Investor Strategy – Page 218
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Schroders loses out to Muzinch at Hoover
UK - The pension scheme of domestic appliance maker Hoover has awarded its first international cross-over corporate bond mandate worth 18 million pounds (26.5 million euros) to Muzinich – resulting in a loss for Schroders.
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France: BNP, Dexia vie for top SRI slot - report
FRANCE - BNP Paribas and Dexia are vying for first place in the French socially responsible investing market, consulting firm Novethic said.
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Inarcassa names Di Grazia as general manager
ITALY – Inarcassa, the 2.3 billion-euro association which provides pensions for self-employed engineers and architects, has named Alfio Di Grazia as general manager.
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ING named as manager fired by SFN (Update)
(Updates with name of manager) NETHERLANDS - Stichting Flexibel Uittreden Nutsbedrijven, the 348 million-euro fund for the Dutch utility sector, has withdrawn a 175 million-euro balanced mandate from ING Investment Managment and handed it to Barclays Global Investors.
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CalPERS buys into German real estate
GERMANY – CalPERS, the largest US pension fund at 166.3 billion dollars (136.8 billion euros), has bought a commercial property in Frankfurt for 14 million dollars.
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Former Varma CEO Pitkänen retires
FINLAND - Paavo Pitkänen, the former president and chief executive of Varma Mutual Pension Insurance Co., has retired from the company.
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BOE says DB closures adding to property boom
UK – The Bank of England says the closure of defined benefit occupational pension schemes has added to the recent “upward pressure” on house prices in the UK.
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Icelandic bid for Singer likely soon – analyst
UK – Iceland’s Kaupthing bank, which has made a series of European acquisitions since 1998, is likely to make a bid for UK asset management company Singer & Friedlander soon, an Icelandic analyst has said.
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Germany enters “new era” for private pensions
GERMANY – Germany’s old-age law that was passed by parliament in June has marked the ‘dawn of a new era’ for the pension market - according to HVB insurance analyst HVB Lucio di Geronimo.
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IPE publishes Top 1000 European pension funds
EUROPE – IPE has published its annual Top 1000 European pension fund supplement, which shows that Europe’s leading pension funds have come through relatively unchanged in terms of assets.
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European fund-of-funds growth levels off – report
EUROPE – Growth in the fund-of-funds market in continental Europe has “levelled off”, according to a report from Cerulli Associates.
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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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BlackRock to buy State Street Research
US – US investment management firm BlackRock is to buy State Street Research, which is not related to its Boston neighbour State Street Corp., from MetLife for 375 million dollars (310 million euros) in cash and stock.
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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.
