All articles by Helen Avery – Page 39
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France’s Fillon sees pension reform hurdles
FRANCE – France’s labour minister Francois Fillon has admitted that it will be impossible to resolve all the problems facing the country’s pension system, even by 2020.
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OECD to look at pensions supervision
EUROPE - The Organisation for Economic Cooperation and Development's Private Pensions Working Party is to look at member states’ pension supervision within the next few months, says its new chairman Ambrogio Rinaldi.
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GE Life outsources UK property to Credit Suisse
UK/US - GE Life, part of US-based GE Financial, has decided to outsource the management of its 540 million pound (814 million euro) property portfolio to Credit Suisse Property Investment Management (CSPIM), the UK property arm of Credit Suisse Asset Management.
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Baillie Gifford to run $1bn for Vanguard
US/UK – Baillie Gifford has been appointed to run approximately one billon dollars in assets for the 5.4 billion dollar Vanguard International Growth Fund.
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Deutsche buys Swiss asset manager
GERMANY/SWITZERLAND – Deutsche Bank has announced that it will be wholly acquiring Swiss private bank and asset manager, Rued, Blass et Cie. from its parent company Zurich Financial Services.
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Edinburgh Fund Managers names new chairman
UK – Edinburgh Fund Managers has appointed Charles Nunneley as non-executive chairman following a board shake-up at the end of 2002 when four non-executive directors resigned and the chief executive was removed.
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NAPF hires ex-JPM chief for corporate governance
UK – The National Association of Pension Funds has appointed Geoff Lindey, ex-head of UK institutional investments at JPMorgan Investment Management, as strategic advisor to its corporate governance team.
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New Italian construction fund seeks custodian
ITALY – Prevedi, the new voluntary pension fund for employees in the industrial and building trades, has launched a beauty contest for a custodian and administration services provider.
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Martin Currie hires private equity head
UK – Martin Currie has recruited Paul Murray of Deutsche Capital Partners to head up its private equity team.
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BNP Paribas 2002 profits fall 18%
FRANCE – BNP Paribas has reported an 18% fall in profits for 2002 to 3.295 billion euros from 4.018 billion euros in 2001. Assets under management also fell 6%.
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Calpers admits underfunding risk
US – Calpers, the world’s second largest pension fund, admits that it could be underfunded by the end of fiscal 2003, if it suffers one more year of negative returns.
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CDC tops French asset management survey
FRANCE – CDC Ixis Asset Management has been voted the top French asset manager by France’s largest institutional investors, according to a survey conducted by consultants Amadeis.
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AXA asset management revenues decline 7.2%
FRANCE – AXA Group has reported a 7.2% decline in revenues in 2002 for its asset management businesses, AXA Investment Managers and Alliance Capital.
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French pension reform proposals get mixed response
FRANCE – Jean-Pierre Raffarin’s emotional rhetoric on French pension reform yesterday received mixed reviews from France’s politicians and institutions.
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Amvescap profits decline by 33% in 2002
US – US-Anglo fund firm Amvescap, the holding company for AIM and Invesco, has reported a 33% fall in pre-tax profit for 2002.
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CDC Ixis Asset Management names France CEO
FRANCE – CDC Ixis Asset Management has reorganised its senior management, and appointed Thierry Dissaux as chief executive officer for France.
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BAE says no decision on pension scheme closures
UK – Defence firm BAE Systems says it is in consultation about tackling its pension fund shortfalls, but insists that – contrary to some press comment - no decisions about closing some of its schemes has yet been made.
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SEI wins e178m De Beers equity mandate
US/UK – The 300 million pound (457 million euro) pension fund of De Beers’ diamond marketing arm, the Diamond Trading Company, has appointed SEI Investments as manager for a 117 million pound (178 million euro) UK and global equity mandate.
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France’s Raffarin says PAYG must be saved
FRANCE – “We must save our pay-as-you-go system, and we must save it together,” said Jean-Pierre Raffarin in a rousing speech to the economic and social council this afternoon.
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Merged Dutch metals funds seek managers
NETHERLANDS – The new 11.7 billion euro Dutch metal industry PME fund – created from the recent merger of the PMI and SVM funds – is searching for managers to run an emerging market mandate and high-yield debt mandate together worth 1.2 billion euros.
