All IPE articles in November 2004 (Online)
View all stories from this issue.
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News
“Pragmatic” pensions accounting for UK banks
UK – Financial services firms in the UK are to be subject to “pragmatic” pension accounting rules in a bid to save millions of pounds in compliance costs, according to a consultation document from the Financial Services Authority.
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Deutsche asset strategy queried amid AUM slump
GERMANY – Deutsche Bank’s asset management strategy has come under scrutiny in the wake of disclosures that its institutional fund arm DeAM lost 13 billion euros in assets in the third quarter.
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IFRS prompts KAS to change pension scheme
NETHERLANDS - Dutch securities services provider KAS Bank is to change its own pension scheme amid higher costs as a result of new International Financial Reporting Standards.
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Austria attracts foreign pension funds – bourse
AUSTRIA – Developments in the Austrian stock market are attracting foreign pension funds, a bourse official has told IPE.
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ABN Amro AUM slips, hit by equities and FX
GLOBAL – ABN Amro’s client assets under management slipped 2.4% in the third quarter, hit by lower equity markets and foreign exchange movements.
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Fidelity names pan-Europe bond business head
EUROPE - Fidelity Investments has named Achim Gloger as business development director for pan-Europe in its institutional fixed income team to help as clients move into bonds.
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Germany: Universal adds E5bn institutional AUM
GERMANY - Universal Investment, a German provider of institutional funds, or Spezialfonds, said net inflows to the funds totalled 5.4 billion euros in the first nine months of this year – the highest of any provider based on statistics from German fund industry association BVI.
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Deloitte unveils pension pooling for multinationals
EUROPE - Professional services firm Deloitte has launched a pension pooling offering and said it is working with consumer products group Unilever on implementing pooling in practice.
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UK needs '10m migrants for pension crisis'
UK - The UK needs up to 10 million migrant workers by 2025 to maintain the basic state pension, according to new academic research.
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Nobel laureate pans World Bank pension model
GLOBAL - The World Bank’s three-pillar model for pension systems has been savaged in a study by Nobel Prize winner Franco Modigliani.
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PVK ceases to exist with DNB merger complete
NETHERLANDS - The controversial merger between the Dutch Central Bank and the Pensions and Insurance Supervisory Authority of the Netherlands has been completed – meaning the PVK has ceased to exist.
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Hermes hires London pension scheme’s Nash
UK - David Nash, investment officer for the 2.8 billion-pound (4.02 billion-euro) London Pensions Fund Authority, has left the pension fund to join Hermes Pensions Management.
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UBS asset management profit slips 20%
GLOBAL – Pre-tax profit at UBS Global Asset Management has slipped almost 20% in the third quarter despite three billion Swiss francs (1.9 billion euros) of new institutional business.
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German institutional funds up 3.6%, BVI says
GERMANY - Despite lacklustre financial markets, the volume of German institutional funds, or Spezialfonds, saw an increase of 3.6% in the first nine months of this year, statistics from German fund industry association BVI show.
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Aon Consulting taps Aquila for pensions admin
UK - Aon Consulting has appointed Aquila to supply its new software platform for pensions administration in a 10 million-pound (14.5 million-euro) deal.
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AP3 warns on costs of Swedish governance code
SWEDEN – Tredje AP-fonden, the 16.6 billion-euro Third Swedish National Pension Fund, has said Sweden’s proposed new corporate governance code may lead to higher costs.
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Charles Pictet critical of pensions accounting
SWITZERLAND - Charles Pictet, senior partner at Pictet et Cie, has said the implementation of the IAS19 reporting standards for pensions in Switzerland goes against the principles of the second pillar.
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Finland “clouded” by ageing – report
FINLAND – Finland’s long-term outlook is not only “clouded” by the imminent ageing of the population – but the pension reform set to come in next year is insufficient, says a new report.
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UK schemes in “long march” into bonds - Barclays
UK – Barclays Capital says possible new rules about pension fund transparency means further pension fund demand for bonds as funds begin “their long march out of equity into fixed income”.
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Call for “predictable” Swiss pension rate
SWITZERLAND - Swiss pension funds should see their real coverage ratio as 10-15% lower than their technical estimate, a consultant has warned – calling for a “predictable minimum interest rate policy”.
