City in 275 million pounds sterling computer fiasco

Article Abstract:

The London Stock Exchange gave up its computerised share dealing system, Taurus, resulting in the loss of 1,000 jobs and losses of 275 million pounds sterling. Chief executive Peter Rawlins resigned. The failure of Taurus was caused by compromises between different interests. Some parts of the system did not function correctly. The volume of shares traded caused problems. Stewart Senior, partner in Coopers & Lybrand, found that the system would not be ready till 1995/6 and that its cost would probably double.

Stocks, Stock-exchange, Stock exchanges, Appointments, resignations and dismissals, Information management, Rawlins, Peter

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BZW lands a pensions plum

Article Abstract:

BZW Investment Management will take over the management of around half of ICI's 4.6 billion pounds sterling pension fund. It will manage the fund in UK investments on an 'index-tracking' basis, while a balanced portfolio of around 2.6 billion pounds sterling will be handled by Schroder Investment Management and PDFM. ICI's move is part of a general trend towards moving pension fund work from internal teams to outside firms.

Contracts, Pension funds, Imperial Chemical Industries PLC, BZW Investment Management

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Your future is at stakeholder

Article Abstract:

The UK government's new stakeholder pension scheme is designed to allow people on low incomes to save for retirement. The scheme offers tax benefits to encourage participation by people usually excluded from pension arrangements, such as housewives.

Retirement Benefits, Pensions

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