All IPE articles in November 2004 (Online)
View all stories from this issue.
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German regulator admits pensionskassen could miss safety net
GERMANY – The German regulator has admitted that members of the pensionskassen retirement schemes could miss the proposed safety net for schemes whose parent companies have gone bankrupt.
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Dutch market regulator eyes pension fund role
NETHERLANDS - The Dutch Ministry of Finance is on a collision course with the ministry of Social Affairs over a possible extension of the regulatory powers of its stock market watchdog AFM to cover pension funds.
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Multinationals to consolidate pension advice - survey
GLOBAL – Multinational companies are likely to consolidate their pension advisors and service providers as they seek to exploit economies of scale, a new survey has claimed.
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New trustee chairman named at UK’s Royal Mail
UK – Jane Newell is to take over from Roy Chapman as chairman of Royal Mail Pension Trustees Ltd., which oversees the 12 billion-pound (18 billion-euro) deficit-hit Royal Mail pension scheme.
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KLP bales out of Marathon, Exxon over corruption
NORWAY – Norwegian life insurer Kommunal Landspensjonskasse, which provides funded public pension schemes for municipalities and regional authorities, says it will sell its shares in oil firms Marathon and Exxon.
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EU not debating demographic crisis – Patten
EUROPE – Former European Commissioner Chris Patten has said there is little political debate yet at the European level about demographic ageing – and warned the crisis is not a good basis for European integration.
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BNP Paribas outsources its fund administration and middle office
FRANCE - BNP Paribas Asset Management has become one of the first French fund managers to outsource its middle office and fund administration operations.
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IMF adds voice to chorus wanting Europe to increase retirement age
EUROPE - The International Monetary Fund has added its voice to the growing number of calls for Europe to urgently raise its retirement age.
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Triago launches second-hand private equity arm
FRANCE - Triago, a Paris-based private equity adviser, has formed a separate arm to help institutions sell their assets in this sector.
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Ireland’s Hibernian names new life & pensions MD
IRELAND – Hibernian has named group finance director Tony O’Riordan as managing director of its Life & Pensions arm.
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Italy: pensioners bear budget cost, unions say
ITALY- The general secretary of one of the three biggest Italian trade unions has said pensioners will bear the brunt of the forthcoming 2005 budget, which the government promises will bring 6.5 billion euros in tax cuts.
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Martin Currie funds professorship with E356,000
UK – Asset management firm Martin Currie Investment Management has funded a university professorship with a total of 250,000 pounds (356,700 euros).
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Shell pension proposals anger unions
NETHERLANDS - Trade unions in the Netherlands have responded furiously to proposals by oil giant Shell to increase the pension age for its 11,000 Dutch workers from 60 to 65.
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INTERVIEW: CSAM Germany on institutional targets
GERMANY - Credit Suisse Asset Management has set a goal of raising its current assets in the German institutional fund business by 30% by the end of 2006, its Germany chief says.
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CEIOPS sees pension schemes under Solvency II
EUROPE – The European Commission’s so-called Solvency II project on insurance solvency is likely to extend to occupational pension schemes, the chairman of an EU insurance and pension committee has said.
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PFA Pension sells Luxembourg arm to Kaupthing
LUXEMBOURG – Denmark’s PFA Pension has sold its Luxembourg arm to Icelandic group Kaupthing for an undisclosed sum.
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AP7 fires CDC Ixis for poor performance
SWEDEN – The 40 billion-crown (4.5 billion-euro) Seventh Swedish National Pension Fund, Sjunde AP-fonden, has sacked CDC Ixis Asset Management – the first time it has fired an asset manager for poor performance.
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Iceland funds exit fixed income – supervisor
ICELAND – Pension funds in Iceland have cut their allocation to fixed income to 44% from 69% six years ago, the Financial Supervisory Authority says.
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Pension rate key in possible Winterthur sale
SWITZERLAND – Switzerland’s 2.5% legal minimum interest rate guarantee for pensions could be a factor in the possible sale of insurer Winterthur, observers say.
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Dutch employers group warns over pre-pensions
NETHERLANDS – Plans to repair pre-pension in the Netherlands could lead to a ‘pension catastrophe’ a leading employers’ association has warned.
