All IPE articles in November 2002 (Online) – Page 6
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News
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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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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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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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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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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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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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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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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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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Gerling expands pensions consulting business
GERMANY – German insurer Gerling has expanded its employee benefits operation by merging of its internal pensions department with its existing pensions consultancy business.
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State Street: enhanced index funds gain in Europe
UK – State Street Global Advisors says it is getting a lot of interest from European institutions in its enhanced index funds.
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News
Netherlands' ABP to raise premiums to 15%
NETHERLANDS – ABP, the 146 billion euro Dutch civil service pension fund, has announced that it will raise the rate of contributions from employers and employees from 13% to 15%, as a result of weak stock markets.
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UK’s Brown disappoints on pensions
UK - The UK’s Chancellor of the Exchequer Gordon Brown has disappointed industry-watchers for providing no new incentives for pension provision in his pre-budget report.
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Hewitt’s fourth-quarter consulting revenues surge
US – Pension and human resources consultant Hewitt Associates’ fourth-quarter consulting revenues rose 47% to 186.1 million dollars from 126.7 million dollars in the fourth quarter of 2001. It said the rise was partly driven by its purchase of Bacon & Woodrow in the UK.
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Allianz Leben says company pensions “booming”
GERMANY – Allianz Leben says its company pensions business is booming, with growth coming from instant pensions and the “breath-taking” development of its Pensionskasse pension fund. But it sees challenges for pension provision ahead.
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News
AXA sets up UK pensions support unit
UK – AXA says it will spend a “considerable sum” to position itself among the top five players in the UK corporate pension scheme market. It has set up a specialist unit to provide large schemes with a range of support services designed to let firms keep running costs ...
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Sanpaolo's Fideuram sets up Dublin fund manager
IRELAND/ITALY – Sanpaolo IMI’s Banca Fideuram has established an operation in Dublin to manage a range of funds that are currently domiciled in Luxembourg.
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France's Fillon reaffirms need for pension reform
FRANCE – France’s minister of social affairs François Fillon has reaffirmed the need for a “profound reform” to the state’s pension system, claiming that the pension reserve fund’s (FRR) 150 billion euro target by 2020 is “out of reach”.
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Fortis adds to global custody team
BELGIUM - Fortis Bank has bolstered its global custody department in France and Belgium with the recruitment of Jan De Bolle from Kas Bank.
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News
Liverpool University fund opts for Jardine Lloyd
UK – Liverpool University’s pension fund has ended its 30-year relationship with consultancy firm Mercers by appointing Jardine Lloyd Thompson to provide actuarial services, consulting and investment advice.
