All articles by Daniel Brooksbank – Page 87
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CalSTRS plans $3bn emerging market move
GLOBAL – The $127bn (€97bn) California teachers fund CalSTRS is to launch a search for up to six active equity managers to invest about $3bn in emerging markets, or 10% of its international equity portfolio.
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ABN Amro Mellon gains $6bn in assets
EUROPE – ABN Amro Mellon, the securities services joint venture between the Dutch bank and Mellon Financial Corp., has gained $6bn in assets under custody in the last quarter.
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Clients put $10bn into currency overlay - Mercer
GLOBAL - Mercer Investment Consulting says its clients put $10bn (€7.7bn) into currency overlay mandates in 2004.
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Dutch schemes’ Z-scores up for discussion
NETHERLANDS – The system of measuring Dutch industry-wide pension fund performance against a benchmark, known as Z-scores, could be up for debate later this year.
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Huge potential seen in FX for pension funds
GLOBAL – There is “huge growth potential” in the global foreign exchange market, says Putnam Investments.
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Watson using psychological tools for managers
GLOBAL – Consulting firm Watson Wyatt has confirmed that it is using “psychological tools” to identify the best investors.
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J P Morgan revamps investor services
GLOBAL – J P Morgan has consolidated its investor services and institutional trust services into a new unit called J P Morgan Worldwide Securities Services.
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S&P sees up to €2bn annual claim on UK’s PPF
UK – Rating agency Standard & Poor’s says the annual claim on the UK’s new Pension Protection Fund could be as high as £1.57bn (€2.29bn) in the worst-case scenario.
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Nestlé defeats pension funds amid “mistrust”
SWITZERLAND – Food group Nestlé has defeated a corporate governance motion brought against it by a group of pension funds - with outgoing chairman Rainer Gut questioning their motives.
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Citigroup asset mgmt profit falls (Update)
GLOBAL – Citigroup has reported that first-quarter net income at its asset management business fell 25% to $79m (€61.5m), with revenues at the division down 10% (Updates with comment).
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PGGM to focus on absolute returns
NETHERLANDS – The €61.9bn Dutch healthcare pension fund PGGM aims to increase its allocation to alternatives such as funds of hedge funds and overlay management to around eight percent over time.
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Hymans Robertson names seven new partners
UK – Consulting actuaries Hymans Robertson has named seven new partners, bring the total number of partners to 27.
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UK’s NAPF says performance, not SRI, is key
UK – The National Association of Pension Funds says pension fund performance is more important that socially responsible criteria.
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Greenwich: foreign exchange becoming asset class
GLOBAL – With volumes up almost 25% last year, foreign exchange is evolving into a separate asset class for “real money” investors, says Greenwich Associates.
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OECD sees no evidence of longevity deceleration
GLOBAL – The Organisation for Economic Cooperation and Development says the increase in longevity seems to be a permanent effect.
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HSBC boosts European securities services sales
EUROPE - HSBC Securities Services has hired Dominic Rieb-Smith as a new global business development manager in its European sales team.
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ABN Amro’s Alfred Berg becomes Societas Europaea
SWEDEN – ABN Amro’s Scandinavian investment group Alfred Berg is to simplify its legal structure by creating a so-called European company, or Societas Europaea.
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Heissmann to acquire Dutch pension firm Montae
NETHERLANDS - Heissmann Consultants is to buy Dutch pension consulting and law firm Montae Advies for an undisclosed sum.
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Pension outsourcing group sold to private equity
UK - The pension and benefits outsourcing business of Hogg Robinson has been sold to private equity firm Duke Street Capital for an undisclosed sum.
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Dutch schemes face low-yield challenge – IMF
NETHERLANDS – The current low-yield environment poses challenges to Dutch pension funds and insurance firms, according to the International Monetary Fund.
