All articles by Helen Avery – Page 56
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Morley names head of alternative investments
UK- Morley Fund Management has appointed Peter Rains as head of alternative investments, in addition to his role of head of fixed income.
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10% of Swiss occupational funds now underfunded
SWITZERLAND- One in ten of Switzerland’s 2,100 occupational pension schemes are underfunded according to government advisors and the urgent need to reallocate assets could benefit foreign fund managers.
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Northern Trust to buy Deutsche's passive business
GERMANY- Deutsche Bank has signed an agreement to sell its passive asset management business to Northern Trust Corporation. The transaction is expected to be completed in the next three to six months, at an estimated price of $260m.
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Spanish market set to disappoint foreign managers
SPAIN- Spain’s expanding pensions marketplace may not provide as many opportunities to foreign fund managers as initially thought says Cerulli Associates, Boston-based strategic research and consulting firm.
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Axa transfers e5.6bn to Axa Rosenberg
UK- AXA IM will transfer approximately £3.5bn (e5.6bn) of its Continental Europe and global equity mandates to its specialist global equity affiliate, AXA Rosenberg, following a strategic review.
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Schroders replaces Invesco on e50m Asian fund
UK- Cardiff County Council’s e890m pension scheme has replaced Invesco by Schroders Investment Management as manager for its Asian equity portfolio.
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Prudential announces closure of DB schemes
UK- Prudential, the UK’s second largest life assurer, plans to close its final salary scheme to new employees, joining other FTSE 100 companies such as British Airways, Marks and Spencer and J Sainsbury.
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BNP launches its UK custody business
UK- BNP Paribas Securities Services has launched a domestic UK securities clearing and custody unit, so that transactions for UK securities can now be processed in London. BNP Paribas’ clearing and custody business now covers 13 markets across Europe.
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EFRP vice chairman questions EC directive
UK- The European Commission’s occupational pensions directive has come under fire from a prominent European pensions professional who claims that it fails to fulfil one of its main objectives, the liberalisation of investment across Europe.
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UK DC schemes can learn from US mistakes
UK/US- As defined benefit schemes in the UK increasingly give way to defined contribution schemes, trustees should look to the US and learn from the mistakes made there over the last twelve years, suggests Don Ezra, director of strategic advice at Frank Russell Company.
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Managers would pay premium for better governance
UK- 80% of UK asset managers would rather pay more for shares of well-governed companies than take risks, in the light of corporate scandals from Enron, Tyco and WorldCom, reveals a survey by KPMG.
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AGIRC and ARRCO no closer to cutting costs
FRANCE- France’s two second pillar schemes, AGIRC, the general association of pensions institutions for managerial staff, and ARRCO, the association for the supplementary retirement scheme for salaried employees, seem no closer to answering the social partners’ demands of reduced management fees.
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NAPF leads call for abolition of stamp duty
UK- Leading global financial authorities gathered today to call on the UK government to abolish stamp duty on UK share transactions. The average cost of stamp duty to consumers in defined contribution company pension schemes is about £8,000 over a 25-year contribution period and in the case of defined benefits ...
