All articles by Helen Avery – Page 46
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UK firms face e23.4bn pensions hit - consultant
|?´OrDlaims that the UK government is failing to implement an EU directive protecting the pensions of employees of firms that become insolvent could result in a cost to UK companies of 15 billion pounds (23.4 billion euros), says HighamNobbs Consulting.
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French bank merger “won’t be easy” – source
FRANCE – Credit Agricole’s 19.5 billion euro bid for Credit Lyonnais would create an entity with a combined 5.6 billion euros in European pension assets under management – though a source close to the deal says a merger won’t be easy because of the banks' different cultures.
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Davies quits UK’s Financial Services Authority
UK – The chairman of the Financial Services Authority, Sir Howard Davies, has decided to step down, having served in the position for over five years.
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SEI Investments names McGonigle CFO
GLOBAL – SEI Investments has named Dennis McGonigle as its global chief financial officer. The position has remained vacant since the departure of Henry Greer several years ago.
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Deutsche segregates e3.6bn in pension obligations
GERMANY - Deutsche Bank has segregated 3.6 billion euros of its German employee pension obligations, removing them from the balance sheet and creating a separate fund that will be managed by Deutsche Asset Management.
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Utility firms’ pension deficits rise 60% - UBS
EUROPE – Pension fund deficits of utility companies worldwide have grown 60% in 2002, taking total deficits to around 65 billion dollars, reveals a report by UBS Warburg.
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UK's NAPF: difficulties in occupational schemes
UK – Companies in the UK are finding it increasingly difficult to provide occupational pension schemes, reveals the National Association of Pension Funds’ 28th annual survey
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Merrill Lynch loses $543m Calpers bond mandate
US – The 128 billion dollar California Public Employees' Retirement System, Calpers, has dropped Merrill Lynch Investment Managers from its international fixed income manager line-up. MLIM had been managing a 543 million dollar portfolio, accounting for 8.73% of Calpers’ entire fixed income portfolio.
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Britannic Asset Mgmt to cut one in eight jobs
UK – Glasgow-based Britannic Asset Management is to lose 12.5% of its staff in a bid to cut costs. Cuts will be across the board, with estimates of 40 redundancies in total.
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PIRC calls on trustees to take responsibility
UK – Pension fund trustees must take more responsibility for overseeing investment strategy, and must use their power as shareholders to intervene at underperforming companies if markets are to be reformed, says Pensions Investment Research Consultants, or PIRC.
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UK firms providing wider funds choice – report
UK – UK companies with defined contribution schemes are providing employees with an increasingly wide choice of investment funds, says consultants Watson Wyatt.
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State Street wins e1.32bn Royal Liver mandate
UK - Royal Liver Assurance has continued its shift to outsourcing its fund management activities with the appointment of State Street Global Advisors to manage a 850 million pound (1.32 billion euro) multi-asset passive mandate.
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Mutual funds are best channel for Italy - Cerulli
ITALY – The Italian mutual fund advisory programme market is the most effective way to penetrate the Italian asset management market, says Boston-based asset management research and consulting firm, Cerulli Associates.
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UK Environment Agency fund taps SSGA for eco fund
UK – The UK Environment Agency pension fund has appointed State Street Global Advisors to manage an ‘eco-enhanced” index fund.
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Netherlands’ Gamma awards Russell e175m mandate
NETHERLANDS – Dutch textiles company Gamma Holding has appointed multi-manager specialist Frank Russell to manage a 175 million euro equity and bond portfolio for its 340 million euro pension fund.
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AXA, Societe Generale in French custody pact
FRANCE – The French arms of AXA Investment Managers and Societe Generale Asset Management have formed a joint venture to provide custody services for the two associations’ employee company savings accounts (epargne salariale).
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Northern Trust names Dublin operations head
IRELAND – Northern Trust’s Dublin-based fund administration subsidiary has appointed Meliossa O’Caoimh as head of operations.
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Chiswell names head of pension fund marketing
UK – London-based investment manager Chiswell Associates has appointed Simon Hill as its new head of pension funds marketing in a push to develop its institutional pension fund business.
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HBOS names managers at Rothschild Asset Management
UK – HBOS’s investment arm, Insight Investment Management, has announced its new senior management structure following the acquisition of Rothschild Asset Management this week.
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European Q3 investment fund assets fall 5% - FEFSI
EUROPE – The combined assets of Europe’s investment fund market fell 5.2% during the third quarter of the year, according to FEFSI, the pan-European federation of investment managers associations and companies.
