All articles by Dickon Reid – Page 22
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State Street retains e20bn CalPERS mandate
US- California’s $150bn public employees’ retirement system has reappointed State Street Global Advisors to manage the fund’s $17.6bn (e20bn) international equity index fund.
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Crédit Européen launches insurance pension fund
LUXEMBOURG- Crédit Européen, the bank belonging ING Group’s BBL, has become the second company to take advantage of the Luxembourg legislation allowing insurance-based pension funds and is setting up a scheme for its 900 employees.
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Irish pension reform enters last stages
IRELAND- The long-awaited Irish Pension Bill which will lead to the introduction of Personal Retirement Savings Accounts (PRSAs) enters its last stage tomorrow and should be completed before Easter. The legislation comprises two additional elements- amendments to occupational schemes and the introduction of a pensions ombudsman scheme.
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SWIP launches e6.4bn money market fund
IRELAND- Scottish Widows Investment Partnership is launching the SWIP Global Liquidity Fund, a sterling institutional money market fund listed in Dublin and expected to approach £4bn (e6.4bn) once fully invested.
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CAPS says UK pension returns worst since 1990
UK- UK pension funds suffered their second consecutive year of negative returns in 2001 with a median return of -9.7% according to the latest Russell/Mellon CAPS pension fund survey. Results from the report, which covers 1,600 funds with combined assets of £352bn, are the worst for UK schemes since 1990 ...
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Standard Life launches Europe private equity fund
UK/EUROPE- Standard Life Investments has launched a private equity fund of funds that will invest in a mix of European private equity funds and direct investments.
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Credit Suisse rebrands Sun Life Financial business
UK- Credit Suisse Asset Management is rebranding the three Sun Life Financial Asset Management companies it acquired last December.
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2001 proves boost for fund specific benchmarks
UK- 2001 saw an increased number of UK pension schemes adopting their own fund specific benchmarks according to the latest Russell/Mellon CAPS pension survey. The increase continues a gradual trend evident throughout the 1990s- in 1990, only 4% of pension funds used their own benchmark opposed to 68% at the end of 2001.
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Schemes' UK equity holdings lowest since 1983
UK- Holdings in domestic equities by UK pension funds has fallen below 50% for the first time since 1983 according to the 2001 Russell/Mellon CAPS pension fund survey. The 1651 UK funds surveyed by Russell/Mellon held an average of 47.4% of their assets in UK equities, down from 51%at the ...
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Watson Wyatt- UK trustees remain underqualified
UK- The qualifications of UK pension fund trustees remain insufficient and are likely to come under increasing examination, according to research by Watson Wyatt and the Cranfield School of Management.
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Irish pensions bill should be complete by Easter
IRELAND- The long-awaited Irish Pension Bill which will lead to the introduction of Personal Retirement Savings Accounts (PRSAs) is entering its last stage and should be completed before Easter. The legislation comprises two additional elements- amendments to occupational schemes and the introduction of a pensions ombudsman scheme.
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NAPF enters row over UK second state pension
UK- The UK government faces another setback to its pensions policy after the National Association of Pension Funds warned that people under the age of 50 should opt back into the state pension system. Speaking at the opening session of the NAPF conference in Edinburgh, chairman Peter Thompsom said: “there ...
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SEI names head of third party distribution Europe
UK/EUROPE- Multi manager SEI has appointed Alejandro Kerschen as managing director of European partnerships, responsible for SEI’s third party distribution in Europe. Kerschen will report to Joe Ujobai, managing director of SEI’s business in Europe
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European private equity returns -2.3% in 2001
EUROPE- Returns from private equity in Europe were hit in 2001 according to a recent study which estimates an internal rate of return (IRR) in 2001 of -2.3% for all classes. The study, undertaken by the European Venture Capital Association and Venture Economics, the private equity information provider, covers a ...
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UK insurers discourage opting out of state pension
UK- The UK government’s pension strategy suffered a blow today when it emerged that four of the country’s largest insurance companies have written to thousands of customers who opted out of Serps suggesting they return to the second state pension.
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Siparex launches four French venture funds
FRANCE- Siparex Ventures, the venture capital arm of France’s Siparex Group, has launched four so-called ‘Innovation’ funds for customers of Crédit Agricole, SanPaolo IMI, Oddo Asset Management and Financiere Meeschaert.
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Hewitt opens retirement practice in Portugal
PORTUGAL- Consultant Hewitt Associates is establishing a new retirement and financial management department at its Portuguese office that will provide actuarial and employee benefit and investment services to Portuguese companies.
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Skandia to challenge tax laws in European Court
SWEDEN/LUXEMBOURG- Insurance company Skandia has submitted papers to the European Court of Justice (ECJ) in a test case challenging Swedish legislation that stipulates employer contributions to insurance-backed pension funds are only tax exempt if made to locally-domiciled insurance companies.
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German retailer agrees to distribute ERGO products
GERMANY- German retailer KarstadtQuelle is joining forces with the country’s second largest insurer ERGO Versicherungsgruppe in a joint venture to sell insurance, banking and Riester products.
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Schroders names new head for Sweden and Finland
SWEDEN/FINLAND- Schroder Investment Management has appointed Johan Hamilton as country head for Sweden and Finland. Hamilton, who will be based in Stockholm, joins from Wassum Investment Consulting where he was a senior consultant advising pension funds, trusts, companies and local governments on investment strategy and manager selection.
