All IPE articles in November 2004 (Online) – Page 3
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News
Sweden’s Alecta ahead of schedule on cost cuts
SWEDEN – Occupational pensions provider Alecta says its planned cost measures are going better than planned – and that it achieved a total return of 6.3% in the first nine months of 2004.
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SocGen says markets, regulation prompted GSSI
FRANCE - French financial services group Société Générale has fleshed out the rationale behind its decision earlier this year to set up SG GSSI, Global Securities Services for Investors – citing market changes and European regulation.
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Bank of NY boosts Milan office with hires
ITALY - The Bank of New York has boosted its Milan office with hires from BNP Paribas and Credito Emiliano in a bid “to exploit new opportunities in this growing market”.
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Dutch schemes dismayed by new government plans
NETHERLANDS - Dutch pension funds ABP and PGGM have reacted with dismay to plans by the Dutch Ministry of Social Affairs to overhaul the country’s industry pension funds.
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IPE-QUEST: UK house tenders Japanese equities
UK – A UK institutional investor has tendered 50-100 million dollars (71-143 million euros) in actively managed Japanese mid- or mid-and small-cap equities via IPE-Quest.
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Italy’s Solidarieta’ Veneto tenders for managers
ITALY - Solidarieta’ Veneto Fondo Pensione, the regional pension fund for blue-collar workers, is looking for three asset managers for its 60-million-euro fund.
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BNP Paribas boosts Spain securities services
SPAIN - BNP Paribas Securities Services has appointed the chief executive for the integrated securities services arm of Santander Central Hispano Investment SA as deputy general manager in Spain - a new role.
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Deutsche offshore chief Fitzjohn retires
CHANNEL ISLANDS - Gordon Fitzjohn, global head of corporate services at Deutsche Bank International Ltd., the group’s arm that provides offshore banking and financial services capability, is to retire after 25 years with the bank.
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UK slated for new “knee-jerk” PPF proposals
UK – Observers have slated new government proposals relaxing the terms of the planned Pension Protection Fund, saying they are another “knee-jerk” reaction which could have knock-on costs.
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EIB to issue 'longevity bond' for pension schemes
EUROPE - The European Investment Bank is to issue a 25-year 540 million-pound (775 million-euro) bond as part of a product designed by BNP Paribas aimed at protecting UK pension schemes against longevity risk.
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Danish pension funds set up real estate “club”
DENMARK – Five top Danish pension funds worth around 45 billion euros have set up a real estate “club” to invest in European indirect property vehicles, says real estate firm Cushman & Wakefield Healey & Baker.
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Blood and Gore set up London-based asset manager
UK – Former US Vice President Al Gore and former Goldman Sachs Asset Management CEO David Blood have set up a new London-based asset management firm targeting pension funds.
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PME cites single manager risk for F&C withdrawal
LONDON - PME, the 14 billion-euro Schiphol-based metal workers fund, has switched one billion euros of assets away from F&C Management to new providers.
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PGGM welcomes last-minute pension deal
NETHERLANDS - PGGM, the 57 billion-euro pension fund for healthcare and social workers in the Netherlands, has welcomed a last-minute welfare reform deal struck between the Dutch government and its social partners at the weekend.
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Isle of Man OKs new pensions rules
ISLE OF MAN - The Isle of Man's parliament, the Tynwald, has approved the Retirement Benefits Schemes Regulations 2004, which require schemes operating in the island to register with the Insurance and Pensions Authority.
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Call for hedge funds to adopt code of conduct
GLOBAL – Managers dealing in unregistered hedge funds are being invited to adopt a draft code of conduct presented by the CFA Centre for Financial Market Integrity.
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TKP Pensioen wins Wegener admin deal
NETHERLANDS – TKP Pensioen, a subsidiary of life insurance giant Aegon, has won an administration contract with Dutch publishing house Wegener.
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Germany’s Union targets institutions - interview
GERMANY - Union Investment, a manager of German institutional funds, or Spezialfonds, has set a goal of raising institutional assets under management in Germany by as much as one-third three years from now.
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Lane Clark names Fernandes’ replacement
UK - Actuarial consulting firm Lane Clark & Peacock has named PricewaterhouseCoopers' David Everett as head of pensions research.
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Mercer retirement revenues flat as MMC cuts jobs
GLOBAL – Mercer’s retirement revenues were flat in the third quarter as its troubled parent firm Marsh McLennan Companies announced it would cut 3,000 jobs globally.
