All articles by Barbara Ottawa – Page 116
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ATP considers external alpha managers
DENMARK - The DKK371.5bn (€49.8bn) Danish labour market pension fund, ATP is looking into adding external suppliers of alpha, possibly via direct hedge fund investments.
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IPE-QUEST: North Europe pension fund tenders €192m equity mandate
EUROPE – A northern European pension fund is looking for a manager to invest $250m (€192.5m) in global equities using IPE-QUEST (QN694).
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First player confirms entry into Romanian second pillar
ROMANIA – Allianz-Tiriac is the first among up to 10 possible players in the newly created Romanian second pillar pension market to confirm that it will file for a licence in May or June.
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IPE-QUEST: Three Dutch mandates up for grabs
NETHERLANDS – Dutch pension funds are looking for bond and equity managers for a $200m (€154.5m), a $300m and a $400m mandate respectively using IPE-QUEST.
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Wiltshire ditches Northern Trust for ABN Amro Mellon
UK – The £1.1bn (€1.7bn) Wiltshire County Council pension fund has appointed ABN Amro Mellon as its global custodian.
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HSBC expands its pension team with new hire
UK – HSBC Securities Services EMEA (HSS) has hired Northern Trust’s Matthew Adams in a move to enhance its London based pension team.
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Take the equity route to natural resources, argues US manager
EUROPE – The case for investing in natural resources related equities rather than direct commodity investment was made by Charlie Ober, natural resources portfolio manager at US asset manager T Rowe Price.
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State Street to buy Investors Financial Services for €3.5bn
GLOBAL – State Street Corporation will acquire Investors Financial Services Corporation for $4.5bn (€3.5bn) to bring its assets under custody over the $14trn mark.
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Irish personal retirement account assets almost double
IRELAND – Assets held by the new Personal Retirement Savings Accounts (PRSA) in Ireland have risen to €835.28m at the end of 2006 up from €451m a year before.
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BoNY/Mellon will make asset management a priority
GLOBAL – After the merger Bank of New York and Mellon (BoNY/Mellon) will focus on further building out their asset management business, according to Gerald Hassel, president of BoNY.
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BA strike “still on the table” says union
UK – The GMB trade union has branded British Airways claim of a deal with all trade interested unions on how to plug the carrier’s £2.1bn (€3.2bn) pension fund deficit, as “misleading”.
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NBIM appoints CFO in move to alternatives
NORWAY – Norges Bank Investment Management (NBIM) has appointed Espen Klitzing, 43, to the newly created position of chief financial officer.
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Power Financial Corp pays €3bn for Putnam
GLOBAL – Insurance group Marsh & McLennan is selling of Boston-based Putnam Investments for $3.9bn (€2.96bn) to Great-West Lifeco, part of Montreal-based Power Financial Corporation.
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Watson Wyatt loses actuary as Hewitt loses researcher
UK – Daniel Harrison, formerly actuary with Watson Wyatt, joins Synesis Life in the new position of senior pension actuary.
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Institutional assets push AXA Group’s AUM over €1trn mark
EUROPE – French AXA Group reported combined net inflows of €73bn bringing total assets under management(AUM) up to over €1trn.
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Finish fund VER halves returns to 7% as assets grow to €10bn
FINLAND – The €10bn Finish State Pension Fund VER returned 7% for 2006, down from 14.9% in 2005, the fund stated in a preliminary results note.
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Environment Agency in €75m ‘responsible’ fixed income search
UK – The Environment Agency is looking for a manager to invest £50m (€75.5m) in a diverse UK non-gilt fixed interest portfolio for its £1.5bn pension scheme.
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Denmark and Sweden to ‘think about’ ECJ tax ruling
NORDICS – Both the Danish tax ministry and the Swedish finance ministry said they will need time to evaluate the ruling the European Court of Justice (ECJ) has issued on Danish pension tax.
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F&C suffers €16bn outflows as some of assets move to fiduciary mandates
EUROPE – The Dutch trend towards fiduciary management accounts for much of the £11bn (€16.6bn) outflow in institutional assets F&C Asset Management suffered in 2006.
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Thousands may withdraw from Polish funds
POLAND – Workers who gave up their early retirement rights to join the new pension system can now opt out again and withdraw money from Poland’s pension funds.
