Latest – Page 352
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German institutions slash equity holdings to 19%
GERMANY- German institutions have decreased their asset allocation to European stocks from an aggregate 27% to 19% over the last two years, according to a survey by US-based consultants, Greenwich Associates.
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Morley names head of alternative investments
UK- Morley Fund Management has appointed Peter Rains as head of alternative investments, in addition to his role of head of fixed income.
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Cardano hires NIB's ex-CIO van Gelderen
NETHERLANDS- Cardano Risk Management, the Dutch derivatives and ALM research firm has appointed Eduard van Gelderen as a director responsible for marketing its products.
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Multinationals centralise pensions activities
GLOBAL- Multinationals across the world are centralising the management of their pension fund arrangements according to a new survey by the consultant Watson Wyatt.
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Spanish market set to disappoint foreign managers
SPAIN- Spain’s expanding pensions marketplace may not provide as many opportunities to foreign fund managers as initially thought says Cerulli Associates, Boston-based strategic research and consulting firm.
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Axa transfers e5.6bn to Axa Rosenberg
UK- AXA IM will transfer approximately £3.5bn (e5.6bn) of its Continental Europe and global equity mandates to its specialist global equity affiliate, AXA Rosenberg, following a strategic review.
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Schroders replaces Invesco on e50m Asian fund
UK- Cardiff County Council’s e890m pension scheme has replaced Invesco by Schroders Investment Management as manager for its Asian equity portfolio.
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MLIM loses e637m mandate as BAA changes strategy
UK- Merrill Lynch Investment Managers has lost a £400m (e637m) UK equities mandate following the decision by the British Airports Authority pension fund (BAA) to cut its UK exposure in favour of global equities.
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UK DC schemes can learn from US mistakes
UK/US- As defined benefit schemes in the UK increasingly give way to defined contribution schemes, trustees should look to the US and learn from the mistakes made there over the last twelve years, suggests Don Ezra, director of strategic advice at Frank Russell Company.
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IPE publishes top 1000 European pension fund list
EUROPE- Pension fund assets in Europe continue to grow in spite of the downturn in global financial markets. IPE’s annual survey of Europe’s leading pension funds pension funds shows that the top 1000 funds now account for E2.3trn in assets, up from E2.1trn last year. A total of 47 of the top 100 pension funds report a rise in assets.
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CalPERS invests $200m in Japanese governance fund
US- CalPERS, the $135bn pension fund for Californian public employees, has approved a $200m investment in a fund that will employ corporate governance activism to turn around underperforming publicly traded companies in Japan.
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L&G remains largest manager of UK pension assets
UK- Legal & General remains the largest manager of UK pension fund assets according to the latest edition of an annual survey of investment managers by the independent consultant Hymans Robertson.
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S&P and Schroders launch fund of fund service
UK- Schroders Investment Management and Standard & Poor’s have launched a fund of funds sub-advisory service, offering European and other non-US banks the opportunity to break into the growing market.
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SSgA wins e1.35bn GE global equity mandate
UK- GE Life, part of the US insurance and investment group GE Financial, has appointed State Street Global Advisors (SSgA), the investment arm of to run the £850m (e1,345m) equity element of its GE ‘Pensions With Profits’ fund.
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COVIP authorises new airlines pension fund
[|?VIP, the Italian pensions supervisory body, has authorised the establishment of a new pension fund for employees of Italian air companies Alitalia, Alitech, Alitalia Team and Alitalia Express. The fund has been registered under the name Mercurio.
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PMI drops Deutsche from e3bn currency mandate
NETHERLANDS- PMI, the e13bn Dutch metal workers pension fund, has dropped Deutsche Bank as manager of its e3bn passive currency mandate due to poor performance and instead appointed Goldman Sachs.
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European investment fund market drops 6.7% in Q2
EUROPE- Combined assets of the Europe’s investment fund market fell 6.7% during the second quarter of this year, resulting in a 2.9% decline for the first half, according to FEFSI, the pan-European federation of investment managers associations and companies.
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Dutch group SFB in third party business push
NETHERLANDS- SFB Groep, the e20bn Dutch outfit that oversees the Dutch builders’ pension assets, is pushing ahead with marketing itself as a third party provider of asset management and pension fund administration. The group has a five year strategy over which it intends to market its services to third parties ...
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ING outsources equity clearance to BoNY
GLOBAL- ING is to outsource its international cash equities clearance and settlements in London, New York, Hong Kong and Singapore to the Bank of New York in what is Europe’s largest broker-dealer outsourcing transaction.
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AP3 completes €390m Far East manager search
SWEDEN – The SKr 130bn (€14bn) Third Swedish National Pension Fund, the AP3, has completed its asset manager search for Japanese and Asia Pacific (ex-Japan) equity mandates worth €390m with the appointment of Capital International, Shroders and JP Morgan Fleming Asset Management (JP Morgan) to its external manager roster.
