All articles by Helen Avery – Page 44
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Deutsche European pension chief MacIntyre quits
EUROPE – The head of Deutsche Asset Management’s European pensions strategy group, Desmond MacIntyre, has resigned from his position having been with the company less than two years.
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French bosses back longer pension contributions
FRANCE – The president of the French employers’ organisation Medef, Ernest-Antoine Seilliere, today backed the government’s proposals to increase the length of contributions, saying the level of pensions can only be guaranteed if more contributions are made.
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Italy’s Fondogommaplastica tenders two mandates
ITALY – The new pension scheme for workers in the rubber, plastic and electric cable industry in Italy, Fondogommaplastica, has put out to tender two mandates for its 20 to 30 million euro fund.
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German BVI sees fund consolidation in 2003
GERMANY – The number of mergers and acquisitions among small German funds will increase in 2003, says Axel-Guenter Benkner, chairman of the German investment fund body BVI Bundesverband Investment und Asset Management.
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PGGM chairman to step down in 2004
NETHERLANDS – Dick de Beus, chairman of the executive board of Dutch health and welfare pension fund PGGM is to resign on April 1 2004.
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Fixed income provides better returns - research
UK – UK plan sponsors’ portfolios would add value by substituting international fixed income in place of international equity, according to new research by Rogge Global Partners.
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State Street wins Tate & Lyle custody mandate
UK – The UK’s 963 million euro Tate & Lyle Pension Fund has appointed State Street Corporation as its sole global custody and administration provider, following a review conducted last year.
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European private equity down 30% to e27bn
EUROPE – European private equity firms saw the value of funds raised decline by almost 30% in 2002, with the combined total of 27.4 billion euros raised by 57 funds far short of 2001’s 38.2 billion euros, according to private equity research firm AltAssets.
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Fortis IM names global equity investments head
BENELUX/US - Fortis Investment Management has appointed Charles Burbeck of Schroders as head of global equity investments, to be based in Boston.
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UK’s HBOS reshuffles managers as Burt retires
UK – HBOS plc, has appointed George Mitchell as governor of its Bank of Scotland unit and Sir Ron Garrick as deputy chairman of HBOS following the retirement of Sir Peter Burt.
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France details merger of financial regulators
FRANCE – The French government has unveiled the details of the proposed merger of the financial regulators Commission des Operations de Bourse (COB), the Conseil des Marches Financiers (CMF), and the Conseil du Discipline de la Gestion Financiere.
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Italy mulls incentives to postpone retirement
ITALY – Italian pension reform proposals could see those who remain in employment beyond the age of retirement receive state pension pay-outs increased by 30% in a bid to encourage workers to remain in employment, says Italian financial daily Il Sole 24 Ore.
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France to decide on pension reform before summer
FRANCE – French president Jacques Chirac today promised that the government would come to a decision over pensions reform before summer 2003, adding that the state pay-as-you-go system will remain.
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Benelux corporate fund tenders e35m in mandates
EUROPE – A Benelux-based corporate pension fund has put out to tender the mandates for a 17.5 million euro North America mid-cap growth fund, and a 17.5 million euro Japan mid-cap growth fund, through IPE-Quest.com.
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Credit Agricole moves sector management in-house
FRANCE – Credit Agricole Asset Management has decided to move the management of its sector-based funds in-house. The 41 million euro Credit Agricole global healthcare fund has been moved in-house, resulting in a loss of a US sub-advisory mandate for AIM Funds, part of the Amvescap group.
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UK pension fund performance falls 11.3% in 2002
UK – UK pensions fund performance for the year 2002 was down 11.3%, signalling a third consecutive year of negative performance, according to Russell/Mellon CAPS, a European provider of institutional investment information services and systems.
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France says retirement system is top priority
FRANCE – The retirement system is at the top of the French government’s priorities for reforms to the social system in 2003 and discussions with the social partners will commence in February, according to French daily La Tribune.
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Italian unions reject Berlusconi pension reform
ITALY - Italy’s trade unions have voiced a unanimous ‘no’ to prime minister Silvio Berlusconi’s plans for major pension reform in 2003, despite his assertion that the social security system is set to explode.
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Morgan Stanley: European ETF market grows 91%
GLOBAL – The global exchange traded fund (ETF) marketplace grew considerably in 2002 according to research by Morgan Stanley. Assets under management increased by 35% taking the total to 128 billion euros, and Europe is leading the way in terms of products available.
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PGGM denies report that it is in deficit
NETHERLANDS – PGGM, the 49 billion euro pension fund for the Dutch healthcare and social work sector, has issued a statement denying claims in a Dutch newspaper that it is in deficit.
