Investor Strategy – Page 253
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Proposals should ease access to money markets
UK – Nick Raynsford, the government minister at the department for transport, local authorities and the regions, is to present parliament with a draft statutory proposal to change the law to allow local authorities to invest in money market funds, a move that could be worth as much as £10bn ...
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ATL recovers £5.1m from mis-sold pensions
UK- The Association of Teachers and Lecturers has recovered £5.1m for its members who were victims of pensions mis-selling. The ATL says more that 220 teachers have benefited from the money which has been restored to the occupational scheme.
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AIMA says hedge fund transparency lacking
GLOBAL- Research by the Alternative Investment Management Association and Capital Market Risk Advisors into the hedge fund of funds industry suggests that although investors remain wary of investing due to a lack of transparency, hedge fund managers are convinced they are providing enough disclosure.
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AP7 set to blacklist construction company
SWEDEN- Sweden’s AP7 default fund looks set to blacklist NCC, a construction company that has admitted illegal collusion with competitors over tendering for road building projects.
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JP Morgan acquires majority share in FundsHub
EUROPE – JP Morgan has acquired a majority shareholding in FundsHub, Europe’s first outsourced fund supermarket solutions provider.
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UK workers 'blissfully ignorant' about pensions
UK- Most of the UK workforce are blissfully ignorant about their pensions and are deluded about the amount they will receive in retirement according to research by MORI.
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Hampshire fires Morley and appoints SG
UK- Hampshire county council’s £2.1bn (e3.4bn) pension fund has fired Morley fund management from a £360m (e585m) balanced mandate and replaced it with SG Asset Management.
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Switzerland's AHV postpones hedge fund investment
SWITZERLAND- Switzerland’s ChF19.7bn (e13.4bn) social security fund AHV has delayed investing 5% of the portfolio in hedge funds in order to focus on developing its global equity portfolio.
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Lincolnshire Council to cut equity weighting
UK – The £740m (€1,215m) Lincolnshire County Council pension fund is likely to reduce its equity weighting as a result of an asset liability study (ALS) currently being undertaken to evaluate its investment strategy.
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INVESCO in partnership with Crédit Mutuel Nord
FRANCE – Invesco has entered into a strategic partnership to provide investment management and consultancy services to Multifonds, the asset management arm of French banking group, Crédit Mutuel Nord (CMN).
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Swiss fund to select hedging or overlay manager
SWITZERLAND – The SFr 4.6bn (€3.1bn) Bernische Lehrerversicherungskasse (BLVK), pension and insurance fund for teachers employed by the Swiss canton of Berne, is considering modifying its asset allocation strategy to include either currency risk hedging or currency overlay components in order to control and reduce risk.
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Portuguese exchange joins Euronext
PORTUGAL/EUROPE – Euronext, the pan-European stock exchange that resulted from the merger of the Amsterdam, Brussels and Paris exchanges two years ago, has added the Portuguese stock exchange, Bolsa de Valores de Lisboa e Porto (BVLP) to its roster.
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European CMBS market to grow 50% in 2002
EUROPE- Low interest rates in the Eurozone, increasing investor appetite and a broadening origination base have led rating agency Standard & Poor’s to predict a 50% growth in Europe’s commercial mortgage-backed securities (CMBS) market in 2002.
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BoA appoints European head of global markets
UK- Bank of America has appointed Arrington Mixon as European head of its global markets group.
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iShares launches Eurotop 100 ETF
UK- iShares, the exchange traded fund provider, today launched the FTSE Eurotop 100 ETF which enables investors to invest in Europe’s 100 largest companies while avoiding currency transaction costs. The LSE-listed fund adds to the eleven other iShares funds available in the UK and managed by Barclays Global Investors.
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PGGM and Delta Lloyd plan insurance venture
THE NETHERLANDS- The €50bn pension fund for healthcare and social workers PGGM has announced it is launching a joint venture with Delta Lloyd offering financial services and products to employers and employees in the healthcare and social work sectors.
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Moves to curb police ‘medical retirements’
UK-The government has moved to reduce the incidence of early retirement though ill-health in UK police forces as part of its programme of police reform.
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EU credit deteriorated in 2001 according to S&P
EUROPE – Last year saw a further deterioration in the credit quality of European Union investment grade company bonds, as 122 downgrades against 28 upgrades were recorded, representing some €458bn worth of outstanding debt, against €265bn in 2000, says Standard& Poor’s (S&P).
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Radical overhaul at AHV means March and June RFPs
SWITZERLAND- Switzerland’s first pillar federal pension scheme Ausgleichsfonds der AHV has started a radical overhaul to its asset allocation following new legislation allowing it to invest in global equities for the first time.
