All IPE articles in November 2005 (Online) – Page 9
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News
Italian pension funds agree merger
ITALY – Fonchim, Italy's industry-wide chemical and pharmaceutical industry pension fund, is acquiring the Bayer Italia pension fund (Fpbi), the Italian unit of the German chemical firm Bayer.
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Pension awareness campaign targets youngsters
NETHERLANDS – Holland’s foundation for raising pension awareness among Dutch employees, the Stichting Pensioenkijker, has launched a nationwide campaign to raise pension awareness among young workers.
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Dutch pension funds post 2004 returns of 9.5%
NETHERLANDS -- Dutch pension funds showed a collective return of investments of 9.5%, totalling €48.6bn, in 2004, according to the pensions regulator, De Nederlandse Bank (DNB).
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Turkish fund wins national steelmaker tender
TURKEY - Turkish armed forces pension fund OYAK made the highest bid for a 46.12% stake in the country's biggest steel company, Erdemir.
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New regulator backs NIVRA on IFRS
NETHERLANDS -- The IFRS accounting rules require than companies with a pension fund that is part of an industry-wide scheme are required to carry their pension liabilities on their balance sheet, according to the new Dutch regulator for the financial markets, or AFM.
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Hutton named UK pensions minister
UK – British Prime Minister Tony Blair today appointed John Hutton to succeed David Blunkett as work and pensions secretary.
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New regulations to save UK schemes €14.7m
UK – New regulations published by the department for work and pensions (DWP) are expected to save pension schemes £10m (€14.7m) over the next three years and help employers running smaller schemes to bulk transfer members with protected rights into one single scheme.
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Public sector pensions wiped out, says Watsons
UK – Management consultant Watson Wyatt today stated that falling interest rates have wiped almost £60bn off public sector pension savings.
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Winter appointed to AFM board
NETHERLANDS - Dutch finance minister Gerrit Zalm has appointed Jaap Winter to the supervisory board of the Financial Markets Authority (AFM).
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Swiss report highlights support ratio problem
SWITZERLAND – The number of active workers per state pensioner in Switzerland has dropped only slightly since 1991, though this has not alleviated the pressure on the state pension scheme, a new study has found.
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Credit Suisse AM posts 237% income rise
GLOBAL – The Credit Suisse Group posted a 237% rise on the year in the net income of its wealth and asset management business to CHF101m (€65.5m) in the third quarter, according to results released today.
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BHW Invest sold to Postbank
GERMANY - BHW Invest, a German institutional fund administrator, has confirmed that it is now partially owned by retail banking giant Postbank.
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AMF claims 12.8% returns are market high
SWEDEN - The SEK220bn (€24.08bn) pension provider AMF Pension claims its 12.8% return on investments in the third quarter may be the highest in the Swedish market.
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Resignation puts German pensions post in doubt
GERMANY – the identity of Germany’s next pensions minister has been thrown into doubt by yesterday’s resignation by Franz Müntefering as chairman of the social democrats (SPD).
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Alecta shows red card to traffic light
SWEDEN -- Sweden’s new financial regulatory ‘traffic light’ system could destabilise the fixed income market if it is not amended, according to Alecta, the largest occupational pension company in the Nordic region, with €37bn assets under management.
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UBS institutional invested assets surge 24%
GLOBAL – UBS’ third-quarter results reported an annual 24% surge in institutional invested assets under global asset management to CHF425bn (€290.9bn).
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Irish fund servicing industry closes on $1trn
IRELAND – Irish-serviced funds grew 23% over the past year, topping $950bn (€785bn) as at 30 June 2005, according to Lipper Fitzrovia’s 11th annual Dublin Fund Encyclopedia.
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F&C ends outsourcing project with Mellon
UK – London-based F&C Asset Management has discontinued its project to outsource the former ISIS Asset Management operational functions to Mellon Financial Services. This followed a failure to agree “satisfactory contractual terms”, a statement said.
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CEIOPS to issue paper for renewed consultation
EUROPE – European pension supervisory committee CEIOPS is to publish a revised protocol on supervisory co-operation for a further round of public consultation.
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UK defined benefit funding regulations released
UK – The Pensions Regulator has set out how the funding defined benefit pension plans is to be regulated.
