Investor Strategy – Page 252
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News
IG-BCE seeks consultant for ALM/manager selection
GERMANY – The newly-formed retirement provision company for the German chemicals industry is looking for an investment consultant to undertake an asset liability study and manager selection process for its new pension fund. A spokesman for IG-BCE says that it hopes to appoint a consultancy firm by the summer and ...
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Buck Heissmann Sarl and Penda merge
SWITZERLAND- Swiss Consultants Buck Heissmann Sarl and Pendia Associates have merged creating a company with roughly fifty employees. The new firm will take Pendia Associates’ name and will be based in both Nyon and Zurich.
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Concreto enters second phase of manager selection
ITALY – The Italian cement and building materials workers’ complementary pension fund, Concreto, is ready to enter the second stage of its manager selection process.
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FIS launches first corporate bond funds
UK- Investment manager Friends Ivory & Sime (FIS) has announced the launch of two new corporate bond funds. The All-Stocks fund will aim to outperform Merrill Lynch’s All-Stocks Sterling corporate bond index by 1% per annum measured over rolling 3 year periods while the Long-Dated fund will seek to outperform ...
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Unico picks State Street to run 10 new index funds
GERMANY/LUXEMBOURG- Unico Asset Management, the Luxembourg-based subsidiary of Germany’s Union Fonds Holding has appointed two State Street divisions to service and manage its i-tracker funds, a series of index funds being launched at the beginning of march.
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PGGM on board for new e300m Hermes engagement fund
PGGM the e50bn Dutch fund for healthcare and social workers and the UK’s BT pension scheme are contributing to a e300m activist fund being launched by a subsidiary of the fund management group Hermes.
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Spezialfonds’ assets fall in 2001 to €507bn
Germany-The value of German Spezialfonds invested assets fell in 2001 by 1.4% to €506.9bn, their first fall in the 33-year long history...
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Pictet once again heads custodian rankings
GLOBAL - For the eighth time in 10 years Pictet has been voted as the custodian clients are most satisfied with, according to the annual R&M Global Custody Survey...
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AP7 bars 26 more groups from its portfolio
SWEDEN – The €2.6bn Seventh Swedish National Pension Fund, AP7, has sold its shares in 26 global companies, including CocaCola, General Motors, Unilever and BP Amoco, because it claims they “failed to satisfy the fund’s environmental and ethical requirements”.
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Pioneer and Rolo merging to create €36bn outfit
ITALY – Milan based asset management firms, Pioneer Investments and Rolo Pioneer are to merge, forming a fund management group with some €36bn under management, as well as a combined Luxembourg-based fund operation worth €32.5bn.
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Union to meet UK government to discuss DB closures
UK – The Trades Union Congress (TUC) is to meet the government to discuss the TUC’s concerns over the number of defined benefit (DB) schemes being closed.
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AP7 finally gets e195m alternatives approval
SWEDEN- The board of Sweden’s e2.6bn AP7 fund has finally given the go ahead to invest 8% of the portfolio in hedge funds and private equity. A week ago the fund delayed the decision due to concerns about pricing the investments into daily NAV calculations and about them meeting the ...
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KPMG predicts DC pensions will be 30% less than DB
UK- Employees in defined contribution schemes are likely to receive pensions 30% smaller than those in final salary or defined benefit schemes according to research by KPMG Pensions.
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AP3 to invest Sek6bn in private equity by 2006
SWEDEN- Sweden’s AP3 fund still has up to Sek6bn (e653m) to commit to private equity investments over the next three to four years. Last Summer it announced it was investing up to 5% of the Sek133bn fund in private equity but so far it has only committed Sek729m and invested ...
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EU- Spain pushes quantitative investment rules
EU- The Spanish presidency of the European Union is leading a move to persuade the European Council to include quantitative investment rules – the so called prudent man plus principle – in the proposed pensions directive.
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Previdenza puts out tenders for €500m
ITALY – The €500m Fondo Previdenza Mario Negri, the pension fund for directors of the Italian transport, shipping and commercial industries, has put its assets out to tender for managers for a range of equity and fixed income portfolios.
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AP2 to drop external managers after ALM study
SWEDEN – Sweden’s €14.4bn AP2 fund has put out a tender for a consultant actuary to undertake a new ALM study to determine its long-term investment strategy. According to AP2, some of the external managers’ contracts will be terminated as the study will lead to some of the assets being ...
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LRT drops Baring AM from £500m UK equity mandate
UK – The £3.5bn (€5.7bn) London Regional Transport Pension Fund has dropped Baring Asset Management (BAM) from a UK equity mandate originally worth £500m (€821m) in favour of AllianceBernstein and Baillie Gifford.
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Managers optimistic but want quality, says survey
GLOBAL – Most fund managers worldwide are optimistic that the global economy will strengthen this year, though corporate earnings in the US and Japan continue to come under fire, according to the latest Merrill Lynch fund manager survey.
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Hymans launches international consulting practice
UK- Actuarial and consulting firm Hymans Robertson has launched its international consulting practice and announced the appointment of Keith Faulkner as its head.
