All IPE articles in November 2004 (Online) – Page 9
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State Street downgraded by Fitch
GLOBAL - State Street Corp. has been downgraded by rating agency Fitch, which cited the volatility of the company’s business mix and the challenges of business expansion.
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Doubts over European long-only equity - survey
EUROPE - European institutions including pension funds have expressed doubt about asset managers’ long-only equity returns in the future, according to a new survey organised by alternative investment groups.
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UK accountants want ‘root & branch’ IAS19 reform
UK – The new international pension accounting standard IAS19 needs “root and branch” reform, says Eric Anstee, chief executive of the Institute of Chartered Accountants in England and Wales.
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New Italian institutional fund launched
ITALY - Italian asset manager Arca SGR has launched a mutual fund to meet the needs of institutional investors called Anfiteatro – MultiInvestmentFund.
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Dutch employers group warns over pre-pensions
NETHERLANDS – Plans to repair pre-pension in the Netherlands could lead to a ‘pension catastrophe’ a leading employers’ association has warned.
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Pension rate key in possible Winterthur sale
SWITZERLAND – Switzerland’s 2.5% legal minimum interest rate guarantee for pensions could be a factor in the possible sale of insurer Winterthur, observers say.
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Iceland funds exit fixed income – supervisor
ICELAND – Pension funds in Iceland have cut their allocation to fixed income to 44% from 69% six years ago, the Financial Supervisory Authority says.
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AP7 fires CDC Ixis for poor performance
SWEDEN – The 40 billion-crown (4.5 billion-euro) Seventh Swedish National Pension Fund, Sjunde AP-fonden, has sacked CDC Ixis Asset Management – the first time it has fired an asset manager for poor performance.
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PFA Pension sells Luxembourg arm to Kaupthing
LUXEMBOURG – Denmark’s PFA Pension has sold its Luxembourg arm to Icelandic group Kaupthing for an undisclosed sum.
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CEIOPS sees pension schemes under Solvency II
EUROPE – The European Commission’s so-called Solvency II project on insurance solvency is likely to extend to occupational pension schemes, the chairman of an EU insurance and pension committee has said.
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INTERVIEW: CSAM Germany on institutional targets
GERMANY - Credit Suisse Asset Management has set a goal of raising its current assets in the German institutional fund business by 30% by the end of 2006, its Germany chief says.
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Shell pension proposals anger unions
NETHERLANDS - Trade unions in the Netherlands have responded furiously to proposals by oil giant Shell to increase the pension age for its 11,000 Dutch workers from 60 to 65.
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Martin Currie funds professorship with E356,000
UK – Asset management firm Martin Currie Investment Management has funded a university professorship with a total of 250,000 pounds (356,700 euros).
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Italy: pensioners bear budget cost, unions say
ITALY- The general secretary of one of the three biggest Italian trade unions has said pensioners will bear the brunt of the forthcoming 2005 budget, which the government promises will bring 6.5 billion euros in tax cuts.
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Ireland’s Hibernian names new life & pensions MD
IRELAND – Hibernian has named group finance director Tony O’Riordan as managing director of its Life & Pensions arm.
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Triago launches second-hand private equity arm
FRANCE - Triago, a Paris-based private equity adviser, has formed a separate arm to help institutions sell their assets in this sector.
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IMF adds voice to chorus wanting Europe to increase retirement age
EUROPE - The International Monetary Fund has added its voice to the growing number of calls for Europe to urgently raise its retirement age.
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BNP Paribas outsources its fund administration and middle office
FRANCE - BNP Paribas Asset Management has become one of the first French fund managers to outsource its middle office and fund administration operations.
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EU not debating demographic crisis – Patten
EUROPE – Former European Commissioner Chris Patten has said there is little political debate yet at the European level about demographic ageing – and warned the crisis is not a good basis for European integration.
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KLP bales out of Marathon, Exxon over corruption
NORWAY – Norwegian life insurer Kommunal Landspensjonskasse, which provides funded public pension schemes for municipalities and regional authorities, says it will sell its shares in oil firms Marathon and Exxon.
