All IPE articles in October 2004 (Online) – Page 4
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BoNY securities servicing hit by weak markets
GLOBAL – The Bank of New York, posting lower quarterly profits, says its securities servicing business was hit by weak capital markets in the third quarter.
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UBS hires Oppenheim’s Welton
SWITZERLAND - UBS Global Asset Management has hired Drew Welton, head of international marketing at Bank Sal Oppenheim jr & Cie
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Deka dismisses real estate executives
GERMANY- Deka Bank has fired three senior executives in charge of its real estate fund arm, claiming the executives lied about the true value of its investments in German real estate.
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Pickering to step down as EFRP chairman
EUROPE- Alan Pickering is to step down as chairman of the European Federation for Retirement Provision (EFRP) this month after three years in the role.
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UK promises 6 million pension forecasts
UK - More than six million workers are to receive forecasts of their state and private pension provisions by 2006, the government promised.
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German consultant Heubeck may be sold
GERMANY- FJH, the Munich-based IT company is considering selling pension advisor Heubeck AG seventeen months after acquiring it.
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Sweden names head of new social security agency
SWEDEN - The government has appointed finance under-secretary Curt Malmborg to head the new social security agency, Försäkringskassan.
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Alecta, AP2 involved in Electrolux board choice
SWEDEN – Swedish pension institutions Alecta and Andra AP-fonden are among investors that have been drafted in to help nominate board members at household products firm Electrolux.
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Nomura soft closes to European clients
UK - Nomura Asset Management UK (NAM) has closed to new business in Far East equities for the rest of the year, after taking in assets worth 1.1 billion dollars already in 2004.
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Regulator claims pan-European DB unlikely
EUROPE- Pan-European defined benefit (DB) pension schemes face “obstacles” under the new directives, according to Anne Maher, head of the Irish pensions regulator.
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Hedge funds will lower VaR - Watson Wyatt
IRELAND- Hedge funds produce lower returns than equities but cut risks according to a senior figure at Watson Wyatt in Ireland.
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Barr moves to PPM
SWEDEN - Daniel Barr, chief analyst of the seventh Swedish national pension fund Sjunde AP-fonden, AP7, has joined the premium pension authority, PPM, as chief economist.
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Multinationals in bid to control trustees- Mercer
IRELAND - Multinational companies are trying to exert control over subsidiaries’ trustee boards according to a senior consultant at Mercer.
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SSgA poaches bond team from Pictet
SWITZERLAND – State Street Global Advisors (SSgA) has enhanced its range of products for institutional investors, hiring a four-strong team of Swiss bond managers from Pictet & Cie.
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Oppenheimer tackles European market
EUROPE- US investment manager OppenheimerFunds Inc (OFI) is entering the European market through a “dual approach” with its subsidiary, Tremont Capital Management.
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Mercer’s parent company MMC sued by Spitzer
US – March & McLennan Companies, the parent company of consulting firm Mercer, has been sued by New York Attorney General Eliot Spitzer in a corruption probe.
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SPW taps State Street for fund accounting
NETHERLANDS – The 2.4 billion-euro Dutch housing association scheme Stichting Pensioenfonds voor de Woningcorporaties has expanded its relationship with State Street Corp.
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Schemes should look at emerging markets - study
GLOBAL – Pension schemes in the developed world should look at investing in emerging markets in the light of the shift to defined contribution, problems with PAYG and funding gaps, a study published by the International Monetary Fund argues.
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Coal scheme appoints Scott
UK - Derek Scott, chairman of the board of the Stagecoach Group pension scheme, has become a trustee of the UK’s Mineworkers’ Pension Scheme.
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UK’s Turner joins Pensions Institute
UK – Adair Turner, the chairman of the Pension Commission which presented its first report this week, has joined the Pension Institute at the Cass Business School.
