All IPE articles in November 2002 (Online) – Page 2
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News
UK pension proposals delayed
UK – Andrew Smith, work and pensions secretary, has announced that the “Green Paper” on pensions reform will now be released at 15:30 GMT Tuesday 17 December. The paper had been expected to be released to coincide with the Chancellor’s pre-budget report.
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News
AIB’s fund profits growth “less than desired”
IRELAND – Allied Irish Bank, citing market volatility and uncertainty, said its fund management profits growth in 2002 was “less than desired”.
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Pioneer names fixed income head in Dublin
IRELAND – UniCredito Italiano’s asset management arm Pioneer Investments has named a new head of fixed income in Dublin, Raffaele Bertoni. He will report to Mauro Ratto.
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News
Vermeiren retires from Belgium's KBC Bank
BELGIUM – Remi Vermeiren, chief executive officer at KBC Bank, and KBC Bank and Insurance Co., is to retire. Willy Duron will replace him as CEO of KBC Bank and Insurance Holding Co., while André Bergen will take over as CEO of KBC Bank.
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Febs opens pan-European pensions operation
SWITZERLAND – Financial & Employee Benefits, or Febs, has opened an office in Winterthur, Switzerland with the aim of administering mobile pensions for corporations on a pan-European basis.
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France to add e500m to pension reserve fund
FRANCE – France’s state pension reserve fund is to have an injection of 500 million euros, thanks to the French state's sale of its 10.9% stake in Crédit Lyonnais to BNP Paribas for 2.2 billion euros.
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News
US employer contributions to rise - report
US – Up to 65% of US pension plans may require contributions from employers in 2003 due to lower stock market values, says consultancy firm Watson Wyatt.
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IPE previews UK pension reform proposals
UK – With the UK government’s “Green Paper” proposals on pension reform expected to be released from November 27 onwards, IPE-Newsline previews the key issues that will be addressed.
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Prudential focuses on European asset management
US – US-based Prudential Financial is to scale back its European brokerage activities to focus on asset management.
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News
Aegon to buy Dutch pensions administrator
NETHERLANDS – Aegon’s Dutch subsidiary, Aegon Nederland NV, has said it is in talks to acquire TKP, the administration agency created by the Dutch posts and telecoms pension funds, in a bid to break into the Dutch larger pensions market. Price has not been disclosed.
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News
Germany: Eichel seeks wider pension contributions
GERMANY – Hans Eichel, Germany’s finance minister, has made further suggestions on how the state’s pension system should be changed. In an interview with ‘Focus’ magazine, Eichel explained that self-employed citizens, civil servants and politicians should be contributing to the country’s social security system for their retirement provision.
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European pension funds' FX costs are 'too high'
EUROPE – European pension funds could make significant savings by paying attention to the rates they are charged on foreign currency transactions, according to consultants Mercer Investment Consulting and Record Currency Management.
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UK: Hackney tenders mandates worth e710m
UK – The London Borough of Hackney has put out to tender a series of mandates, including a transition mandate, for the whole of its 450 million pound (710 million euro) pension fund. The scheme’s assets are currently managed in-house and by Barclays Global Investors (BGI) on a balanced basis.
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EU Parliament to discuss pensions on Wednesday
EUROPE - The European Parliament’s Economic and Monetary Affairs Committee is to discuss the latest draft of the EU pensions directive on Wednesday.
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News
Standard Life launches UK mid-cap fund
UK - Standard Life Investments has launched a UK small and mid cap equity fund, targeting both retail and institutional investors, called the UK Opportunities Fund.
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News
European custody market ‘lacks transparency’
EUROPE - A report commissioned by the European Asset Management Association has called for greater transparency in custody contracts and highlighted “ambiguity and uncertainty” about the liabilities of custodians in the event of operational failures.
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BNP sees fund 'cooperation' with Credit Lyonnais
FRANCE - BNP Paribas – citing possibilities for cooperation in, amongst other areas, fund management - has bought 10.9% of rival French bank Credit Lyonnais from the French state for 2.2 billion euros. Between them, the banks control 6.3 billion euros in European pension assets.
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UK faces claims over pensions protection
UK – The UK government could be open to legal claims for failing to implement an EU directive protecting the pensions of employees of firms that become insolvent.
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News
Commerzbank to sell US unit Montgomery
GERMANY – Commerzbank AG is to sell the greater part of its asset management activities of the US company Montgomery Asset Management in a bid to focus more on European asset management.
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News
UK's Close Bros expands private equity team
UK – Close Brothers Private Equity, private equity arm of the UK merchant bank Close Brothers Group, has hired two new investment managers as the private equity business has taken off, expanding the team’s headcount to 13.
