All articles by Dickon Reid – Page 18
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86% of new PPM members opt for default fund
SWEDEN- Sweden’s PPM system has taken on a further Sek216m (e23.5m) from the latest influx of new members. Of the 196,000 joining the scheme for the first time, 86% preferred not to choose a fund and instead ended up in the default AP7 fund. Those 14% of new savers not ...
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AXA IM promotes Moreau to CEO
UK- AXA Investment Managers, one of Europe's largest fund managers, has announced the appointment of Nicolas Moreau as chief executive.
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CAPS data show increased confidence in equities
UK/GLOBAL- The world’s major equity markets showed weak signs of recovery in the first quarter of 2002 according to the latest CAPS pooled pension fund survey.
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Pioneer makes Ratto head of management in Ireland
IRELAND- Pioneer Investments has promoted its director of fixed income and balanced portfolio management Mauro Ratto to director of portfolio management following Riccardo Cavo’s move across to Pioneer Alternative Investments.
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Edinburgh fills CIO spot with MLIM's Richards
UK- Edinburgh fund Managers has finally filled its vacant post of chief investment officer with the appointment of Anne Richards from Merrill Lynch Investment Managers (MLIM).
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Henderson launches PE funds for German investors
GERMANY- Henderson Private Capital, the private equity arm of Henderson Global Investors, and the Feri Finance Group are launching two private equity fund of funds designed specifically for institutional investors in Germany.
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Stamford opens multi manager to UK market
GUERNSEY/UK- Stamford Asset Management is opening up its Guernsey-based collective investment scheme, the multi-manager investment programme (MMIP), to the UK institutional market.
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Deutsche and Amvescap strike distribution deal
GERMANY/UK- Deutsche Bank and Amvescap’s Invesco have announced an alliance in which Deutsche will distribute Invesco’s products to its client base.
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NTMA announces seven managers for final e2bn
IRELAND- Ireland’s National Treasury Management Agency (NTMA) has announced the final seven managers to run the unallocated e2bn of the National Pensions Reserve Fund’s e8bn in assets.
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Wilding to replace Piermay at EURACS
NETHERLANDS- The European Actuarial Consulting Services (EURACS) has appointed Danny Wilding of Barnett Waddingham as chairman to succeed Dominique Piermay of Fixage following the actuarial company's decision to leave and join the consulting network Milliman Global.
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Spanish distribute paper on pensions directive
EU- The Spanish presidency has distributed a text to the various delegations to the working groups for pension supposedly clarifying its position on technical provisions, quantitative investment restrictions and solvency issues.
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PGGM to diversify into more exotic fixed income
NETHERLANDS- PGGM is to make allocations to high-yield, emerging market and index-linked bonds following disappointing results for 2001. It is also increasing its European corporate bond portfolio and will give NIB Capital, which it acquired with ABP three years ago, a larger mandate.
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Equity outlook deteriorates says Merrill Lynch
GLOBAL- The outlook for world equities has deteriorated in the past month, according to Merrill Lynch’s latest fund manager survey. In the report, which surveys 300 fund managers, institutional investors are quoted as saying equites appear overpriced and that the prospects for interest rates have deteriorated.
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Equitable to sue Ernst & Young for up to £2.6bn
UK- Equitable Life is suing its former auditors Ernst & Young for up to £2.6bn over its role in the guaranteed annuity crisis that pushed it to the brink of collapse. In a statement to policyholders, Equitable Life says its solicitors Herbert Smith had written to former directors, auditors and ...
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UK state pension to rise irrespective of inflation
UK- UK pensioners can expect a larger basic state pension following the announcement that it is to rise by at least £100 a year irrespective of the rate of inflation.
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Credit Agricole adds to its Benelux operation
BELGIUM- Credit Agricole Asset Management is adding to its Brussels office with the appointment of Sandra Lequime as senior client relationship manager. She joins from State Street Global Advisors in Brussels where she was in charge of sales and client servicing for large Dutch pension funds.
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Pensions regulator appoints Hobman as new CEO
UK- The Occupational Pensions Regulatory Authority (Opra) has appointed Tony Hobman as its new chief executive. He replaces Caroline Instance who has left to become chief executive of the Faculty and the Institute of Actuaries and secretary general of the Institute of Actuaries.
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T Rowe enters fund partnership with Tapiola
FINLAND- Investment manager T. Rowe Price has entered a partnership with Tapiola Fund Management Company, giving Tapiola exclusive rights to market six T. Rowe Price funds in Finland through its own branded mutual funds.
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UBS Capital partners launch PE exit strategy group
UK- Five partners in the UK team of UBS Capital, the private equity company formerly known as Phildrew Ventures, have launched a new entity IRRfc specialising in taking on the management of institutional investors’ unwanted private equity holdings. IRRfc will focus exclusively on exit strategies and will not be making ...
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Boots buys £200m of inflation-linked assets
UK- Boots’ £2.4bn pension fund has purchased £200m worth of inflation-linked investments in a bid to improve the match between assets and liabilities. The purchase follows the fund’s decision last October to sell its entire equity holdings and move the proceeds into fixed income. At the time critics said the ...
