Investor Strategy – Page 232
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AP4 not satisfied with performance vs. benchmark
SWEDEN – The fourth national pension fund Fjarde AP-fonden, or AP4, says its performance against its benchmark in the first half of the year was “unsatisfactory”.
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Constellation launches global benchmarks
GLOBAL – Investment management firm Constellation Capital Management is to launch a set of global benchmarks aimed at helping pension fund trustees.
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State Street names UK consultant relations head
UK – State Street has named Yvonne Franklin to head consultant relations in the UK.
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Hewitt ousts Mercer at Polestar pension scheme
UK – The 350 million-pound (504.2 million-euro) pension scheme of printing firm Polestar Group has awarded a pensions consulting job to Hewitt Bacon & Woodrow, resulting in a loss for rival Mercer.
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Allianz Leben says non-Riester business strong
GERMANY – Allianz Leben has reported a strong performance in its pensions business in the first half as a growing number of people are turning to private pension schemes, but Riester pensions are still “disappointing”.
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Swiss unions protest at pension “robbery” by insurers
SWITZERLAND – Members of the Swiss industrial and building union, SIB, have protested against plans by Winterthur to lower pension conversion rates and hike premiums - with one official likening the matter to robbery.
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Russell/Mellon CAPS hires ex-DeAM marketer Jasani
UK – Russell/Mellon CAPS has bolstered its marketing team with addition of Bella Jasani and Tony Novo.
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UK’s Singer says hit by consultants’ changes
UK – Banking and fund management firm Singer & Friedlander says it has lost several institutional mandates as a result of shifts in strategy by consultants and asset allocation by clients.
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Credit Suisse AM sees asset-allocation role
EUROPE – Institutional investors will increasingly seek asset-allocation advice from their fund managers rather than from their consultant, believes Credit Suisse Asset Management.
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Unilever’s missing vote mystery partly solved
UK/NETHERLANDS - US proxy voting agency Institutional Shareholder Services has admitted to being partly responsible for the millions of lost votes at Unilever’s annual meeting.
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Mercer hosts seminars on moving to DC
UK – Mercer Human Resource Consulting is hosting a series of half-day seminars on the challenge of moving to a defined contribution pension scheme.
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Railpen hires ex-ISIS director Watts
UK - Railpen Investments, the investment arm of the UK Railways Pension Trustee Co., has hired Polly Watts, a former director of institutional funds at ISIS Asset Management.
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Watson Wyatt Co. reveals “billing irregularities”
US – The US arm of pension consulting firm Watson Wyatt has postponed its fourth-quarter earnings report after disclosing “billing irregularities”.
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Hedge fund assets now almost $665bn – report
GLOBAL – Hedge fund assets are now almost 665 billion dollars, a record, according to Hedge Fund Research.
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Sweden’s SEB posts E287bn profit as AUM rises
SWEDEN – SEB Group has announced net profit of 2.64 billion Swedish crowns (287 million euros), and an increase in assets under management for its fund units.
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BAA scheme in partial shift to enhanced indexing
UK – The pension scheme of international airports group, BAA, has moved some of its portfolio out of a passive strategy into an enhanced index strategy.
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SEI expands its institutional team
UK – SEI Investments has expanded its institutional team with the creation of three new roles, including a new appointment.
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Institutions lift German spezialfonds investment
GERMANY – Institutional investment into German spezialfonds increased in the second quarter of 2003, according to new statistics from the BVI Bundesverband Investment and Asset Management.
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ISIS dismisses "arbitrary benchmarks"
UK - The chief investment officer at ISIS Asset Management wants the investment industry to rethink its views on benchmarking to an index.
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SWIP hires again from Edinburgh Fund Managers
UK – Beleaguered Scottish fund manager Edinburgh Fund Managers has lost another of its UK equity team to rival Scottish Widows Investment Partnership.
