News

Path cleared for personal accounts; Inflow of funds bolsters Hargreaves; Citigroup creates sub-prime salvage team; Auction of student loans to raise £6bn

NEPTUNE Investment Management has doubled its assets under management to just under £2bn over the past year.

NETHERLANDS - The ABP pension fund, with €208bn (US$305bn) of assets under management, has announced the appointment of Paul Frentrop as head of corporate governance.

Employers will be required to contribute to a pension scheme on behalf of their workers, as part of legislation introduced to parliament in today's Queen's speech.

ABN Amro Asset Management has converted 11 of its fixed income funds to UCITS III "sophisticated" status.

Moves by Royal Mail to clear its £5bn pension deficit within 17 years will still leave a hole of almost £2.9bn, according to analysis by independent pension consultant John Ralfe.

QATARI investment fund Delta Two has terminated its £10.6bn offer to take over the Sainsbury's supermarket chain blaming market turmoil and failure to gain the backing of the pension fund trustees.

INCLUDING: UK - Barings launches 130-30 Fixed Income White Paper, ITALY - New staffers for Cordea Savills in Milan, UK - Gillespie leaves Watson Wyatt; UK - Property appointment at Hewitt

IRELAND - The Pensions Board is considering issuing best practice guidance for trustees, to address a lack of knowledge and potential unwillingness to take on responsibilities.

US - The Jacksonville Police and Fire Pension Board of Trustees has dumped Merrill Lynch Consulting Services (MLCS) as its consultant.