All IPE articles in October 2003 (Online) – Page 7
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News
ECB stresses importance of pension reform
EUROPE – The European Central Bank has stressed the importance of changes to Europe’s pensions in maintaining the area’s social security systems.
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Insight replaces departed multi-manager team
UK – Insight Investments has replaced the multi-manager team it lost to Gartmore with a four-strong team from UBS.
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British Coal scheme revamps investment structure
UK – The 9.2 billion-pound (13 billion-euro) British Coal staff superannuation scheme has announced a new investment structure and new managers, with the aim of using its risk budget to best effect.
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EU missing older workers target – report
EUROPE – The European Commission says the European Union is missing the target of increasing the employment rate of older workers by around 650,000 a year.
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UK’s Smiths taps Northern Trust for custody
UK – Industrial group Smiths Group has awarded a two billion-pound (2.83 billion-euro) global custody mandate to Northern Trust.
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OPRA names three new board members
UK – The head of pensions at oil giant BP, a union representative and a Watson Wyatt partner have been appointed to the board of the Occupational Pensions Regulatory Authority.
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Watson Wyatt hires ex-PWC consultant
UK – Consulting firm Watson Wyatt has appointed Jacqueline Holmes as a senior consultant in the executive consulting team in its benefits practice.
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UK pension funds “hit by soft commission changes”
UK – The asset management trade body says proposed changes to rules on soft commissions will result in higher costs for pension funds – though pension consultants welcomed the moves.
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Germany’s VIP sets up governance institute
GERMANY/ITALY – German institutional shareholders’ association, the Vereinigung Institutioneller Privatanlager, has set up a corporate governance institute in Florence.
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Petroleum Fund says it fires SRI firm CaringCompany
NORWAY – The Norwegian ministry of finance has decided not to continue the Petroleum Fund’s relationship with ethical consulting firm Caring Company/Etikanalytikerna.
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Luxembourg: foreigners key to pension system
LUXEMBOURG – Luxembourg’s public pension system is being kept in balance by cross-border workers, says the Organisation for Economic Cooperation and Development.
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Deadline set for French second pillar talks
FRANCE – France’s social partners have named November 12 as the date on which they hope to have finalised negotiations on the second pillar pension system.
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CEA names pension specialist as economics head
EUROPE – The Comité Européen des Assurances has named a specialist in pensions and insurance auditing as its new economics and finance director.
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CSFB unit to advise European pension plans
EUROPE – Credit Suisse First Boston has set up a group to advise both corporate and government sponsored pension plans across Europe.
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SSGA’s Brown wants end to strategic benchmarks
UK – Alan Brown, group chief investment officer of State Street Global Advisors, has called for an end to strategic benchmarks.
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Five countries vote against investment directive
EUROPE – The European Council has reached political agreement on the Investment Services Directive - although five countries voted against it.
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DeAM names Hughes UK property chief
UK – Deutsche Asset Management has appointed Bill Hughes as chief executive of its real estate investment management and advisory division.
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Mercer aids Shropshire in hedge fund move
UK - Shropshire County Council pension scheme has hired Mercer Investment Consulting to assist with its move into hedge funds.
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Study finds salary liability-asset price link
GLOBAL - There is a "long-run" link between salary-linked liabilities and asset prices, according to a technical paper by an economist at consulting firm Watson Wyatt.
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Swiss fund PUBLICA’s director Dueggeli to leave
SWITZERLAND – Peter Dueggeli, director of the Swiss fund PUBLICA (formerly PKB), has announced he will be leaving the position at the end of next June.
