Investor Strategy – Page 213
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UK says schemes need to do more on Myners
UK – The UK government says it has reviewed the take-up of the Myners principles on institutional investment and found that “further action is needed” for pension schemes - in particular on trustee training and decision making.
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UK government report slams actuaries
UK – A new government-sponsored review of the actuaries in the UK has slammed the profession – finding among other things a concentration of advice to the largest pension funds and a possible restriction of competition.
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Metzler in German institutional asset boost
GERMANY - Citing robust investor demand for so-called “master funds,” Germany’s Metzler Asset Management says its institutional assets under management (AUM) have increased by almost one-third this year.
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SN says Dutch population ageing rapidly
NETHERLANDS - A quarter of the Dutch population will be over the age of 65 around 2040, Statistics Netherlands has forecast.
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US IT giant EDS to buy Germany’s BHW Invest
GERMANY -- BHW Invest, a German asset manager specialising in the so-called master fund concept, is to be sold to US information technology giant EDS.
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Akzo Nobel feels IFRS impact
NETHERLANDS - Pharmaceutical giant Akzo Nobel is to write down almost €500m in the new year in order to comply with the new international accounting standard.
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Lancashire CC Pension Fund allocates mandates
UK – The £2.5bn (€3.56bn) Lancashire County Council Pension Fund has appointed two new asset managers and retained two of his previous managers in a revamping of its portfolio. The changes followed an investment strategy review earlier this year.
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Italy’s Pegaso switches investment strategy
ITALY - The €103m pension scheme for the employees of the gas and electricity industries is looking for seven asset managers as it changes its investment strategy to cater for its members’ different attitudes to risk.
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Citigroup consultant head Duffain joins Pioneer
EUROPE - Pioneer Investments says it has hired Kerry Duffain from Citigroup Asset Management to be head of investment consultant relations in Europe.
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Pen-Sam completes DKK6bn mandate switch
DENMARK -- Denmark's DKK47.0bn Pen-Sam Pensionfund has completed a restructuring of some DKK4.5bn of its DKK8bn equity portfolio with the awarding of a DKK1.1bn US equities index mandate to Nordea Investment Management ad a DKK1bn US all-cap equity mandate to T. Rowe Price.
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Dutch schemes go into bonds – statistics office
NETHERLANDS - Insurance companies and pension funds in the Netherlands have significantly increased their investments in foreign bonds, Statistics Netherlands has said.
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AP1 replaces fixed income head Gustafson
SWEDEN – The 148.1 billion-crown (16.4 billion-euro) First Swedish National Pension Fund, Första AP-fonden or AP 1, has replaced its head of fixed income, Hans Gustafson, with insurer AFA Försäkring’s Arnold Fahlén.
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UBS GAM says it gets German pension boost
GERMANY - Citing strong demand for the management of German pension assets, UBS Global Asset Management says it has posted a “double-digit” rise in total assets under management in Germany this year.
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Swiss railways on track with pension revamp
SWITZERLAND - The Swiss Federal Railways, SBB, says it will trade off a collective pay rise for its employees against the costs for the financial reorganisation of its 11 billion-franc (7.1 billion-euro) pension fund.
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ABN Amro names global institutional sales chief
GLOBAL – ABN Amro Asset Management has named Frank Goasguen as its new head of global institutional sales.
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Gasunie pension scheme set to split
NETHERLANDS - The 650 million-euro pension scheme of gas supply and transport company Gasunie may be split in two next year, as the company prepares to divide its transport and supply operations.
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AP3 names hedge fund exec as equities head
SWEDEN - The 152 billion-crown (17 billion-euro) Third Swedish National Pension Fund, Tredje AP-fonden or AP3, has appointed a hedge fund manager from Nordea as its new head of equities.
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Erste targets pension funds with inflation-linked
AUSTRIA – Austrian asset manager Erste Sparinvest has launched two inflation-linked bond funds mainly aimed at pension funds and institutional investors.
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EU to review fund industry amid pension timebomb
EUROPE – Calling the current framework for investment funds “an old banger”, Europe’s new internal market commissioner Charlie McCreevy says he will review the asset management industry in a bid to help defuse the pensions timebomb.
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Dutch SBA shifts investment strategy (Update)
(Updates with more details) NETHERLANDS – The 11 billion-euro SBA Artsenpensioenfonds (Pension Fund for General Practitioners and Medical Specialists) says it will overhaul its investment strategy.
