Investor Strategy – Page 206
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NAPF: PPF chief discusses benefits
UK - The new Pensions Protection Fund would only cut benefits as a “last resort” says PPF chairman Lawrence Churchill.
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Germany’s MLP taps Alpha for €800m
GERMANY - Investment consultant Alpha Portfolio Advisors says it has been awarded €800m by independent financial advisory firm MLP.
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L&G ready for capped index investments fund
UK – Legal &General is ready to operate a capped index investment fund for institutional investors requiring broader diversification as large cap UK companies increase in size and weighting.
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MLIM taps Gartmore’s Price as CIO EMEA Pacific
UK – Merrill Lynch Investment Managers (MLIM) has hired Gartmore’s Quintin Price as chief investment officer (CIO) for the Europe, Middle East, Africa and Pacific region (EMEA Pacific).
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Zalm clarifies role of certifying actuaries
NETHERLANDS - Certification by an external actuary does not need to be mandatory for insurers, said Dutch finance minister Gerrit Zalm.
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Cerberus in ‘take-over talks’ with NIBCapital
NETHERLANDS -The Dutch private merchant bank NIBCapital is reportedly in discussions regarding a take-over from US investment company Cerberus Capital Management.
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West Sussex CC makes State Street sole custodian
UK - The 740 million pounds (Euro 1.08 billion) West Sussex County Council Pension Fund has consolidated custody of its assets under State Street Corporation, one of its existing custodians.
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DNB sees improvement in Dutch schemes
NETHERLANDS - The Dutch Central Bank says the overall financial position of Dutch pension funds have improved remarkably.
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AXA names hedge head
GLOBAL - AXA Investment Managers has Olympia Capital Management's Véronique Courlier as global head of hedge fund activities.
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Netherlands: Interpolis to merge with Achmea
NETHERLANDS – Rabobank’s insurance subsidiary Interpolis is to merge with Eureko’s insurance group Achmea in a deal that builds on an existing agreement between the two firms.
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Hedge funds ‘should be part of core portfolio’
SWITZERLAND - Hedge fund investments should be part of the core as well as satellite portfolio – according to a professor at the Edhec French business school.
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BGI says it has two-thirds of bond ETF market
GLOBAL – Barclays Global Investors says its exchange traded funds, iShares, have around two thirds of the $9bn (€6.9bn) fixed income ETF market.
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Sainsbury’s scheme doubles hedge fund allocation
UK - The £3bn (€4.4bn) pension fund of retailer J Sainsbury has doubled its exposure to funds of hedge funds - investing new money and resources diverted from passively managed UK equities.
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Dutch consultant Strategeon hires ex-ING exec
NETHERLANDS – Strategeon, the consulting firm run by former Watson Wyatt Dutch investment head Paul van Aalst, has hired a former ING Investment Management marketing executive.
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Pension fund buys Shell power venture
GLOBAL – A Canadian pension fund and a private equity arm of US insurer AIG have teamed up to buy InterGen, a power generating joint venture of Shell and Bechtel, for US$1.75bn (€1.3bn).
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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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Austria’s NÖVK scheme taps GES for SRI
AUSTRIA - Niederösterreichische Vorsorgekasse, a two-year-old Austrian pension fund serving 100,000 employees, has hired GES Investment Services for socially responsible investment consulting.
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Wellington raises stake in outsourcer Capita
UK – Asset management firm Wellington Management Co. has increased its stake in Capita Group, which provides pension outsourcing to companies such as utilities firm RWE and supermarket group Safeway.
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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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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.
