All articles by Helen Avery – Page 61
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News
MLIM appoints relationship manager for Benelux
NETHERLANDS- Leen Meijaard has been appointed as director of Benelux sales and relationship management at Merrill Lynch Investment Managers in Amsterdam. Meijaard will be working alongside managing director Martin Hoogendijk.
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HVB gets approval for all-inclusive industry fund
GERMANY- BAFin, the German Financial Supervisory Authority, has given HypoVereinsbank (HVB) authorisation to launch its subsidiary HVB Pensionsfonds that will act as an industry-wide pension provider across Germany.
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BGI set to lose out as Torfaen tenders e770m
UK- Torfaen County Borough council has put out to tender over half of its £730m (e1.14bn) Greater Gwent Pension Fund.
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November 11th announced as PRSA launch date
IRELAND- Ireland’s Minister for Social and Family Affairs Mary Coughlan has set November 11th as the start up date for Personal Retirement Savings Accounts (PRSA) applications.
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Mellon enters Japanese pension market with Shinsei
JAPAN- Mellon Financial Corporation and Japan’s Shinsei Bank are joining forces and establishing an investment advisory and trust company to provide investment management services to the Japanese pensions market.
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CalPERS yet to name replacement for departing CEO
US- CalPERS, the US’s largest public pension fund, has yet to appoint a replacement CEO for James Burton who is leaving to become head of the World Gold Council.
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Goldman Sachs puts BT scheme deficit at e9.1bn
UK- British Telecom has refuted estimates that the shortfall in its £27bn (e42bn) pension fund may be as high as a third of its market capitalisation.
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ATP picks Pimco and Citi to run e203m fixed income
DENMARK- The e34bn Danish Labour Market Supplementary Pension Scheme ATP has appointed Citigroup Asset Management and Pimco to manage a $200m (e203m) emerging market bond portfolio. Each company will be responsible for $100m.
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US schemes vow to punish poor corporate practice
US- A core group of pension funds, led by those from California, New York and North Carolina, have agreed to clamp down on companies that do not abide by good company practice following the corporate scandals of firms such as Tyco, Enron and WorldCom.
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Portuguese funds continue to disappoint
PORTUGAL- Portugal’s pension fund market experienced negative growth in the second quarter, according to results published by consultant Watson Wyatt.
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Nine out of ten UK schemes now in deficit
UK- Poor performing stock markets have pushed the total deficit in UK company schemes under the accounting standard FRS17 to an estimated £70bn, according to Watson Wyatt which estimates that nine out of ten company schemes are now in deficit.
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US funds consider blacklisting off-shore companies
US- US pension funds with combined assets of $1trn are meeting today in New York to discuss the proposal that they cease investing in companies based in off-shore tax havens. If the proposal goes through 22 companies could see their stock being sold by US pension funds.
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China in crisis as unfunded liability nears e204bn
CHINA- A new report by ratings agency Standard and Poor’s shows flaws in China’s financial markets and an ageing population are adding pressure to the state pension scheme which already has an unfunded liability approaching $200bn (e204bn).
