All IPE articles in November 2004 (Online) – Page 6
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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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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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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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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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Netherlands' VB names new chairmen
NETHERLANDS - The Dutch Association of Industry-wide Pension Funds, the Vereniging van Bedrijfstakpensioenfondsen, has named two new chairmen.
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IPE-QUEST: Swiss client tenders fixed interest
SWITZERLAND - Investment consultant Kieger has tendered 100 million francs (65.8 million euros) in fixed interest on behalf of a corporate treasury client via IPE-Quest.
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UK opposition slams slow-motion pension disaster
UK - The opposition Conservative Party's pensions spokesman has called for an increase of the basic pension in a bid to revert means testing and disentangle sponsors from the “slow-motion disaster” of overregulation.
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Czech pension funds earn 2 billion crowns
CZECH REPUBLIC - Czech pension funds saw their profits rise by 38 million crowns to 1.97 billion crowns in January - September 2004, according to data from the Association of Pension Funds (APF).
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Italy’s Generali ‘to benefit from pension reform’
ITALY - The Italian insurer Assicurazioni Generali SpA will capitalise from the pension reform in the medium term, says rating agency Standards & Poor’s.
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European schemes cut govt bond allocations
EUROPE – With a third of continental European pension funds underfunded, schemes are cutting their government bond allocations, according to a survey from Greenwich Associates.
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Benchmark-itis a problem, says Hewitt’s Ashton
UK - Pension funds do not need to rule out equities in their quest for returns, but must step away from "benchmark-itis", says Hewitt Bacon & Woodrow.
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Dutch associations to present governance plan
NETHERLANDS – The Dutch pension associations VB and OPF are to assess the current status of pension fund governance and present a joint plan of action to the Stichting van de Arbeid, or Labour Foundation.
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UK’s PPF could face huge hit if T&N winds up
UK – The Pension Protection Fund could be facing a huge financial hit if the trustees of the struggling Turner & Newall scheme decide on a delayed wind-up in the light of new government guidance, a leading pension analyst has said.
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Dutch schemes ‘opting for top asset managers’
NETHERLANDS – Dutch pension schemes are increasingly concentrating their assets with the leading asset managers in their field, a new report claims.
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Germany’s Deka in E1.9bn outflow
GERMANY - Deka Bank, Germany’s third-largest provider of institutional funds, or Spezialfonds, has admitted that outflows from its Spezialfonds totalled 1.9 billion euros in the first nine months of 2004.
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British Airways warns on DC benefits
UK – Airline firm British Airways has said its new defined contribution pension scheme will not provide the same benefits as its established defined benefit schemes.
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Italian railway scheme selects first managers
ITALY - Eurofer, the 104 million-euro pension fund for railway workers, has selected its first asset managers.
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Vanguard hires ABN Amro’s Nagel
NETHERLANDS – Ronald Nagel, former head of institutional sales at ABN Amro Asset Management, has joined Vanguard Investments.
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Gartmore UK CEO Jones quits, may run own firm
UK – Glyn Jones, chief executive of Gartmore in the UK, has resigned, with group CEO Paul Hondros taking direct responsibility for the firm’s integrated business.
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NAPF suggests interest-rate swaps discount rate
UK – The National Association of Pension Funds has suggested that pension liabilities should be discounted at a “risk free” rate derived from interest-rate swaps.
