Dutch ‘could miss out in pan-European market’
NETHERLANDS – The Netherlands could fall behind in the pan-European pensions market, an industry executive has warned.
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Credit Agricole AM London chief leaves
UK – Ian McEvatt, chief executive of the London branch of Crédit Agricole Asset Management is to leave and be replaced by investment chief Bruno Crastes.
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Morley to manage €145.3m for Kelda
UK - Morley Fund Management says it has been awarded a £50m (€72.6m) fixed income mandate and a £50m indirect property mandate by Kelda Group Pension Plan.
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New warning over schemes’ equity concentration
UK - UK pension funds’ tendency to expose themselves to a handful of FTSE companies could end with the collapse of some of the big names, says Hymans Robertson principal George Henshilwood.
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Breedon’s promotion leaves gap at LGIM
UK – Tim Breedon, group director of investments at Legal & General Investment Management, is to take over from L&G group chief executive David Prosser.
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Davies to chair UK asset management association
UK – Simon Davies, chief executive of Threadneedle Asset Management, is to take over from Lindsay Tomlinson as chairman of the Investment Management Association.
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PensionDanmark to build apartments for rent
DENMARK - Danish industry-wide pension fund PensionDanmark is moving into residential property with a three-year programme to build apartments in three areas of Copenhagen.
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Alfred Berg’s Finland MD Koskimies quits
FINLAND – Mikko Koskimies, managing director at ABN Amro’s Alfred Berg Asset Management arm in Finland, has quit with his deputy to join insurance group Pohjola.
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Mellon loses $105m in sale of consulting arm
GLOBAL – Mellon Financial Corp. is selling its human resource-consulting arm for $40m (€31.9m) less than expected – resulting in a loss of more than $100m on the deal.
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German MPs under pensions scrutiny
GERMANY – Federal MPs should start paying for their own pensions immediately after the next election, says the Confederation of Taxpayers, or BdSt.
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Rabobank pension fund yields 9.3%
NETHERLANDS - The pension fund of Dutch financial services group Rabobank made a return of 9.3% in 2004 – the same as 2003.
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IPE-QUEST: Dutch fund tenders €150m
NETHERLANDS – A Dutch pension fund has tendered three equity mandates totalling up to €150m via IPE-Quest.
