Advisers – Page 107
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News
Greece sells telecom stake to pay for pensions
GREECE - The Greek government has agreed to sell 4% of its majority stake in the Hellenic Telecommunication Organization (OTE) to contribute to the voluntary early retirement plan for nearly one third of the firm’s workforce.
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Watson Wyatt names international consulting head
GLOBAL - Watson Wyatt Worldwide has appointed Watson Wyatt LLP partner Simon Gilliat to the new role of head of its international consulting group, which will focus on employee reward and benefits consulting to multinationals.
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Volkswagen Pension Trust in revamp (Update)
GERMANY - Volkswagen Pension Trust, the pension fund for the German car giant, has completed a sweeping revamp of the way its €1.5bn in pension assets are invested (Updates with clarification, fresh edit).
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Germany’s Rürup wants civil service pension cuts
GERMANY - Professor Bert Rürup, the government adviser on pensions, has provoked the anger of German civil servants by urging the government to cut their pension benefits by one-sixth.
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ISS targets Europe with Deminor purchase
EUROPE – US-based corporate governance and proxy voting firm Institutional Shareholder Services is to launch a European operation following the purchase of rival Deminor’s governance arm.
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Commodities need governance - consultant
UK - Lack of time and resources are among the factors behind the lack of development in commodities in the UK, according to a Watson Wyatt consultant, Alasdair Macdonald.
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Luxembourg insurance expert James Ball dies
LUXEMBOURG - It is with great regret that IPE announces the very sudden death of James Ball, head of insurance and employee benefit consultants JBI Deloitte in Luxembourg.
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Watson Wyatt names German investment head
GERMANY - Watson Wyatt’s Munich office has hired a senior manager from investment consulting firm FERI to head its German investment consulting team. (Updates with Watson comment.)
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French reserve fund in SRI move
FRANCE – The French reserve fund, the Fonds de Réserve pour les Retraites, has made progress in its move towards socially responsible investing.
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Russell advises on conflicts amid SEC probe
US - Russell Investment Group says it has started providing its US consulting clients with a document which addresses its potential conflicts of interest.
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Belgian pension reformer Becquaert moves on
BELGIUM – Henk Becquaert, principal private secretary to Belgian pensions minister Bruno Tobback, has left the post.
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SEC report finds US consultant conflicts
US – The US Securities and Exchange Commission has found that pension consultants in the US have to do more to identify conflicts of interest.
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Watson Wyatt says Credit Lyonnais case dismissed
UK – Pension consulting firm Watson Wyatt says the negligent advise case brought against it by Credit Lyonnais has been dismissed.
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NAPF: Turner says pension system unfit
UK - Adair Turner says that almost all the new information gathered since his Pension Commission’s first report last October has confirmed that the existing system “is not fit for purpose”.
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IPE-QUEST: MidEast investor tenders $200m
MIDDLE EAST – A UK-based consultant has tendered $200m (€157.4m) for Nordic hedge fund ma
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Commerzbank to pull plug on Pensor (Update)
GERMANY - Germany’s Commerzbank is in the midst of selling a majority stake in Pensor Pensionsfonds, an equity-oriented pension vehicle created by the Riester reforms of 2001, due to dissatisfaction with the fund’s performance so far, IPE has learned. (Updates with extra comment)
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Germany’s MLP taps Alpha for €800m
GERMANY - Investment consultant Alpha Portfolio Advisors says it has been awarded €800m by independent financial advisory firm MLP.
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ABN Amro Mellon poaches DB's Korsanke
EUROPE - ABN Amro Mellon Global Securities Services has poached Robert Korsanke from Deutsche Bank as the new senior sales manager for its Frankfurt office.
