Latest – Page 353
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Chemie picks Ecofin for ALM and manager selection
GERMANY- Chemie Pensionsfonds, administered by HVB, has appointed Ecofin to carry out a full asset and liability study, and to assist in the selection of external asset managers.
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Nordea shakes up asset management arrangement
DENMARK- Nordea Asset Management has announced it is centralising its European, US and global equity management in Copenhagen. At the same time it is centralising the management of Norwegian equities in Oslo while bringing its European fixed income operation to Copenhagen.
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Sweden's AP2 drops 9.3% in six months to June
SWEDEN- Sweden’s second national fund AP2 has announced a first half decline in assets of 9.3% bringing the fund to Sek124.3bn (e13.6bn).
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Holdings in US fixed income up 50% in year to date
US- Holdings in fixed income in the US have already risen by more than 50% this year and now stand at $9.2trn according to a study of the institutional bond market by Greenwich Associates, the US research consultancy.
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Denmark's ATP shifts e2.9bn from equities to bonds
DENMARK- ATP, the DKK212.7bn (e28.7bn) Danish labour market supplementary pension scheme, has reduced its portfolio allocation in equities from 45% to 35% following negative second quarter results. During this period the listed equity portfolio lost 12.3%.
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UK railway fund to increase private equity holding
UK- Railpen, the UK railway £13bn (e20.3bn) pension scheme, is to increase its allocation to private equity from 2% to 5%, taking the level of investment from around £400m (e626m) to £750m (e1.17bn).
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FSA fines Royal & SunAlliance e2.1m
UK- The UK’s Financial Services Authority has fined certain life insurance companies within the Royal & SunAlliance group £1.35m (e2.11m) for missing deadlines and failing to introduce recommendations made by the Personal Investment Authority in its pensions review.
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AP3 commits further e135m to private equity
SWEDEN- Sweden’s third national pension fund AP3 has committed a further e135m to private equity taking its total investment in the asset class to e210m. The latest commitment by the fund is almost split half and half between US and European private equity houses.
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Shake up at US fund sees Rogge lose e611m mandate
US- A complete overhaul of asset allocation at the Illinois teachers’ retirement system (TRS) has thrown two mandates out to tender and led the fund to drop Rogge Global Partners from a $594m (e611m) international fixed income mandate.
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Bureau Bosch publishes Dutch manager rankings
NETHERLANDS- Foreign investment managers will soon overtake their Dutch counterparts in overseeing the country’s pension fund assets according to the 2002 report by consultant Bureau Bosch into the Dutch investment industry. The report covers 78 managers and is seen as a definitive guide to the Dutch pension fund investment market.
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Greenwich tenders entire e750m fund
UK- The London Borough of Greenwich pension fund has tendered its entire £480m (e749m) portfolio, currently managed by Schroders and Deutsche Asset Management.
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Mercers replaces Watsons as Home Group advisor
UK- Mercers Human Resource Consulting has replaced rival Watson Wyatt as provider of actuarial and consulting services to the pension funds of housing provider Home Group.
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Philip Robinson leaves Watson Wyatt
UK- Philip Robinson, a senior investment consultant at Watson Wyatt, has left the consultancy firm to pursue other interests.
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CalPERS gets tough on manager conflict of interest
US- Following the decision last week by a group of large US pension funds to clamp down on companies not abiding by good company practice, the California Public Employees’ Retirement System has announced that investment banks and money managers wishing to do business with it will now be required to ...
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BGI set to lose out as Torfaen tenders e770m
UK- Torfaen County Borough council has put out to tender over half of its £730m (e1.14bn) Greater Gwent Pension Fund.
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CalPERS yet to name replacement for departing CEO
US- CalPERS, the US’s largest public pension fund, has yet to appoint a replacement CEO for James Burton who is leaving to become head of the World Gold Council.
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US schemes vow to punish poor corporate practice
US- A core group of pension funds, led by those from California, New York and North Carolina, have agreed to clamp down on companies that do not abide by good company practice following the corporate scandals of firms such as Tyco, Enron and WorldCom.
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Standard Life launches new Dollar cash fund
IRELAND- Standard Life Investments has launched a new US dollar money market fund to complement its Dublin-based sterling and Euro-denominated sub funds.
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Gissings launches attack on multi management
UK- Pension consultancy Gissings has attacked the practice of multi management accusing it of lacking transparency and the ability to provide tactical asset allocation as well as being straightforward consultancy but in a different guise.
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European equity outflows highest since September
EUROPE– Investors in Europe are selling off their European equity holdings because of the recent sharp declines in the stock markets, according to the latest European fund flow research published by Schroder Salomon Smith Barney (SSSB). The aggregate outflow for June reached €2.1bn, the largest since last September, when a ...
