All IPE articles in October 2004 (Online) – Page 8
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News
Danica Pension in E255m shift to equities
DENMARK – Danica Pension, the life insurance and pension arm of Danske Bank which has a large bond portfolio, has made a 1.9 billion-crown (255 million-euro) net investment in equities.
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MLIM unveils new equity fund for pension funds
UK - Merrill Lynch Investment Managers has followed the launch of a "portable alpha" solution with a new UK equity fund aimed at pension funds and charities which looks to "maximise total returns".
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Irish funds industry surpasses $500bn – report
IRELAND - The Irish funds industry grew by more than 30% in domiciled net assets over the last year to more than 500 billion dollars (410 billion euros), according to Fitzrovia International’s Dublin Fund Encyclopaedia.
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Mercer’s parent MMC names new CEO
GLOBAL - Marsh & McLennan Companies, the parent of consulting firm Mercer, has named a new chief executive as it seeks to resolve its “legal and regulatory issues”.
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UK acts on pension “liability dumping” fears
UK – The government has acted over fears that companies would be able to dump their pension liabilities onto the new Pension Protection Fund.
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New French and UK members for EFRP
EUROPE - The French asset management association and the UK insurance industry body have been named as full members of the European Federation for Retirement Provision.
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AP7 renews SRI mandate with GES
SWEDEN - The five billion-euro Sjunde AP-fonden, the seventh Swedish national pension fund or AP7, has renewed its socially responsible mandate with GES Investment Services.
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ADAM gains E9bn and changes name
EUROPE – Allianz Dresdner Asset Management, recording a nine billion-euro net asset inflow in the first half, has announced that it will change its name.
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ABP's Maassen confirmed as EFRP chairman
EUROPE - ABP's Jaap Maassen has been confirmed as chairman of the European Federation for Retirement Provision, replacing Alan Pickering.
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European asset managers boost profits – study
EUROPE - European asset managers were able to moderately improve their profitability and efficiency last year, according to a new study by the German arm of consulting firm McKinsey & Co.
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Clywd scheme sees no mystery in currency
UK - Investing in currency funds is "nothing mysterious, just another investment opportunity", says a Flintshire county council official who helps to run the 563 million-pound (809.6 million-euro) Clwyd Pension Fund.
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New framework may change Dutch funds’ asset mix
NETHERLANDS - The new supervisory framework for Dutch pension funds and insurers may lead to a move out of equities and into bonds, experts have suggested – though the government doesn’t plan to change its bond issuance strategy.
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Aon ousts Watson Wyatt at Metso in the UK
UK - Aon Consulting says it has been appointed by the UK division of Finland’s Metso Minerals as its full pension services provider, ousting incumbent Watson Wyatt.
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Deutsche miscalculates German hedge fund demand
GERMANY - DWS, the mutual fund arm of Deutsche Bank, has admitted that net inflows to its three new German hedge funds have totalled just a fraction of the one billion euros estimated by its chief executive for 2004.
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Bank of NY names European finance chief
EUROPE - The Bank of New York has named Angus Cameron as chief financial officer for its operations in Europe, a new role.
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Nordea asset management revenues slip
NORDIC – Nordea has seen its asset management revenues edge down on a sequential basis – although institutional client assets are slightly higher.
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STOXX unveils enlarged Europe indices
EUROPE – Index provider STOXX has launched two indices covering new members of the European Union.
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BNP Paribas picks up Luxemburg SICAV brief
LUXEMBURG - The Luxemburg-based real estate fund for institutional investors, Sireo Immobilienfonds n°4 SICAV, has awarded BNP Paribas Immobilier a 200 million-euro mandate to be invested on the French market.
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Swiss second-pillar gets boost with rule change
SWITZERLAND - More than 100,000 extra workers will be eligible to join the second-pillar pension from 2005, as the Federal council has confirmed changes to the rules on marginal income.
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Crisis-hit Commission acts on pensions tax
EUROPE – The European Commission, in turmoil today with the collpase of José Manuel Barroso’s team, has taken action against Belgium and Italy over discriminatory pension taxation rules.
