Investor Strategy – Page 235
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US Fed study: pensions distorted stock prices
US – A study by two economists at the US Federal Reserve has found that “pension-induced valuation errors” distorted US stock prices in the late 1990s stock market bubble.
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Investment consultant named to AP2 board
SWEDEN – The government has named investment consultant Märtha Josefsson to the board of the 12.8 billion-euro second Swedish national fund Andra AP-fonden.
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IPE.com nears one million “hits”
EUROPE – IPE.com is getting close to recording one million article views, or “hits”, and there’s a prize for the millionth reader.
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New UK regulator to build pension database
UK – The successor to the Occupational Pensions Regulatory Authority is to build a comprehensive regulatory database of the UK’s 100,000 pension schemes.
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AP1 widens consultant remit to include ALM
SWEDEN – The 12.8-billion euro Swedish national pension scheme AP1 is looking for a consultant who can offer asset liability modelling, manager selection and evaluation.
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UBS sees UK pension assets growing rapidly
UK – UBS Global Asset Management reckons UK pension assets will grow to 1.4 trillion pounds (1.98 trillion euros) by the end of 2012 – saying there a number of trends that point to “rapid future growth”.
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Pension funds “natural” investors in German roads
GERMANY – Pension funds are “natural” investors in German road-building projects, according to a new report by Deutsche Bank – though it admits it may be hard to attract international institutions.
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Austrian MPs pass pension reform bill
AUSTRIA – The Austrian parliament has passed the controversial pension reforms bill, although chancellor Wolfgang Schuessel had to concede on key points to calm rebellion among the two coalition parties.
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Lacaille replaces Woods as SSGA's UK CIO
UK – State Street Global Advisors’ UK chief investment officer, Chris Woods, has been moved into a different role and is being replaced by Rick Lacaille, former head of structured products.
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Receiver KPMG backs UK pension proposals
UK – KPMG, which is acting as receiver at the failed ASW Holdings – whose pensioners have lost out following the winding up of its pension scheme – has backed the government’s plans to set up a pension protection fund.
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Fidelity tops poll of European fund managers
EUROPE – Fidelity Investment Services has been voted the leading pan-European fund management firm in the Thomson Extel survey.
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Report queries Petroleum Fund investment strategy
NORWAY – Norges Bank Investment Management’s short-term “trading” approach to the management of the 86.5 billion-euro Petroleum Fund is in contrast to a more conventional institutional approach, says a new report.
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First State Investments UK CEO quits
UK – Rob Adams, chief executive officer of First State Investments UK, international funds subsidiary of the Commonwealth Bank of Australia has resigned.
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Consultant places Euro 690m mandates on IPE Quest
GERMANY – Five mandates totalling 690 million euros have been tendered by an investment consultant on behalf of a German institutional investor on IPE Quest.
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AXA loses bond expert Bond to Threadneedle
UK – AXA Investment Managers’ head of corporate bonds, Simon Bond, will be leaving to join Threadneedle Asset Management.
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AP3 appoints Axa Rosenberg and Batterymarch for Euro325m briefs
SWEDEN – The third Swedish national pension fund, AP3, has appointed Axa Rosenberg Investment Management and Batterymarch Financial Management as managers of a US small and midcap equities portfolio.
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ADAM launches ‘new balanced’ approach for European institutions
EUROPE – The European asset management industry could well be moving away from traditional balanced portfolios to a new-type of balanced funds with elements of multi-management and specialisation, says Allianz Dresdner Asset Management (ADAM).
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ABP’s chief investment officer backs equities
NETHERLANDS – The chief investment officer of Europe’s largest pension fund, the 133-billion euro Stichting Pensioenfonds ABP, has put his weight behind equities’ role in pension fund portfolios.
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Romania to raise pensions by 2.7% - report
ROMANIA – The Romanian government has decided to raise public pensions payments by almost three percent from next month, according to local reports.
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CSAM's chief investment officer Smith to leave in revamp
GLOBAL – Larry Smith is to leave his post as chief investment officer at Credit Suisse Asset Management after three years following yet another re-organisation by the company.
