All IPE articles in November 2004 (Online) – Page 5
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News
J P Morgan disappointed as F&C opts for Mellon
EUROPE – The merged F&C Asset Management has opted to continue its outsourcing relationship with Mellon Financial Corp., resulting in a loss for a “disappointed” J P Morgan Investor Services.
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Lane Clark & Peacock to launch “one-man DB”
UK – Actuarial consulting firm Lane Clark & Peacock is to launch a defined contribution scheme that targets a specified level of pension benefits - which it likens to a single-member defined benefit scheme.
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Schroders loses further E3.8bn institutional assets
UK – Schroders says it lost 2.7 billion pounds (3.8 billion euros) in institutional assets in the third quarter, including 1.6 billion pounds in fixed income assets managed for a single client.
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Spain hints at scrapping occupational tax relief
SPAIN - Finance Minister Miguel Ángel Fernández Ordóñez has said the tax privileges for contributions to pension funds should be scrapped in favour of financial neutrality.
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German institutions dissatisfied - study
GERMANY - A majority of small German institutional investors are dissatisfied with their investments, complaining that they are neither diversified enough nor managed by world-class professionals, a new study has found.
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ABP continues to buy into UK real estate firms
UK/NETHERLANDS – The 160 billion-euro Dutch civil service pension fund Stichting Pensioenfonds ABP has continued its push into the UK real estate market with the acquisition of a stake in small-business landlord Workspace Group Plc.
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Cominvest to outsource management of three funds
GERMANY – Cominvest, Commerzbank's Germany-based asset management arm, says it wants to outsource the portfolio management of three of its ADIG retail mutual funds.
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DeAM set for sweeping revamp - report
GERMANY - Kevin Parker, the new head of Deutsche Bank’s asset management activities, is to unveil a sweeping restructuring, placing a particular emphasis on embattled Deutsche Asset Management in the UK, a German newspaper has reported.
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FRR says SRI part of social protection role
FRANCE – The 18.5 billion-euro Fonds de Réserve des Retraites has provided more details on its socially responsible investing strategy, saying: “We belong to the social protection system.”
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F&C says poised to decide on outsourcing
EUROPE – The merged F&C-ISIS is poised to issue an announcement tomorrow about the outsourcing deals the combined group has with J P Morgan and Mellon.
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Assets surge at Dutch schemes’ hedge fund unit
SWITZERLAND – Assets under management at Harcourt Investment Consulting, the Swiss fund of hedge funds business that is ultimately majority owned by ABP and PGGM, have risen by 65% in the first nine months.
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Sweden hints at longer bonds for ageing
SWEDEN – The Swedish central bank has dropped a hint over the possibility of longer-dated bonds in the face of an ageing population.
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Spanish pension reform needs to be upfront - IMF
SPAIN - Pension reform needs to be placed upfront on the policy agenda as progress on the pension reform has been “disappointingly slow”, the International Monetary Fund has told Spain.
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Belgian ombudsman launches info campaign
BELGIUM - The Belgian pension ombudsman, Service de Mediation pour les Pensions, has celebrated its fifth anniversary launching a campaign to inform the public on its activities.
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Hitachi UK scheme backs Northern Trust fund
UK - Northern Trust Global Investments says it has received seeding from the Hitachi UK Pension Scheme for its new manager of managers UK Equity Plus fund.
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Average UK pension pay is £79,000 – report
UK – Professionals in the UK pensions industry earn an average 79,000 pounds (112,800 euros) a year, according to a report by Greenwich Associates.
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Julius Baer launches hedge fund
EUROPE - Julius Baer Asset Management in Zurich has launched its first single manager hedge fund, which will be marketed in Switzerland, Germany, Italy and the UK.
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Klaus Heubeck offers to buy firm back from FJH
GERMANY - Professor Klaus Heubeck, former owner of German pensions advisor Heubeck AG, has made an offer to buy back the company from loss-making FJH, IPE has learned.
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Bank of Ireland AM gets new CEO amid outflows
EUROPE – Bank of Ireland Asset Management has named a new chief executive – Rothschild’s Kevin Dolan - amid a loss of 7.7 billion euros in assets under management.
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Pensions 27% of French public service spending
FRANCE - Public service expenses including the payment of pensions absorbed nearly half of the French state budget in 2003.
