Latest Europe News
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France We can start bombing Libya tonight
The French Defence Minister has confirmed that military action against the Ghaddafi regime can start only hours after the UN Security Council approves of ...
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Africa Europe set out cooperation priorities
The Action Plan 2011-2013 was adopted at the recent Africa-EU Summit held in Tripoli, Libya. It replaces the First Action Plan 2008-2010 that was approved at the last summit three years ago. Both plans of action are based on eight partnerships defined as "strategic". These focus on energy, climate change, peace and security, Millennium Development Goals (MDGs), trade and ...
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European reform frozen as result of economic turmoil
Pension reform will remain in limbo if the economic crisis continues, warns Allianz Global Investors AG (AllianzGI). The asset management company has produced a paper examining the effects of the crisis, and found that government budget deficits could widen further and increase debt burdens, which in turn will increase the need for pension reforms. AllianzGI says some governments are ...
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New platform launch brings pan-European provision one step closer
IThe first multi-client cross-border asset pooling platform has been launched by AEGON and Citi, developed with TKP investments, with total assets invested of more than €9bn. The asset pooling platform uses tax transparent investment funds under a European passport (UCITS) to enable AEGON Global Pensions’ multinational clients to consolidate the management, investment and ...
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SEI launches engagement service for European clients
UK and European clients will now benefit from new corporate governance, social and environmental engagement service from fiduciary management provider SEI, in association with F&C Management Limited, for its Dublin-registered equity funds. The service, SEI said, highlights the organisation’s position as the only fiduciary manager in Europe to incorporate engagement for ...
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Significant variations in European countries’ reactions to global downturn
European countries’ pension markets have experienced mixed reactions to the global crisis, although UK businesses are at a ‘severe competitive disadvantage’ in Europe due to weaknesses in private and state pension systems, says Aon Consulting. The employee risk and benefits management firm has produced a report detailing the state of the pensions markets in individual ...
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Dividend forecasts should lead to recovery in Continental Europe
Continental Europe is showing signs of a recovery with increases in European stocks dividend forecasts and robust corporate balance sheets, says Ignis Asset Management. Olly Russ, manager of the top-quartile Ignis Argonaut European Income Fund, is confident that current conditions are favouring Continental European equity income stocks, but warned that dividends will remain under ...
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Aviva strengthens Europe position
ING Group’s holding company in Russia and non-state pension fund business, which had assets under management of £30.4million at 31 December 2008, have been acquired by Aviva plc. The pension fund provides pensions to large multi-national corporate clients, and has 17,000 members. The holding company had £0.8million in AUM at 31 December 2008. The acquisition places ...
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BNY Mellon expands across Europe
BNY Mellon Asset Management has opened an office in Paris as part of its plans to branch out within Europe. The global asset management arm of The Bank of New York Mellon Corporation will be led by Anne-Laure Frischlander, managing director and head of BNY Mellon Asset Management’s French operations, with a five-strong sales team. The new venture will service current clients in ...
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iShares fixed income fund hits €2bn
iShares has announced that investor demand for its iShares € Corporate Bond fund has surpassed €2bn in assets under management (AUM). The fund, a fixed income fund which provides exposure to Euro denominated investment grade corporate bonds, aims to track the Markit iBoxx Euro Liquid Corporates index, which has exposure to industries and a market capitalisation of over ...
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Standard Life’s Europe results drop
Standard Life plc’s new business results for 2008 show a drop in worldwide life and pensions sales of six per cent to £15.6bn. Total net flows across the worldwide life and pensions operations were down from £2.8bn in 2007 to £2.4bn in 2008. However, in Europe, net flows were 13 per cent higher at £620million in 2008 than in 2007, at £548million. German ...
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European Research Strategy launched into market
A European Research Strategy for professional investors has been launched by Janus Capital International Limited, the international arm of Janus Capital Group Inc. The Strategy will be managed by the Janus research team, and will be overseen by director of research Jim Goff. The Strategy, which sis global, is an analyst-driven, team refined strategy with holdings and weightings in each ...
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iShares Europe enjoys record 2008 inflows
iShares Europe has reported a record year of net inflows into its European Exchange Traded Funds (ETF), securing €17.7bn in net new ETF assets at the end of 2008. AT the end of 2007, this figure stood at €5.8bn, and therefore iShares has seen a threefold increase in new money flowing into their ETFs. Globally, the business has had a record year, with net inflows of $89bn in ...
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European Commission closes Solvency II consultation
The European Commission’s (EC) consultation on its document on Solvency II rules for pension schemes has closed. There had been fears that the consultations could be cause for serious concerns in the UK, but consulting actuaries Punter Southall says that the scope of the consultation shows that the EC is taking a pragmatic and cautious approach. ';We welcome the fact that ...
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Spain Princess Cristina faces new tax probe
Spanish Princess Cristina is facing a new probe over suspected fraud. The daughter of King Juan Carlos had been named as suspected in a case of embezzlement against her husband, Iaki Urdangarn, earlier this month, but the decision was overturned. However, judge Jose Castro ordered a new investigation into her financial affairs after examining 10 years worth of tax returns submitted to the ...
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Europe to become main driver in RI market
Responsible Investment (RI) will become ‘mainstream’ by 2015 with 20 per cent of pension funds’ assets under management invested in this way, according to a report published jointly by Dutch asset manager Robeco and global consulting firm Booz & Company. The companies predict total revenue of approximately US$50bn by 2015. ';We expect the RI market to become ...
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Standard Life paves way to Southern Europe
Standard Life Investments (SLI) has reinforced its interest in expanding into Spain, Portugal and Italy by appointing Will Pawson as investment director of Southern Europe. Pawson will be based in Edinburgh and will report to head of European Business Development, Phil Barker. He will take responsibility for the wholesale and institutional marketing of SLI’s products in Spain, ...
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Hurdles still hamper Pan-European pensions development
Complex EU legislation, taxation issues and perceived lack of products are among the hurdles slowing down the development of Pan-European pensions arrangements, according to a recent study carried out by ...
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Dutch pension funds receive €4.9bn in dividends over 11 months
Between April 2007 and March 2008, Dutch pension funds are reported as having received €4.9bn in dividends on quoted shares, according to De Nederlandsche Bank. Pension fund holdings of these quoted shares averaged at €195bn in that period, which excluded quoted shares held through mutual funds. The Bank said that dividend income is used for two things, either as a major ...
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Netherlands streets ahead in use of Liability Driven Investment
Sixty-one per cent of Dutch pension funds are currently employing a Liability Driven Investment (LDI) strategy, an increase of 18 per cent on last year’s figures. Fiduciary manager SEI revealed the results of a Global Quick Poll of the global pension fund space, surveying executives overseeing pensions in the US, UK, Hong Kong, Canada and the Netherlands. There was also an ...
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Watson Wyatt releases Western Europe updates
Financial consultant Watson Wyatt has published the latest editions of its employee benefits and employment terms and conditions for Western Europe. The annual reports are in their 35th and 34th editions, and are references for executives with management responsibility for European or global operations. Covering 19 countries – Austria, Belgium, Cyprus, Denmark, Finland, France, ...
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Borsa Italiana and London Stock Exchange leader in Europe for ETF trades
Aggregated figures show that July 2008 set a record in trading of Exchange Traded Funds (ETFs) on Borsa Italiana and London Stock Exchange markets, with 140,452 trades amounting to a highest ever total of €8.8bn (£7.0bn). The average daily value traded was €383.2 million, an increase of 141 per cent year on year, and the total amount traded was an increase of 152 per ...
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European solvency hit by crashing markets
Funding levels have been affected by falling markets, according to Lehman Brothers’ latest Pension Fund Solvency Indicators released in its ...
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Citi launches pan-European service
Citi has announced a new service which will allow clients direct access to European markets on a direct basis and benefit from the consolidation of securities and cash accounts, through its Global Transaction Services business. The pan-European solution has been developed in anticipation of the changes that are expected to occur as a result of continued consolidation of the European ...
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AEGON releases €315million in securitisation transaction
AEGON has completed a €315million securitisation transaction to improve capital efficiency and optimise their capital structure as part of the group’s new strategy. The transaction adds the equivalent of around £250million of core capital, enhancing the financial flexibility of the group and improving the return on capital deployed in the UK. The move forms part of ...
Italy Digest
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Italy heavily involved in multi billion euro South Stream project
Italy’s natural gas company ENI is a major investor in the South Stream natural gas pipeline project, but the infrastructure development is being held up by a number of trans-national issues, which the Italian government believes is detrimental to the country’s energy security.
South Stream is the name of the transit pipeline that is intended to transport natural gas from Russia to Southern Europe, bypassing Belarus and the Ukraine. It has been highlighted by Prime Minister Berlusconi as important for the energy needs of Italy as it will eliminate the so-called ‘middle man’ and enhance the security of our energy supply, an issue that was underscored in 2005 when ongoing business disputes between Russia and the Ukraine spilled over into trans-national political issues. Read more
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