Investor Strategy – Page 247
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AP3 commits further e135m to private equity
SWEDEN- Sweden’s third national pension fund AP3 has committed a further e135m to private equity taking its total investment in the asset class to e210m. The latest commitment by the fund is almost split half and half between US and European private equity houses.
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Shake up at US fund sees Rogge lose e611m mandate
US- A complete overhaul of asset allocation at the Illinois teachers’ retirement system (TRS) has thrown two mandates out to tender and led the fund to drop Rogge Global Partners from a $594m (e611m) international fixed income mandate.
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Bureau Bosch publishes Dutch manager rankings
NETHERLANDS- Foreign investment managers will soon overtake their Dutch counterparts in overseeing the country’s pension fund assets according to the 2002 report by consultant Bureau Bosch into the Dutch investment industry. The report covers 78 managers and is seen as a definitive guide to the Dutch pension fund investment market.
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Greenwich tenders entire e750m fund
UK- The London Borough of Greenwich pension fund has tendered its entire £480m (e749m) portfolio, currently managed by Schroders and Deutsche Asset Management.
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Mercers replaces Watsons as Home Group advisor
UK- Mercers Human Resource Consulting has replaced rival Watson Wyatt as provider of actuarial and consulting services to the pension funds of housing provider Home Group.
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Philip Robinson leaves Watson Wyatt
UK- Philip Robinson, a senior investment consultant at Watson Wyatt, has left the consultancy firm to pursue other interests.
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CalPERS gets tough on manager conflict of interest
US- Following the decision last week by a group of large US pension funds to clamp down on companies not abiding by good company practice, the California Public Employees’ Retirement System has announced that investment banks and money managers wishing to do business with it will now be required to ...
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BGI set to lose out as Torfaen tenders e770m
UK- Torfaen County Borough council has put out to tender over half of its £730m (e1.14bn) Greater Gwent Pension Fund.
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CalPERS yet to name replacement for departing CEO
US- CalPERS, the US’s largest public pension fund, has yet to appoint a replacement CEO for James Burton who is leaving to become head of the World Gold Council.
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US schemes vow to punish poor corporate practice
US- A core group of pension funds, led by those from California, New York and North Carolina, have agreed to clamp down on companies that do not abide by good company practice following the corporate scandals of firms such as Tyco, Enron and WorldCom.
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Standard Life launches new Dollar cash fund
IRELAND- Standard Life Investments has launched a new US dollar money market fund to complement its Dublin-based sterling and Euro-denominated sub funds.
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Gissings launches attack on multi management
UK- Pension consultancy Gissings has attacked the practice of multi management accusing it of lacking transparency and the ability to provide tactical asset allocation as well as being straightforward consultancy but in a different guise.
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European equity outflows highest since September
EUROPE– Investors in Europe are selling off their European equity holdings because of the recent sharp declines in the stock markets, according to the latest European fund flow research published by Schroder Salomon Smith Barney (SSSB). The aggregate outflow for June reached €2.1bn, the largest since last September, when a ...
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Towers to promote Russell's multi management
UK- Consultant Towers Perrin has announced an alliance with Frank Russell under which it will promote the latter’s multi management product for its UK pension fund clients.
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Watson Wyatt hires First Quadrant's Robert Brown
UK- Consultant Watson Wyatt has appointed Robert Brown from First Quadrant as a senior consultant in its investment practice.
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Fixed income ETFs due in Europe after US launch
EUROPE/US – The New York Stock Exchange (NYSE) has issued the world’s first fixed income exchange traded funds (ETFs) but a spokeswoman for Morgan Stanley in London says foreign investors would do better to leave the four new funds alone.
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ABP & PGGM curb stock-lending to combat volatility
NETHERLANDS – Dutch pension funds ABP and PGGM, which have combined assets of almost €200bn, have announced joint action to suspend all stock-lending activity for short-selling in order to help combat market volatility.
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Italian railway workers' scheme tenders RFP
ITALY – The €26m Eurofer, the fledgling supplementary pension scheme for Italy’s state railways industry workers, has issued an RFP for managers for its assets.
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Risk is key investor concern in manager selection
EUROPE – Risk control is now the most important factor investors consider when employing external asset managers, according to the latest Invesco annual survey of European institutional investors and their markets. In sharp contrast, risk control didn’t even figure in the top six factors in 2000.
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UK MP scheme to review investment advisor
UK – The £300m (€475m) Parliamentary Contributory pension scheme, the pension fund for UK members of parliament (MPs) is reviewing its investment advisor Hewitt, Bacon & Woodrow.
