All articles by Jan Wagner – Page 27
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Mellon Global names Austria, Swiss sales chief
EUROPE – US asset manager Mellon Global Investments has hired Rainer Lenzin from Lehman Brothers in Zurich to be its new vice president for fund sales in Austria and Switzerland.
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Germany’s SPD handed pensions in new government
GERMANY – The Social Democratic Party, which implemented two pension reforms in the former government, will continue to be responsible for pensions in the new Conservative-led government of Chancellor Angela Merkel.
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APK takes over BMW pension fund in Austria
AUSTRIA – APK, a €2bn pension fund open to all industries in Austria, is to take over administration of the Austrian pension fund of German carmaker BMW from January 2006.
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E.ON reviewing investment consultant FERI
GERMANY – Watson Wyatt has confirmed that it and rival consulting firm FERI are both vying to advise energy giant E.ON on the creation of an external fund for up to €5.4bn in pension liabilities.
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Germany: Aventis scheme in €800m FX move
GERMANY – Aventis Pensionstreuhand, the €1.9bn pension fund for pharmaceuticals giant Sanofi-Aventis, has awarded State Street Global Advisors an €800m currency overlay mandate.
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US-based Principal to open Munich branch
GERMANY – US fixed-income specialist Principal Global Investors plans to open a branch in Munich from January 2006.
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Swiss schemes buoyed by equities – Lusenti
SWITZERLAND - Buoyed by a strong performance from equity markets this year, Swiss private and public pension schemes had returns of 6.1% and 5.8% respectively in the first half, according to Lusenti Partners.
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German fund association BVI names chairman
GERMANY – Fund industry association BVI has elected Markus Riess, chief executive of dit, Allianz’s retail fund arm, as its new chairman for the next three years.
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Austrian association seeks 2nd-pillar boost
AUSTRIA – Pension fund association FVPK has urged the government to do more to boost corporate pensions, noting that only one-fifth of all Austrian workers have access to this pension – one of the lowest rates in the EU.
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Helaba rules out German multi-manager fund
GERMANY - Helaba Northern Trust, the asset management venture between German Landesbank Helaba and US bank Northern Trust, has, for the time being, ruled out launching a multi-manager fund for the German institutional market.
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German Pensionsfonds ‘set to double assets’
GERMANY – A leading pensions adviser, Richard Herrmann of consulting firm Heubeck AG, has outlined a strong future for German Pensionsfonds.
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Publica set to shrink in DC move
SWITZERLAND – The Swiss government has approved a law transforming Publica, the CHF30bn (€19.3bn) pension fund for public sector employees, from a defined benefit to defined contribution from the start of 2008.
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German consultant GSC ends tie with PPCmetrics
GERMANY – GSC, a German investment consultant, has ended its two-year joint venture with Swiss partner PPCmetrics after they failed to agree on strategy and services.
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Germany’s €10bn VBL in PAYG legal blow
GERMANY – The Versorgungsanstalt des Bundes und Länder, a €10bn pension fund for public sector employees, has been dealt a legal blow in its efforts to switch to a capital-funded system from pay-as-you-go.
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DeAM unveils German multi-manager funds
GERMANY - Deutsche Asset Management has rolled out the first of two multi-manager funds for the German-speaking institutional market, yet no longer believes demand for the funds will be as robust as previously estimated.
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Mellon, WestLB in German asset management tie
EUROPE – Mellon Financial Corp. has reached agreement with German Landesbank WestLB to launch a 50-50 joint asset management venture from January 2006.
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German asset managers still bullish despite vote
GERMANY – Asset managers in Germany are still bullish on German equities despite the election uncertainty.
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German institutions ‘to seek lower hedge fees’
GERMANY – German institutional investors will increasingly pressure fund of hedge fund providers to cut management and performance fees, reckons consulting firm Faros.
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Germany: BaFin fund regulator Bartels to retire
GERMANY - Financial services regulator BaFin has confirmed that Volckmar Bartels, its chief supervisor for institutional, retail and hedge funds in Germany, will retire at the end of this month.
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Germany says shifting from PAYG “insane”
GERMANY - The social affairs ministry has dismissed as “economic insanity” suggestions by the Conservative opposition that the state pensions scheme be transformed from a pay-as-you-go (PAYG) system into a cash-backed fund.
