All articles by Barbara Ottawa – Page 116
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Irish personal retirement account assets almost double
IRELAND – Assets held by the new Personal Retirement Savings Accounts (PRSA) in Ireland have risen to €835.28m at the end of 2006 up from €451m a year before.
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BoNY/Mellon will make asset management a priority
GLOBAL – After the merger Bank of New York and Mellon (BoNY/Mellon) will focus on further building out their asset management business, according to Gerald Hassel, president of BoNY.
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BA strike “still on the table” says union
UK – The GMB trade union has branded British Airways claim of a deal with all trade interested unions on how to plug the carrier’s £2.1bn (€3.2bn) pension fund deficit, as “misleading”.
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NBIM appoints CFO in move to alternatives
NORWAY – Norges Bank Investment Management (NBIM) has appointed Espen Klitzing, 43, to the newly created position of chief financial officer.
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Power Financial Corp pays €3bn for Putnam
GLOBAL – Insurance group Marsh & McLennan is selling of Boston-based Putnam Investments for $3.9bn (€2.96bn) to Great-West Lifeco, part of Montreal-based Power Financial Corporation.
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Watson Wyatt loses actuary as Hewitt loses researcher
UK – Daniel Harrison, formerly actuary with Watson Wyatt, joins Synesis Life in the new position of senior pension actuary.
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Institutional assets push AXA Group’s AUM over €1trn mark
EUROPE – French AXA Group reported combined net inflows of €73bn bringing total assets under management(AUM) up to over €1trn.
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Finish fund VER halves returns to 7% as assets grow to €10bn
FINLAND – The €10bn Finish State Pension Fund VER returned 7% for 2006, down from 14.9% in 2005, the fund stated in a preliminary results note.
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Environment Agency in €75m ‘responsible’ fixed income search
UK – The Environment Agency is looking for a manager to invest £50m (€75.5m) in a diverse UK non-gilt fixed interest portfolio for its £1.5bn pension scheme.
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Denmark and Sweden to ‘think about’ ECJ tax ruling
NORDICS – Both the Danish tax ministry and the Swedish finance ministry said they will need time to evaluate the ruling the European Court of Justice (ECJ) has issued on Danish pension tax.
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F&C suffers €16bn outflows as some of assets move to fiduciary mandates
EUROPE – The Dutch trend towards fiduciary management accounts for much of the £11bn (€16.6bn) outflow in institutional assets F&C Asset Management suffered in 2006.
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Thousands may withdraw from Polish funds
POLAND – Workers who gave up their early retirement rights to join the new pension system can now opt out again and withdraw money from Poland’s pension funds.
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Father hands Swiss consultancy over to son
SWITZERLAND – Michael Brandenberger has formally taken over as chief executive officer of the Swiss consultancy Complementa, a company established by his father in 1984.
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Credit Suisse nabs Griffiths from Axa
UK – Paul Griffiths joins Credit Suisse as managing director and head of fixed income for asset management.
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ECJ rules against Danish pension taxation
DENMARK – Denmark is in breach of European law on freedom of movement of workers and capital by not granting tax-deduction on contributions to pension contracts with foreign insurers, the European Court of Justice (ECJ) ruled today.
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Morgan Stanley wins university’s €90m alternatives mandate
UK – The £1.3bn (€1.9bn) Superannuation Arrangements of the University of London (“Saul”) has awarded a £60m alternatives mandate to Morgan Stanley Investment Management (MSIM).
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DAX30 companies see pension deficit fall to €90bn
GERMANY – The top 30 companies in the DAX, Germany’s stock exchange index, have seen their pension deficit decline by €16bn to €90bn because of market appreciation, according to the consultancy, Mercer.
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BNP Paribas jumps on to the GTAA train
EUROPE – BNP Paribas has launched its first global tactical asset allocation (GTAA) fund for institutional investors.
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Swiss funds almost halve returns to 6.58%
SWITZERLAND – Swiss pension funds returned 6.58% in 2006 compared to 12.62% in 2005, according to Credit Suisse.
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Labour Court asks Bank of Ireland to re-open DB scheme
IRELAND – The Labour Court has issued a recommendation for the Bank of Ireland to re-open its DB scheme to include employees that were hired after October 1 2006.
