Advisers – Page 131
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Only one in five Spanish trustees has good financial knowledge - Mercer
Only 20% of the trustees of second pillar pension schemes in Spain consider that they have a good level of financial knowledge.
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US pension funds welcome Marsh & McLennan board decision
US pension funds have welcomed the decision by Marsh & McLennan (MMC) to add Zachary Carter, an independent outsider, to the list of nominees for election to the board of directors at MMC.
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Noon to head up Hewitt European HR division
UK– Consultant, Hewitt Bacon & Woodrow, has promoted human resources consultant Chris Noon to head the development of the company’s flexible benefits services for its European Human Resources and Flexible Benefits delivery practice.
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French retire en masse before new law kicks in
Almost 100,000 people in France have asked to retire before the statutory retirement age of 60, following reforms of the French pension system introduced in January.
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Multinationals await law changes for pan-European pension funds
EUROPE - Multinationals operating across Europe will probably begin to establish pan European pension funds (PEPFs) once it becomes clearer how EU countries will modify their laws..
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Italian pension plan uptake 'slow' in 2003 - IAMA
ITALY- The number of Italian workers joining a personal pension scheme went up by 40% in 2003 while membership of the country’s open-ended occupational pension plans rose more slowly over the year by around 8%, according to consultant IAMA.
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AP3 switches US equity portion to Asia-Pacific region
SWEDEN –Sweden’s third national pension fund, AP3, has reduced the size of its 24.7 billion Kronor (2.6 million euros) US mandate by 2.5% of the total portfolio to boost a 930 million kronor (100 million euros) Asia Pacific exposure.
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UK Budget Special - New pensions tax structure unveiled
UK BUDGET SPECIAL - Pension saving in the UK will be taxed under a single regime with a tax-privileged pot for retirement set at a maximum £1.4m, rising incrementally to £1.8m by 2010, UK Chancellor of the Exchequer, Gordon Brown, today announced in the annual Budget Statement.
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Schroders loses RSPCA balanced brief
UK - The Royal Society for the Prevention of Cruelty to Animals has appointed Threadneedle Asset Management to run its 68 million-pound (100 million-euro) balanced pension scheme, resulting in a loss for Schroder Investment Management.
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Northern Trust hires Gartmore’s Harper
UK – Northern Trust Global Investments has hired Gartmore’s Kate Harper as a director of institutional sales.
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UK actuaries see longer lives in retirement
UK – The Institute of Actuaries says life expectancy in the UK is likely to increase rapidly in the early part of this century – and that future pension scheme design should reflect this.
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EU expansion to boost private equity – EVCA
EUROPE – The expansion of the European Union at the start of May is being seen as providing a boost to the European venture capital and private equity business.
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Luxembourg’s EFA “positioned for pensions”
LUXEMBOURG – Fund firm European Fund Administration says it is now “ideally positioned” to support the European pension market.
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Mercer to name new international consulting head
UK – Mercer Human Resource Consulting is to name a new head of its international consulting practice following Alastair Hunter’s appointment as head of the UK retirement practice.
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Hewitt’s Irish arm hires NTMA’s Reidy
IRELAND – Hewitt Associates’ Irish arm has hired Deborah Reidy from the National Treasury Management Agency to head its investment practice, a new role.
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Switzerland's PPCmetrics in German venture
GERMANY - Swiss consultant PPCmetrics has entered the German market in a joint venture with Georg Seil Consulting.
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Royal Bank shifts to specialists in revamp
UK - The Royal Bank of Scotland has hired seven new specialist asset managers in a revamp of its 12 billion-pound (18 billon-euro) pension fund that was previously exclusively managed by Gartmore and Newton.
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State Street buys rest of Elkins/McSherry
US – State Street Corp. has bought the rest of data analytics firm Elkins/McSherry that it didn’t already own and named James Bryson as interim president.
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Hewitt poll finds backing for long-term mandates
UK – Hewitt Bacon & Woodrow has surveyed asset managers and found widespread support for long-term mandates among UK asset managers.
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PGGM actuary disagrees with ING pension proposal
NETHERLANDS – An actuary at 53 billion-euro Dutch health care pension fund PGGM says he does not agree with a proposed new type of pension system put forward by a top executive of ING.
