All articles by Helen Avery – Page 25
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French ministers approve pension reform bill
FRANCE - The council of ministers today approved the pension reform bill, which president Jacques Chirac described as ‘urgent’ and ‘fair’.
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BBA appoints Mercer for pensions management
UK – Aviation and materials technology company BBA Group has appointed Mercer Human Resource Consulting to provide pensions management and scheme administration services to its pension scheme.
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SG to combine asset management, private banking
FRANCE – Societe Generale has announced that it intends to bring its asset management and private banking operations closer together.
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Liechtenstein’s LGT buys Swiss Life’s STG
SWITZERLAND / LIECHTENSTEIN – Financial services company, LGT GROUP, is acquiring fiduciary company STG Treuhandgesellschaft and its subsidiaries from the Swiss Life Group in order to expand, and to strengthen its activities in Switzerland.
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France: Fillon defiant against pension protests
FRANCE – Major strikes today in France over pension reform disabled 70% of air traffic out of Paris, but social affairs minister Francois Fillon says “negotiations have already been carried out”.
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UK’s Leicester reviews asset, portfolio structure
UK – The 1.1 billion pound (1.52 billion euro) Leicestershire county council pension fund is reviewing its asset and portfolio structure and is asking for managers to put forward proposals for various asset classes.
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Delay seen to Austrian pension reform bill
AUSTRIA – The Freedom Party looks set to try and delay the pension reform bill of June 4, following a roundtable discussion with the social partners and Chancellor Wolfgang Schuessel yesterday.
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Switzerland may cut minimum guaranteed interest rate to 2%
SWITZERLAND - The Federal Office for Social Security is recommending to the government a further decrease in the minimum guaranteed interest rate to two percent.
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State Street opens Frankfurt office
GERMANY – State Street Global Markets is raising its profile in transition management in Germany by opening an office in Frankfurt.
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Two German pension consulting firms merge
GERMANY – Consulting firms Heubeck and FJA are merging to exploit opportunities in the German pensions market.
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Italy’s Confindustria wants pension reform
ITALY – A definite and structured pension reform in Italy must be put into place before the budget in September, says Antonio d’Amato, president of Confindustria, representative body of the manufacturing and service industries.
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Watson Wyatt boosts custody offering
EUROPE – Watson Wyatt is upping its focus on custody service within the European pension fund market by setting up an agreement with Thomas Murray, the specialist custody rating, risk management and research firm.
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UK’s FSA proposes new collective investments
UK – The Financial Services Authority is proposing a new type of collective investment scheme for institutional investors and expert investors in the UK which should allow them to be more competitive within Europe.
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UK’s Field says saving leaves you poorer
UK – Saving for retirement can actually leave you worse off – that’s the message from Frank Field, former minister for welfare reform in the labour government.
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Funds of funds grow 16% - Cerulli
GLOBAL – The global fund industry may have shrunk three percent over the last three-years, but funds of funds worldwide have enjoyed a growth rate of 16%, according to new data from Cerulli Associates.
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ABP, PGGM oppose Telecom Italia-Olivetti merger
EUROPE – Some of Europe’s largest pension funds have backed a call opposing Telecom Italia’s planned merger with Olivetti.
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France: AXA IM hires Dexia’s Pitois
FRANCE – AXA Investment Managers France has appointed Jean Pitois of Dexia Asset Management to head up institutional business development. He will be based in Paris.
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Gartmore Investment Managers cuts 30 jobs
UK – Gartmore Investment Managers has announced that it will be further reducing its headcount with 30 compulsory redundancies.
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OECD queries financing of French pension reform
FRANCE – With further strikes over pension reform planned, the Organisation for Economic Development and Cooperation has said that France’s proposals for financing the reforms are not enough to rescue the system.
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AP1 to tender up to E429m in Pacific equities
SWEDEN – Sweden’s 12.8 billion euro first national pension fund, Forsta AP-fonden or AP1, will be tendering a Pacific equities mandate of up to 500 million dollars (429 million euros) in the near future, as it moves to a more active strategy.
