All IPE articles in September 2002 (Online)
View all stories from this issue.
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News
European schemes continue to shun equities
EUROPE- Continental European institutions such as insurance companies and pension funds are continuing to move out of equities and into bonds and alternatives in a bid to provide them with incremental returns according to research by Greenwich Associates.
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Regulator to force Dutch funds to raise surpluses
NETHERLANDS- Pension funds in the Netherlands are set to face more stringent funding requirements after falling financial markets and lower contributions have led Pensioen & Verzekeringskamer, the Dutch pension fund supervisor, to raise the amount schemes hold in surplus.
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Multinationals centralise pensions activities
GLOBAL- Multinationals across the world are centralising the management of their pension fund arrangements according to a new survey by the consultant Watson Wyatt.
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GSAM picks up e2bn mandate after Janus is fired
US- American Skandia has hired Goldman Sachs Asset Management after firing Janus Capital Management as manager of a $2bn (e2bn) US large and mid cap equity mandate.
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Gartmore appoints head of consulting group
UK- Gartmore Investment Management has appointed Shamus Young to the position of head of global consulting group. Young, previously account director on the Gartmore institutional client services team, will be responsible for managing all aspects of Gartmore's relationships with investment consultants and institutional manager of managers.
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Merrill Lynch reorganises global equities division
GLOBAL- Merrill Lynch has announced the reorganisation of its global equities business for a second time in under a year. Under the new structure, the previous three product groups in four regions have been replaced with five product groups across three geographical regions.
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Northern Trust to buy Deutsche's passive business
GERMANY- Deutsche Bank has signed an agreement to sell its passive asset management business to Northern Trust Corporation. The transaction is expected to be completed in the next three to six months, at an estimated price of $260m.
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SWIP beefs up US division with Schroders hire
UK/US- Scottish Widows Investment Partnership has announced the appointment of Phil Chappell as investment director for US markets. Chappell joins at the beginning of next month and will report to Graham Wood, head of global sectors and international research.
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Spanish market set to disappoint foreign managers
SPAIN- Spain’s expanding pensions marketplace may not provide as many opportunities to foreign fund managers as initially thought says Cerulli Associates, Boston-based strategic research and consulting firm.
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Axa transfers e5.6bn to Axa Rosenberg
UK- AXA IM will transfer approximately £3.5bn (e5.6bn) of its Continental Europe and global equity mandates to its specialist global equity affiliate, AXA Rosenberg, following a strategic review.
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Schroders replaces Invesco on e50m Asian fund
UK- Cardiff County Council’s e890m pension scheme has replaced Invesco by Schroders Investment Management as manager for its Asian equity portfolio.
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Prudential announces closure of DB schemes
UK- Prudential, the UK’s second largest life assurer, plans to close its final salary scheme to new employees, joining other FTSE 100 companies such as British Airways, Marks and Spencer and J Sainsbury.
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NAPF warns government over scrapping tax benefits
UK- The National Association for Pension funds and the Confederation of British Industry have warned the government against scrapping one of the most significant tax benefits for pensions.
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BNP launches its UK custody business
UK- BNP Paribas Securities Services has launched a domestic UK securities clearing and custody unit, so that transactions for UK securities can now be processed in London. BNP Paribas’ clearing and custody business now covers 13 markets across Europe.
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Survey shows 76.5% of US DB plans are in deficit
US- A new survey by the ratings agency Standard & Poor’s shows that more than three out of four large US corporate funds now face a pension fund deficit. S&P has recently finished surveying 624 companies in the US and discovered the average funding ratio of DB plans has ...
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EFRP vice chairman questions EC directive
UK- The European Commission’s occupational pensions directive has come under fire from a prominent European pensions professional who claims that it fails to fulfil one of its main objectives, the liberalisation of investment across Europe.
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Hermes CEO Tony Watson resigns from EFM
UK- Tony Watson, chief executive of Hermes Investment Management, has resigned as non-executive director of the UK investment management house Edinburgh Fund Managers after a disagreement with the board over strategy.
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MLIM loses e637m mandate as BAA changes strategy
UK- Merrill Lynch Investment Managers has lost a £400m (e637m) UK equities mandate following the decision by the British Airports Authority pension fund (BAA) to cut its UK exposure in favour of global equities.
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UK DC schemes can learn from US mistakes
UK/US- As defined benefit schemes in the UK increasingly give way to defined contribution schemes, trustees should look to the US and learn from the mistakes made there over the last twelve years, suggests Don Ezra, director of strategic advice at Frank Russell Company.
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IPE publishes top 1000 European pension fund list
EUROPE- Pension fund assets in Europe continue to grow in spite of the downturn in global financial markets. IPE’s annual survey of Europe’s leading pension funds pension funds shows that the top 1000 funds now account for E2.3trn in assets, up from E2.1trn last year. A total of 47 of the top 100 pension funds report a rise in assets.
