All articles by Robert Melia Watson – Page 11
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News
Nortel axes Jupiter from UK equities mandate
UK – The £1.6bn (€2.5bn) Nortel Networks UK Pension Plan has dropped Jupiter Asset Management from its manager roster. Jupiter was running a UK equities mandate, the size of which is undisclosed.
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Robur sets up corporate governance subsidiary
SWEDEN – Sweden’s largest mutual fund company, Robur, has created a new holding company specifically for corporate governance issues, Robur Fondholding. Chairman of the new company will be Anders Sahlén, current chairman of Robur.
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HSBC names Martin head of Global Investor Services
UK – HSBC Global Investor Services (GIS), the financial services group’s global custody division, has appointed Mike Martin as its new head. He replaces Steve Crockford, who is leaving in August to pursue a career outside the financial services industry.
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UK Government launches DC information for members
UK – The government has announced it is publishing a new set of guidelines to improve the quality of information available to members of defined contribution schemes.
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Electrolux poaches Eklund from Ericsson
SWEDEN – The Stockholm-based pension fund of Swedish electrical appliances group, Electrolux, has poached Hans Eklund from the pension fund of telecoms group, Ericsson, where he was international benefits manager.
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Chirac tries to head off Medef clash
FRANCE – Newly re-elected president Jacques Chirac has told the French social affairs and employment minister to start urgent talks with unions and employers about reforms to the pensions system to avert possible social conflict, according to the Guardian newspaper.
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ABB appoints Goldmans to manage e110m hedge fund
SWITZERLAND – The ABB Investment Foundation, with over SFr 6bn (€4bn) under management for 36 Swiss-based pension funds, has appointed New-Jersey based Goldman Sachs Princeton LCC (GS) to manage its new SFr160m (€110m) hedge fund portfolio.
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T Rowe launches global equity fund in Europe
EUROPE – Baltimore-based global investment management firm, T. Rowe Price has launched the T. Rowe Price global equity fund which is now available to investors in Luxembourg, Germany, Denmark, Norway and Sweden.
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Zurich completes Deutsche deal in Italy and Iberia
SWITZERLAND/GERMANY – Zurich Financial Services has closed on the acquisition of Deutsche Bank’s life insurance operations in Italy, Spain and Portugal as well as the sale of its asset management operations in Germany and Italy to Deutsche Bank.
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France's épargne market to rise 300% by 2017
FRANCE – The growth in the épargne salariale company savings scheme market in France could see assets under management grow from their current level of €60bn to €200bn in the next ten to fifteen years, says Pierre Schereck, retail director of company savings at Crédit Lyonnais Asset Management (CLAM) speaking ...
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Pressure on Europe's pillar I worse than expected
GLOBAL – The industrialised nations are facing a much larger pensions timebomb than official statistics would suggest, claims the Washington-based Centre for Strategic and International Studies, whose latest report, ‘The Global Retirement Crisis’ says Continental Europe and Japan are particularly vulnerable.
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UK fund and Mercer agree performance-related fees
UK – The £500m (€803m) Caterpillar pension fund has struck a new performance-related fee structure with its advisor Mercer Investment Consultant. The new arrangement covers both manager selection and strategic advice and is in response to the Myners Review recommendation that trustees should consider a formal assessment of their consultants.
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Europe continues its private equity investment
EUROPE – Institutional investors across Europe are continuing to invest in private equity, despite the severe downturns in its market in the last couple of years, according to the latest survey from private equity research specialists, AltAssets.
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Rentokil fund to undergo full ALM study
UK – The £600m (€691m) UK pension plan of Rentokil Initial, the hygiene and pest control company, is undergoing an actuarial review that is likely to lead to a full asset liability study later in the year.
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Degaute replaces CEO Duncombe at Consignia fund
UK – Gerry Degaute has been promoted to chief executive of Consignia Pensions Trustees Ltd (CPTL), the management company responsible for the Consignia Pension Plan, formerly the post office pension scheme.
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UK funds double private equity investment in 2001
UK – The amount invested by UK pension funds in private equity almost doubled last year from £817m (€1,309m) to £1,594m (€2,554m), says the latest British Venture Capital Association (BVCA) and PricewaterhouseCoopers (PCW) private equity survey.
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Punter Southall acquires pension consultant BGJ
UK – London-based pensions management and actuarial consultants Punter Southall has acquired pensions consultancy firm, BGJ. BGJ was founded in 1993 and specialises in the corporate pensions market, offering advice on all aspects of corporate pensions to both companies and individuals.
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SWIP enters Italian agreement with Cofiri Sim
UK / ITALY – Edinburgh-based Scottish Widows Investment Partnership (SWIP) has entered into a cooperation agreement with Italian investment bank, Cofiri Sim, to pursue new business opportunities in the segregated institutional asset management market in Italy.
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Pension funds may have to insure group risk
UK – Insurance companies are currently looking at their minimum aggregate exposure levels to group life insurance with a view to setting it at £100m (€161m) per event or geographical location, according to Mercer Human Resource Consulting.
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Dresdner RCM promotes Doyle to consultant role
UK – Dresdner RCM Global Investors has promoted Frank Doyle as head of global consultant relations, with Eilish O’Hagan taking over Doyle’s previous position as head of institutional sales, UK and Ireland.
