Advisers – Page 131
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News
Lane Clark hires from KPMG to start outsourcing
UK – Actuarial consulting firm Lane Clark & Peacock has hired KPMG’s Nick Phizackerley and Antonella Sferrino as managing consultants to launch an outsourcing consultancy.
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Towers Perrin Belgian MD joins Watson Wyatt
BELGIUM – The managing director of consulting firm Towers Perrin’s Belgian office, Fred Letourneau, has joined Watson Wyatt in Canada.
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Somerset taps Standard Life for equities
UK - The 652 million-pound (979.8 million-euro) Somerset County Council Pension Fund has selected Standard Life Investments to manage a segregated specialist UK equity portfolio valued at around 175 million pounds.
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Austria’s BVP awards convertible bonds to MSIM
AUSTRIA – Austrian multi-employer pension fund BVP Pensionskassen has awarded a 30 million-euro convertible bond mandate to Morgan Stanley Investment Management, a type of investment new to the fund.
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Mercer sees rejig of asset management industry
GLOBAL – Consulting firm Mercer Oliver Wyman says the asset management industry should ditch the traditional institutional, retail and high net worth categories and reorganise according to the “professionalism” of investors.
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Italy sends new signal over pension reform
ITALY- In an unusual move, the welfare ministry has said that the government wants the controversial pension bill to be sent from the labour committee to the Senate for the second time in a few weeks.
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IAS19 could cause Dutch pensions 'breakdown' say employers
The introduction of new IAS19 accountancy rules could play havoc with Dutch companies and may even lead to a total breakdown of the Dutch pensions system as it is today...
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Consultant says it is first to 'cost' fixed income transactions
GERMANY - A German investment consultant has developed what it claims is the first methodology to measure the overall cost of fixed income transactions
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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.
