All IPE articles in October 2005 (Online) – Page 5
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Swedish schemes to restructure amid directive
SWEDEN - Top Swedish pension funds are set to re-structure their entire portfolios in the wake of the introduction of mark-to-market valuation of liabilities as part of the pensions directive.
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New Dutch postal fund to be set up
NETHERLANDS - Dutch postal operator TNT is to set up a new career-average pension fund for around 20,000 post deliverers.
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British Telecom names head of pensions
UK – Kevin O’Boyle, former UK pensions director at Royal & SunAlliance, has been appointed new head of pensions at phone giant British Telecom.
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Finland’s Varma names Murto as new CIO
FINLAND - Varma Mutual Pension Insurance Co. has named Risto Murto as chief investment officer, taking over from the retiring Jorma Leinonen.
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Icelandic pension fund consolidation continues
ICELAND - Two regional Icelandic pension funds are close to finalising a €500m merger agreement.
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McCreevy outlines how markets will fund pensions
EUROPE – The European Union’s internal markets commissioner Charlie McCreevy has outlined the sorts of markets that he thinks will be needed to generate the tax revenues needed to fund pensions in the future.
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Royal & Sun appoints pensions “troubleshooter”
UK – Royal & SunAlliance has appointed pensions “troubleshooter” Jerry Gandhi as interim UK pensions director following the departure of Kevin O’Boyle to BT.
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No relaxation of FTK says DNB director
NETHERLANDS - The Dutch pensions regulator DNB isn’t considering a relaxation of the rules of the new financial assessment framework, or FTK, director Dirk Witteveen has indicated.
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WM’s Walsh gets expanded State Street role
UK – State Street Corp. has appointed WM’s Michael Walsh to take over as Scotland managing director from John Corcoran, who’s returning to Boston.
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BGI names Beckers as alternatives head
GLOBAL – Barclays Global Investors has named Stan Beckers, the former president of BARRA International, to replace John Demaine as global alternatives head.
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Universal’s sales chief Hartmann leaves
GERMANY – Universal Investment, a leading administrator of institutional funds, has confirmed that Sven Hartmann, head of sales and client relationships, is leaving (Clarifies job titles).
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Norway proposes new state pension fund
NORWAY – The Norwegian finance ministry has proposed the legislation for a new Government Pension Fund on the lines of the existing Petroleum Fund.
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BASF sets up €3.7bn pensions trust
GERMANY – Chemical giant BASF has announced that it will remove €3.7bn in pension liabilities from its balance sheet and fund them via a contractural trust arrangement (CTA) by the end of 2005.
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SSGA assets rise 14% to $1.4trn
GLOBAL - Total assets under management at State Street Global Advisors have risen 14% to $1.4trn (€1.17bn), parent State Street Corp. said.
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Dutch pensioners ‘still not involved in funds’
NETHERLANDS – Pensioners are still not sufficiently involved in the running of Dutch pension funds, says the Social Economic Council, or SER.
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Lloyd’s taps AEGON for bond brief
UK – The Lloyd’s Superannuation Fund – part of Lloyd’s of London - has awarded an £185m (€271m) fixed income mandate to AEGON Asset Management UK.
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MLIM gets European institutional boost
EUROPE - Merrill Lynch Investment Managers had a net inflow of $12bn in assets under management in the third quarter – boosted in part by European institutional strength.
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Cominvest gets new chief executive
GERMANY – Commerzbank has created a new management board for its asset management division and named a new chief executive for German fund arm Cominvest in a bid to revive the division’s sagging fortunes.
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MEPs to probe pension directive transposition
EUROPE – The European Commission is facing a series of questions about the poor transposition of the occupational pension directive from the European Parliament.
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PAYG schemes exempt from portability directive
EUROPE – Pay-as-you-go and book reserve schemes are set to be exempt from the European Commission’s proposed directive on pensions portability.
