All articles by Dickon Reid – Page 17
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News
UK occupational pensions need an extra £100bn
UK- The UK’s occupational pensions need to raise a further £100bn (e163bn) if they are to provide members with the same level of security as those in the life assurance market according to the rating agency Standard & Poor’s.
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Two thirds of UK DB providers rule out DC by 2007
UK- More than two thirds of the UK’s largest final-salary pension scheme providers have said they will not move to a defined contribution (DC) pension scheme in the next five years according to research by JPMorgan Fleming Asset Management.
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Survey suggests two thirds of UK funds in deficit
UK- Almost two thirds of the UK’s larger pension funds are now in deficit according to a new survey by Mercer Human Resource Consulting. The study looks at 59 FTSE 250 companies’ accounts recently published under the new FRS17 accounting standard.
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Oslo picks PIMCO for new $220m fixed income fund
NORWAY- Oslo Pensjons Forsikring has appointed PIMCO Europe to set up and manage a $220m global fixed-income portfolio for the city's 20,000 employee pension fund.
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Watson Wyatt to take on limited liability status
UK- Watson Wyatt is this week introducing a limited liability aspect to its partnership structure. At present partners’ possessions, including houses, are liable if the consultancy is sued but will be exempt following the introduction of limited liability.
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Six Dutch pension schemes to merge activities
NETHERLANDS- Six of the Netherlands’ medium-sized funds have announced they are to co-operate and to bring together every aspect of running the schemes including investment management, custody, administration and IT systems.
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Mellon hires Threadneedle's marketing director
UK- Mellon Global Investments (MGI), the distribution subsidiary of Mellon Financial Corporation, has appointed Threadneedle’s Alan Mearns as head of global marketing.
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New Star launches Dublin umbrella fund
IRELAND- New Star International is launching six actively managed funds offering three currency classes of share. The Dublin based OEIC, New Star global investment funds, will give investors access to New Star's fund managers.
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Frank Russell adds Suffolk to multi manager roster
UK- Frank Russell Company has added New York-based Suffolk Capital Management to its roster of investment managers. The multi manager hired Suffolk to work on the Dublin and Cayman-domiciled US equity funds worth a respective $1.3bn and $420m.
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EU Working group meets to dicuss Spanish proposals
EU- Member state delegations to the EU pension working group meet tomorrow to discuss the latest paper published by the Spanish presidency.
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News
LPFA takes on independent investment advisor
UK- The £3bn London Pensions Fund Authority (LPFA) has appointed David Rough as an independent investment advisor in response to publication of the Myners report last year. Until recently, Rough was group director of investments at the Legal & General Group and he remains a consultant with L&G Investments. ...
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NI increase will produce more DB closures
UK- Pensions professionals have warned ministers that more companies are likely to close defined benefit pension schemes in an attempt to offset some of the annual £4bn cost of the 1% increase in national insurance announced by Gordon Brown in last week’s budget.
