All IPE articles in November 2002 (Online) – Page 2
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Pensions could hit European ratings – S&P
European companies could find their credit ratings cut as a result of unfunded pension liabilities – though there is no “immediate” concern, says Standard & Poors.
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Germany’s MetallRente reaches one million members
GERMANY - MetallRente, the pension fund for Germany’s metal and electric industry, has more than doubled the number of companies it has under contract – in the process taking its potential target coverage to one million. The fund now says it has the potential to become Germany’s largest institutional fund.
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UK pension funds short of bonds - State Street
UK - State Street Global Advisors' chief investment officer is quoted in a newspaper interview as saying that UK pension funds hold too many equities instead of bonds - and that too many companies are reliant on high equity returns to pay for their pensions.
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Fiat tenders three mandates
ITALY - Italian carmaker Fiat says it has put out to tender three mandates totalling 80 million euros for its pension fund for middle managers which is currently managed by Romagest and Morgan Stanley.
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Dimensional wins first European client: Zurich
SWITZERLAND - The Canton of Zurich’s 13 billion euro pension fund has appointed Dimensional Fund Advisors to manage a 50 million dollar US equity small cap portfolio, ousting Montgomery Asset Management. The appointment marks Dimensional’s first European client since it began marketing in Europe six months ago.
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Man Group "confident" as funds rise
UK - Investment company Man Group says it is confident about its future prospects as funds under management rise to $23.1 billion (23.16 billon euros) and fee income surges in the first half.
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UK funds "post 13% negative return"
UK - Deutsche Bank-owned consultancy the WM Company calls the situation “severe” as UK pension funds post a negative return of almost 13% in the three months to the end of September 2002.
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Norway: investment proposals welcomed
NORWAY - Norway’s market players have welcomed proposals to change regulations governing pensions fund investments as set out in a report by Caspar Holter, partner of Oslo-based consultants Pensjon & Finans.
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European funds' use of private equity grows
EUROPE - Pension funds worldwide are finding “the appeal of private equity hard to ignore”, according to research-based consultancy firm, Greenwich Associates. Investments in the asset class have increased considerably over the last 12 months, and the trend is expected to continue.
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Britannic Asset Management names UK equities head
UK - Britannic Asset Management has appointed Kevin Fenelon as its investment director of UK equities. Fenelon is currently head of UK large cap investments at Britannic and will continue to oversee the business.
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Pension woes to hit Belgian companies
BELGIUM – Some of Belgium’s biggest companies are faced with a pensions shortfall which could hit their 2003 results due to a pension plan adjustment, says Belgian asset manager Puilaetco.
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ABB to inject $200m into pension fund
SWITZERLAND - Swiss/Swedish power and automation technologies provider ABB Ltd says it will inject 200 million dollars (198 million euros) into its pension fund by the end of the year.
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CREF chiefs vote to reject transparency
Board members at CREF, the 106 billion dollar (105 billion euro) investment component of US teachers’ retirement fund TIAA-CREF, have voted against disclosing how their own votes are cast on social and environmental issues - a move which could be seen to compromise TIAA-CREF’s reputation as an advocate of good corporate governance.
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Bonde named head of Sweden's FSA
SWEDEN - The Swedish government has named Ingrid Bonde as head of the Financial Supervisory Authority. She faces what the government termed "serious challenges".
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Pension funds shun domestic stocks - report
EUROPE - Pension funds are moving away from investing in domestic equities, says research group Greenwich Associates. And what it calls a “global standard” of investment management methods is emerging.
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Norges Bank sets $1.25bn equity RFPs
NORWAY- Norges Bank Investment Management, overseer of the 85 billion dollar (84 billion euro) Norwegian petroleum fund, has announced equity request for proposals, or RFPs, worth a combined 1.25 billion dollars.
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Accenture sees hole in UK pensions take-up
Consultancy firm Accenture has identified what it calls a "massive hole" in the take-up of pension in the UK - a hole which could present a sales opportunity for banks.
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TotalFinaElf hires Hewitt Bacon for new scheme
UK - French oil company TotalFinaElf has hired consultants Hewitt Bacon and Woodrow to act as advisor on its newly merged 1 billion pound (1.57 billion euro) UK pension fund. Financial terms of the deal were not disclosed.
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Former Dresdner chief joins UK's Isis
UK - Isis Asset Management says it has hired a former senior executive at Dresdner Kleinwort Wasserstein as its new head of institutional funds.
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Worldwide funds fall 1.6% in Q2 - report
EUROPE - Global investment fund assets declined 1.6% at the end of the second quarter - though the fall was "moderated" by the weakness of the US dollar, according to data compiled by the European investment fund industry's umbrella organisation Fefsi.
