All articles by Daniel Brooksbank – Page 52
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Bank of Ireland buys into alternatives group
IRELAND – The Bank of Ireland has agreed to buy more than 70% of US hedge fund group Guggenheim for €154m.
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Pension costs could hit UK rating, says S&P
UK – Rating agency Standard & Poor’s has warned that rapidly rising state pension costs could hit the UK’s sovereign debt rating in the long-term.
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Supervisors to circulate pension principles
GLOBAL - The International Organisation of Pension Supervisors is to circulate a newly approved set of principles for pension supervision in the New Year.
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BT Scheme joins Enhanced Analytics Initiative
UK – The £33bn (€57bn) BT Pension Scheme has become the latest member of the Enhanced Analytics Initiative, which seeks to encourage investment research to look at extra-financial issues.
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Unilever sets up €5bn asset pooling vehicle
EUROPE – Consumer products group Unilever has set up a pension asset pooling vehicle called Univest which could grow to around €3-5bn in size.
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Thomas named president of Morgan Stanley IM
GLOBAL – Owen Thomas has been named as president of Morgan Stanley Investment Management, taking over a role vacated by Mitchell Merin in September.
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PPF likens €848m levy to fund management fees
EUROPE – UK pension funds will have to pay an estimated £575m (€848m) in Pension Protection Fund levies in 2006/7, which the PPF says is similar to the fees schemes pay asset managers.
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OECD flags up scarcity of government bonds
GLOBAL – The Organisation for Economic Cooperation and Development has flagged up the potential scarcity of high-quality long-term government bonds for pension funds.
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FRR tenders €1.5bn private equity in four lots
FRANCE – The Fonds de Réserve pour les Retraites, the French Pensions Reserve Fund, has issued a tender for its first ever private equity programme - €1.5bn in four lots, or just under 6% of its total portfolio.
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PPF levy proposals get mixed reaction
UK – Today’s Pension Protection Fund levy proposals have received a mixed response – ranging from a broad welcome to those who found it “simply unacceptable”.
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IPE-QUEST: Nordic bank seeks sub advisor
NORDIC – A Nordic bank has tendered an initial $80m sub- advisory mandate via IPE-Quest.
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Goldman Sachs AM gets $8bn inflow in quarter
GLOBAL – Goldman Sachs Asset Management had a net asset inflow of $8bn (€6.7bn) in the fourth quarter of 2005 – taking its total inflows in the year to $63bn.
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Hoogovens scheme’s Bronger joins Robeco
NETHERLANDS – Patrick Bronger, senior investment manager at the €5.3bn Hoogovens pension fund, has joined Robeco’s hedge fund department.
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Jobs go as British Waterways fund outsources
UK – At least five internal pension administration jobs are on the line as the British Waterways Pension Scheme outsources to Capita Hartshead.
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EU’s Almunia sees no changes to social model
EUROPE - Joaquín Almunia, the European Commissioner for Economic and Monetary Affairs, says the continent’s social models will not have to be sacrificed to deal with population ageing and globalization.
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AXA IM admits “bad days” with State Street
GLOBAL – AXA Investment Managers says it remains committed to its €300bn outsourcing deal with State Street - despite the occasional “bad day” between the two firms.
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IPE-QUEST: Swiss fund tenders small caps
SWITZERLAND – A Swiss pension fund has tendered a pan-European small-cap equities via IPE-Quest.
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ABP, PGGM award €11bn private equity mandate
NETHERLANDS – ABP and PGGM, the two largest Dutch pension funds, have awarded a new €11bn private equity mandate to AlpInvest.
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Hewitt names Szelecki as East European head
EUROPE – Hewitt Associates has named Zsolt Szelecki to head its European emerging markets group covering mostly Eastern European countries.
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International pensions now mostly DC – Mercer
GLOBAL - Two-thirds of companies with international pension plans now use defined contribution arrangements, according to a survey from Mercer Human Resource Consulting.
