Investor Strategy – Page 218
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News
Austria’s VPK and BVP complete merger
AUSTRIA- The two billion-euro multi-employer Vereinigte Pensionskassen AG, VPK, and the 1.2 billion-euro banking and insurance sector pension fund BVP-Pensionskassen AG have merged.
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AP1 may appoint more external managers
SWEDEN – Första AP-fonden, the 148.1 billion-crown (16 billion-euro) first Swedish buffer fund, says it can’t rule out the possibility of hiring more external asset managers – and that it has set up a new external management unit.
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Fortis institutional assets flat in second quarter
EUROPE - Fortis Investments, the asset management arm of the Fortis group, gained no new institutional assets in the second quarter of 2004, according to its latest earnings report.
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European pension funds' role in oil hike unclear
EUROPE - Contrasting views have emerged today about the impact of European pension funds on the current rising oil price.
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FEFSI says investment fund assets rise 7.1%
GLOBAL – European investment fund association FEFSI says worldwide investment fund assets worldwide rose 7.1% in the first quarter of 2004 to 11.8 trillion euros.
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DeAM names European distribution head
UK - Deutsche Asset Management has appointed Insight Investments’ Mark Connolly to the new position of European head of institutional distribution, a new role.
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London exchange issues governance guide
UK – The London Stock Exchange has published a guide to corporate governance in association with consulting firm RSM Robson Rhodes.
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Mellon names UK pooled fund manager
UK - Mellon Global Investments has appointed David Holding to the new role of pooled fund account manager to its institutional pooled fund team.
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Benelux private equity market at zero – report
BENELUX – Fundraising in the private equity market in Benelux, valued in billions of euros at its peak a few years ago, saw zero activity in 2003 a new report says.
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Mercer aids London councils’ alternatives move
UK - The pension funds of the London Boroughs of Islington and Brent are considering getting into alternative investments such as real estate, private equities and hedge funds – aided by consulting firm Mercer.
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Citigroup outlines plans for global property arm
GLOBAL - The new chief executive of Citigroup’s real estate arm has outlined its plans to create a “top tier” global real estate investment management business in an interview with IPE Real Estate.
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UK pension tax-relief move hits dividends – BOE
UK – The controversial removal of tax relief on dividend payments to pension funds is estimated to have cut company dividends by 31%, according to a Bank of England study.
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Irish reserve fund plans E400m real estate move
IRELAND - The 10 billion-euro National Pensions Reserve Fund has appointed F&C’s Ian Gleeson as property manager to oversee a planned 400 million-euro real estate allocation.
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F&C institutional assets hit by pension outflows
EUROPE – F&C, which is being bought by ISIS Asset Management, lost almost four percent of its institutional assets under management in the first half of 2004.
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Commission splits internal markets and taxation
EUROPE - New European Commission president José Manuel Baroso has appointed two commissioners to run the internal markets and taxation departments that Frits Bolkestein used to head on his own.
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Gartmore names institutional chief
UK - Gartmore Investment Management has named Invesco UK’s Angus Woolhouse as head of business development for its global institutional and alternative investments business, spanning the US, Europe and Japan.
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Zurich fund CSIF postpones independence
SWITZERLAND – The continued coverage deficit at the 16.95 billion-franc (11 billion-euro) Canton of Zurich Civil Service Insurance Fund means its planned independence has been postponed, possibly for years.
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Punter Southall names Batting as chief executive
UK – Actuarial consultancy Punter Southall & Co. has named John Batting as chief executive and Elizabeth Battams as managing director.
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IPE publishes Top 400 European asset managers
EUROPE - IPE has today published its 2004 ranking of the Top 400 asset managers active in the multi trillion-euro European marketplace, with Allianz, Fidelity and State Street Global Advisors retaining their top three places.
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German hedge market could grow to E20bn
GERMANY- The German hedge fund markets, newly open to institutional investors, could grow to 20 billion euros in the next five years, according to consultant Mercer.
