Markets – Page 207
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Institutions still downbeat – Merrill survey
GLOBAL – Institutional investors are “still fundamentally pessimistic” about the outlook for corporate profit growth, fixed income and credit, a survey by investment bank Merrill Lynch has found.
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UK’s Marathon Club calls for statement of beliefs
UK - Pension trustees should be clear about their investment beliefs as well as focus less on short-term asset manager performance, says the Marathon Club.
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Norwegian fund to screen for arms links
NORWAY – The NOK1.8trn (€220bn) Norwegian Government Pension Fund – Global is to screen its equity holdings to filter companies with connections to certain types of weapon production.
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Aon survey casts doubt on pension buyouts
UK – Only up to 10% of UK companies are candidates for a buyout solution for their pension scheme within the next three years, according to a survey from Aon Consulting.
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British Airways cabin crew accept pensions deal
UK – British Airways cabin crew have voted to accept the pensions deal that was negotiated at the start of the year, a union says.
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Avon awards hedge fund mandates
UK – The £2.1bn (€3.1bn) Avon Pension Fund has awarded a £210m hedge fund mandate to five managers alongside a UK unconstrained equity mandate and an active corporate bond mandate worth £100m each.
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Investment banks set up longevity group
GLOBAL – A group of leading investment banks including Goldman Sachs, Credit Suisse and UBS have formed a trade association focused on the mortality and longevity market.
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Lærernes chooses high-yield boutiques
DENMARK – The DKK22.9bn (€3bn) Danish Teachers' Pension and Life (Lærernes Pension) has chosen two US high-yield boutiques to replace T. Rowe Price and Capital International.
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Norwegian state fund to raise equity exposure
NORWAY – Changes to the investment rules of the Norwegian Government Pension Fund announced today will see the fund’s equity exposure rise from 40% to 60%.
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LDI should be scrapped – online poll
UK – Not a single respondent to an online poll thinks that liability driven investing is a useful term for pension funds – with most thinking it should be scrapped altogether.
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British Coal scheme goes into absolute returns
UK – The £11.9bn (€17.5bn) British Coal Staff Superannuation Scheme says is cutting its allocation to listed equities, especially those in the UK, and replacing it with a 20% exposure to absolute returns via private equity.
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Paternoster extends State Street deal
UK - Paternoster, the defined benefit pension insurance group, has extended its existing relationship with State Street.
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HSBC pension fund slashes equity allocation
UK – Global banking group HSBC has slashed the equity allocation of its main UK pension fund and moved into interest-rate and inflation-swaps.
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Greek bank sets up Turkish pension firm
GREECE - The National Bank of Greece (NBG) is establishing a pension insurance company in Turkey through its majority ownership at Turkey’s Finansbank.
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Pension funds go for Greek bonds (update)
GREECE – Pension funds were among the buyers of €3.5bn in inflation-linked long-dated bonds issued by the government yesterday (updates to delete Greek).
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Henderson opts for LDI for own scheme
UK – Asset manager Henderson Global Investors is to shift its own defined benefit pension scheme into a Liability Driven Investment structure.
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Ex-ABP chief outlines Axial strategy
NETHERLANDS/UK – Jan Straatman, the former capital markets head at Dutch pension giant ABP, has outlined his investment strategy for new London-based asset manager Axial.
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Euroclear sets up Frankfurt shop
GERMANY – Euroclear is opening an office in Frankfurt to challenge arch-rival Clearstream more oprenly on its home turf.
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K2 on acquisition trail after TA deal
GLOBAL - K2, the US based fund of hedge funds business, is to search for European and Asian acquisition targets following a deal with TA Associates, which is to take a “substantial minority stake” in the business.
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Netherlands re-opens long bond issue
NETHERLANDS – The Dutch State Treasury Agency (DSTA) will on May 8 re-open its 2005 30-year bond by tap auction.
