All articles by Cecilia Valente – Page 44
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AP3 switches US equity portion to Asia-Pacific region
SWEDEN –Sweden’s third national pension fund, AP3, has reduced the size of its 24.7 billion Kronor (2.6 million euros) US mandate by 2.5% of the total portfolio to boost a 930 million kronor (100 million euros) Asia Pacific exposure.
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Fund managers see interest rates rising - Merrill
UK – Fund managers expect interest rates to be higher a year from now despite the recent surprisingly low US non-farm payroll data, says Merrill Lynch’s chief global strategist David Bowers.
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Janus names Goldman’s Black as CIO, president
GLOBAL – Janus Capital Group, facing an estimated 4.5 billion dollars of withdrawals by institutions, has hired Gary Black from Goldman Sachs Asset Management to be its new chief investment officer and president.
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CSAM says Lucerne head Jurt leaves
SWITZERLAND – The head of the Lucerne office of Credit Suisse Asset Management, Herbert Jurt, has left the company and been replaced by Hans Stirnimann.
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InterContinental awards E147m to Russell
UK - The InterContinental Hotels Common Investment Fund, the chain’s pension fund, has awarded Russell a 100 million-pound (147 million-euro) international equities mandate that amounts to 30% of its total assets.
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German MPs approve pension cut plan
GERMANY - The Bundestag, the lower chamber of the German federal government, has voted to back a new law which would allow the government to cut pensions rates by seven percentage points.
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Italian unions to strike over pension reform
ITALY – Italian unions have voted to make a “constructive” strike against pension reform on March 26.
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New Italian fund Fondapi seeks asset managers
ITALY – Fondapi, the newly licensed pension fund for small and medium companies, is looking for three asset managers for a total of 56 million euros in mandates.
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Swiss vote to let funds ignore rate guarantee
SWITZERLAND - The upper house of the Swiss parliament, the Staenderat, has decided that pension funds can ignore the minimum interest rate guarantee of 2.25% for a maximum of five years.
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Royal Bank shifts to specialists in revamp
UK - The Royal Bank of Scotland has hired seven new specialist asset managers in a revamp of its 12 billion-pound (18 billon-euro) pension fund that was previously exclusively managed by Gartmore and Newton.
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Unions call for greater pension disclosure
UK – The main union body in the UK has called for firms to disclose the details of employee and director pension schemes in their annual reports.
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Hewitt poll finds backing for long-term mandates
UK – Hewitt Bacon & Woodrow has surveyed asset managers and found widespread support for long-term mandates among UK asset managers.
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Italian pension reform bill goes to senate
ITALY – The long-awaited pension reform bill is to be presented to the senate for discussion next Tuesday, the finance ministry confirmed today.
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Investment Solutions nabs Maiden DB brief
UK – Media owner Maiden Outdoor awarded multi-manager Investment Solutions a 10 million-pound (14.8 million-euro) global mandate to manage British Transport Advertising’s closed defined-benefit pension fund.
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BGI appoints new global fixed income CIO
UK - Barclays Global Investors (BGI) has promoted managing director Peter Knez to a newly created position of chief investment officer for global fixed income.
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Innovest targets Southern Europe for SRI growth
SPAIN – Innovest Strategic Value Advisors, has opened an office in Spain in response to what it says is a growing demand for socially responsible investment products in Southern Europe.
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Airbus selects Invesco for employee pre-pension accounts
GERMANY- Aircraft manufacturer Airbus Deutschland has appointed Invesco Asset Management to administer and manage Lebensarbeitszeit-Konten or working-life accounts for its 18,000 employees.
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SEI picks up three UK mandates
UK – Manager of manager investment firm SEI Investments says it has been awarded mandates totalling 26 million pounds in the last month...
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Winterthur boosted by pension rate cut
SWITZERLAND – Winterthur’s Swiss life unit swung to profit in 2003 – aided in part by a controversial reduction in the minimum interest rate on second-pillar pension schemes to 3.25% from four percent.
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Blue Sky names Bisschop as director
NETHERLANDS – Blue Sky Group, the manager of airline KLM’s pension assets, has named Orpa Bisschop as director.
