All articles by Daniel Brooksbank – Page 4
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Features
Groupe expects changes to assumptions under IORP
The Groupe Consultatif Actuariel Européen says it expects to see “significant” changes in the way discount rates and other pension fund assumptions are determined under the occupational pension fund directive. The Groupe, which represents European Union actuarial associations, has issued a 26-page study called ‘Minimum Technical Provisions for Defined Benefit ...
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FRR awards €150m private equity mandate
FRANCE – The €29bn Fonds de Réserve Pour les Retraites, the French Pensions Reserve Fund, says it has awarded €150m in private equity to AXA Private Equity Europe.
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Dismay at €1bn UK pension protection levy
UK – The Pension Protection Fund’s announcement that it plans to levy an estimated £675m (€1bn) on pension funds in 2007/8 – more than double the previous levy – has been met with dismay by commentators.
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Hewitt opens Cyprus office
CYPRUS - Hewitt Associates says it has opened a new office in Nicosia, headed by consultant Philippos Mannaris.
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Investment Management Association gets new chair
UK – The UK’s Investment Management Association, the asset management trade body, has named Robert Jenkins as its new chairman.
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Robeco names international chief
GLOBAL – Robeco, the asset management arm of Rabobank, has named former ABN Amro Asset Management executive Frank Kusse to head up its international expansion.
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IBM names UK pensions trustee board member
UK – Computer giant IBM has appointed its European corporate treasurer Jean-Louis de Gandt to replace David Hershberg on the trustee board at the £4.9bn (€7.2bn) IBM UK Pensions Trust Ltd.
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European institutions ‘uneasy’ about bond trading
EUROPE – European institutions are becoming uneasy about developments in the fixed-income market – fearing hedge funds are taking too much of dealers’ attention, according to Greenwich Associates.
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Morgan Stanley AM quarterly profits down 50%
GLOBAL – Morgan Stanley has reported a 50% decline in pre-tax income at its asset management business for the fourth quarter.
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AP3 taps Aberdeen for €221m in real estate
SWEDEN – AP3, the SEK196.1bn (€21.7bn) Swedish buffer fund Tredje AP-fonden, has appointed Aberdeen Property Investors to build a European real estate equity fund portfolio worth SEK2bn (€221m).
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Hewitt Associates’ information chief leaves
GLOBAL – Hewitt Associates’ chief information officer Perry Cliburn has left the company to join information services and human resources outsourcing firm Ceridian Corp.
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Denmark tops European pensions rankings - Aon
EUROPE – Denmark tops Aon Consulting’s new ‘European Pensions Barometer’ – with accession countries Estonia and Latvia also making the top four.
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Consulting firm Blacket goes into liquidation
UK – Blacket Research, the firm set up to evaluate trustee decisions and investment consultants’ advice to pension funds, has gone into liquidation after heavy losses.
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IPE-QUEST: Dutch fund tenders euro zone debt
EUROPE – A Dutch n industry-wide pension fund has tendered $70m in euro zone debt via IPE-Quest.
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Turkey implements new pension parameters
TURKEY – The Turkish government says it will implement new pension parameters to help put its medium-term finances on a secure footing.
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UK schemes now allocate 28% to bonds – regulator
UK – The average asset allocation for pension funds in the UK is 61.1% equities and 28.3% fixed income, according to the new ‘Purple Book’ of pensions data from the regulator and the Pension Protection Fund.
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BT plugs higher pension deficit with €4.2bn
UK – BT Group is to plug the now £3.4bn deficit at the BT Pension Scheme with a total of £2.8bn (€4.2bn) in payments over 10 years – although payouts are dependent on scheme investment returns.
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IPE-QUEST: Multi-manager tenders global equities
EUROPE – A continental European multi-management firm has tendered $100m (€76.4m) in enhanced global equities via IPE-Quest.
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Schroders buys German real estate manager
GERMANY - Schroders says it has agreed to buy German real estate asset manager Aareal Asset Management GmbH for an initial £18.8m (€28m) from Aareal Bank.
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Watson Wyatt dismisses PWC
GLOBAL – Consulting firm Watson Wyatt has replaced PricewaterhouseCoopers with Deloitte & Touche as its principal accountants, according to filing with the Securities and Exchange Commission.
