Advisers – Page 155
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UK government to propose simpler pension rules
UK – The UK government says it will propose simpler regulation and better “information flows” in its long-awaited Green Paper on pension reform.
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Cariplo pension fund seeks operating consultant
ITALY – Cariplo’s 2.7 billion euro pension fund says it is looking for an operating consultant to assist in its recent decision to outsource part of the fund to external managers.
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BGI assets slide 17% in nine months
UK – The largest manager of European pension fund assets, Barclays Global Investors, has seen its assets under management tumble by 90 billion pounds - almost 17% - in the first nine months of 2002.
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Watson Wyatt wary of DC “mis-selling”
UK – Pension consultant Watson Wyatt has called for greater communication about defined contribution pension schemes from employers to avoid the possibility of another pension “mis-selling” scandal.
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AXA sets up UK pensions support unit
UK – AXA says it will spend a “considerable sum” to position itself among the top five players in the UK corporate pension scheme market. It has set up a specialist unit to provide large schemes with a range of support services designed to let firms keep running costs ...
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Hewitt’s fourth-quarter consulting revenues surge
US – Pension and human resources consultant Hewitt Associates’ fourth-quarter consulting revenues rose 47% to 186.1 million dollars from 126.7 million dollars in the fourth quarter of 2001. It said the rise was partly driven by its purchase of Bacon & Woodrow in the UK.
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UK’s Brown disappoints on pensions
UK - The UK’s Chancellor of the Exchequer Gordon Brown has disappointed industry-watchers for providing no new incentives for pension provision in his pre-budget report.
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Gerling expands pensions consulting business
GERMANY – German insurer Gerling has expanded its employee benefits operation by merging of its internal pensions department with its existing pensions consultancy business.
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IPE previews UK pension reform proposals
UK – With the UK government’s “Green Paper” proposals on pension reform expected to be released from November 27 onwards, IPE-Newsline previews the key issues that will be addressed.
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UK to release pension proposals on November 27
UK - The UK government’s proposals on pension reform – in a so-called Green Paper - will be released on Wednesday November 27, according to a spokeswoman at the UK Treasury.
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Finland: discretionary management to rise
FINLAND - Around 20% of Finnish institutional investors say they will increase their use of discretionary and mutual fund management by the end of 2004, according to an industry report released in November by Scandinavian Financial Research (SFR).
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MLIM faces another UK mandate loss
UK - Merrill Lynch Investment Management risks losing its third mandate in a month with the north-west London local authority of Harrow putting out to tender a 90 million pound (141.14 million euro) global equity mandate which it currently manages.
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Beerling takes top pensions admin job at SFB
NETHERLANDS- The administration arm of Dutch financial services company SFB Groep has named Frans Beerling as its new director following the death of Joop van Wees earlier this year.
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TotalFinaElf hires Hewitt Bacon for new scheme
UK - French oil company TotalFinaElf has hired consultants Hewitt Bacon and Woodrow to act as advisor on its newly merged 1 billion pound (1.57 billion euro) UK pension fund. Financial terms of the deal were not disclosed.
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Pension funds shun domestic stocks - report
EUROPE - Pension funds are moving away from investing in domestic equities, says research group Greenwich Associates. And what it calls a “global standard” of investment management methods is emerging.
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Norway: investment proposals welcomed
NORWAY - Norway’s market players have welcomed proposals to change regulations governing pensions fund investments as set out in a report by Caspar Holter, partner of Oslo-based consultants Pensjon & Finans.
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UK funds "post 13% negative return"
UK - Deutsche Bank-owned consultancy the WM Company calls the situation “severe” as UK pension funds post a negative return of almost 13% in the three months to the end of September 2002.
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State Street clinches Deutsche custody deal
GERMANY/US - US bank, State Street Corporation, has signed definitive agreements with Deutsche Bank to acquire its global custody business. The business has assets under custody of approximately e2.2trn, taking State Street’s assets under custody up to almost e8trn. The move will result in State Street becoming the largest custodian ...
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French utilities unions mull pensions protest
FRANCE - France’s energy unions are preparing to strike on November 14 over changes to their pensions system brought about by the forthcoming privatisation of Gaz de France (GdF) and Electricite de France (EdF).
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Swiss funds face increasing 'fiduciary risk'
SWITZERLAND - The majority of Swiss pension funds are not adequately geared to face today’s market conditions, reveals a survey by RCP & Partners, European fiduciary rating agency in Geneva. As a consequence, beneficiaries in defined contribution plans are facing increasing fiduciary risk.
