All IPE articles in September 2004 (Online) – Page 5
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Hermes, DeAM officials join UK accounting board
UK – Tony Good, the former head of investment research at Norwich Union Investment Management who is now with Hermes, has joined the UK’s accounting standard Board – along with Peter Westlake of Deutsche Asset Management.
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CalPERS changes way it hires and fires managers
US - CalPERS, the largest pension fund in the US, is to change the way it hires and fires asset managers - setting up a "spring-fed pool" of managers that it can switch in and out of quickly.
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US SEC signals it may OK European funds
LUXEMBOURG – The US financial regulator, the Securities and Exchange Commission, has signalled that it may propose mutual recognition between US and European investment funds.
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AP3 awards three mid-cap briefs worth E439m
SWEDEN - The 16.6 billion-euro Third Swedish National Pension Fund, Tredje AP-fonden or AP3, has awarded three European mid-cap mandates totalling more than four billion crowns (439 million euros).
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INTERVIEW: UniCredito CEO on Italian pensions
ITALY - Alessandro Profumo, the chief executive of Italian bank UniCredito Italiano Group, has outlined to IPE in an interview the way forward for Italian occupational pensions.
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Trustee system outdated – Oxford’s Clark
GLOBAL – The existing system of pension fund governance in the US and UK – with its roots in the nineteenth century – does not reflect the “financial imperatives” of the 21st century, says Oxford University professor Gordon Clark.
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Swiss Life warns of 2nd-pillar “casino mentality”
SWITZERLAND - The chief executive of insurer Swiss Life, Paul Mueller, has warned that accepting shortages of coverage in the Swiss second pillar was a “casino mentality”.
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PVK says too soon to say who will get assets
NETHERLANDS – The PVK, the pensions and insurance regulator which is in the process of merging with the Dutch central bank, says it is too soon to name the insurer to whom it will outsource its pension assets.
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DB plans seen as fastest growing hedge investors
GLOBAL - Defined benefit pension schemes are expected to be the fastest growing source of institutional investors into hedge funds, according to a new survey.
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IBM declines comment on talk about UK scheme
UK – IBM’s top UK pensions executive has declined to comment on talk that the company’s is considering options – including wind-up - for its C-Plan scheme, part of its 3.5 billion-pound (5.1 billion-euro) UK pension arrangements.
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ADAM opens institutional office in Zurich
SWITZERLAND - Allianz Dresdner Asset Management says it has opened an office in Zurich focused on institutional clients – saying a “dynamic change” is happening in the market.
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Hewitt and Watson hire from Aon and ISIS
UK – Hewitt Bacon & Woodrow and Watson Wyatt LLP have both made senior appointments in the UK, hiring from Aon Consulting and ISIS Asset Management respectively.
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Pensions savvy “helpful” for new UK regulator
UK – Knowledge of workplace pensions is only among the ‘helpful-to-have’ requirements of the chair of the new Pensions Regulator, according to the ad for the job.
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Aegon denies Fortis pension outsourcing claim
NETHERLANDS – Aegon Nederland has denied a claim by Fortis Investments that it has opted for the latter’s products as part of a pensions outsourcing move.
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IPE-QUEST: UK fund tenders unconstrained brief
UK - A UK pension fund has tendered an unconstrained mandate worth up to 80 million pounds (117.9 million euros) via IPE-Quest.
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Alitalia cuts pensions amid crisis - union
ITALY - Alitalia, the troubled Italian airline, has almost halved its annual contribution to its staff pension schemes in a bid to “get away from the quicksand”, a union official says.
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Warning over pension move into long-term bonds
GLOBAL – Pension funds have been warned that even a modest reallocation of assets into longer-term securities as they seek to match their liabilities could “overwhelm” the market.
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EU launches consultation on shareholder rights
EUROPE – The European Commission is seeking feedback from institutional investors as it puts together a proposed directive on corporate governance.
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Robeco seeking CIO as Vriezen quits
NETHERLANDS – Marnix Vriezen, chief investment officer of Robeco for just over a year, has left the company amid a management shakeout by new chief executive George Möller.
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Uproar as Dutch pension plans leaked
NETHERLANDS – There is uproar over a leak of the forthcoming budget which has revealed that the government is looking at possibly raising the retirement age to 67.
