Investor Strategy – Page 222
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SG’s asset management arm posts E4.9bn inflow
FRANCE – Société Générale’s asset management arm had 4.9 billion euros in net new money in the first quarter of 2004.
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CalPERS denies hedge fund plan (Update)
(Updates to include CalPERS' denial) US - CalPERS has denied a magazine article saying the fund plans to raise its allocation to hedge funds.
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Iceland's No. 2 fund awards custody to BBH
ICELAND - Iceland's second-largest pension fund, the 133 billion-crown (1.5 billion-euro) Lifeyrissjodur Verzlunarmanna or Pension Fund of Commerce, has awarded custody to Brown Brothers Harriman.
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Sweden’s AP1 raises currency exposure to 20%
SWEDEN - The 139 billion-crown (15.2 billion-euro) Swedish buffer fund Första AP-fonden says it has raised the currency exposure in its strategic benchmark to 20%, from 15% previously.
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Poschadel replaced as CEO at UBS’s GAM
GLOBAL – UBS’s GAM alternative investments unit has named David Solo as its new chief executive, replacing incumbent Burkhard Poschadel.
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US-based Watson Wyatt’s headcount falls 6%
US – Staff numbers at US consulting firm Watson Wyatt & Co. have fallen by 260, or 6.3%, in the past year, according to its latest earnings release.
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BGI names European transition head
GLOBAL - Barclays Global Investors has hired Rory Tobin from investment bank J P Morgan as director of transitions, Europe, a new role.
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L’Oreal awards E35.6m to Russell
UK – The L’Oreal (UK) Ltd. Retirement Benefits Plan has awarded Russell a global equity mandate worth more than 24 million pounds (35.6 million euros) - 22% of the total plan assets.
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Monarch taps Northern Trust for E90m
UK - Northern Trust is to manage a 60 million-pound (89.9 million-euro) manager-of-managers equities brief for the Monarch Airlines Ltd. Retirement Benefits Plan in the UK.
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LGIM wins E8.1bn in new institutional business
UK – Legal & General Investment Management won 5.4 billion pounds (8.1 billion euros) of new institutional business in the first quarter of 2004, a 93% increase on the same quarter a year ago.
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State Street trading arm names operating head
GLOBAL – State Street Global Markets, the investment research and trading arm of State Street Corp., has hired former Credit Suisse First Boston executive Robert Sisti as global head of operations.
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Italian energy regulator seeks pension managers
ITALY - The Power and Gas authority, an independent regulator monitoring the Italian energy sector, is looking for European Union-based managers for its 2.2 million-euro pension fund.
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ECB wants fiscal measure to account for pensions
EUROPE – The vice president of the European Central Bank, Lucas Papademos, says pensions spending should be included in the way the sustainability of public finances is measured.
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CERP critical of half-completed Italian reform
ITALY – A top pensions academic, CERP’s Elsa Fornero, has called Italy’s plans on pensions “only half a reform”.
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Call for EU to prove itself on pensions
ITALY - The Greek member of the European Union’s Social Protection Committee, Platon Tinios, says the EU must prove itself on pensions.
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E.ON seeks
GERMANY - German energy firm E.ON is targeting an equity allocation of up to 65% for its 4.9 billion euros of pension arrangements in 2004 as it seeks "real-time coverage" for its obligations.
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Bateman awards E30m to MM
UK - The pension scheme of hearing and optical products firm Bateman has awarded Threadneedle’s MM Asset Management a 20 million-pound (29.9 million-euros) multi-manager mandate.
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UK pension funds raise cash holdings – Lipper
UK – Pension funds in the UK raised their exposure to cash investments in March, according to fund research firm Lipper.
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HSBC Actuaries wins National Counties brief
UK - HSBC Actuaries and Consultants Ltd., says it has been appointed as investment consultants to the National Counties Building Society Pension and Life Assurance Scheme - initially to review investment strategy.
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Nordic institutions say SRI pays – survey
NORDIC – A majority of institutional investors in Sweden, Norway and Denmark say socially responsible investments deliver the same yield as other investments, according to SRI firm GES.
