All IPE articles in October 2002 (Online) – Page 2
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News
France's FCPE funds lose 22.9% in year to July
FRANCE- France’s employee investment funds reported negative returns on equities in the year to July, according to French asset management association, AFG-ASFFI, and investor information provider, EuroPerformance.
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New TotalFinaElf scheme appoints Northern Trust
UK- The newly-created UK pension fund for TotalFinaElf has appointed Northern Trust as global custodian to its assets of £1bn. Northern Trust was appointed by the trustees of the newly created plan, which was forged from the merger of 13 legacy schemes within TotalFinaElf in the UK.
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Opra reconsiders role of pensions whistleblowers
UK- The Occupational Pensions Regulatory Authority (Opra) is reviewing its guidance for auditors and actuaries as whistleblowers, with the aim of reducing the high number of reports on minor breaches, and enabling it to concentrate on other areas.
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ISC launches new shareholder activism principles
UK- The Institutional Shareholders’ Committee, the association that represents the bulk of UK institutional investors, has launched a series of new principles aimed at encouraging shareholder activism. It maintains the principles are the first comprehensive statement of best practice on the responsibilities of institutional shareholders and investment managers towards the ...
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Ashburton launches money market fund
JERSEY- Ashburton, the Jersey-based investment manager, has launched its first money market funds denominated in sterling, euro and US dollar, which will provide retail investors with the same opportunities as institutional investors of money market funds.
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OECD lays out tough new pensions guidelines
GLOBAL- OECD members have approved a series of 12-point guidelines for the administration of private pension funds that are set to become international standards within the organisation’s 30 member countries.
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PE deals in Europe up for first time in 2002
EUROPE- The total value of European private equity deals rose in the third quarter of 2002 for the first time this year, according to information provider, Initiative Europe. European private equity transactions had a total value of e11.2bn in Q3, representing a 12% increase over the previous quarter.
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New Belgian metal fund is up and running
BELGIUM- A pension fund for white collar workers in Belgium’s metal industry first touted at the beginning of the year has started operating and early indications suggest membership will exceed initial expectations.
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Royal Liver appoints BGI for e218m active mandate
UK- Royal Liver Assurance has appointed Barclays Global Investors to manage a new £137m (e218m) active UK equity mandate. BGI was selected following a beauty parade in conjunction with Royal Liver’s external advisers, whereby three asset managers were shortlisted.
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Threadneedle announces plan for European expansion
EUROPE- Threadneedle investments has unveiled a plan to open two new sales offices and to expand its German office in a bid to boost its retail business in Europe. In 1998 it launched a UK-domiciled fund range in Europe with an initial focus on Germany, Austria, Belgium and Holland. ...
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CSAM launches new Dow Jones sector ETFs.
SWITZERLAND- Credit Suisse Asset Management has announced the launch of three exchange traded funds, the first to track the Dow Jones Titan sector indices. Dow Jones has issued an EFT licence to CSAM on its banks, technology and healthcare Titans indices. The ETFs are listed on the SWX Swiss exchange ...
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ING launches new pension fund in Russia
RUSSIA- ING has announced the launch of its Non-State Pension Fund ING in Russia, a voluntary pension fund for corporate clients. ING maintains it is the country’s first non-state pension scheme.
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Switzerland's ABB Vorsorge names new CEO
SWITZERLAND- ABB Vorsorge, the CHF5.5bn (e3.8bn) pension fund for Swiss employees of the engineering company ABB has announced that Christoph Oeschger will take over as chief executive at the beginning of next year.
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Proposed tax changes threaten Germany's pensions
GERMANY- Proposals by Germany’s coalition government that individuals are to pay capital gains tax on profits from share sales is causing concern for the fund industry, and threatening the new third pillar pensions system.
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Balanced funds suffer worst quarter for 15 years
UK- Median returns of –15.6% for balanced funds in the third quarter were the worst for fifteen years according to the latest survey from Russell/Mellon CAPS. Over the twelve months to the end of September, the balanced fund median was –14.9%. The dismal equity performance of the second quarter ran ...
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Barnett Waddingham agrees to promote SEI
UK- Barnett Waddingham, the actuarial consultancy and investment strategy provider, has announced a partnership under which it will promote SEI as its preferred provider of the manager of manager investment approach.
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Unilever keeps DB scheme and resumes contributions
UK– Unilever, the Anglo-Dutch consumer goods manufacturer, has reaffirmed its commitment to its final salary pension scheme in the UK by bringing to an end a decade-long contributions holiday for more than 15,000 of its UK employees.
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Bellas joins Mercers as multinational specialist
UK- Mercer Human Resource Consulting has appointed Eladio Bellas as a consultant in its London offices in a role that will see him advise a portfolio of multinational clients on their global employee benefit strategies.
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Dublin courts put e760m out to tender
IRELAND- The Dublin Courts Service is looking for one or more fund managers to oversee four investment portfolios totalling e760m. The portfolios will include equities, property, bonds and cash, and the appointed manager(s) will provide four unitised funds with a pre-determined mix of these asset classes.
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Deutsche's UK pensions fund team loses three
UK- Deutsche Asset Management's UK pension fund managers, Fiona Stewart and Mark Spunner, have been let go with immediate effect. Ben Wallace of the same team has also resigned to join Gartmore Asset Management. Wallace and Stewart both served five years at DeAM, and Spunner two and a half years ...
