All IPE articles in May 2005 (Online) – Page 3
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S&P launches default assessment for trustees
UK - Rating agency Standard & Poor's has launched a service for UK pension scheme trustees, which it says enables them to independently gauge the default risk of the sponsor.
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ABN Amro Mellon poaches DB's Korsanke
EUROPE - ABN Amro Mellon Global Securities Services has poached Robert Korsanke from Deutsche Bank as the new senior sales manager for its Frankfurt office.
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Finland’s Etera awards €250m to Kaupthing
FINLAND – Icelandic banking group Kaupthing says its asset management arm has been awarded around €250m by €4.9bn Finnish pension insurance company Etera.
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New UK pensions minister Blunkett to address NAPF
UK – David Blunkett, the new secretary of state for work and pensions, is to address the National Association of Pension Funds’ annual conference later this week.
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Unilever names new Belgian pension head
BELGIUM - Ronald Domen has been appointed national pensions manager for Unilever in Belgium as of the start of this month.
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Shell Pensions’ Hickey leaves to join F&C
UK – F&C Asset Management says it has hired Japanese equity specialist Adrian Hickey from oil group Shell’s in-house pensions management arm.
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Bank of NY makes two UK senior appointments
UK – The Bank of New York has made two senior UK appointments: Peter Christmas and Mark Westwell.
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Germany’s MLP taps Alpha for €800m
GERMANY - Investment consultant Alpha Portfolio Advisors says it has been awarded €800m by independent financial advisory firm MLP.
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Ex-Citigroup arm First Private names economist
GERMANY - First Private KAG, the former German institutional arm of Citigroup Asset Management, has appointed a new chief economist whose chief role will be to analyse developments on international bond and foreign exchange markets.
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Storebrand’s asset management profit halves
NORWAY – Pre-tax profit at Storebrand Investments more than halved to NOK8m (€1m) in the first quarter of this year, from NOK17m a year earlier.
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OECD unveils glossary of pensions terms
GLOBAL – The Organisation for Economic Cooperation and Development has created a 102-page glossary and classification for private pensions.
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Greece considers new bank pension scheme
GREECE – The Greek government, bankers and the Bank Workers Federation, are in talks about the sector’s fragmented system, which could end with the launch of a single pension fund.
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NIB Capital declines comment on losses report
NETHERLANDS – NIB Capital, the bank co-owned by the two largest Dutch pension funds, has declined to comment on a newspaper report that a Belgian joint venture has lost millions of euros in options trading.
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Standard Life hires ex-DeAM institutional exec
EUROPE - Standard Life Investments has appointed Mark Connolly, a former institutional sales executive at Deutsche Asset Management in the UK, as its new executive director for distribution and client service.
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UK names Timms as minister of state for pensions
UK – The ministerial team at the Department for Work and Pensions has been completed with the appointment of Stephen Timms as minister of state for pensions.
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Watson Wyatt UK hedge researcher moves to US
UK/US – Gideon Nieuwoudt, a hedge fund researcher at Watson Wyatt in the UK, has transferred to Watson Wyatt Investment Consulting in the US.
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Italy eyes date for second-pillar boost
ITALY – Italian welfare minister Roberto Maroni has said that one of the main aspects of the pension reform aimed at developing the second pillar could be implemented in July - in spite of a continued lack of clarity about the regulator.
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Commodities still promising - Compendeon
NETHERLANDS - Despite the strong price rises so far, commodities are still a sensible asset class to invest in, says Dutch pensions investment management consultant Compendeon.
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Commerzbank to pull plug on Pensor (Update)
GERMANY - Germany’s Commerzbank is in the midst of selling a majority stake in Pensor Pensionsfonds, an equity-oriented pension vehicle created by the Riester reforms of 2001, due to dissatisfaction with the fund’s performance so far, IPE has learned. (Updates with extra comment)
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JP Morgan replaced by State Street at AMEC
UK – JP Morgan Investor Services is among the losing custodians as State Street Corp. has won two mandates to service the £950m (€1.31bn) AMEC Staff and Executive pension schemes.
