Investor Strategy – Page 221
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'Excessively generous' pensions stalls Dutch PVK/DNB merger
NETHERLANDS – Parliament has delayed the proposed merger of Dutch central bank (DNB) and the pensions supervisory board (PVK) pension funds after its scrutiny uncovered “excessively generous” deals for the boards’ members as the regulator was cracking down on other funds’ costs.
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CalPERS earns $98.4m (€81.2m) from stock lending
US – CalPERS has earned $98.4m (€81.2m) from lending out about two-thirds of its securities in one year and is moving further into enhanced index strategies and away from index funds and active managers.
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RBoS puts St David's trust into admin receivership
UK – Royal Bank of Scotland has put the St David’s Investment Trust into administrative receivership after minority shareholders objected to the restructuring proposal.
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Insight makes third structured products hire
UK- Insight Investment Management, the asset management arm of HBOS, has hired Takis Antastassopoulous from consultancy Quant Technology as senior portfolio manager on structured products and index funds.
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GES allows Nestle and Nomura into the ethical fold
SWEDEN – GES Investment Services, a Sweden-based socially responsible investments consultancy with clients managing €60bn of assets, has revised its exclusion list following improvements at Nestlé and Nomura but barred three other companies.
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IPE-QUEST: Institution tenders more than E331m
EUROPE - An institutional investor with offices in continental Europe has tendered more than 400 million dollars (331 million euros) in four equities briefs via IPE-Quest.
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Aviva cuts 700 life business jobs
UK – Aviva’s Norwich Union arm is to cut 700 jobs in its life business services division in a bid to cut costs and improve flexibility.
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Philips pension arm Schootse Poort changes name
NETHERLANDS – Schootse Poort, the manager of Koninklijke Philips Electronics’ 12.5 billion euros in pension assets, has changed its name to Philips Pensions Competence Center.
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Dutch pre-pension move seen fostering fairness
NETHERLANDS – The ending of the Netherlands’ pre-pension system will foster actuarial fairness, the International Monetary Fund says.
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Danish second-pillar taps investment funds
DENMARK – FEFSI says Danish second-pillar pension assets held in investment funds have almost doubled in the first quarter due to the conversion of the Special Savings Pension Scheme.
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Schroders names head of multi-asset solutions
UK - Schroders plc has named Curt Custard as head of multi-asset solutions, a new role.
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IPE-QUEST: Insurer tenders Chinese equities
EUROPE – A Continental European insurance company has tendered a 200 million-dollar active Chinese equities mandate via IPE-Quest.
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Dutch MPs question PVK-DNB merger
NETHERLANDS - Questions have been asked in the Dutch parliament about the merger between the PVK pension regulator and the central bank - though officials say the merger will go ahead.
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Clearstream investment fund launch put back
EUROPE – Deutsche Börse’s Clearstream custody and settlement arm has put back the launch of its enhanced Vestima service for investment funds.
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PGGM awards E1bn tactical brief to Goldman Sachs
NETHERLANDS - Goldman Sachs Asset Management has been awarded a global tactical asset allocation mandate from PGGM worth a notional one billion euros.
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AP3 names European mid- and small-cap managers
SWEDEN – The 140 billion-crown (15 billion-euro) Tredje AP-fonden Swedish buffer fund has appointed five managers to run mid- and small-cap European equities.
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J P Morgan names transition management head
EUROPE – J P Morgan says it has hired John Minderides from ITG to be head of its transition management business in Europe, the Middle East and Africa.
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Germany: BaFIN to rule on hedge fund investments
GERMANY- Financial regulator BaFIN says it will issue its rules on how pension funds and insurance companies can invest in hedge funds later this year.
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UK’s Paul Myners named interim chair at M&S
UK – Paul Myners, the former chairman of Gartmore who wrote a report on institutional investment for the government, has been named interim chairman of Marks & Spencer as it fends off a takeover bid.
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AP1 issues clarification about hedge fund plans
SWEDEN – AP1 says recent press statements about it moving into hedge funds are “misleading” and that it will not start reviewing hedge funds until 2005 for possible investment.
