All articles by Daniel Brooksbank – Page 142
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Allianz says it aims to grow AUM by 10%
GERMANY – Allianz says it aims to increase the assets under management at its asset management business by 10% - and that the unit has cut its quarterly loss by around a third.
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Alecta says 90 staff leave in “painful” cutbacks
SWEDEN – Occupational pensions provider Alecta cut 90 jobs in the first quarter, part of what it called a “painful” effort to reduce costs.
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UK pledges E593m pensions bailout
UK – The government is to set up a 400 million-pound (593.7 million euros) fund to compensate workers whose occupational pension schemes have been wound up.
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ABN Amro outsources E75bn to State Street
NETHERLANDS - ABN Amro Asset Management has agreed to outsource fund administration and investment operations to State Street in a deal comprising 75 billion euros in assets.
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RBC Global Services names Europe VP
EUROPE - RBC Global Services has named Simon Shapland as regional vice president for Europe and the Middle East.
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IPE-QUEST: Dutch pension fund tenders real estate
NETHERLANDS – A Dutch consultant has tendered 10 million euros in real estate for a Dutch pension fund via IPE-Quest.
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IPE-QUEST: German fund tenders high-yield
GERMANY – A German pension fund has tendered around 75 million dollars in actively managed euro zone high yield debt via IPE-Quest.
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IPE-QUEST: Swiss pension fund tenders EM debt
SWITZERLAND - Geneva-based consultant MBS Capital has tendered around 25 million dollars in actively managed global emerging markets debt on behalf of a Swiss pension fund via IPE-Quest.
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AP3’s Andersson to head Skandia Asset Management
SWEDEN – AP3’s Mats Andersson has been named the new head of Skandia Kapitalförvaltning, Skandia Asset Management, according to Skandia’s web site.
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SG’s asset management arm posts E4.9bn inflow
FRANCE – Société Générale’s asset management arm had 4.9 billion euros in net new money in the first quarter of 2004.
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ING says institutional AUM rise 4.4%
NETHERLANDS – ING says its institutional assets under management have risen by 4.4% to 131.1 billion euros in the three months to the end of March.
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KAS Bank says it wins Cheviot Trust custody
UK – KAS Bank says it has won a custody mandate from the 223 million-pound (332 million-euro) Cheviot Trust pension scheme for the legal profession.
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BIAM’s profit up 11% as assets rise to E57.5bn
IRELAND – Bank of Ireland’s asset management and securities services business posted a pre-tax profit of 125 million euros for the year to the end of March, an 11% rise over the previous year.
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Norway’s KLP returns 1.9% in first quarter
NORWAY - Kommunal Landspensjonskasse says it made a value-adjusted return in the first quarter of 1.9%, while profits almost doubled to 973 million crowns (119.1 million euros).
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Mercer changes approach in Petroleum Fund report
NORWAY – Mercer Investment Consulting has not made qualitative comments in its latest annual report into Norway’s 845.3 billion-crown (97.9 billion-euro) Petroleum Fund.
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CalPERS denies hedge fund plan (Update)
(Updates to include CalPERS' denial) US - CalPERS has denied a magazine article saying the fund plans to raise its allocation to hedge funds.
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Iceland's No. 2 fund awards custody to BBH
ICELAND - Iceland's second-largest pension fund, the 133 billion-crown (1.5 billion-euro) Lifeyrissjodur Verzlunarmanna or Pension Fund of Commerce, has awarded custody to Brown Brothers Harriman.
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Investec names pension fund service head
UK - Investec Asset Management has named Marketta Sellers as head of pension fund client service.
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UK’s BOE sees more retirement-age workers
UK – The Bank of England says there are more workers of retirement age in the workforce – driven in part by concerns about pensions.
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UK’s electricity scheme eyes trading costs
UK – The head of the UK’s 18 billion-pound (26.8 billion- euro) Electricity Supply Pension Scheme says the ability to control transaction costs is a factor in the selection of asset managers.
