All IPE articles in October 2002 (Online) – Page 3
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Stroobants joins Netherlands' FundPartners
NETHERLANDS- Karel Stroobants has joined the business advisory board of FundPartners, the Dutch investment fund company. FundPartners, based in Laren, designs and builds investment funds and fund structures on behalf of pension funds, private banks and asset managers throughout Europe.
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Bush urges Senate to pass pensions proposals
US- US President George Bush has urged the Senate to pass his proposals to protect the pensions and retirement security of America’s workers.
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DB fund members need protection says UK minister
UK- Work and pensions secretary Andrew Smith has said any changes in pensions legislation in the government’s imminent Green Paper must protect existing employees in the case of a scheme being wound up.
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Gwent picks ABN for custody and security services
UK- Greater Gwent (Torfaen) County Borough Council has appointed ABN AMRO Mellon to provide global custody and security services for its £700m (e1.1bn) employee pension scheme.
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Outflow from US equity funds continues
US- US equity funds saw their fourth consecutive month of outflows in September, estimated at $10.5bn (e10.75bn) according to mutual fund research company, Lipper. In July, US equity funds registered $50bn in net outflows, which suggests the rate of net selling in equity funds is slowing.
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Scottish Widows closes final salary scheme
UK- Scottish Widows, life assurance arm of Lloyds TSB, has become the second UK insurer to announce the closure of its final salary scheme to new employees.
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Hermes unveils corporate governance charter
UK- Hermes Pensions Management, the investment firm owned by the BT pension scheme, has unveiled a revolutionary new corporate governance charter – ‘The Hermes Principles’, which it believes will revitalise the interests of institutional investors in investee companies.
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Maersk scheme closure brings MFR under scrutiny
UK- The validity of the minimum funding requirement clause of the UK Pensions Act has come under scrutiny after the announcement by the Danish shipping company Maersk that it is closing its UK final salary pension scheme. The move means pensions for the 196 deferred members, of whom 26 are ...
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Young workers are naive about retirement age
UK- Younger employees in the UK are less realistic than their elders about the age at which they can retire according to a new survey by the UK’s Chartered Institute of Personnel and Development.
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Lincoln tenders e190m active fixed income mandate
UK- Lincolnshire County Council’s £615m pension fund has put out to tender a £120m (e190m) active fixed income mandate, funded by a reduction to its UK equity portfolio.
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UK treasury denies reports of cutting tax breaks
UK- The UK government has denied reports that it plans to abolish pension tax breaks for top-rate taxpayers, as speculation mounts as to what reforms will be suggested in the government’s forthcoming green paper.
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FEATURE: Niklewicz on the state of Swiss pensions
Konrad Niklewicz, a partner at PWC and chairman of the chamber of Swiss actuaries, believes it would be exaggerating to say there is no crisis is the Swiss industry. Nevertheless, he maintains that the situation is less acute than that painted by many commentators.
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Research shows retirement age in Italy is falling
ITALY- The average retirement age is Italy is becoming younger according to the government’s “national pension strategy” report to be presented in European parliament next week. In the private sector, the average age of retirement for workers fell from 57 years of age in 2000 to 56.3 in 2001.
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AP3 puts out tender for e450m equity mandate
SWEDEN- AP3, the SKr 126bn (€13.9bn) third Swedish National Pension Fund, has put out to tender an active European small/mid cap equity mandate, expected to be in the range of e200m-e450m.
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JPMorgan and ING announce treasury venture
EUROPE- JPMorgan Treasury Services and ING are joining forces to offer clients integrated pan-European and global treasury management solutions. The partnership should allow the two organisations to be able to leverage their existing treasury and financial services without creating more administrative overheads.
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Consultants back multi manager approach
UK- UK consultants believe that the multi-manager approach to investment will attract significant pension fund assets over the next five years, according to research carried out on the behalf of AIMMI, the Association for Institutional Multi-Manager Investing.
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Ellison leaves Eversheds for Pinsent Curtis Biddle
UK- Robin Ellison has left the law firm Eversheds where he was chairman of the pensions group and joined Pinsent Curtis Biddle in a similar role.
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State Street wins e14bn custody from Alberta
CANADA- Alberta Revenue, manager of the Province of Alberta’s CAD$35bn investments for public pension plans and provincial corporations, has appointed State Street to provide domestic custody and securities lending for CAD$22bn (e14.3bn) in assets.
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FTSE to launch new series of bond indices
UK- Global index provider FTSE Group is launching a new global bond index series, following its recent acquisition of Reuters’ BONDTOP index family.
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FEATURE: Hervé Noël on Belgian pension funds
Market volatility has not precipitated any sharp changes of direction among Belgian pension funds, according to Hervé Noël the head of portfolio management at Tractebel Pension Funds in Brussels. Furthermore the regulator, the Office de Contrôle des Assurances/Controledienst voor Verzekeringen (OCA/CDV) is using a light hand on the tiller.
