All articles by Helen Avery – Page 59
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ING outsources equity clearance to BoNY
GLOBAL- ING is to outsource its international cash equities clearance and settlements in London, New York, Hong Kong and Singapore to the Bank of New York in what is Europe’s largest broker-dealer outsourcing transaction.
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Cazenove raids HSBC for UK & European managers
UK- Cazenove Fund Management has announced the appointment of five UK and European fund managers from HSBC Asset Management. Chris Rice, Steve Cordell, Julie Dean and Wade Pollard will join the Institutional pan-European equity team at the beginning of December. Tim Russell, who is to head the team, will join ...
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FTSE launches series of Global Style indices
UK- FTSE Group has unveiled a new series of Global Style indices that comprise separate value and growth indices for 29 countries and 31 regions representing 1,800 stocks.
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JPMorgan AM names Bateman as new global CEO
US- JPMorgan Fleming Asset Management has promoted Paul Bateman to the position of chief executive officer worldwide. Previously Bateman was head of JP Morgan Fleming AM for Europe, Asia and Japan.
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French employers & unions reach pensions agreement
FRANCE- French employer groups, headed by Medef, have reached an agreement with unions that ensures those retiring at 60 will entitled to their full supplementary pensions so long as they do so before 1st October 2003.
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AIMA publishes hedge fund industry guide
EUROPE- AIMA, the Alternative Investment Management Association, and European hedge fund industry participants, led by Goldman Sachs, have published a guide advising Europe’s hedge fund managers how to adopt sound business practices and reduce the risks of costly mistakes.
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UK occupational schemes need simplifying says NAPF
UK- Consumers in the UK are confused about their own pension arrangements, according to a survey by the NAPF, further supporting a call by the new pensions ombudsman, David Laverick, for a simplification of company pension schemes.
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French employers meet unions for pensions debate
FRANCE- French employers and unions are meeting to discuss supplementary pensions in preparation for forthcoming discussions with the government regarding the future of the pensions in France.
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Morley beefs up institutional team with two hires
UK- Morley Fund Management has appointed two new heads within its institutional team. In a new role, Alistair Morrison will be heading up institutional business across the UK and Europe, and reporting to him will be Gordon Milne, head of client services. Both join Morley this month.
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Belgians to reform state pension scheme
BELGIUM- The Belgian government is planning reform to the state pensions system in an attempt to increase employees’ access to occupational schemes. The reforms would open up the opportunity of saving in industry funds to over 500,000 private-sector workers.
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Scottish fund searches for specialist bond manager
UK- The Scottish Borders Council pension fund has put out to tender a new £44m (e69m) fixed-income specialist mandate. Between five and ten managers are expected to compete in the beauty contest, with a short-list anticipated by the end of September.
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Italy considers changing state pension system
ITALY- Disincentives for employees to retire before the age of 65 are being considered in an attempt by the Italian government to keep people in work longer and to encourage them to take out private plans.
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Occupational membership in the UK falls
UK- The number of employees belonging to occupational pension schemes in the UK is falling, according to the preliminary results of survey published by the Government Actuary’s Department (GAD).
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Chemie picks Ecofin for ALM and manager selection
GERMANY- Chemie Pensionsfonds, administered by HVB, has appointed Ecofin to carry out a full asset and liability study, and to assist in the selection of external asset managers.
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PTK says new scheme should launch in October
SWEDEN- PTK, Sweden’s private sector employees’ trade union, believes that plans for a new defined contribution pension scheme could be finalised by the end of October. A replacement for the current final salary scheme, ITP, has been under discussion since 1994.
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ING reorganises asset management into regions
GLOBAL- ING Investment Management is to be introduced in ING’s regional businesses in the Americas, Asia/Pacific and Europe in a move that sees it rearranged along a regional basis.
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Deutsche AM's global CIO steps down
US- Global chief investment officer at Deutsche Asset Management Dean Barr is leaving after only three years with the bank in order to “pursue entrepreneurial opportunities outside the firm.”
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Denmark's ATP shifts e2.9bn from equities to bonds
DENMARK- ATP, the DKK212.7bn (e28.7bn) Danish labour market supplementary pension scheme, has reduced its portfolio allocation in equities from 45% to 35% following negative second quarter results. During this period the listed equity portfolio lost 12.3%.
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CalPERS drops 5.9% in last fiscal year
US- CalPERS, the US’s largest public pension fund, has reported a 5.9% loss in annual earnings, according to its fiscal year report. The pension fund ended the period with assets valued at $143.4bn.
