All IPE articles in May 2005 (Online)
View all stories from this issue.
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News
Germany: 2006 pension freeze is “speculation”
GERMANY - The German social affairs ministry says a newspaper report indicating that the government is likely to bar an increase in the state pension for the third consecutive time in 2006 is “total speculation”.
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Deutsche in €24bn European institutional inflow
EUROPE – Deutsche Bank says its asset management arm had €24bn of net institutional inflows in the first quarter of 2005.
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Credit Suisse defeats pension funds at AGM
SWITZERLAND – A corporate governance motion brought by a group representing Swiss pension funds has been defeated at Credit Suisse Group’s annual general meeting.
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Ireland eyes pan-European pension role
IRELAND – The Irish government has stated its commitment to positioning itself as the domicile of choice for pan-European pension schemes following legislation to transpose the EU directive on occupational pensions.
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Three Danish schemes plan €5bn merger
DENMARK – The defined contribution pension schemes B&A Pension, HTS Pension and PKS - which cover nearly half a million workers - are to merge in a single entity worth DKK42bn (€5.7bn).
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MN Services net profit increases by 94%
NETHERLANDS - MN Services, one of the largest Dutch pension fund administration and management services firms, says its overall net profit rose 94% in 2004 to €9.1m.
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West Sussex CC makes State Street sole custodian
UK - The 740 million pounds (Euro 1.08 billion) West Sussex County Council Pension Fund has consolidated custody of its assets under State Street Corporation, one of its existing custodians.
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Ireland gives lowest pension replacement rates
GLOBAL – Ireland is the European country with the lowest net replacement rates of pensions to incomes within the Organisation for Economic Co-operation and Development (OECD).
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ABA Meeting: Opposition confirms pensions tax benefits
Germany – The conservative opposition in Germany would make permanent the tax exemption for employee contributions under the so-called Riester pension if it comes to power after next year’s federal election, according to a senior party official.
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Allianz sees Euro 16 trillion pensions market by 2015
GERMANY - Europe’s market for occupational and private pensions should more than double to euro 16.4 trillion in 2015 from around euro 7.4 trillion currently, as governments promote greater reliance on second- and third-pillar pensions, according to a new study by Allianz Global Investors (AGI).
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ABA report: Big ‘rise’ in German second pillar coverage
GERMANY - Around 60% of employees in the country’s private sector currently own some type of an occupational pension, up from 38% at the beginning of 2002, the German occupational pensions lobby aba has reported.
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Pension liabilities threat to Swiss cantons-S&P
SWITZERLAND – Swiss cantons and municipalities’ pension liabilities “pose a threat” to their credit quality, according to rating agency Standard & Poor's (S&P).
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Cerberus in ‘take-over talks’ with NIBCapital
NETHERLANDS -The Dutch private merchant bank NIBCapital is reportedly in discussions regarding a take-over from US investment company Cerberus Capital Management.
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Italy- pension investment rules ready by May 15
ITALY – A top-official for the Italian welfare ministry said that the government will be ready to present new rules for pension-savings investments by the first half of May.
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Danish funds seek US equity managers via IPE-Quest
DENMARK – Two Danish Pension funds have started a search for a North American equity manager via IPE-Quest.
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Luxembourg to relax substance requirement
LUXEMBOURG - The financial regulator Commission de Surveillance du Secteur Financier (CSSF) is rethinking its rules on substance for funds firms wishing to operate in the duchy and is set to relax its rules.
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Aon report highlights UK pension savings crisis
UK -- UK employees must come to accept that they will have either to work longer or save more to fund their retirement, according to new research from Aon Consulting.
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Zalm clarifies role of certifying actuaries
NETHERLANDS - Certification by an external actuary does not need to be mandatory for insurers, said Dutch finance minister Gerrit Zalm.
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MLIM taps Gartmore’s Price as CIO EMEA Pacific
UK – Merrill Lynch Investment Managers (MLIM) has hired Gartmore’s Quintin Price as chief investment officer (CIO) for the Europe, Middle East, Africa and Pacific region (EMEA Pacific).
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Credit Suisse pension business down amid 3% growth
SWITZERLAND – Credit Suisse Group’s pension-related business including asset management and insurance, has recorded a down-trend in the first quarter of 2005 in spite of the group recording a 3% net income growth.
