All articles by Helen Avery – Page 53
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OECD lays out tough new pensions guidelines
GLOBAL- OECD members have approved a series of 12-point guidelines for the administration of private pension funds that are set to become international standards within the organisation’s 30 member countries.
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PE deals in Europe up for first time in 2002
EUROPE- The total value of European private equity deals rose in the third quarter of 2002 for the first time this year, according to information provider, Initiative Europe. European private equity transactions had a total value of e11.2bn in Q3, representing a 12% increase over the previous quarter.
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Royal Liver appoints BGI for e218m active mandate
UK- Royal Liver Assurance has appointed Barclays Global Investors to manage a new £137m (e218m) active UK equity mandate. BGI was selected following a beauty parade in conjunction with Royal Liver’s external advisers, whereby three asset managers were shortlisted.
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Proposed tax changes threaten Germany's pensions
GERMANY- Proposals by Germany’s coalition government that individuals are to pay capital gains tax on profits from share sales is causing concern for the fund industry, and threatening the new third pillar pensions system.
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Dublin courts put e760m out to tender
IRELAND- The Dublin Courts Service is looking for one or more fund managers to oversee four investment portfolios totalling e760m. The portfolios will include equities, property, bonds and cash, and the appointed manager(s) will provide four unitised funds with a pre-determined mix of these asset classes.
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Deutsche's UK pensions fund team loses three
UK- Deutsche Asset Management's UK pension fund managers, Fiona Stewart and Mark Spunner, have been let go with immediate effect. Ben Wallace of the same team has also resigned to join Gartmore Asset Management. Wallace and Stewart both served five years at DeAM, and Spunner two and a half years ...
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Bush urges Senate to pass pensions proposals
US- US President George Bush has urged the Senate to pass his proposals to protect the pensions and retirement security of America’s workers.
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DB fund members need protection says UK minister
UK- Work and pensions secretary Andrew Smith has said any changes in pensions legislation in the government’s imminent Green Paper must protect existing employees in the case of a scheme being wound up.
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Outflow from US equity funds continues
US- US equity funds saw their fourth consecutive month of outflows in September, estimated at $10.5bn (e10.75bn) according to mutual fund research company, Lipper. In July, US equity funds registered $50bn in net outflows, which suggests the rate of net selling in equity funds is slowing.
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Scottish Widows closes final salary scheme
UK- Scottish Widows, life assurance arm of Lloyds TSB, has become the second UK insurer to announce the closure of its final salary scheme to new employees.
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Maersk scheme closure brings MFR under scrutiny
UK- The validity of the minimum funding requirement clause of the UK Pensions Act has come under scrutiny after the announcement by the Danish shipping company Maersk that it is closing its UK final salary pension scheme. The move means pensions for the 196 deferred members, of whom 26 are ...
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Lincoln tenders e190m active fixed income mandate
UK- Lincolnshire County Council’s £615m pension fund has put out to tender a £120m (e190m) active fixed income mandate, funded by a reduction to its UK equity portfolio.
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UK treasury denies reports of cutting tax breaks
UK- The UK government has denied reports that it plans to abolish pension tax breaks for top-rate taxpayers, as speculation mounts as to what reforms will be suggested in the government’s forthcoming green paper.
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Research shows retirement age in Italy is falling
ITALY- The average retirement age is Italy is becoming younger according to the government’s “national pension strategy” report to be presented in European parliament next week. In the private sector, the average age of retirement for workers fell from 57 years of age in 2000 to 56.3 in 2001.
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AP3 puts out tender for e450m equity mandate
SWEDEN- AP3, the SKr 126bn (€13.9bn) third Swedish National Pension Fund, has put out to tender an active European small/mid cap equity mandate, expected to be in the range of e200m-e450m.
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JPMorgan and ING announce treasury venture
EUROPE- JPMorgan Treasury Services and ING are joining forces to offer clients integrated pan-European and global treasury management solutions. The partnership should allow the two organisations to be able to leverage their existing treasury and financial services without creating more administrative overheads.
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Consultants back multi manager approach
UK- UK consultants believe that the multi-manager approach to investment will attract significant pension fund assets over the next five years, according to research carried out on the behalf of AIMMI, the Association for Institutional Multi-Manager Investing.
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State Street wins e14bn custody from Alberta
CANADA- Alberta Revenue, manager of the Province of Alberta’s CAD$35bn investments for public pension plans and provincial corporations, has appointed State Street to provide domestic custody and securities lending for CAD$22bn (e14.3bn) in assets.
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FTSE to launch new series of bond indices
UK- Global index provider FTSE Group is launching a new global bond index series, following its recent acquisition of Reuters’ BONDTOP index family.
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CalPERS announces change to asset allocation
US- CalPERS, America's largest public pension fund, is to reallocate assets from its global fixed income portfolio to real estate and private equity.
