Asset Managers – Page 199
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News
Interest rate hedging pays off at Industriens
[16:45 CET 18-03] DENMARK – Industriens Pension generated a positive 4.4% gross return in 2008 by hedging all of its interest rate risk.
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Turkish insurer to unveil pensions offering in H2
TURKEY - Deniz Emeklilik ve Hayat, the life insurance and private pensions operation of Turkey’s Denizbank, is planning to enter the Turkish pensions market and launch is set for July this year.
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Finnish local gov't scheme loses €4.3bn
[17:20 CET 17-03] FINLAND – The Local Government Pensions Institution (Keva) reported a negative net investment return of -20.6% in 2008 as the value of its assets fell to €20bn.
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Islington splits global equity mandate
[17:10 CET 17-03] UK – The London Borough of Islington has split a global equity contract valued at up to £250m (€275m) between two managers.
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Market volatility 'unlikely to drive buyouts'
[17:05 CET 17-03] UK – Market volatility has prompted 44% of trustees to consider transferring pension scheme risk, but consultants have warned timing is “key” so it is unlikely this will transfer into business for the bulk annuity market this year.
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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.
