All articles by Helen Avery – Page 37
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Harrigan is new president at CalPERS
US – The board of administration of CalPERS, the California Public Employees Retirement System, has elected Sean Harrigan as its president and Rob Feckner as vice president for 2003.
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LRT gives Euro368m equity mandate to BGI
UK –The 2.7 billion pound London Regional Transport pension fund has replaced SG Asset Management with Barclays Global Investors as manager of a core UK active equity mandate worth 250 million pounds (368 million euros).
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UK's BAE in £90m injection to shore up pensions
UK – Defence firm BAE Systems has announced that it will be injecting 90 million pounds (132 million euros) into its pension schemes over the next two years as a result of shortfalls.
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Sweden's AP1 announces double-digit loss for 2002
SWEDEN – AP-1, the 117.1 billion Swedish krone (12.8 billion euro) first Swedish national pension fund, has posted a loss of 13.8% for 2002, and has announced changes to its asset allocation following an ALM study....
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Uk insurers face pensions liability risks
UK – Royal and Sun Alliance (RSA) and Britannic, have been named as UK insurers exhibiting the most pensions risk, according to a valuation report by Morgan Stanley.
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TPG lays bare pension costs after S&P credit watch
NETHERLANDS – TPG, one of the 10 European corporates placed on credit watch by S&P as a result of pensions concerns has laid bare its 2002 pensions costs in its annual report....
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UK scheme begins £1.75bn outsourcing programme
UK – Following the departure of two of its senior investment staff last year, the Merseyside Council 2.5 billion pound pension fund will appoint six external managers to run 1.75 billion pounds in mandates....
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UBS to set up holding company
EUROPE – Swiss bank UBS is to create a holding company to incorporate its five independent private banks and GAM, its specialist portfolio and asset manager - together they run 70 billion Swiss francs (47.6 billion euros) in assets on behalf of their clients.
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AMB Generali takes 20% of German Riester market
GERMANY – The AMB Generali arm of Italian insurer Generali says it has a 20% market share of Riester private pension products in Germany as at the end of 2002.
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UK active fund managers don’t beat index - report
UK – Investors will “fair better in a tracker fund than by backing so called ‘experts’ when the market goes down,” according to a report by Virgin Money and the performance management firm WM Company.
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Spain urged to agree pension reform timetable
SPAIN – The European Council has urged Spain to agree a timetable for the implementation of its planned pensions reform.
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ABP mulls cost-cutting measures
NETHERLANDS – Stichting Pensioenfonds ABP, the Dutch civil service pension fund, has put some ideas on the table about how to reduce the cost of pensions.
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European CIOs see assets rising in 2003
EUROPE – Eighty percent of European chief investment officers surveyed by US risk measurement firm Barra are positive that assets under management will increase over 2003.
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Mercer to buy KPMG German actuarial arm
GERMANY – Mercer Human Resource Consulting GmbH is to acquire KPMG Deutsche-Treuhand-Gesellschaft’s actuarial services division, adding 70 of KPMG’s pensions consultants to Mercer’s and significantly bolstering its German presence.
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Henderson names UK institutional marketing head
UK – Henderson Global Investors has appointed two former J P Morgan Fleming Asset Management employees to its UK institutional marketing team.
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Russell in Swiss marketing pact with Pendia
SWITZERLAND – Swiss pension and employee benefit consulting firm Pendia Associates has formed an alliance with Frank Russell, now providing access to the multi-manager’s funds.
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S&P puts European firms on watch for pensions
EUROPE – Ratings agency Standard & Poor’s has put some of Europe’s leading companies onto negative credit watch because of their unfunded pension liabilities.
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Bank of NY in Kimberly Clark UK custody win
UK – The 365 million pound (544 million euro) UK pension fund of paper products firm Kimberly Clark has appointed the Bank of New York as its global custodian.
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Calpers seeks hedge fund boost
US – Investment staff at Calpers, the world’s second largest pension fund, are to recommend that the fund raise its one billion dollar (930 million euro) allocation to hedge funds when the fund’s investment committee meets in June.
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Storebrand wins e10.7 UK charity mandate
UK - Storebrand Investments has replaced Henderson Global Investors as manager of the UK Charities Aid Foundation’s 7.2 million pound (10.7 million euro) socially responsible fund, which holds investments by 183 charities.
