All articles by Meagan Rees – Page 23
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News
Storebrand wins €3.2bn Gjensidige brief
NORWAY – Storebrand Investments has won a NOK25bn (€3.2bn) asset management mandate covering the majority of Gjensidige Forsikring’s investment portfolio.
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Watson Wyatt names Paris benefits head
FRANCE – Watson Wyatt has named Jean Kimmel as new benefits practice leader at the firm’s Paris office with immediate effect.
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NAPF Conference: trustee reluctance ‘disaster’
UK – The NAPF has been told by a leading pension consultant that the increasing level of trustee departures from pension funds is “a disaster”.
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Pictet names Northern Europe sales chief
EUROPE – Gerrit Van Gorp, former senior director and head of credit derivatives at Dow Jones Indexes, has been appointed by Pictet Asset Management to be its new head of business development for Northern Europe.
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UK Pension Commission may be permanent
UK – The Pensions Commission report due later this month may propose that it becomes a more permanent feature, according to pensions reform minister Stephen Timms.
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FRR shortlists SRI managers
FRANCE – The €24.8bn Fonds de Réserve pour les Retraites, the French Pensions Reserve Fund, today announced it has short listed asset managers to submit proposals for five SRI mandates worth €600m.
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Ireland’s NPRF starts private equity programme
IRELAND – The €14.5bn National Pension Reserve Fund has initiated its new investment programme with a €75m private equity commitment with independent buy-out firm CVC Capital Partners.
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Laurus axes ABN Amro Mellon in revamp
NETHERLANDS – Dutch food retailer Laurus has awarded a €400m custody and transition management mandate to Northern Trust, resulting in a loss for incumbent ABN Amro Mellon.
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BAE planning €742m pensions plug
UK – BAE Systems is planning to reduce its £2.8bn (€4.1bn) pensions deficit by almost 18% following consultations between the company and UK employee representatives.
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Shareholder is king says EU’s McCreevy
EUROPE – EU internal market commissioner Charlie McCreevy today reiterated his belief that the “shareholder is king” and encouraged greater internal competitiveness.
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Switzerland’s AVS may reduce US debt exposure
SWITZERLAND – The €15bn Swiss Federal Social Security Fund AVS is looking at investing in euro-denominated bonds following a possible cut-back in its investment in US bonds and dollar-denominated debt.
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Disparity between US and UK fund deficits
GLOBAL – The overall pension fund deficit level among top US firms is expected to have increased by 65% to $129bn (€109.7bn) by year-end, while UK deficits are largely unchanged at around £70bn, Aon Consulting reckons.
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Church of England upgrades pensions admin
UK – The Church of England Pensions Board (CEPB) is replacing its existing pensions administration system against the backdrop of the new pensions regulations in a bid to save time, cut costs and streamline administration tasks.
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Nestlé seeks pensions risk manager
UK – Nestlé is looking for a risk manager with experience in hedge funds to offer services, including the management of assets and liabilities, to its pension funds.
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UK regulator on DB schemes (amended)
UK - UK Pensions Regulator David Norgrove has outlined the future of defined benefit pension schemes (amended).
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UK trustee confidence levels drop - study
UK – A Watson Wyatt study has found that 25% of UK corporate pension fund trustees have less than five years financial experience and less than three years experience in trustee matters – adding to an overall drop in trustee confidence levels since 2003.
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Schroders appoints new deputy CFO
UK – Schroder Investment Management has appointed Dresdner Kleinwort Wasserstein finance head Stephen Brooks as group financial controller and deputy CFO.
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€24bn UN pension fund ‘reviewing strategy’
GLOBAL – The $29bn (€24.7bn) United Nations pension fund may be reviewing its investment strategy to bring it more in line with the body’s humanitarian-based mission and objectives.
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Aegon’s Lommen joins Dutch supervisor DNB
NETHERLANDS - Former Aegon pensions co-ordinator Jacqueline Lommen has joined De Nederlandsche Bank, the central bank which supervises pensions.
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Bank of NY loses €1.9bn Lothian custody brief
UK – The Lothian Pension Fund has awarded a £1.3bn (€1.9bn) global custody mandate to Citigroup Global Transaction Services – resulting in a loss for the incumbent Bank of New York.
