All IPE articles in September 2003 (Online) – Page 7
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BlackRock loses out at Ireland’s NTMA
IRELAND – US-based BlackRock has lost its pan-European active equity mandate at the National Treasury Management Agency, which runs the eight billion-euro Irish National Pension Reserve Fund.
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Deutsche Bank urges Germany to shift to DC
GERMANY – Deutsche Bank has outlined improvements for the German pension system including a move to defined contribution, and greater allowances for the new Pensionsfonds.
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Surrey scheme considers core-satellite approach
UK – Surrey County Council’s 950 million-pound (1.35 billion-euro) pension fund is reviewing the services and management of the scheme, and is considering a series of mandates.
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Russia authorises 55 pension fund managers
RUSSIA – The Russian government has authorised 55 private asset managers to run pension fund money as part of the new reforms, but financial benefits for the managers will not be seen for some time, says the head of one of the winning firms.
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Société Générale names deputy CEO at SGAM
FRANCE – Société Générale has named Alain Clot as deputy to SG Asset Management chairman and chief executive Philippe Collas.
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Retirement age the hot topic at CERP conference
ITALY – The age of retirement in Europe is the focus of a forthcoming conference organised by Italy’s Center for Research on Pensions and Welfare Policies, or CERP.
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Actuaries slam UK’s pension protection fund
UK – The chairman of the Association of Consulting Actuaries has slammed the government’s plan to introduce a pensions protection fund, saying it will mark an end to final salary schemes.
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AP3 names European small/mid-cap managers
SWEDEN – The 129.7 billion Swedish-crown (14 billion-euro) Swedish national pension fund AP3 has made a 291 million-euro move into European small and mid-cap equities with the appointment of four investment managers.
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Watson Wyatt queries PVK solvency proposals
NETHERLANDS – Consulting firm Watson Wyatt has criticised solvency testing proposals by the PVK, the Dutch pension fund and insurance watchdog.
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Corporate pension funds seen eyeing hedge funds
EUROPE – Corporate pension funds are changing their thinking about hedge funds, prompted by pension obligations being treated as debt, according to a new report by Morgan Stanley.
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Investment consultants reject Myners’ criticism
UK – The investment consultants’ trade association has rejected Paul Myners’ attack on the industry’s “short-termist regime”.
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DB schemes should allocate zero to equities - UBS
UK/US – Defined benefit pension schemes should seriously consider the case of a zero allocation to equities, particularly in the case of indexed equities, says a report by UBS Investment Research.
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Job cuts inevitable as Aberdeen buys EFM
UK – Aberdeen Asset Management has confirmed that it is buying Edinburgh Fund Managers for 36 million pounds (51.8 million euros).
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ING targets pension funds with property fund
UK - ING Real Estate Investment Management is targeting pension funds with a new property fund of funds.
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“Astonishment” over Dutch early-retirement curb
NETHERLANDS – Dutch government plans to dissuade early retirement have been met with what one observer termed “astonishment”.
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Commission's pension negotiator moves on
EUROPE – The European Commission’s Jean-Yves Muylle, who led the negotiations on the pension funds directive, has moved to a different position within the commission.
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Speculation over HVB asset management arm
GERMANY – HVB’s chief executive Dieter Rampl has re-iterated that the group is to focus on distribution – fuelling talk that its asset management arm may be sold.
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UK bosses “persist with DB schemes”
UK – Corporate directors in the UK are keeping their defined benefit pension schemes while closing them for workers, the main trade union body in the UK says.
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Ireland’s NTMA tenders four mandates on IPE-Quest
IRELAND – Ireland’s National Treasury Management Agency has tendered four mandates worth a total of around 650 million euros on IPE-Quest.
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UK’s state actuary in local authority push
UK – The government’s actuarial department is looking at moving into the local authority pension scheme market.
