Investor Strategy – Page 193
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Achmea, AXA sell Finles stake to managers
NETHERLANDS – Achmea and AXA have sold their 50% stake in Dutch asset manager Finles to the firm’s co-CEOs for an undisclosed amount.
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KAS Bank client pulls €30bn
NETHERLANDS – KAS Bank says one of Dutch sub-custody clients is to pull around €30bn – or around 10% of the assets the bank has under custody/administration.
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Schroders axed over performance at Cheshire
UK – Schroders has been axed from a £500m (€731m) mandate by the £2bn Cheshire County Council pension fund following poor performance.
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Swedish savers put €2.5bn into Kapitalpension
SWEDEN – Swedish savers placed almost SEK23bn (€2.5bn) in the new savings product – the Kapitalpension - during 2005, according to figures from the Swedish Insurance Federation, Försäkringsförbundet.
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Norway fund may expand derivatives operations
NORWAY – The NOK1.2trn (€147bn) Government Pension Fund – Global may be expanding its derivatives operations.
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Watson advised on 17 UK swaps deals in 2005
UK – Watson Wyatt Investment Consulting says it advised on 17 swap transactions for UK clients last year.
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Hewitt nabs ex-HACL’s Riddaway
UK – Former HSBC Actuaries and Consultants (HACL) investment strategy head Bobby Riddaway, has been appointed client consultant at Hewitt Associates.
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State Street wins €950m in UK servicing briefs
UK - State Street says it has won a total of almost £650m (€950.8m) in investment servicing mandates from four separate UK pension fund clients.
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ABN Amro AM names investment strategy head
UK – Former World Bank and IMF consultant Richard Duncan has been promoted to head of investment strategy at ABN Amro Asset Management.
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Commission says Europe needs more ageing reform
EUROPE – The European Commission says European Union governments need to step up reform efforts to deal with their ageing populations.
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Swiss fund loses 92% property allocation case
SWITZERLAND – A small pension fund tied to a co-operative bank in the city of Thun has failed in court to get an exemption from government rules requiring schemes to diversify their holdings.
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Greenalls reviewing investment strategy
UK –Trustees of the Greenalls Group Pension and Life Assurance Scheme – the £250m (€367m) defined benefit fund for the De Vere hotel and travel group - are performing a complete review of the scheme’s investment strategy.
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MN Services’ treasury head joins Fortis
NETHERLANDS – Dennis van den Bosch, head of treasury at MN Services, is to join Fortis Merchant Banking as director of currency management.
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French institutions ‘using more consultants’
FRANCE – French institutional investors are now more likely to select their fund managers using external consultants – slowly mirroring the British institutional market, according to research by bfinance.
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Hampshire set to overhaul managers
UK – The £2.4bn (€3.5bn) Hampshire County Council Pension Fund is in the process of a complete managerial overhaul as part of a move towards a more specialist approach.
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Staffordshire appoints seven new managers
UK – The £1.8bn (€2.6bn) Staffordshire County Council Pension Fund has appointed six new equity managers and one bond manager following a management shake-up and structure review.
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Deutsche unveils €7bn outflows
GERMANY – Deutsche Bank’s asset management division, including private clients and institutions, was hit by €7bn in outflows during the fourth quarter of 2005.
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Ilmarinen real estate chief Kankuri exits
FINLAND – Ilmarinen Mutual Pension Insurance Co. has hired Esko Torsti to take over from real estate head Timo Kankuri.
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SG buys UniCredit securities services arm
ITALY - Société Générale Securities Services has bought UniCrédit’s securities services business 2S Banca for €548m, giving it an extra €455bn in custody assets.
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Measures to tackle ageing not enough - Barroso
EUROPE – European member states’ measures to tackle population ageing are “not equal to the task,” says European Commission president José Manuel Barroso.
