Asset Managers – Page 241
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Paternoster names first client
UK – New bulk annuity buy-out firm Paternoster today announced an initial five pensions outsourcing deals – the first of their sort – with a “substantial” prospect for future deals.
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Deutsche Bahn considering pension trust
GERMANY – Deutsche Bahn, the operator of Germany’s national railway, is considering creating an external fund – known as a contractual trust arrangement – to finance new managers’ pension liabilities.
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BGI’s iShares makes €240 German acquisition
GERMANY – Barclays Global Investors has agreed to pay €240m to acquire Indexchange, a provider of exchange traded funds (ETFs), from German bank HVB.
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MEPs’ pension fund to tender actuarial study
EUROPE – An open tender to provide an actuarial study for the pension fund for members of the European Parliament is to be issued shortly.
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Rieter’s Maurer cleared over Swissfirst affair
SWITZERLAND – Swiss industrial firm Rieter has cleared Jürg Maurer, head of investments at its CHF955m (€599bn) pension fund, of any wrongdoing in the Swissfirst affair.
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Deutsche Bank nabs Insight’s Hamilton for LDI
UK – Deutsche Bank has hired former Hewitt Associates consultant Joseph Hamilton to join its Insurance and Pensions Group.
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FRR terminates €331m SGAM mandate (update)
FRANCE – The FRR, the €29bn French Pensions Reserve Fund or Fonds de Reserve Pour Les Retraites, has terminated a €331.5m US mid-cap equities mandate with Société Générale Asset Management subsidiary TCW due to “ongoing unsatisfactory performance” (Updates with SGAM comment).
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FSA authorisation for new corporate pensions adviser
UK – Pensions risk management and recovery advisory company, Pension Capital Strategies(PCS) has received authorisation to carry out pensions and corporate advisory from the Financial Services Authority.
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Lehman takes stake in Blue Bay’s IPO
UK – Investment bank Lehman Brothers is to take a minority stake in London based BlueBay Asset Management’s as part of its initial public offering (IPO).
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Strathclyde seeking transition manager
UK – Glasgow City Council is seeking a transition manager for the movement of assets relating to planned and future investment changes in its £8.8bn (€12.3bn) Strathclyde pension fund, the local authority announced today.
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NBIM looking for CFO, strategist
NORWAY – Norges Bank Investment Management, which runs the NOK1.5trn (€182bn) Norwegian Pension Fund – Global, is looking for a chief financial officer, a new role.
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UN recruits for pension fund
GLOBAL - The United Nations Joint Staff Pension Fund is recruiting senior managers for its real estate and fixed income allocations.
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ABN Amro AM names new equities CIO
UK – Barings’ David Kiddie has been named new chief investment officer equities at ABN Amro Asset Management from early 2007.
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Norges chief slams “disguised beta” hedge funds
NORWAY – Knut Kjaer, executive director of Norges Bank Investment Management, which runs the NOK1.5trn (€182bn) Norwegian Pension Fund – Global, says many hedge funds are overpriced beta suppliers.
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Credit Suisse asset management profit down 21%
GLOBAL – Pre-tax profit at Credit Suisse’s asset management division fell 21% in the third quarter despite higher revenues and a CHF47bn (€29.6bn) increase in assets under management.
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Deutsche ‘outsources pension advisory to India’
GLOBAL – Deutsche Bank AG, Germany’s largest bank, is outsourcing parts of its pensions advisory business to India, according to Bloomberg.
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F&C hit by Vervoer withdrawal
NETHERLANDS – Dutch industry-wide transport fund Pensioenfonds Vervoer is to complete the withdrawal of its assets from F&C Asset Management following the appointment of Goldman Sachs as fiduciary manager.
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ABN Amro asset management quarterly profit slips
EUROPE - ABN Amro said third-quarter net profits at its asset management business fell 5.7% pct to €50m from €53m in the prior year period.
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Mercer enters asset management with MGI launch
EUROPE – Mercer says it is effectively entering the European asset management market with the launch of its multi-manager offering, Mercer Global Investments.
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Paternoster CEO outlines “keys to success”
UK – Mark Wood, chief executive of Paternoster, has outlined what he terms the keys to the success of the new breed of pension buyout firms.
