Investor Strategy – Page 221
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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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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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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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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.
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Dexia says European SRI market reaching maturity
EUROPE - Dexia Asset Management says the continental European market for socially responsible investments is reaching maturity - and is catching up with the UK.
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UK unions call for voting transparency
UK – The umbrella body for unions in the UK, the Trades Union Congress, has called for greater voting transparency.
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Fortis Investments’ operating profit falls 9%
EUROPE – Fortis Investments’ net operating profit fell nine percent in the first quarter – although assets under management rose four percent.
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Firms back European pension directive – Hewitt
EUROPE – Multinational companies in Europe “would welcome” the opportunity to have a single fund to finance their European Union-based pension obligations, according to a new survey by Hewitt Associates.
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Munsters has cheap E1m mortgage with PGGM
NETHERLANDS – Roderick Munsters, chief investment officer of 53 billion-euro Dutch healthcare fund PGGM, has a discounted mortgage loan of almost one million euros with the fund.
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Lancashire awards custody amid wider revamp
UK - The 2.4 billion-pound (3.56 billion-euro) Lancashire County Council Pension Fund says it will appoint ABN Amro Mellon as its custodian.
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ABP plans to allocate 20% to alternatives
NETHERLANDS – Stichting Pensioenfonds ABP says its new strategic asset allocation targets an allocation of 20% to alternative investments such as hedge funds and private equity, adding that avoiding short-term risk is “not on option”.
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Mellon names director of global institutional sales
GLOBAL – Mellon Financial has named Drew Pace as executive vice president and director of global institutional sales and marketing.
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Railpen names Hitchen as chief executive
UK - The 13.6 billion pound (19.5 billion-euro) Railways Pension Trustee Company, Railpen, has confirmed that Chris Hitchen will take over as chief executive from Peter Murray, who is retiring.
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CalPERS says it beats benchmark by over 2%
US – CalPERS has said it returned 29.6% in the one-year period to the end of March, taking its assets to 165.8 billion dollars and beating its benchmark by more than two percent.
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Institutions move away from risk - reports
UK – Institutional investors have moved away from risk, according to new reports from Merrill Lynch and State Street.
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Denmark’s SP to widen asset management options
DENMARK – The Special Savings Pensions Scheme (SP) to which all Danes contribute one percent of earnings will offer wider options as to how the assets can be managed, as from January 1 2005.
