Investor Strategy – Page 249
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MLIM loses £3bn UK institutional assets this year
UK – The UK arm of Merrill Lynch Investment Managers has admitted losing £3bn (€4.7bn) of institutional business this year in the UK but claims the losses are the result of the trend by pension funds towards specialised asset management and away from Merrill’s main product range- pooled funds.
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Mercers- funds should scrutinise custodians more
UK- Occupational pension schemes should pay closer attention to custody and the security of their assets according to Mercer Investment Consulting’s response to the latest government consultation document on independent custodians.
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UK Council drops MLIM from e790m mandate
UK- Bath & North East Somerset Council's £1.7bn pension fund has added to Merrill Lynch Investment Management’s woes by dropping it from a £500m (e790m) mandate. A spokesman for the fund stressed that the replacement was result of an ALM study and restructuring and not primarily for underperformance although they ...
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Nortel axes Jupiter from UK equities mandate
UK – The £1.6bn (€2.5bn) Nortel Networks UK Pension Plan has dropped Jupiter Asset Management from its manager roster. Jupiter was running a UK equities mandate, the size of which is undisclosed.
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Robur sets up corporate governance subsidiary
SWEDEN – Sweden’s largest mutual fund company, Robur, has created a new holding company specifically for corporate governance issues, Robur Fondholding. Chairman of the new company will be Anders Sahlén, current chairman of Robur.
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Kirschenhofer is new Siemens asset management head
GERMANY- Klaus Kirschenhofer has joined Siemens’ corporate finance treasury in Munich after over seven years with Wacker-Chemie as a pensions investment manager and member of the board.
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Zurich completes Deutsche deal in Italy and Iberia
SWITZERLAND/GERMANY – Zurich Financial Services has closed on the acquisition of Deutsche Bank’s life insurance operations in Italy, Spain and Portugal as well as the sale of its asset management operations in Germany and Italy to Deutsche Bank.
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Rentokil fund to undergo full ALM study
UK – The £600m (€691m) UK pension plan of Rentokil Initial, the hygiene and pest control company, is undergoing an actuarial review that is likely to lead to a full asset liability study later in the year.
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Davis appointed to review pensions regulator Opra
UK- Occupational pensions regulator Opra is to undergo a review of its functions, role and management. The department for work and pensions has appointed former CEO of Nationwide Building society Brian Davis to lead a performance review.
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Pension funds may have to insure group risk
UK – Insurance companies are currently looking at their minimum aggregate exposure levels to group life insurance with a view to setting it at £100m (€161m) per event or geographical location, according to Mercer Human Resource Consulting.
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Dresdner RCM promotes Doyle to consultant role
UK – Dresdner RCM Global Investors has promoted Frank Doyle as head of global consultant relations, with Eilish O’Hagan taking over Doyle’s previous position as head of institutional sales, UK and Ireland.
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Van Bakel to replace Huibrechtse at SFB
NETHERLANDS – Jan van Bakel has been named as the new director of investments with the e18.4bn Amsterdam based SFB Vermogensbeheer group, the third party asset management outfit created by the Dutch industry-wide pension fund for building workers.
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Belgian minister sets 2003 pension law deadline
BELGIUM- The Belgium ministry of finance has said that the country’s new occupational pensions legislation will be passed and in place by the beginning of next year.
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Kas adds €24m from Cedel sale to pension fund
NETHERLANDS – Dutch banking and financial group, Kas Bank, is to use a sizeable portion of the €55m gained in the sale of its share in Cedel International, to reduce its pensions costs, which have risen to represent 16% of the bank’s salary liabilities as a result of falling stock ...
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US managers want more transparency from analysts
US – Almost half of US portfolio managers want to direct more of their business to brokers that don’t have a conflict of interest between their research and investment banking operations, according to Connecticut-based consulting firm, Greenwich Associates.
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Oslo picks PIMCO for new $220m fixed income fund
NORWAY- Oslo Pensjons Forsikring has appointed PIMCO Europe to set up and manage a $220m global fixed-income portfolio for the city's 20,000 employee pension fund.
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Hermes invests in new Osprey property fund
UK – Hermes Property Asset Management and Bank of Scotland Corporate Banking are among the investors in the newly-established Osprey Limited Partnership, a high-yielding, commercial property fund with a target size of £300m (€485m). The fund starts life with an initial investment of £12m but the amount invested by Hermes ...
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Six Dutch pension schemes to merge activities
NETHERLANDS- Six of the Netherlands’ medium-sized funds have announced they are to co-operate and to bring together every aspect of running the schemes including investment management, custody, administration and IT systems.
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Essex fund seeks managers for e1.5bn
UK – The Essex County Council pension fund is looking for managers for £945m (€1,530m) of its £1.8bn assets, including a passive multi-asset equity and bond mandate worth some £620m and a predominantly UK fixed income mandate worth £140m.
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LPFA takes on independent investment advisor
UK- The £3bn London Pensions Fund Authority (LPFA) has appointed David Rough as an independent investment advisor in response to publication of the Myners report last year. Until recently, Rough was group director of investments at the Legal & General Group and he remains a consultant with L&G Investments. ...
