All articles by Meagan Rees – Page 10
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Pensions Regulator keeps mum on BAA talks
UK – The Pensions Regulator is keeping mum on whether it has been approached for clearance yet by takeover target BAA or its takeover bidder, the Spanish-based Ferrovial infrastructure group.
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European institutions snap up new Finnish IPO
FINLAND – Just over 100 European institutional investors have snapped up the shares in Finnish financial services firm FIM Group’s new initial public offering.
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Dutch, UK chiefs quit ABN Amro Asset Management
EUROPE – Two high-level Netherlands and UK executives, Marc Verberne and Dermot Keegan, have quit ABN Amro Asset Management to join rivals.
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Italy’s Previcooper seeking asset managers
ITALY – Previcooper, the €73m supplementary second pillar pension for employees of Italy’s co-operative distribution industry, is looking for asset managers for the ‘Safe’ portfolio of its ‘multicomparto’ structure.
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BBC dismisses speculation over pension closure
UK – The BBC today dismissed as “speculation” media reports that it would shut its final salary scheme to new members, and increase retirement age, following a three-yearly actuarial valuation of the roughly £6.4bn (€9.2bn) scheme.
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Pension Protection Fund seeks solvency advice
UK – The Pension Protection Fund has put out an expression of interest application for pension fund consultancy services.
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ABN Amro Mellon wins €115bn DEPFA brief
UK – State Street and the Bank of New York have lost out to ABN Amro Mellon in competition to win a €115bn custody and securities lending mandate awarded by the DEPFA Group headquartered in Dublin.
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ABP is considering opening an Asian office
NETHERLANDS – Stichting Pensioenfonds ABP, Europe’s largest pension fund, is considering opening an office in Asia.
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ABP settles TimeWarner claim for €16m
NETHERLANDS - Dutch civil service scheme ABP, Europe’s largest pension fund, has settled a damages law suit for $20m (€16.5m) – or one-tenth of the original claim - against global movie and media giant AOL/TimeWarner.
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London pension fund CEO Scales to retire
UK – Peter Scales, chief executive of the roughly £3.5bn (€5bn) London Pension Fund Authority, is to retire on December 31.
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Pension funds buy into Clariant bond issue
SWITZERLAND – A significant amount of pension fund money went into Swiss chemical firm Clariant’s new UK-listed seven-year €600m Eurobond.
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Cordares sets up pension product for new union
NETHERLANDS – Cordares is to create a new individual and ‘user-friendly’ pension planning product for the new union for Dutch self-employed people.
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UK’s Co-op seals €7.2bn pension fund merger
UK – The Co-operative Group has decided to shut its final salary scheme and merge its existing schemes into a single roughly £5bn (€7.2bn) career average salary fund.
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NAPF worried about NPSS ‘fourth pillar’
UK – The National Association of Pension Funds has expressed its fears about the proposed National Pensions Savings Scheme becoming an unnecessary “fourth pillar”.
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ABP setting 2007 investment plan
NETHERLANDS – Stichting Pensioenfonds ABP, Europe’s largest pension fund, is currently in the process of establishing its new strategic investment plan to run from 2007 to 2009.
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Brewer InBev changes pensions admin (correct)
UK - The £295m (€420.6m) defined benefit pension fund of global brewer InBev has axed Paymaster as pensions administrator in favour of Watson Wyatt (corrected).
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Schemes ‘eye emerging markets despite jitters’
UK – Pension funds are likely to increase their investment allocation to global emerging markets despite fears of a growing bubble, according to Aberdeen Asset Managers.
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Ex-Mercer chief joins BT scheme as trustee
UK – The £35bn (€50.2bn) BT Pension Scheme has appointed former Mercer Human Resource Consulting chief executive David Barford and former Prudential Group finance director Les Cullen as trustees to the fund.
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Swedish watchdog wants more provider flexibility
SWEDEN - The Swedish Financial Supervisory Authority Finansinspektionen has called for all private pension savers in Sweden to have the right to move their pension savings between pension providers.
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Merrill Lynch changes staff retirement terms
GLOBAL – Merrill Lynch employees will have to work longer and retire later if they want to cash out their company shares.
