All IPE articles in November 2002 (Online) – Page 3
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News
Calpers private equity performance faces scrutiny
US - Calpers, the US’s largest public pension fund, may have to reveal the performance data and stocks of its 20 billion dollars of private equity investments, after making the information secret last year.
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Fortis assets slide 10% as it posts net loss
BELGIUM - Fortis Bank – which has 12.67 billion euros in European pension assets under management – saw its assets under management slide by 10% in the first three quarters of 2002 as it posted a net loss in the third quarter.
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Spain: Credit Suisse launches bond-only pension
SPAIN - Credit Suisse’s insurance and pensions division has launched a fixed income-only pension plan in Spain, citing new customer demand.
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Fidelity launches US growth fund in Europe
EUROPE - Fidelity Investments International has launched an America Earnings Growth Fund, targeting institutional investors who want exposure to US larger companies with strong earnings growth potential. The fund will be available initially to investors in the UK, France, the Netherlands, Switzerland and Norway.
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Hedge funds see steady stream of interest - report
US - Institutions are showing a steady stream of interest in investing in hedge funds, according to new research by industry tracking outfit Tass.
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Standard Life to launch UK real estate fund
UK – Standard Life Investments is to launch a UK commercial property income fund, underpinned by a portfolio of properties let on long leases. The fund is targeting an annual gross dividend yield of 6.5%, and is estimated to reach 250 million pounds (394 million euros) in size when ...
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EU pensions directive reaches parliament
EUROPE - The European pensions directive inched forward last night when the European Council of Finance Ministers formally transmitted the new form of the directive to the European Parliament so that it can go through a second reading.
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Denmark: researchers analyse with-profits schemes
DENMARK - Two Danish researchers have modelled the bonus-crediting mechanism of with-profits policies issued by Danish pensions providers.
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EC proposes new investment directive
EUROPE - The European Commission has proposed a new directive addressing transparency, competition and securities trading which could allow investment firms to operate across the European Union effectively. The move would replace legislation dating back to 1993.
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Specialists oust Gartmore, Schroders at Worcester
UK - Gartmore Investment Management and Schroders Investment Management are the latest balanced portfolio managers to be dropped by a UK local authority in preference to specialist managers.
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CalPERS reappoints equity managers
US - CalPERS, America’s largest public pension fund, has reappointed its 15 external active international equity managers and its 11domestic equity managers for a further year, which combined manage approximately 20 billion dollars (20 billion euros) of the fund’s assets.
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Market falls hit defined benefit plans – report
US - A new report has found that defined benefit pension funds worldwide have been hit by declining capital markets, and that the situation may have “potential balance sheet implications”.
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Spain: Lipper sees mutual fund “U-turn”
SPAIN - The total size of Spanish mutual fund assets rose by 1.46% to 171.8 billion euros in October, says research firm Lipper. Lipper says the growth reflects a “U-turn” in stock markets.
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Bank of Ireland asset chief to retire
IRELAND - The Bank of Ireland’s asset management business – which has 12.94 billion dollars (12.89 billion euros) in European pension funds under management - has said that its chief executive Willie Cotter is to retire and be replaced by Brian Goggin.
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Investec wins mandate as asset profits rise
UK – Financial services firm Investec’s asset management profits rose slightly in the first half – coinciding with news that it has won a 20 million pound (31.4 million euro) balanced mandate in the UK.
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US firms face $80bn pension shortfall - report
US - Goldman Sachs estimates that US companies will have to raise their contributions to defined benefits pension plans by 80 billion dollars (79.67 billion euros) per year.
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Goldman asset management staff rises 8%
LONDON - Despite what it terms “difficult markets”, Goldman Sachs’ asset management division in Europe now has 8% more asset managers than a year ago, though Goldman was unable to provide headcount numbers.
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Deutsche Boerse adds six exchange traded funds
GERMANY - Exchange operator Deutsche Boerse has added six new exchange traded funds to its roster, taking its total ETFs to 86.
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UK: Intelek move prompts funding scrutiny
UK - Pension funds with large shortfalls need to look at new ways of meeting their funding requirements, says Tim Cox, a partner at law firm Linklaters. He was speaking in response to a move by a small UK telecoms equipment maker to grant its pension fund trustees a charge ...
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AMP warns of asset writedown
Australia - AMP – which via its Henderson Global Investors unit controls 29.21 billion euros in European pension fund assets - has warned that it will reduce the book value of its assets because they are overvalued compared to market values. The move follows AMP’s decision to cut 1,200 jobs ...
