Investor Strategy – Page 177
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Avon awards hedge fund mandates
UK – The £2.1bn (€3.1bn) Avon Pension Fund has awarded a £210m hedge fund mandate to five managers alongside a UK unconstrained equity mandate and an active corporate bond mandate worth £100m each.
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Lærernes chooses high-yield boutiques
DENMARK – The DKK22.9bn (€3bn) Danish Teachers' Pension and Life (Lærernes Pension) has chosen two US high-yield boutiques to replace T. Rowe Price and Capital International.
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Norwegian state fund to raise equity exposure
NORWAY – Changes to the investment rules of the Norwegian Government Pension Fund announced today will see the fund’s equity exposure rise from 40% to 60%.
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LDI should be scrapped – online poll
UK – Not a single respondent to an online poll thinks that liability driven investing is a useful term for pension funds – with most thinking it should be scrapped altogether.
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British Coal scheme goes into absolute returns
UK – The £11.9bn (€17.5bn) British Coal Staff Superannuation Scheme says is cutting its allocation to listed equities, especially those in the UK, and replacing it with a 20% exposure to absolute returns via private equity.
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Dutch pension giants shun land mines
NETHERLANDS – Dutch pension giants ABP and PGGM, who together have nearly €300bn in assets, have stopped investing in firms that produce landmines.
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HSBC pension fund slashes equity allocation
UK – Global banking group HSBC has slashed the equity allocation of its main UK pension fund and moved into interest-rate and inflation-swaps.
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Henderson opts for LDI for own scheme
UK – Asset manager Henderson Global Investors is to shift its own defined benefit pension scheme into a Liability Driven Investment structure.
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Ex-ABP chief outlines Axial strategy
NETHERLANDS/UK – Jan Straatman, the former capital markets head at Dutch pension giant ABP, has outlined his investment strategy for new London-based asset manager Axial.
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Aviva joins forces with Akbank and Aksigorta
TURKEY – Aviva, the UK’s largest insurer, is to form a joint venture in Turkey with Aksigorta, one of the country’s largest insurers.
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ABP to study structure change
NETHERLANDS - The board of Europe’s largest pension fund is looking at ways to stave off regulatory pressure on its additional insurance products.
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Cypriots leave €2bn in retirement assets at the bank
CYPRUS – Banks are sitting on €2bn of pension fund assets, according to a survey by consultancy, Hewitt’s Cypriot arm.
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NIBC pulls flotation in rough markets
NETHERLANDS – The partial flotation of NIBC, the merchant bank owned by JC Flowers and a consortium of investors, has been postponed just two weeks after a proposed increase in stock to be sold.
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Aegon to acquire group pension specialist Optas
NETHERLANDS - Aegon has reached agreement to acquire its fellow-life insurer and group pension specialist, Optas in a €1.3bn transaction.
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PensionDanmark confirms alternatives allocation
DENMARK – PensionDanmark will boost its investment in infrastructure and utilities over the next few years, in a strategic bid to compensate for weak bond yields, the fund has confirmed in its annual report.
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ABP doubles micro credit allocation
NETHERLANDS – The €209bn civil service pension fund ABP has announced that is has doubled its investment in emerging market micro credit. Its allocation now totals more than €15m.
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Northern Trust’s pooling patent application set for publication
GLOBAL - Northern Trust’s application to patent its cross-border pooling solution is expected to be published in the next month. The patent pending is set to protect the solution developed by the company’s staff and allows for future innovation at a time of increasing demand for cross-border pooling by multinationals.
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UK pension schemes shun local property
UK – British pension funds turned their back on domestic property in 2006, with property mandates in the UK halving, the consultancy firm Watson Wyatt has found.
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UBS to exit Baer stake – reports
SWITZERLAND – Banking giant UBS is reportedly planning to divest its 20.7% stake in Swiss private bank Julius Baer nearly two years after acquiring it.
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Home sweet home for Dutch schemes
NETHERLANDS – Dutch multinationals are unmoved by pan-European pension fund opportunities elsewhere and prefer a Dutch domicile, a study by KMPG has found.
