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ABP boosts State Street alliance with E79m

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NETHERLANDS – The Dutch civil service pension fund ABP has given a boost to its tie with State Street with the award of 100 million dollars (79.5 million euros) to State Street Global Alliance member Advanced Investment Partners.

State Street said in a statement that Stichting Pensioenfonds ABP has awarded 100 million dollars in enhanced US equities to Florida-based Advanced Investment Partners. AIP is a quantitative equity fund manager based in Florida that is part of the State Street Global Alliance.

The 150 billion-euro fund and State Street formed the alliance just under three years ago to “forge strategic partnerships with innovative specialty asset management firms around the world”.

ABP spokesman Michel Meijs said the funds were not taken from an existing mandate. He was not immediately able to say how many assets the fund had with the alliance.

“In addition, ABP will also provide initial funding to a newly launched Enhanced MSCI US portfolio to be managed by AIP,” State Street said

In addition, ABP’s quantitative equity strategies group and AIP would also “share their expertise in developing global quantitative portfolios”.

“We are confident in our choice to expand upon our relationship with AIP by increasing our investments into the sophisticated strategies that they manage,” said Jan Straatman, chief investment officer, equities, for ABP.

“We take pride in the confidence that ABP places in us,” said Doug Case, president and chief investment officer of AIP. “ABP’s latest commitment of funds should greatly increase the commercial opportunities for our enhanced equity strategies.” AIP has around 800 million dollars under management.

In February 2003 ABP said its relationship with the alliance had proven “very rewarding”. And in August last year alliance member Pallada Asset Management was awarded a 180 million-rouble (5.4 million-euro) mandate by the 1.9 billion-rouble pension fund of Russia’s electric power industry.

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