News

NETHERLANDS - APG and Cordares have announced the successful completion of their merger, creating a single, giant pension administration firm with more than €240bn (US$382bn) of assets under management.

UK - Paternoster has partnered with Citigroup to take responsibility for the £400m (US$791m) Powell Duffryn (PD) Pension Plan, in the largest buyout deal so far this year.

Plan to allow pensions watchdog to issue fines over schemes in red; Citi in £400m pensions deal with Paternoster; WS Atkins moves to plug pension deficit; WS Atkins moves to plug pension deficit

ITALY - The mechanical industry pension fund Cometa has appointed Allianz Global Investors to run an additional €406m (US$646m) of assets to the existing absolute return mandate managed by one of its affiliates.

Professional Pensions has launched a series of web-based conference debates with a live discussion on the current Pensions Bill.

The Investment Management Association will back a Conservative amendment on the personal accounts contribution cap, PP has learned.

FRANCE - Buck Consultants announced that French benefit consultancy, SPAC Actuaires, has joined its global network.

LYXOR Asset Management has launched of four new exchange traded funds.

PATERNOSTER sales have grown 35pc in the first quarter of the year to £520m compared with £131m the same period in 2007.

US - State Street Corporation's record US$2.6bn revenue in 2007 was boosted by custody and investment mandate wins but hampered by increased expenses.