Advisers – Page 154
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UK’s Railpen boosts investment team
UK – Railpen Investments, the fund manager of UK’s rail industry pension schemes, has restructured and made two additions to its investment and actuarial team.
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Green Paper lacking on custody - Northern Trust
UK – Custody services provider Northern Trust says the government’s recent pension reform proposals did not address a key aspect of the Myners report dealing with the independence of custodianship.
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Eversheds sees Danner judgment as positive
EUROPE – The European Court of Justice’s October 3 judgment in the Danner case has cleared the way for cross-border pensions, says a pensions lawyer at UK firm Eversheds.
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ABN Amro seeks 5% of Belgian pensions market
BELGIUM – Dutch bank ABN Amro has set up a pensions subsidiary in Belgium, with a view to grabbing a 5% share of a market it says will grow by almost 14% in the coming years.
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PGGM chairman to step down in 2004
NETHERLANDS – Dick de Beus, chairman of the executive board of Dutch health and welfare pension fund PGGM is to resign on April 1 2004.
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European private equity down 30% to e27bn
EUROPE – European private equity firms saw the value of funds raised decline by almost 30% in 2002, with the combined total of 27.4 billion euros raised by 57 funds far short of 2001’s 38.2 billion euros, according to private equity research firm AltAssets.
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Watson Wyatt names global financial services head
GLOBAL – Pensions consultant Watson Wyatt has named Philip Brook to replace Nick Dumbreck as its global practice head for insurance and financial services consulting.
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US fund sponsors’ costs rise 10% - report
US – US pension fund sponsors’ operational costs have risen 10% in the last three years, to almost 0.4% of total assets, according to new research by the Callan Investment Institute – with the rise driven by staff pay and fee rises.
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Pension fund in e50m equity mandate via IPE
EUROPE – Zurich-based consultant Kottmann Advisory, acting for a pension fund client, has placed a mandate for a 50 million euro equity portfolio via the IPE-Quest site.
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Sweden warns ABN Amro fund unit
SWEDEN – The Swedish financial regulator has warned ABN Amro’s Banco Fonder over violations to investment rules concerning the amount invested in unlisted securities – Banco says it may have mis-read the regulator’s intentions.
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Green Paper passes UK actuary test
UK – The Association of Consulting Actuaries (ACA) has welcomed many of the proposals put forward by the UK government in its Green Paper.
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Consultants cautious welcome for pension tax plans
UK - The simplification aspects of the proposed pension tax changes announced by the Treasury this week have been welcomed by international consultants Mercers.
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SEB names Lager to head mutual fund unit
SWEDEN – SEB Asset Management has named Cecilia Lager as head of its mutual fund arm, SEB Fonder, replacing Jan Palmberg who is moving to another role within SEB.
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MLIM says it’s still winning European mandates
UK – Merrill Lynch Investment Managers says it is still winning “significant levels" of new mandates across Europe, despite a series of recent losses from UK local authority pension funds and its loss of the Merrill Lynch UK Investment Trust mandate.
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Watson advises clients away from equities
EUROPE – Pension consultancy firm Watson Wyatt says it is advising its clients to move away from equities and that it knows of “very few” firms that invest in accordance with best practice.
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PIRC calls on trustees to take responsibility
UK – Pension fund trustees must take more responsibility for overseeing investment strategy, and must use their power as shareholders to intervene at underperforming companies if markets are to be reformed, says Pensions Investment Research Consultants, or PIRC.
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UK firms providing wider funds choice – report
UK – UK companies with defined contribution schemes are providing employees with an increasingly wide choice of investment funds, says consultants Watson Wyatt.
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Mutual funds are best channel for Italy - Cerulli
ITALY – The Italian mutual fund advisory programme market is the most effective way to penetrate the Italian asset management market, says Boston-based asset management research and consulting firm, Cerulli Associates.
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Chiswell names head of pension fund marketing
UK – London-based investment manager Chiswell Associates has appointed Simon Hill as its new head of pension funds marketing in a push to develop its institutional pension fund business.
