All articles by Daniel Brooksbank – Page 46
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BT Pension Scheme cuts deficit by €580m
UK – The BT Pension Scheme’s deficit has been cut by almost €600m in the nine months to the end of last year.
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Danica Pension to raise equity allocation
DENMARK – Danica Pension, the life and pensions arm of Danske Bank, is to raise its equity allocation to up to 25% from the current 16%.
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UK’s PMI launches federated trustee group
UK – The Pensions Management Institute has formed a new group to provide “thought leadership to pension trustees.
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AP2 to sell its 3.5% stake in Skandia
SWEDEN – Andra AP-fonden, the Second Swedish National Pension Fund/AP2 will set its 3.5% stake in Skandia, saying it lacks confidence in new owner Old Mutual.
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NAPF unveils national pension scheme proposals
UK – The National Association of Pension Funds has proposed a collective trust-based DC alternative to the Pension Commission’s National Pension Savings Scheme idea.
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South Yorks retains Standard Life for property
UK - Standard Life Investments says it has retained an advisory mandate on the £310m (€451m) commercial property portfolio of the South Yorkshire Pension Fund.
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MN Services’ treasury head joins Fortis
NETHERLANDS – Dennis van den Bosch, head of treasury at MN Services, is to join Fortis Merchant Banking as director of currency management.
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Mercer hires Punter Southall’s Vassiliades
UK – Mercer Investment Consulting has hired Punter Southall’s London office head Danny Vassiliades as a principal.
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KPMG loses dispute with pensioners
UK – Accountancy firm KPMG has lost out in a dispute with the pensioners of one of its own pension schemes.
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BP CEO says pension funds benefit from profit
UK – Pension funds are the main beneficiaries of surging oil company profits, says BP chief executive Lord Browne.
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JP Morgan's Europe custody manager Austin exits
EUROPE - Mark Austin, managing director and business manager for Europe, the Middle East and Africa at JP Morgan's Worldwide Securities Services arm, has left the company.
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Hewitt quarterly earnings and revenue decline
GLOBAL – Hewitt Associates has reported a decline in net income and earnings in the fiscal first quarter of 2006.
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US steps up probe of pension consultants
US – The US Department of Labor is now investigating pension consultants following an earlier probe by the Securities and Exchange Commission.
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CEIOPS to look at social and labour law
EUROPE – CEIOPS, the European pension supervisors’ committee, says the interpretation of social and labour law will be among its priorities when looking at occupational pensions in 2006.
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IPE-QUEST: Danish fund tenders Asian equities
DENMARK – A Danish pension fund has tendered an expected $50m (€41.7m) in Asia ex-Japan equities via IPE-Quest.
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PGGM fixed income head Schlukebir to leave
NETHERLANDS - Hans Schlukebir, head of fixed income at the €71.5bn Dutch health care sector fund PGGM, is to leave on March 1 after two years in charge of the department.
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Coal scheme says it lost confidence in GSAM
UK – The £10.1bn (€14.8bn) British Coal Staff Superannuation Scheme has said it cut its £600m global fundamental equity mandate with Goldman Sachs Asset Management because it lost confidence in the product – and that further assets may be “relocated”.
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Ex-Mercer’s Capone named Mellon DC head
GLOBAL – Mellon Financial Corp. has hired Robert Capone from Marsh & McLennan as its head of defined contribution activities for Mellon Asset Management, a new role.
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IPE-QUEST: Danish fund tenders European equities
DENMARK - Kirstein Finans has tendered €70m in long-only actively managed European equities on behalf of a Danish Pension Fund via IPE-Quest.
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Rothschild’s Stone to chair WH Smith pensions
UK – NM Rothschild managing director Jeremy Stone is to take over as chairman of the WH Smith Pensions Trust from Martin Taylor as of April 1.