All IPE articles in August 2002 (Online) – Page 6
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News
Man launches bond guaranteed to return 120%
UK- Man Investment Products has launched its first product to guarantee investors a return of at least 120% of their initial investment at maturity.
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AP3 commits further e135m to private equity
SWEDEN- Sweden’s third national pension fund AP3 has committed a further e135m to private equity taking its total investment in the asset class to e210m. The latest commitment by the fund is almost split half and half between US and European private equity houses.
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Russell/Mellon hires pensions relationship manager
UK- Russell/Mellon CAPS has announced the appointment of Fraser Berrie as a client relationship manager in its London Office.
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FSA fines Royal & SunAlliance e2.1m
UK- The UK’s Financial Services Authority has fined certain life insurance companies within the Royal & SunAlliance group £1.35m (e2.11m) for missing deadlines and failing to introduce recommendations made by the Personal Investment Authority in its pensions review.
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Record e51bn leaves US equity funds in July
US- A record $50bn (e51.3bn) was removed from US equity funds in July according to estimates released by mutual fund research company, Lipper, illustrating the extent to which investor nervousness has reached. The previous record monthly outflow was around $30bn in September last year triggered by the events of 11th ...
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UK government faces call for compulsory payments
UK- The UK government is coming under pressure from the Trades Union Congress, the body representing seven million UK workers, to force employers to make compulsory payments to pensions after research suggested that around half the UK workforce is without access to an occupational pension scheme.
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JP Morgan Fleming loses e391m balanced mandate
UK- Cambridgeshire County Council’s pension fund has dropped JP Morgan Fleming Asset Management from a £250m (e391m) balanced portfolio. The scheme is now tendering for a new specialist global equity fund manager to take on £130m of JP Morgan’s old mandate.
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UK railway fund to increase private equity holding
UK- Railpen, the UK railway £13bn (e20.3bn) pension scheme, is to increase its allocation to private equity from 2% to 5%, taking the level of investment from around £400m (e626m) to £750m (e1.17bn).
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CalPERS drops 5.9% in last fiscal year
US- CalPERS, the US’s largest public pension fund, has reported a 5.9% loss in annual earnings, according to its fiscal year report. The pension fund ended the period with assets valued at $143.4bn.
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News
German funds show no risk of being underfunded
GERMANY- Germany’s corporate pensionskassen and direct insurance pension schemes carry literally no risk of being underfunded and have little or no exposure to equity markets according to new research from Commerzbank Securities.
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Denmark's ATP shifts e2.9bn from equities to bonds
DENMARK- ATP, the DKK212.7bn (e28.7bn) Danish labour market supplementary pension scheme, has reduced its portfolio allocation in equities from 45% to 35% following negative second quarter results. During this period the listed equity portfolio lost 12.3%.
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Norges hires three new managers for petroleum fund
NORWAY- Norway’s $75bn Petroleum fund has announced the appointment of Lincoln Capital Management, Merrill Lynch Investment Managers and State Street Global advisors to run indexed fixed income, mortgage-backed securities in the US.
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News
Holdings in US fixed income up 50% in year to date
US- Holdings in fixed income in the US have already risen by more than 50% this year and now stand at $9.2trn according to a study of the institutional bond market by Greenwich Associates, the US research consultancy.
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Sweden's AP2 drops 9.3% in six months to June
SWEDEN- Sweden’s second national fund AP2 has announced a first half decline in assets of 9.3% bringing the fund to Sek124.3bn (e13.6bn).
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News
Deutsche AM's global CIO steps down
US- Global chief investment officer at Deutsche Asset Management Dean Barr is leaving after only three years with the bank in order to “pursue entrepreneurial opportunities outside the firm.”
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News
ING reorganises asset management into regions
GLOBAL- ING Investment Management is to be introduced in ING’s regional businesses in the Americas, Asia/Pacific and Europe in a move that sees it rearranged along a regional basis.
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PTK says new scheme should launch in October
SWEDEN- PTK, Sweden’s private sector employees’ trade union, believes that plans for a new defined contribution pension scheme could be finalised by the end of October. A replacement for the current final salary scheme, ITP, has been under discussion since 1994.
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News
Nordea shakes up asset management arrangement
DENMARK- Nordea Asset Management has announced it is centralising its European, US and global equity management in Copenhagen. At the same time it is centralising the management of Norwegian equities in Oslo while bringing its European fixed income operation to Copenhagen.
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News
Chemie picks Ecofin for ALM and manager selection
GERMANY- Chemie Pensionsfonds, administered by HVB, has appointed Ecofin to carry out a full asset and liability study, and to assist in the selection of external asset managers.
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Dutch fund issues $50m emerging equity RFP
NETHERLANDS- a Dutch-based corporate pension fund is looking, via the electronic manager search system IPE-Quest.com, for a manager to oversee an emerging markets equity mandate worth at least $50m.
