All IPE articles in May 2005 (Online) – Page 6
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TIAA-CREF CFO steps down amid SEC probe
US – Elizabeth Monrad, chief financial officer at US educational pension fund group TIAA-CREF, has stepped down because she is being investigated in relation to the General Re affair.
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NAPF: PPF chief discusses benefits
UK - The new Pensions Protection Fund would only cut benefits as a “last resort” says PPF chairman Lawrence Churchill.
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NAPF: Faulkner berates government
UK – The government’s understanding of how to manage pensions is on a par with that of trustees and it too needs education, the outgoing chairman of the National Association of Pension Fund said today.
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IPE-QUEST: MidEast investor tenders $200m
MIDDLE EAST – A UK-based consultant has tendered $200m (€157.4m) for Nordic hedge fund ma
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ING IM’s institutional assets fall 17%
NETHERLANDS – Institutional assets under management at ING Investment Management have fallen 17.2% to €99bn, following the sale of Baring Asset Management.
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Germany’s Riester pensions start to take off
GERMANY – Sales of the so-called Riester pensions seem to be taking off, according to new figures from insurance firm AMB Generali.
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Mercer London chief Couchman quits
UK – Paul Couchman, head of the central London operations at Mercer Human Resource Consulting and former head of UK administration, is to leave the firm shortly.
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AXA survey backs Anglo-Saxon retirement model
GLOBAL – A survey of global retirement trends by French financial services group AXA has found that the Anglo-Saxon retirement model leaves people happier than other systems.
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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.
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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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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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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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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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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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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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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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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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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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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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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.
