All IPE articles in October 2004 (Online) – Page 3
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Put all pension assets into bonds – UK actuaries
UK – A paper prepared for the Institute of Actuaries says the optimal policy for defined benefit pension schemes is to fully fund liabilities and invest all assets in low-risk bonds.
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Italian pension indemnity could cost up to E1bn
ITALY - The payment of Italian workers’ end-of-career indemnities into pension funds, a key aspect of the pension reform, could cost the government about one billion euros says the president of pension fund regulator Covip.
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SGAM in India joint venture deal
GLOBAL - Société Générale Asset Management is to finalise a joint venture agreement with the State Bank of India Fund Manager (SBIFM) by the end of October.
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Portuguese funds set to return 7.5% this year
PORTUGAL – Portuguese pension funds are expected to close the year with a 7.5% return compared with eight percent last year, according to Watson Wyatt.
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Social partners critical of VB governance plan
NETHERLANDS - The largest Dutch employer’s organisation, the VNO-NCW, and the FNV trade union have expressed opposition to governance proposals put forward by the VB.
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BBVA and Innovest in Spanish SRI venture
SPAIN – Innovest Strategic Value Advisors, whose principal outside investor is Dutch pension fund ABP, has started a partnership with Banco Bilbao Vizcaya Gestión to launch a corporate sustainability SRI fund.
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Dutch funds back new pension research institute
NETHERLANDS – Some of the leading Dutch pension funds and financial institutions have back a new 25 million-euro pension research institute called Netspar.
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Pension asset picks hit firms - Nobel laureate
GLOBAL – Nobel Prize-winning economist Robert Merton says the asset allocation of corporate pension funds has a larger than acknowledged impact on the economic value of the companies.
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MLIM launches portable alpha for pension funds
UK - Merrill Lynch Investment Managers says it has launched a so-called "portable alpha" solution for pension fund clients, offered via a Jersey-based pooled umbrella vehicle.
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Universal targets institutions in marketing push
GERMANY - Universal Investment, one of Germany’s top providers of institutional funds, or spezialfonds, is launching a marketing offensive in a bid to invigorate its low-volume mutual funds business with institutional clients.
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Czech pensions to rise 5.7% in 2005
CZECH REPUBLIC - The Czech government has decided to raise the old-age pensions by 412 crowns (13 euros) per month on average as of January 2005, the Czech Labour Ministry said.
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AXA Rosenberg says it wins CAA equities brief
UK - AXA Rosenberg says it has been selected by the 3.7 billion-pound (5.3 billion-euro) Civil Aviation Authority Pension Scheme to manage a 70 million-pound European equity mandate.
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Mercer faces borrowing curb amid Spitzer suit
GLOBAL – Consulting firm Mercer faces a curb on further borrowing as parent firm Marsh & McLennan Companies deals with a lawsuit from New York Attorney General Eliot Spitzer.
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ECB warns on accession states’ pensions
EUROPE – The European Central Bank has warned that demographic shift will be more severe in most of 11 non-euro area member states than the European Union average.
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Belgian building fund taps BoNY for transition
BELGIUM - The Belgian industry-wide construction scheme has selected the Bank of New York for global transition management, the bank said.
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Cross-border IORPs on agenda at key EU meeting
EUROPE - Karel van Hulle, the new head of the insurance unit of the European Commission, is to chair a key meeting with member states on the transposition of the pension fund directive this Friday in Brussels.
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Citigroup buys ABN Amro domestic custody business
GLOBAL – Citigroup is to buy parts of ABN Amro’s domestic custody business, including operations in the Netherlands, Greece, Poland and Russia, for an undisclosed sum.
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UK aims to centralise police pensions
UK – The UK government says it is reviewing the police pensions system – with a view to taking responsibility “back to the centre”.
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IPE-QUEST: Danish foundation tenders E40m
DENMARK - Investment consultant Kirstein Finans has put in a request for tenders for a 40 million-euro euro-zone credit mandate via IPE-Quest.
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IPE-QUEST: European manager tenders EM brief
EUROPE – A European asset manager is seeking a specialist manager to manage a Latin America emerging market portfolio on a sub-adviser basis via IPE-Quest.
