Investor Strategy – Page 248
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Parliament to hold hearing on financial regulation
EU- The European Parliament’s economic and monetary affairs committee is holding a public hearing on the supervision of financial services next Tuesday in the wake of the Enron and WorldCom collapses.
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Gartmore appoints director for UK clients
UK- Geraldine Wright is joining Gartmore as an account director for UK institutional clients, a role that sees her responsible for a number of pension fund clients. Wright will report to head of client services Elaine Gordon and will work closely with both the client service and investment management teams.
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Willis joins forces with ABN Amro and Alfred Berg
DENMARK- Benefit consultant Willis Denmark has signed an agreement with Alfred Berg and ABN Amro Asset Management in a move that gives its unit link clients access to tactical and strategic asset allocation. Willis says the agreement is designed to offer a more comprehensive and sophisticated product.
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Less than 40% of UK DB schemes remain open
UK- The predicament of generous final salary pensions may be worse than previously estimated according to new research that suggests fewer than four out of ten final salary schemes remain open to new members.
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BGI launches two active corporate bond funds
IRELAND/UK- Barclays Global Investors (BGI) has launched two actively managed corporate bond funds: the Ascent UK All Stocks Corporate Bond Fund and Ascent UK Long Corporate Bond Fund. Institutional investors have already committed £177m (e277m)- £38m to the former and £139m to the latter.
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New Star hires HSBC's head of alternatives
UK- New Star has hired HSBC’s head of alternative investments Charles Tritton to run its hedge fund business which currently has $700m under management.
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Moon joins LPFA in independent advisor role
UK- The £3bn London Pension fund Authority has appointed its second independent advisor in three months following the publication of Paul Myners’ report.
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Prudential to manage e700m corporate bonds for AP3
SWEDEN- Sweden’s AP3 fund has appointed the US-based investment manager Prudential to run an active Sek6.4bn (e700m) corporate bond mandate.
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Equitable fiasco leaves AVC market in turmoil
UK- The market for additional voluntary contributions (AVCs), the system allowing scheme members to top up their occupational pensions, is in turmoil according to a new survey from the consultants Hewitt Bacon & Woodrow.
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FEFSI names Mansfeld as new president
EUROPE / GERMANY - The Brussels-based Fédération Européenne des Fonds et Sociétés d'Investissement (FEFSI), the pan-European federation of investment managers associations and companies, has appointed Wolfgang Mansfeld as its new president.
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Ecofin approves occupational pensions directive
LUXEMBOURG/EU- European finance ministers have accepted a compromise position on the EU occupational pensions directive in a move that will finally enable companies to launch pan European funds.
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Chiswell announces double pension fund win
UK – London-based investment management firm Chiswell Associates has won two new pension fund mandates, worth £35m (€54.5m), from the staff pension scheme of building society Leeds and Holbeck and the Presbyterian Church of Wales pension scheme.
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Axa adds to its specialist equity team
UK – London-based Axa Rosenberg Investment Management has appointed Gordon Strachan as a UK portfolio manager to its specialist equity management team.
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UK pensions remain healthy despite dropping £150bn
UK- The UK’s pension fund industry is in a good state and will continue to grow faster than the economy according to the 2002 Pension Fund Indicators report published by UBS Global Asset Management.
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ACA says UK needs to rethink occupational policy
UK- Employers, the government and the pensions industry need to come up with ideas for promoting occupational pension schemes or face the alternative of taxpayers having to pay an increasing share of pensioners' incomes, according to the Association of Consulting Actuaries.
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Pensions directive finally reaches ECOFIN
BRUSSELS- European finance ministers will be presented with a compromise proposal for the occupational pensions directive when they convene next Tuesday at the ECOFIN meeting.
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Skandia opens global mutual fund company
UK / IRELAND – Swedish insurance group, Skandia Insurance Company has established Skandia Global Funds, a global mutual fund company domiciled in Dublin but operating from London, New York and Hong Kong.
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Ex-Orbitex CIO Geffen launches Neptune IM
UK - Robin Geffen, former chief investment officer of New York-based Orbitex Investments, has established a new fund management company, Neptune Investment Management, which has been launched in direct response to Orbitex’s decision to leave the UK.
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East Sussex allocates 3% to private equity
UK – The £1.2bn (€1.9bn) East Sussex County Pension Fund is allocating 3% of its assets to private equity, tendering the mandates currently managed by Gartmore, including a passive portfolio, and replacing them with a single global active mandate. The move follows its three-yearly actuarial valuation undertaken by Hymans Robertson. ...
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North Yorkshire drops Invesco from €268m mandate
UK – The £730m (€1,152m) North Yorkshire Council pension plan is looking for managers for a £170m (€268m) balanced mandate. A spokesman for North Yorkshire says the mandate, currently managed by Invesco, is under review since the fund’s investment committee is not “entirely satisfied” with Invesco’s performance.
