All IPE articles in May 2005 (Online) – Page 5
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Ex-SSGA CIO Brown replaces Horlick at Schroders
UK – Alan Brown, who resigned in March as chief investment officer at State Street Global Advisors, is to replace Richard Horlick as head of investment at Schroders.
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Swiss first-pillar consultation extended
SWITZERLAND – The Swiss interior ministry has extended the period of consultation about changes to the AHV first pillar pension system by three months following protests from political parties.
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NAPF needs to broaden appeal, Ellison says
UK – The new chairman of the National Association of Pension Funds has said that in the future the association could turn into a federation including different interest groups like defined benefit schemes.
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UK Environment Agency in €1.4bn specialist move
UK - The UK's Environment Agency has awarded £995m (€1.4bn) to six specialist managers - resulting in a loss of balanced mandates for Legal & General, Henderson and Merrill Lynch.
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Watson Wyatt says Credit Lyonnais case dismissed
UK – Pension consulting firm Watson Wyatt says the negligent advise case brought against it by Credit Lyonnais has been dismissed.
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AP3 says it increases level of active risk
SWEDEN – Tredje AP-fonden, the third Swedish buffer fund, says it is increasing the level of active risk throughout its benchmark portfolio – which will see a global equity group taking full responsibility for equity mandates.
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Petroleum Fund €5bn lower than estimated
NORWAY – The Petroleum Fund was NOK42bn (€5.2bn) smaller at the end of last year than originally estimated by the government.
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‘50-year gilts not good for pensioners’
UK - Bonds with very long maturities are good news for the government and pension funds, but not pensioners, says Intelligent Capital’s Avinash Persaud.
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Italian pension saving rules miss deadline
ITALY – New retirement saving legislation that had been expected by the first half of May has failed to materialise.
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Low interest rates hit KLP’s investment income
NORWAY – KLP, the mutually owned life insurance and asset management group, says its investment income in the first quarter was hit by low interest rates and weaker stock markets.
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Croatian pension funds regret regulator merger
CROATIA - Croatia is to merge three of its four financial institution regulators in a move that is unpopular with the pensions industry.
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NAPF: Blunkett calls for consensus
UK – David Blunkett, the new secretary of state for work and pensions, has called for cross-party and popular consensus to find a long-term solution to the pension crisis.
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Pensions a “massive market” says Allianz
GERMANY - German insurance giant Allianz says the private retirement field is a “massive market”.
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NAPF: Myners calls for transparent voting
UK - The government should require institutional investors’ voting to be “a matter of public record” says Paul Myners, author of a 2001 report on institutional investment.
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Kas Bank says commission income rises 10%
NETHERLANDS - Kas Bank’s commission income developed in line with the last-year’s trend – a rise of approximately 10% - during the first quarter of 2005, it said in a statement.
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NAPF: Turner says pension system unfit
UK - Adair Turner says that almost all the new information gathered since his Pension Commission’s first report last October has confirmed that the existing system “is not fit for purpose”.
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Germany’s PAYG reserve falls to new low
GERMANY - The sustainable reserve for Germany’s state-run pay-as-you-go pensions scheme hit a new low in April, sparking fears that the reserve may be too small to cover estimated deficits for this year and next.
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Pension compulsion debate returns to UK
UK – The issue of whether people should be forced to save for their pensions seems to be back on the political agenda following remarks from new pensions secretary David Blunkett.
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Fidelity institutional chief joins Odey
EUROPE - David Stewart, president of Fidelity International's European institutional business, is to join Odey Asset Management as chief executive.
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Turkey expects approval for pension reform
TURKEY – The Turkish government says it expects parliament to approve the new pension reform law by the end of June.
