All IPE articles in October 2003 (Online) – Page 4
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BoNY wins E3.7bn CIS custody mandate
UK – The Bank of New York has been awarded a 4.3 billion-dollar (3.7 billion-euro) global custody mandate by the UK insurer the Co-operative Insurance Society.
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Mercer’s consulting margin declines to 13.9%
GLOBAL – Mercer’s consulting margin has slipped to 13.9% in the third quarter from 14.3% a year ago, according to parent company Marsh & McLennan.
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Morley Fund Management names Watson as CFO
UK - Morley Fund Management has named former M&G Group finance director David Watson as its new chief financial officer.
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Citigroup’s asset management income falls
GLOBAL – Citigroup says its asset management net income declined 37% to 72 million dollars in the third quarter, compared to the prior-year period, while the division’s revenues slipped two percent.
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Finland needs more ambitious pension reform
FINLAND – Finland needs more ambitious pension reform, says the International Monetary Fund.
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Sweden: SEB in socially responsible tie with SWIP
SWEDEN - Skandinaviska Enskilda Banken has made a global socially responsible investing (SRI) tie up with Scottish Widows Investment Partnership.
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UK urges firms to provide more pension details
UK – The government has called on companies to provide more details about pensions to their employees.
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Higher retirement age to cut Slovakia spending
SLOVAKIA – The recent rise in the age of retirement age should enable the government of the Slovak Republic to make savings, the International Monetary Fund said.
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SunGard in European pensions push
GERMANY – Software firm SunGard has amended a US retirement product for the German market – and is eyeing other European countries.
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T Rowe Price names Dutch institutional head
NETHERLANDS – T Rowe Price has named Lombard Odier Darier Hentsch’s former Netherlands marking director as head of its institutional business in the Netherlands and Belgium.
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Germany proposes pension freeze
GERMANY – Chancellor Gerhard Schroeder says it’s the hardest thing his government has done – freezing pensions for 2004.
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Watson Wyatt boosts Swedish benefits practice
SWEDEN – Consulting firm Watson Wyatt has named Stefan Carlsson as a senior consultant in its benefits practice.
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Deutsche buys Dresdner’s German custody unit
GERMANY – Deutsche Bank has bought Dresdner Bank’s German custody arm for an undisclosed sum.
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LGIM’s new business surges 36%
UK – Legal & General Investment Management’s gained more than four billion pounds (5.7 billion euros) in new business in the third quarter, a 36% rise.
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European pension funds eye commodities - Goldman
EUROPE – European pension funds are showing increased interest in commodities as an alternative asset class, says Catherine Claydon, managing director of European Pensions and Insurance at Goldman Sachs International.
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PGGM investment chief wary of hedge funds
NETHERLANDS – Roderick Munsters, managing director of investments at the 49.7 billion-euro Dutch healthcare scheme PGGM, says the fund does not regard hedge funds as an asset class.
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Fortis CEO: mid-size firms to survive shake-out
EUROPE – Consolidation of the fund management industry will occur, but mid-sized firms do still have a chance of surviving, says Richard Wohanka, chief executive at Fortis Investments.
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ABP returns 1.8%, coverage ratio static at 104%
NETHERLANDS – Stichting Pensioenfonds ABP, the Dutch civil service pension fund, has announced a 1.8% return in the third quarter, and says it is pursuing “a cautious path to recovery”.
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UK says it will learn lessons of US PBGC
UK – The UK government says it will “learn lessons” from the US Pension Benefit Guaranty Corp. when it sets up its new Pension Protection Fund.
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Pension funds to have large role in SRI - report
EUROPE – Socially responsible investment among European institutional investors is increasing, and pension funds will play a large role in developing the market further, says Eurosif.