Worldwide, pension funds stood at a high of $15 trillion were under management at end 2003, mostly in a few developed economies, particularly the US, Japan and the UK. Pension funds are also growing in emerging markets with $250m managed
Last week Ferenc Gyurcsany, designated Prime Minister of Hungary, announced a series of tax reforms that included a reduction in personal interest withholding tax from 25% to 20%. "It is not clearly identified if the planned change of withholding tax
Northern Trust Global Investments (NTGI)has been appointed by the Trustees of the YMCA Pension and Life Assurance Plan in England, Scotland and Wales to run approximately £26 million in Equity and Fixed Income portfolios on a manager of managers basis,
Higher discount rates in all major retirement markets except for Brazil led to a tentative improvement in the funded status of global pension plans during the second quarter of 2004. The higher discount rates which lead to lower defined benefit
ABN AMRO has formed an Art Investment Advisory group, which will provide its private banking clients with art investment advice. Working with Seymour Management (Seymour's), the independent fine art advisors and valuers, ABN AMRO will offer investment advice on the
AXA Financial has announced that The Equitable Life Assurance Society of the United States (Equitable Life) has been renamed AXA Equitable Life Insurance Company. Equitable Life has been providing life insurance products for 145 years. AXA, the parent of AXA
Mitsui Sumitomo Insurance, Japan's second largest non life insurance firm, is acquiring the Asian general insurance operations of Britain's Aviva for $450 million in cash. Once finalised, the acquisition is expected to transform Mitsui Sumitomo into Southeast's largest general insurer.
Indian business process outsourcing firm exl Service has sold a minority stake in its parent to Britain's largest insurer, Aviva, for $12.5 million. Vikram Talwar, exl's vice chairman, told Reuters the British insurer had bought the stake in ExlService Holdings,
ABN AMRO announces the creation of an art investment advisory group, which will provide the private banking sector with a wide range of art investment services that can be offered to theirclients. Working with Seymour Management (Seymour's), the independent fine
A recent survey of 500 medium and large organizations in Western Europe undertaken by IDC suggests that although the offshore outsourcing model has captured the imagination, it has not yet managed to be translated into the wholesale transformation of the