Investor Strategy – Page 223
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News
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.
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HooverCandy taps Aon for extra actuarial work
UK – Appliance manufacturer HooverCandy Group has appointed Aon Consulting to provide actuarial services to a further three of its pension schemes.
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Philips sees E1.2bn saving from pension agreement
NETHERLANDS – Dutch electronics giant Philips predicts a 1.2 billion-euro cut in benefit obligations – as well as ongoing savings – as a result of a shift to average-salary pensions agreed earlier this year.
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Putnam trustees “pleased” with $110m settlement
US – The head of Putnam’s funds trustee board says he is “pleased” with Putnam Investments’ 110 million-dollar market timing settlement with the SEC and the state of Massachusetts.
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Denmark’s ATP names Nielsen as real estate MD
DENMARK – Michael Nielsen has been named as the new Managing Director of ATP Ejendomme, the real estate arm of Denmark’s largest pension scheme, the 38 billion-euro ATP Danish labour market pension plan.
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MSCI to buy risk software firm Barra for E675m
GLOBAL - Morgan Stanley is to buy risk management analytics firm Barra for 816.4 million dollars (675.3 million euros) in cash and integrate it with its majority-owned MSCI index business.
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Watson Wyatt hires Citigroup’s Armstrong
UK – Watson Wyatt LLP has hired Citigroup Asset Management’s European marketing director Jane Armstrong as head of marketing for its investment practice, a new role.
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Railpen chief executive Peter Murray to retire
UK – Peter Murray, chief executive of the 13 billion-pound (19.5 billion-euro) Railway Pension Trustee Company, is to retire in May.
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Italy's E1m Fopadiva seeks asset managers
ITALY- Fopadiva, the one million-euro closed pension fund for employees in the Valle d’ Aosta semi-autonomous region, is seeking up to two asset managers for a balanced mandate.
