All articles by Perttu Jarvenpaa – Page 11
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Schemes have poorest first quarter in 25 years
UK – Last year’s poor performance by pension funds has continued in the first quarter of this year, with UK pooled mixed with property funds returning a median of –7.2%, the poorest start to a calendar year since 1974, according to figures from performance measurer CAPS....
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Greek government announces pension reform
GREECE – New pension reform proposals including the introduction of a universal retirement age of 65 could mean savings of about GRD21trn (e61.6bn) out of a total GRD120trn over 25 years, according to an announcement by the Greek Ministry of Labour….
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Hedge fund adviser appoints European head
UK/EUROPE – Melissa Miller has been appointed as head of European client relations at alternative investment adviser Tremont TASS Europe….
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Global fixed interest funds outstrip equities
Global fixed interest funds outstripped their global equity fund counterparts over the 12 months to February 2001, according to the latest figures from ratings agency Standard & Poor’s (S&P)....
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Top man at Norwegian petroleum fund to retire
NORWAY – Leif Eide, a key figure in the development of the current investment strategy at Norges Bank, the central bank of Norway, is to retire from his position as foreign financial investments adviser to the governor of the bank....
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Sector funds pool DKr1.5bn with T. Rowe Price
DENMARK – Three sector-wide Danish pension funds have pooled assets and appointed US investment manager T. Rowe Price to run a DKr1.5bn (e201m) global high-yield bond brief....
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UK pension funds lose e50bn during first quarter
UK – Falling equity markets have slashed £31bn (e50bn) from the value of UK pension funds in the first three months of this year leaving defined contribution pension scheme members who are about to retire facing a sharp fall in benefits, according to WM, the performance measurement consultancy....
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DC benefits may 'unpleasantly surprise' members
UK – Contributions to defined contribution (DC) plans are inadequate to provide acceptable income levels in retirement, according to a survey by consultants William M Mercer....
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Aberdeen buys Swedish property outfit Celexa
UK/SWEDEN – Swedish pension insurance company Alecta (formerly SPP) is selling its property management firm, Celexa Group, to Aberdeen Asset Management....
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Gartmore rolls out SICAVs into Europe
EUROPE – UK investment manager Gartmore’s recently launched Luxembourg domiciled SICAV range of funds, aimed at institutional investors, have been granted authorisation for public distribution in Austria, Finland and Norway....
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ABN AMRO launches euro credit bond fund
NETHERLANDS – ABN AMRO Asset Management is introducing a credit bond fund, which will invest in its existing e590m Euro Credit Fund....
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UK MPs choose BoNY for custody
UK – The Parliamentary Contributory Pension Fund, the retirement scheme for UK members of parliament (MPs), has appointed The Bank of New York to provide investment accounting and global custody services to its £300m (e487m) assets….
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Italian pension funds grow by 124% in one year
ITALY – Total assets under management within Italy’s sector-wide and open pension funds increased by a massive 124% from the end of 1999 to the end of 2000, according to figures just released by Italian regulator, Commissione di vigilanza sui fondi pensione (COVIP)….
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Norwegian authority tenders for NOK800m mandate
NORWAY - The local authority of Larvik has sold its shares in power companies Lardal og Larvik Everk and Vestfold Kraft in order to invest NOK800m (e99m) in the market and is now looking to outsource its domestic investments….
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Online ombudsman info service launched
UK – Law firm CMS Cameron McKenna’s pension group has launched an online UK pensions ombudsman information service called po-info. The pensions ombudsman, currently barrister Julian Farrand, makes over 600 decisions a year that affect the pensions industry, says Cameron McKenna....
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Hedge funds make five star offshore fund rating
UK – Only two offshore funds have received a five-star rating from independent investment consultant Global Fund Analysis (GFA), with many funds plummeting down the ratings as a result of the technology stock blow-out....
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Hendersons appoints business development director
UK – Michael Cox has been appointed director of business development at Henderson Global Investors....
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Sweden's AP7 hires Goldman Sachs and Carlson
SWEDEN – The SEK14bn national PPM default fund Sjunde AP-fonden (AP7) has finalised its external investment manager line-up by appointing Goldman Sachs Asset Management to an e100m active European equity mandate and Carlson Investment Management to a SEK800m (e88.7m) active Swedish equity brief....
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Eureko gets Polish pensions green light
POLAND – The Polish treasury has finally settled its lengthy dispute with pan-European financial group Eureko by giving it the go-ahead to purchase a further 21% stake in the privatised Polish insurance group PZU, which covers 60% of the domestic market….
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Market downturn hits hard on Sweden's PPM funds
SWEDEN – Current market volatility has hit equity funds hard in the state premium pension system (PPM) with funds on average down to around 85% of their initial value last autumn, according to a PPM report....
