All IPE articles in October 2005 (Online) – Page 5
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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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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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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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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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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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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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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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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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Icelandic pension fund consolidation continues
ICELAND - Two regional Icelandic pension funds are close to finalising a €500m merger agreement.
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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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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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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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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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Changes to UK PPF levy broadly welcomed
UK – The Pension Protection Fund’s plans to change the risk-based levy have been broadly welcomed by the industry today.
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New ABP scheme to increase retirement age
NETHERLANDS - As of 2006, the million members of Dutch civil service pension fund ABP will have to deal with a new scheme, which will overall increase their pension date, it said in a statement.
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IPE's Hurst wins SSGA fund management award
EUROPE - Martin Hurst, Features Writer at IPE Magazine, has won the Best Fund Management Trade Journalist award at State Street Global Advisors' annual UK institutional press awards.
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EU sees UCITS role in occupational pensions
EUROPE – Charlie McCreevy, the European Union’s internal markets commissioner, says UCITS investment funds are a ready-made solution for defined contribution occupational pensions.
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Row erupts over German master funds
GERMANY – The head of investments at German insurer VHV has blasted German master funds, saying they haven’t delivered on their promises.
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WH Smith adopts State Street LDI approach
UK - The trustees of retailer WH Smith's pension scheme have moved to a liability-driven investing approach from State Street in a bid to limit volatility and cut risk.
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ABN Amro names new asset management CEO
GLOBAL – ABN Amro has named Sarah Russell, an Australian who joined the bank in 1994, as chief executive of its asset management division.
