All articles by Helen Avery – Page 36
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Features
BG picks up $1bn
Edinburgh investment manager Baillie Gifford has been appointed to run approximately $1bn (€934m) in assets for the $5.4bn Vanguard International Growth Fund. Baillie Gifford Overseas, a subsidiary of the asset manager, will manage around 20%-25% of the fund’s portfolio and a similar proportion of the $210m Vanguard Variable Insurance Fund. ...
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News
Ex-Watson Wyatt consultant joins Paamco
EUROPE – Stephen Oxley, former senior investment consultant at Watson Wyatt is to head up Pacific Alternative Asset Management Company’s (Paamco) new European hedge fund of funds operations in London.
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Euro-zone defined benefit funding falls 20%
GLOBAL – Funding levels of benchmark defined benefit schemes around the globe reported declines of between 12% and 21% in 2002, according to a study by consultants Towers Perrin - with the euro-zone at the wrong end of the scale.
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E193m Fondenergia seeks seven managers
ITALY – Fondenergia, the 193 million euro Italian pension fund for energy and power workers, is looking for seven managers to run the entire fund, which will be split into three mandates.
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Portuguese pension funds fall 3.3%
PORTUGAL – Portuguese pension funds returned a negative 3.3% in 2002, according to the latest estimates from Watson Wyatt.
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Foreign legion does well in French fund market
FRANCE – The foreign-owned share of the French fund market has increased from 5% to 15% since the mid-90s as groups are becoming more aware that they have to change from cross-border strategies to domestic strategies, says a report by FERI Fund Market Information.
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Mercer confirms Oliver Wyman buy
US/UK – Mercer Management Consulting has merged its financial services strategy and risk-consulting units with UK strategy consultant Oliver, Wyman & Co. The new operating unit will be called Mercer Oliver Wyman.
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UK schemes adopt Myners principles - NAPF
UK – Paul Myners’ recommendations on institutional investment are being adopted by the majority of UK pension schemes, reveals a survey by the National Association of Pension Funds (NAPF).
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Northern Trust wins Alecta, Royal Liver mandates
SWEDEN/UK/US – Northern Trust has been appointed global custodian for Swedish pension fund manager Alecta and UK company Royal Liver Assurance, adding a further 11.06 billion euros to its 1.4 trillion euros in assets under custody.
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German fund body BVI criticises tax proposal
GERMANY – The German investment fund association Bundesverband Investment und Asset Management (BVI) has criticised the government’s decision to introduce a 15% capital gains tax on investors.
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Netherlands’ Stork fires pension chief for fraud
NETHERLANDS – The pension fund director of Dutch engineering company Stork NV has been fired as a result of “mismanagement and fraud”.
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Michelin “sound” despite e2.9bn pension gap
FRANCE – Tyre maker Michelin says it is “sound” despite announcing a 2.9 billion euro deficit in its pension and other post-retirement benefit plans.
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Innovest hires ex-Fitch research head
UK – Andy White, the former managing director of research at ratings agency Fitch, has joined Innovest Strategic Value Advisors’ London office.
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Standard Life names global equities director
UK – Standard Life Investments, fund management arm for Standard Life Assurance and Standard Life Pension Funds, has named Reg Watson as investment director in the global equities team.
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Centrica in vote for higher pension contributions
UK – Employees at two of UK consumer services company Centrica’s subsidiaries, energy firm British Gas and the Automobile Association motoring organisation, have become the first to vote for an increase in pension contributions in a bid to keep the final salary scheme open to new entrants.
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Ansbacher in European multi-manager push
EUROPE – Ansbacher is making a push into the growing European multi-manager market and has hired Jeremy Beswick to spearhead the offensive.
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ThyssenKrupp criticises downgrade by S&P
GERMANY – German industrial group ThyssenKrupp has had its long-term corporate credit-rating downgraded two notches to BB+ as a result of its unfunded pensions liabilities, despite in-depth dialogue with ratings agency Standard & Poor’s.
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Regulators’ crucial in consolidating stock markets
GLOBAL – Further consolidation of the world’s stock exchanges in a trend to a single global equity market is being predicted by Avinash Persaud, global head of research at State Street Global Advisors, but he warns that regulators must exercise their influence correctly.
