Investor Strategy – Page 211
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News
Italy’s Espero to hit membership target by summer
ITALY – Fondo Scuola Espero, the state-backed pension fund for 1.1m school employees, is likely to hit its preliminary target of 30,000 members by next summer, according to one of its architects.
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Russia softens reforms to calm public anger
RUSSIA – The government is to increase the monthly labour pension by an average 240 rubles (E6.6) as of March, the Health and Social Development Ministry announced.
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State Street names Harbert’s successor at SSGA
GLOBAL – State Street Corp. has named William Hunt, who currently manages its largest client relationships, to replace Tim Harbert as chief executive of State Street Global Advisors.
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Germany’s Metzler sees boom in master funds
GERMANY - A boom in so-called “master funds” should enable Germany’s Metzler Asset Management to grow its institutional assets under management in 2005 about as fast as they did in 2004, one of its executives says.
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MP quizzes Swiss postal scheme
SWITZERLAND- A Swiss MP who last month questioned finance minister Hans-Rudolf Merz on the Pensionskasse Post postal scheme has said he is prepared continue the debate.
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Watson Wyatt Ireland hires ex-E&Y economist
IRELAND – Watson Wyatt says it has hired a former chief economist at Ernst & Young, Paul Droop, to be a senior investment consultant in its Dublin office.
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Campina scheme appoints fiduciary manager
NETHERLANDS - The pension fund of Dutch cooperative dairy giant Campina has appointed Goldman Sachs Asset Management as fiduciary manager of a €350m mandate.
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France’s €5bn Cancava in scheme revamp
FRANCE – The €5bn pension fund Caisse Nationale d’Assurances Vieillesse des Artisans, Cancava, has appointed 10 equity managers amid a revamp which saw eight of its former managers dismissed over poor performance.
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Shift to specialists slows down – Russell/Mellon
UK – The shift from balanced to specialist investment management, which has taken place among pension funds in the last 10 years, is slowing down Russell/Mellon says.
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BGI’s ALM head joins Pension Protection Fund
UK – Partha Dasgupta, head of asset/liability management at Barclays Global Investors, has joined the new Pensions Protection Funds as director of investment and finance.
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Asset managers call for pension tax consistency
EUROPE – There has been a new call for consistency in European pension taxation, this time in a report prepared by asset management industry figures.
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Capital International ‘has more to do in Europe’
EUROPE – Ratings firm Fitch Ratings says reclusive US-based asset manager Capital International still has “further additions” to make to its European business.
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Canadian scheme backs Luxembourg’s Honsel
LUXEMBOURG – Ontario-based public pension scheme OMERS has made a US$40.6m (E35m) investment in Luxembourg-based car industry supplier Honsel International Technologies.
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December European ETF trading volumes fall
EUROPE -- The aggregate volume of exchange-traded funds (ETFs) traded on European exchanges decreased 1.71% in December from the previous month to 220m shares, according to the Pan European ETF Report.
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Aon Consulting’s Belgian co-MD Claes leaves
EUROPE – Anne Claes, joint managing director at Aon Consulting in Belgium, has left.
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Metallrente posts 48% rise in sales
GERMANY - Metallrente, the pension fund for employees in Germany’s metalworking and engineering industries, has posted a 48% rise in sales of its corporate pension in 2004 despite difficult market conditions.
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New shareholders at MetallRente - report
GERMANY - Metallrente, the pension fund for employees in Germany’s metalworking and engineering industries, looks set to get new shareholders as part of a shake-up aimed at boosting sales.
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Dutch building scheme backs Aareal fund
NETHERLANDS - The Dutch building workers pension scheme has committed equity on behalf of two pension fund clients to a real estate fund run by Aareal.
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Inarcassa says European equities beat benchmark
ITALY – Inarcassa, the €2.7bn association for self-employed engineers and architects, said its European equity portfolio outperformed its benchmark by 5.63% in 2004.
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JP Morgan eyes profitable German mandates
GERMANY – The head of JP Morgan Fleming in Germany says that winning profitable mandates is the firm’s top priority.
