Asset Managers – Page 197
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Eureko to shed 2,500 jobs after €2.1bn loss
[16:15 CET 17-03] NETHERLANDS –Eureko chairman Willem van Duin said the insurer and pensions provider will shed 2,500 jobs within the next two years in a bid to save €300m, after reporting the firm lost €2.1bn last year largely through poor performance on its investment portfolio and at associated companies.
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Target funds to return, or will they?
[17:25 CET 16-03] EUROPE – Target return managers will see major inflows into their funds in the wake of the crisis, but not all pension funds will be receptive to this type of product, an investment consultant has argued.
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PADA mulls target date approach as default
[17:05 CET 16-03] UK – The use of target date funds as the default for the personal accounts system is a “serious proposition” to be put forward in an investment consultation from the Personal Accounts Delivery Authority (PADA) later this year.
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Tower Hamlets retains Record and Auriel
[16:50 CET 13-03] UK - The London Borough of Tower Hamlets has reappointed Record Currency Management (RCM) and Auriel Capital Management (ACM) to run its £10m (E11m) currency portfolio – which accounts for 3.5% of the scheme's overall portfolio.
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Pension deficits are 'important factor in stock picking'
[15:30 CET 12-03] UK - Executives managing corporate pension schemes have been warned pension scheme deficits are an important factor when considering which companies to invest in, according to Fidelity’s figurehead investment expert Anthony Bolton.
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Straatman to overhaul ING as multi-boutique
[11:00 CET 12-03] EUROPE - Jan Straatman, who joined €300bn investment management giant ING last August as chief investment officer, is set to deconstruct its traditional 'silo'-based structure and transform it into a multi-boutique firm with hedge fund-style risk management.
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FI flags potential risk control issues
[15:40 CET 11-03] SWEDEN – Swedish occupational pension funds generally have no large holdings of complex financial instruments, although in a few cases the Finansinspektionen (FI) has highlighted possible deficiencies in related risk control functions.
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Fidelity loses Tyne & Wear's UK mandate
[17:15 CET 10-03] UK – The £3bn (€3.25bn) Tyne & Wear Pension Fund has confirmed it terminated its UK equity mandate with Fidelity at the end of last year.
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F&C saw assets drop ahead of independence
[17:00 CET 10-03] EUROPE – F&C Asset Management executives have admitted drumming up business was difficult in 2008 while its ownership was in question but hope the firm’s status as a soon-to-become independent entity will boost its business potential over the coming months.
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Westminster re-tenders advice contracts
[16:55 CET 09-03] UK – The City of Westminster Council has initiated a search for providers of investment and actuarial advice to its local government pension scheme (LGPS).
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Local authorities hold over €1bn in Icelandic banks
[17:05 CET 06-03] UK – Local authorities in England have reported investments totalling £923.2m (€1.03bn) in Icelandic banks at the end of 2008, some of which may have been held on behalf of pension funds.
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Etera drops €1bn in 2008
[14:00 CET 06-03] FINLAND – Etera Mutual Pension Insurance Company saw its market share fall to 5.6% in 2008 and has reported an overall loss of €1.03bn following a negative investment performance.
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Government pension fund - Norway drops €3bn
[17:00 CET 05-03] NORWAY – The Government Pension Fund – Norway lost NOK 29.6bn (€2.95bn) in 2008, according to the latest figures from Folketrygdfondet.
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Aviva bucks trend to increase assets in 2008
[16:35 CET 05-03] GLOBAL – Aviva Investors, the asset management division of Aviva Group plc, managed to increase its group funds under management last year and keep third-party assets stable, though profits earned from the division have fallen by over 20%.
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ITV considers DB changes as deficit hits £178m
[17:15 CET 04-03] UK – ITV, the commercial broadcast company, has reported a “lower than speculated” £178m (€200m) deficit in its defined benefit (DB) pension scheme but confirmed it is to begin a consultation on possible changes to the plan.
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News
Irish managed funds drop 7.5% in 2009
[17:05 CET 04-03] IRELAND – The average Irish group managed pension fund dropped a further 5.7% in February bringing the total return for 2009 to -7.5%, Rubicon Investment Consulting has revealed.
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North Yorks to drop Hermes European focus
[17:05 CET 03-03] UK –North Yorkshire County Council has decided to divest its £878.8m (€979.4m) pension fund from a holding in the Hermes Focus Asset Management’s European Focus Fund, following a combination of poor performance and staff departures.
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VER drops €1.93bn as equity losses exceed 42%
[16:55 CET 03-03] FINLAND - Valtion Eläkerahasto (VER), the State Pension Fund, has reported an overall investment return of -15.8% in 2008, driven primarily by the results from its equity portfolio which lost 42.7% over the year.
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NewsAllianz GI sees lower income but eyes consolidation
[16:50 CET 03-03] EUROPE – Allianz Global Investors saw its net income fall by over 21.5% in 2008 on the back of lower investment returns and subsequently reduced performance fees, but officials are still looking for buying opportunities within the asset management sector.
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Global equity declines hit AP7 hard
[17:00 CET 02-03] SWEDEN – Sjunde AP-fonden (AP7) has reported a fall of -42.8% in its Premium Choice Fund, while the Premium Savings Fund, the default for savers in the Swedish pension system (PPM) dropped 36.2%.
