All articles by Daniel Brooksbank – Page 48
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Mellon names Wachovia’s Kelly as CEO
GLOBAL – Mellon Financial Corp. has named Wachovia’s chief financial officer Bob Kelly as its new chairman, president and chief executive to replace incumbent Martin McGuinn.
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IBM injects €731m into UK pensions
UK – Computer giant IBM has proposed a wide-ranging set of changes to its UK pension arrangements, including a £500m (€731.4m) cash injection.
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Hewitt: 25 clients implement swaps strategies
UK – Consulting firm Hewitt Associates says more than 25 of its clients are implementing liability investment approaches using swaps.
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Fears over proposed UK national scheme costs
UK – Pension Commission member Professor John Hills has acknowledged there are fears about potential cost escalations with an industry-supplied National Pension Savings Scheme.
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IPE-QUEST: German corporate tenders sub-advisory
GERMANY – The treasury department of a German corporate has tendered a total of €300m in two sub-advisory mandates via IPE-Quest.
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IPE-QUEST: Dutch fund tenders real estate
NETHERLANDS – A Dutch pension fund has tendered up to €500m in Asian and European real estate via IPE-Quest.
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Japan regulator raps State Street
JAPAN – Japan’s market regulator has barred State Street’s local trust arm from seeking new business for a month for a series of governance and compliance infringements.
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UK nuclear authority seeking pension admin
UK – The Nuclear Decommissioning Authority, the body charged with cleaning up the UK’s atomic energy industry, has tendered for third-party pensions administration services for the proposed Nuclear Decommissioning Industry-wide Pension Schemes (or IWS).
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Janus, LGIM, AXA report asset inflows
GLOBAL – Asset management firms Janus, Legal & General Investment Management and AXA Investment Managers have reported billions of euros in asset inflows.
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KAS Bank adds to Benelux, institutional sales
EUROPE – KAS Bank has boosted its sales staff in Benelux and the European institutional areas.
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IPE-QUEST: Dutch fund tenders emerging markets
NETHERLANDS – A Dutch pension fund has tendered a global emerging markets debt mandate worth up to $100m (€82m) via IPE-Quest.
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IPE-QUEST: foundation tenders long/short equity
UK – A UK foundation has tendered $150m (€123m) in global long/short equities via IPE-Quest.
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State Street may move processing to East Europe
EUROPE – State Street sees an opportunity to cut costs by moving some of its processing operations to Eastern Europe, says chief executive Ron Logue.
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Siemens cuts pension underfunding to €3.1bn
GERMANY – Industrial giant Siemens says it has cut its pension underfunding to €3.1bn, alongside a more than €400m return on assets.
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F&C’s CFO Paterson Brown to leave
UK – Ian Paterson Brown is to step down as chief financial officer F&C Asset Management by “mutual agreement”.
