30/1/2009
By Sophie Baker
The European Commission's Decision 2004/6/EC of November 2003 which establishes the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS), has been repealed and replaced by Decision 2009/79/EC. It now has some further provisions regarding the role of CEIOPS as the Level 3 Committee for the insurance, reinsurance and occupational pensions sectors. The new Decision came into effect on 29 January 2009.
T. Rowe Price has opened an office in Zurich, expanding its European presence. This is the fifth office to be opened by T. Rowe Price Global Investment Services since 2001, and will provide sales and client service for the region.
Crédit Agricole S.A. and Société Générale have signed a preliminary agreement which will see them combine their asset management operations. The new venture will combine the entirety the asset management arm of Crédit Agricole S.A., CAAM group, and the European and Asian activities of Société Générale's asset management business, SGAM, as well as 20 per cent of TCW, the firm's asset management subsidiary in the US. The merger will form the fourth largest asset manager in Europe, and the ninth largest on a global scale, and will reinforce the importance of Paris as a major European financial centre. The ownership of the combined businesses will be split 70 per cent Crédit Agricole S.A, and 30 per cent Société Générale. The new business will have €638bn of assets under management.
Japanese and Asian equities specialist Tokio Marine Asset Management (TMA) has launched its new business in London, demonstrating its commitment to the European market. Yuichi "Alex" Takayama will head up the office, and TMA London intends to provide business development and 'real time' client servicing to European institutional investors looking for exposure to asset classes and strategies focused on Japanese, and Asian Equities, Japanese Fixed Income, Long/Short Hedge Funds, Private Equity and Fund of Hedge Funds.
The acquisition of Polish pension company PTE Skarbiec Emerytura SA by AEGON has been completed. The transaction was initiated in June 2007 as part of AEGON's strategy to strengthen its company businesses in Central and Eastern Europe. AEGON has acquired BRE Bank's stake in PTE Skarbiec Emerytura for €117million. AEGON currently has more than two million pension fund members in the Central and Eastern European region, with businesses in Hungary, Poland, the Czech Republic, Slovakia, Romania and Turkey.
Other stories you may find of interest:
European associations call for reconsideration of IORP plans
Several European employers, unions and pension organisations have urged the European Commission to reconsider its plans for the occupational pensions industry, in a joint statement published today
European Pensions Awards 2010: First round of judges announced
European Pensions is pleased to announce the first 21 judges lined up for its European Pensions 2010 Awards, the results of which will be announced on 1 July 2010 at a Black Tie Gala Event in London
Financial market players back calls for improved supervision
The European Council's Conclusions back in June that improved financial supervision is necessary have been supported by BUSINESSEUROPE and financial market players
