All IPE articles in September 2004 (Online)
View all stories from this issue.
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News
AP3 taps Trema for management system
SWEDEN – Tredje AP-fonden, the 151.9 billion-crown (16.5 billion-euro) third Swedish buffer fund, has chosen an investment management system provided by Trema Group, the supplier said.
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Icelandic bid for Singer likely soon – analyst
UK – Iceland’s Kaupthing bank, which has made a series of European acquisitions since 1998, is likely to make a bid for UK asset management company Singer & Friedlander soon, an Icelandic analyst has said.
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OECD head sees $1trn global pension shortfall
GLOBAL – The head of the Organisation of Economic Cooperation and Development says the funding shortfall in pension schemes worldwide could be as large as one trillion dollars.
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BOE says DB closures adding to property boom
UK – The Bank of England says the closure of defined benefit occupational pension schemes has added to the recent “upward pressure” on house prices in the UK.
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HSBC Actuaries hires Mercer's Sarkar
UK - HSBC Actuaries and Consultants Ltd. says it has hired Jonathan Sarkar from Mercer Human Resource Consulting to be actuarial director.
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Former Varma CEO Pitkänen retires
FINLAND - Paavo Pitkänen, the former president and chief executive of Varma Mutual Pension Insurance Co., has retired from the company.
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Turkey raises pension sales target
TURKEY - Turkey’s private pension sales will reach 350,000 policies for the entire 2004, up 16.6% from an initial target of 300,000 industry sources have said.
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Dutch agency backs Scandinavia pension model
NETHERLANDS – The Dutch government’s social planning agency, the Social and Cultural Planning Office, says the Scandinavian model of pension reform is “worth copying by others”.
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Rona replaces Marin as Invesco Spain chief
SPAIN – Invesco Asset Management Spain has named Miguel Rona as its new general director, replacing Juan Marin who is joining Fortis Investments.
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Fidelity Investments names UK DB MD
UK - Fidelity Investments has named Martin Harris as managing director of UK Defined Benefits reporting to David Stewart, president of the European Institutional Business.
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Swiss minimum interest rate raised to 2.5%
SWITZERLAND – Despite a difference of opinion between social partners and government commissions, the Swiss federal council has decided to raise the minimum guaranteed interest rate for occupational pensions to 2.5% from 2.25%
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Dutch associations critical of pre-pension plans
NETHERLANDS – The Dutch pension fund associations the VB and the OPF have criticised the government’s pre-pension proposals – with the head of the OPF saying: “It’s difficult to see where it ends.”
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Stoxx says European index to overtake S&P 500
EUROPE – Stoxx, the joint venture index provider, says it is only a matter of time before its Dow Jones Euro Stoxx 50 index overtakes the S&P 500 in terms of assets.
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CalPERS buys into German real estate
GERMANY – CalPERS, the largest US pension fund at 166.3 billion dollars (136.8 billion euros), has bought a commercial property in Frankfurt for 14 million dollars.
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UK pension funds marking time – WM
UK – UK pension funds - up an “unspectactular” 1.1% in the second quarter - are currently marking time, says performance measurement firm WM Co.
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Belgian pension returns rise in first half
BELGIUM – Pension funds in Belgium are on track to equal the near-10% return they made in 2003 following a positive 4.59% return in the first half of this year.
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Bolkestein: pension reform is up to member states
EUROPE – The European Commission’s outgoing internal market and taxation commissioner Frits Bolkestein says only EU member states – and not Brussels - can reform Europe’s pension systems.
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Northern boosts European transition management
EUROPE - Northern Trust Global Investments says it has former Instinet executive Simon Hutchinson as strategist for transition management in Europe.
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ING named as manager fired by SFN (Update)
(Updates with name of manager) NETHERLANDS - Stichting Flexibel Uittreden Nutsbedrijven, the 348 million-euro fund for the Dutch utility sector, has withdrawn a 175 million-euro balanced mandate from ING Investment Managment and handed it to Barclays Global Investors.
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Pension funds back LGT private equity fund
SWITZERLAND – The London Pension Fund Authority, Sweden’s AP3 and AP7, the London Borough of Hillingdon are among pension funds investing in the Crown Private Equity European Buyout Opportunities fund, which has announced its closing at 392 million euros.
