LONDON - Money Purchase Administration Services Ltd., London, was created to aid large self-administered defined contribution schemes and money managers.
The firm has been established by actuarial firm Wolanski & Co. together with other U.K. pension industry figures.
The firm will offer administration, benefit design, investment and communications consulting for money purchase schemes.
"MPAS has been set up specifically to help major employers in all these areas and to enable them to benefit from top-level administration without incurring all the overheads of setting up a brand-new in-house money purchase administration system," said Philip Nash, a director, in a release.
SEOUL, South Korea - Total foreign ownership of South Korea's stock market increased to 20% of the capitalization of each stock Oct. 1, a hike of two percentage points.
The move was designed to help Korea win membership in the Organization of Economic Cooperation and Development.
Mark Headley, managing director of Matthews International Funds, parent of the Matthews Korea Fund, said his firm expects foreign ownership to increase to 25% during the next two years. He said 25% is the goal the OECD set as part of negotiations to admit Korea into the organization.
NEW YORK - Argentina's private pension funds aren't likely to benefit the local stock market significantly for some time, according to Morgan Stanley & Co.'s senior Latin American strategist Robert J. Pelosky and associate Latin American strategist Hernando Cortina.
As of July 31, assets in Argentina's private pension system, called Administradoras de Fondos de Jubilaciones y Pensiones, totaled $3.989 billion.
But Messrs. Pelosky and Cortina write in a new report that the equity component of the consolidated pension fund industry amounted to 12% of its assets, or approximately $479 million as of July 31. That compares with a total stock market capitalization of $37.7 billion.
Of the pension fund allocation, more than 62% was concentrated in five of Argentina's largest market-cap stocks, according to the report.
While Morgan Stanley believes "one should not underestimate the impact these (pension) funds will have in the long-term, in the short-term their impact will continue to be felt mostly in the fixed income universe," the report said.
Newbridge Latin America L.P., a private equity fund designed to take stakes in Latin American companies, has made its first investment: a 20% stake in Mobile Telecommunication Technologies Corp.'s Latin American operations. The purchase price was $35 million. Mtel provides transmission for wireless messaging.
Newbridge Latin America, a joint venture between Texas Pacific Group and Richard C. Blum and Associates, was formed earlier this year.
In July, the fund had its initial closing at just more than $100 million.