All IPE articles in May 2005 (Online) – Page 8
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SNS Reaal agrees new style DC plan with unions
NETHERLANDS – Banking and insurance group SNS Reaal has made its pension fund independent. it is one of the first larger Dutch companies to do so.
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Outsourcing good way to streamline - Compendeon
NETHERLANDS – The decision by the pension funds of Philips and Akzo Nobel to outsource their asset management and administration marks the start of a trend of placing pension funds at a distance from the sponsoring company, according to Dutch management consultant Compendeon.
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Unconstrained bonds management adds value-Hewitt
FRANCE – Institutional investors with sizeable bonds portfolio should consider unconstrained mandates, according to Vincent Puche, head of Hewitt Associates’ Parisian practice.
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Europe drives Hewitt’s consulting growth in Q2
GLOBAL – Consulting and HR firm Hewitt Associates, reported a 4% revenue increase in its consulting segment in the second quarter thanks to a growth in retirement plan management consulting in Europe.
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L&G ready for capped index investments fund
UK – Legal &General is ready to operate a capped index investment fund for institutional investors requiring broader diversification as large cap UK companies increase in size and weighting.
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ABP rejigs investment process in drive for alpha
NETHERLANDS - Europe’s largest pension fund ABP has restructured completely how it goes about managing its assets. The E170bn fund has switched to being predominately in-house managed and is 100% on an active basis dedicated to producing alpha.
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Akzo Nobel first to abolish collective prepension
NETHERLANDS - Chemical company Akzo Nobel is the first company to abolish the collective prepension scheme for its Dutch employees. Instead they can save individually for long-term leave via the new ‘levensloop’ scheme, which still will allow retirement at 62.
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ABA-Pensionskassen can reduce rate of return
GERMANY - Pensionskassen, one of the mainstays of German pension funding, may lower their guranteed rate of return on savings from 2.75% currently to between 2.25% and 2.0% from January 2007, according to the head of Aba’s Pensionskassen section.
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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.
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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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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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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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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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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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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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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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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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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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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 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.
