All IPE articles in November 2004 (Online) – Page 4
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News
FRR to take on utilities’ E3bn pension assets
FRANCE - French pensions reserve fund, the Fonds de Réserve pour les Retraites, expects a cash injection of more than three billion euros next year as it takes on assets from France’s energy utility firms.
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Half of Dutch corporate funds to disappear - ING
NETHERLANDS – Roughly half of the 740 corporate pension funds in the Netherlands are set to disappear within the next five years, Dutch bank ING Group has warned.
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Mercer sees one more mega custody merger
EUROPE – The securities services industry has “significant” scope to concentrate further – with another ‘mega-merger’ possible, a report by Mercer Securities has said.
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Pensions Trust hands iBoxx brief to Standard Life
UK - Standard Life Investments says it has been awarded a 75 million-pound (107.4 million-euro) corporate bond brief by the Pensions Trust, benchmarked against the iBoxx index.
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Aon ousts Watson Wyatt at TV news firm
UK - Aon Consulting says it has ousted Watson Wyatt Worldwide as investment consultant for the Independent Television News Ltd (ITN) Pension Scheme.
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ASW case goes to European Court of Justice
UK – Workers for steelmaker ASW in Wales are to take a high-profile case over their lost pensions to the European Court of Justice.
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Czech pension fund clients rise to 2.86m
CZECH REPUBLIC - The number of privately insured Czechs rose to 2.86 million as of September 2004 from 2.74 million in December 2003, the Finance Ministry has said.
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DeAM, Schroders lose out at Avon Cosmetics
UK - Deutsche Asset Management and Schroder Investment Management have lost out with the 102 million-pound (146.5 million-euro) pension scheme of Avon Cosmetics switching from a balanced to specialist strategy.
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IBM guarantees UK DB scheme contributions
UK – Computer giant IBM has made says it has guaranteed to make contributions of 181 million pounds for the next three years to its 3.25 billion-pound (4.6 billion-euro) UK defined benefit pension scheme, which is 900 million pounds in deficit.
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E1.4bn Environment Agency details scheme revamp
UK – The Environment Agency has provided more details about the reasons for shifting its one billion-pound (1.4 billion-euro) Active Pension Fund to specialist managers.
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AXA IM in E20bn institutional boost
EUROPE – AXA Investment Managers has gained 20 billion euros in assets under management in the first nine months – mostly driven by institutional inflows.
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ABP calls for more individual products
NETHERLANDS – Pension funds are at risk of losing younger participants for their schemes unless they focus more on individual products, an executive at Dutch pension fund ABP has warned.
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Ross Goobey: UK, Dutch governance similar
NETHERLANDS – Alistair Ross Goobey, chairman of Hermes Focus Asset Management and a long-time proponent of corporate governance, has highlighted the similarities between Dutch and UK corporate governance.
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Bank of England warns on DC pension income
UK – The Bank of England has warned that older people are rejoining the workforce due to a fall in the income from defined contribution pension schemes.
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IPE-QUEST: Multi-manager tenders equities
EUROPE - A European multi-manager has tendered two equities mandates totalling 60 million dollars (46.6 million euros) through IPE-Quest.
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Aegon sets up Slovakia pension fund
NETHERLANDS – Aegon has launched a pension fund company in Slovakia, the life insurer said in a quarterly update.
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Italy: IMF prefers phased higher retirement
ITALY - The International Monetary Found has said an earlier and phased raising of the pension age, set for 2008, would have been “preferable” for the country.
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Volkswagen UK reviewing DB investment strategy
UK – Volkswagen Group UK Ltd. says it is revamping the investment strategy of its 123.8 million-pound (176 million-euro) defined benefit pension scheme.
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PGGM’s Munsters to succeed ABP’s Frijns
NETHERLANDS – ABP, Europe’s largest pension fund, has named PGGM’s Roderick Munsters to succeed Jean Frijns as chairman of ABP Investments.
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BT to invest in hedge funds via new Hermes fund
UK – The 34 billion-euro BT Pension Scheme’s allocation to hedge funds is to be invested via a Guernsey-domiciled offshore vehicle run by Hermes.
