Investor Strategy – Page 199
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Germany: Aventis scheme in €800m FX move
GERMANY – Aventis Pensionstreuhand, the €1.9bn pension fund for pharmaceuticals giant Sanofi-Aventis, has awarded State Street Global Advisors an €800m currency overlay mandate.
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Railpen chief resisting flight to bonds
UK – Chris Hitchen, chief executive of the £15.5bn (€23bn) Railways Pension Trustee Co., Railpen, says that pension schemes’ shift to fixed income was an “overreaction”.
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IXIS Asset Management names Leroux as CIO
FRANCE – IXIS Asset Management has named SCOR Asset Management’s Véronique Leroux as its new chief investment officer.
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Dutch doctors' fund names new CIO
NETHERLANDS - The €11bn Doctors Pension Funds Services has hired TKP Pensioen's Jan Willem Baan as its new chief investment officer.
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Dutch regulations boost pension outsourcing
NETHERLANDS – Complicated pensions regulations have made direct pensions outsourcing “almost unavoidable”, according to the 100 delegates at a debate regarding the future of outsourcing.
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Coats awards €2.2bn actuarial brief to Mercer
GLOBAL – Textile firm Coats has named Mercer Human Resource Consulting as global actuary covering £1.5bn (€2.2bn) of pension assets.
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Workers ‘losing out’ in Irish building scheme
IRELAND – A report by consulting firm Mercer has found that workers in the Irish construction industry are losing out on benefits due to a loophole.
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Study queries pension fund-low yield link
GLOBAL – A new academic study has questioned the notion that pension funds shifting into bonds will inevitably lead to long-term low bond yields.
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AP4 follows AP2 in rejecting Skandia bid
SWEDEN – The SEK138bn (€14.7bn) Fjärde AP-fonden, the Fourth Swedish National Pension Fund or AP4, has followed its sister fund AP2 in rejecting Old Mutual’s bid for insurance firm Skandia.
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AP2 says Skandia needs “peace and quiet”
SWEDEN – Andra AP-fonden, the Second Swedish National Pension/AP2, has waded into the bid for Skandia by Old Mutual, saying the Swedish insurer needs a period of “peace and quiet”.
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North Yorks completes €1.3bn portfolio revamp
UK – The £880m (€1.3bn) North Yorkshire Pension Fund has completed the restructuring of its portfolio which has seen it shift to specialist managers from balanced.
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Goldman: pension funds to sell €250bn of equities
GLOBAL – Goldman Sachs has estimated that pension schemes globally will remove some €250bn from equities – and buy around €150bn in fixed income.
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European funds taking less risk – State Street
EUROPE – European institutional investors are currently taking less risk in the equities market – instead they are ploughing cash into the fixed income market, according to State Street’s investor confidence index.
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Volkswagen scheme in €1.4bn portfolio transition
GERMANY – State Street Global Markets says it has completed a €1.4bn portfolio transition for the Volkswagen Pension Fund.
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Innovest launches nanotechnology index
GLOBAL – The potential dangers from product backlash and negative perception risks of nanotechnology development by corporations has been highlighted by the launch of a new Nanotechnology Index.
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MLIM hires F&C Netherlands' van den Heuvel
NETHERLANDS - Merrill Lynch Investment Managers has hired André van den Heuvel from rival F&C to head institutional sales and client service in the Netherlands, a new role.
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Horeca to expand private equity
NETHERLANDS – Pensioenfonds Horeca & Catering, the €2bn Dutch hotel and catering industry fund, is looking at expanding its private equity coverage.
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Dutch schemes need €255bn of long bonds – IMF
NETHERLANDS – Dutch pension funds are estimated to require more than €250bn of long-term bonds to help them match liabilities, the International Monetary Fund says.
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Consultant Fideas launches with €300m
EUROPE - New consulting firm Fideas Capital has officially launched, with clients having entrusted €300m in assets.
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Pension funds ‘central to world financial system’
GLOBAL – Pension funds are becoming more central to the global financial system because of the way they invest, the International Monetary Fund says.
