Siemens AG, Munich, plans to reduce its investment manager fees by 20%...

Siemens AG, Munich, plans to reduce its investment manager fees by 20% over the next two years, said Wolfgang Lotze, head of pensions advisory at Siemens Financial Services. Speaking at the Multipensions 2000 Conference in Amsterdam, Mr. Lotze said Siemens may consider appointing a "golden circle,” or limited number, of preferred-provider money managers. The company is coordinating its global pension arrangements in preparation for a listing on the New York Stock Exchange in March. Siemens uses 50 external managers and 10 local custodians for its European and U.S. pension funds.