All IPE articles in November 2004 (Online) – Page 3
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News
Petroleum Fund funds 11 bond, equity mandates
NORWAY – The 988.1 billion-crown (121.1 billion-euro) Petroleum Fund has funded 11 new fixed income and equity mandates with new mostly new money to a range of asset managers.
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RCP unveils German online asset manager tool
GERMANY - Rating agency RCP & Partners has launched a new online tool enabling retail and institutional investors to obtain detailed information about asset managers and their products in either English or German.
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Nomura ousts Schroders at London transport fund
UK – Schroder Investment Management has lost a 215 million-pound (307.2 million-euro) mandate to Nomura Asset Management as the London Regional Transport Pension Fund (LRTPF) changes management for its active Far Eastern Equity portfolio
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T&N trustee firm sees inherent pension conflicts
UK – Alexander Forbes, the trustee firm at the centre of the Turner & Newall pensions battle, has come out and said there are inherent conflicts involved between plan sponsors and trustees.
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Pension costs hitting Swiss cantons – report
SWITZERLAND – Rising pension and health care costs are putting pressure on the budgets at Swiss cantons and cities, according to Standard & Poor’s Ratings Services.
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BNP Paribas boosts fund of hedge funds business
EUROPE – BNP Paribas Asset Management has boosted its fund of hedge fund business with an agreement to buy a stake in partner firm Fauchier Partners.
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Dutch schemes’ NIB Capital considering options
NETHERLANDS - NIB Capital, the merchant bank owned by the two largest Dutch pension schemes, ABP and PGGM, says it is currently considering its options for the future.
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Putnam committed to Europe as Cohen leaves
EUROPE – Putnam Investments says it remains committed to Europe despite the departure of its top European executive Stephen Cohen.
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FRR has activated E4.8bn of mandates
FRANCE – The Fonds de Réserve pour les Retraites, the French reserve fund, says it has grown to just over 17 billion euros and has activated mandates involving 4.82 billion euros.
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ING sells Baring AM to MassMutual, Northern Trust
GLOBAL – ING Group is to sell Baring Asset Management’s investment management activities to MassMutual, while Northern Trust will buy the unit’s fund administration arm.
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EU’s Winter sees pension funds becoming “normal”
EUROPE – Jaap Winter, who chaired a key corporate governance committee for the European Commission, has said pension funds will need to become more like normal financial institutions.
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MAN, Deka in German hedge venture
GERMANY – MAN Group, a UK-based specialist in hedge funds, is teaming up with Germany’s Deka to offer a fund of hedge funds, or Dachhedgefonds, to German retail and institutional clients from the first quarter of 2005, IPE has confirmed.
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OECD finds wide variety in pension tax subsidies
GLOBAL - The Organisation for Economic Cooperation and Development has found that despite variations in the size of tax subsidy across different OECD member countries, most governments incur a sizeable positive net tax cost.
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Mercer president leaves MMC board
GLOBAL – Peter Coster, president of Mercer Inc., has left the board of troubled Marsh & McLennan Companies along with four other directors as part of corporate governance effort.
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Norwegian government mulls extra pension reform
NORWAY – The Norwegian government has floated a re-design of the tax and pension systems in the face of an ageing society that will see a surge in pension expenditures as a share of GDP.
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Norway sets up Petroleum Fund ethics council
NORWAY – The 942.4 billion-crown (115.6 billion-euro) Petroleum Fund’s new advisory council on ethics was set up today by royal decree, the Ministry of Finance said.
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Hazell Carr’s Donaldson joins Higham Group
UK – Pensions outsourcing firm Higham Group has hired Kenneth Donaldson from Hazell Carr Pensions Consulting to be director of business development, pensions.
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Schroders names Fidelity’s Goossens as Benelux head
BENELUX – Schroders has named Hans Goossens as country head for Benelux, taking a role vacated by Pieter van Daalen in the summer.
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UBS portfolio manager to join Kempen
NETHERLANDS – UBS’s Daniel van Akkeren is to join Kempen Capital Management in the Netherlands as a senior portfolio manager of European real estate securities.
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Sweden sees surge in pension spending
SWEDEN – The Swedish Ministry of Finance says pension expenditure will rise to more than 10% of gross domestic product in the next 30 years.
