Markets – Page 208
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Take up of LDI strategies in UK ‘limited’
UK – The implementation of liability driven investment (LDI) strategies remains limited among pensions funds, according to the findings of a survey by Aon Consulting.
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SSGA wins 130/30 mandate from Asda pension fund
UK – The £1bn (€1.5bn) Asda group pension fund has chosen a 130/30 strategy for £165m of its global equity portfolio.
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Shetlands appoints equity, property managers
UK - The Shetland Islands local authority has appointed asset manager GMO to manage an £80m (€118m) specialist global equity mandate for its miscellaneous fund.
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PKA goes from passive to enhanced in US equities
DENMARK – Denmark’s largest occupational pension fund administrator, the DKK116bn (€15.6bn) Pensionskassernes Administration (PKA), has awarded a DKK1.85bn US enhanced equity mandate to Intech.
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Greek civil servant fund’s head resigns over bond row
GREECE - The president of the Greek Civil Servants Auxiliary Fund (TEADY), Agapios Simeoforidis, has resigned following bond-overpricing allegations.
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Finland central bank issues real estate tender
FINLAND - The €460m pension fund of Finland’s central bank, Suomen Pankki, is seeking an investment manager to handle its €25m indirect real estate portfolio.
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IPE-QUEST: Dutch funds seek Canada and Asia managers
NETHERLANDS - A Dutch corporate pension fund is using IPE-QUEST to look for a large cap Canadian equities manager for a $125m (€94m) mandate (QN735).
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ABP to disclose entire equity holdings
NETHERLANDS - At least four large Dutch pension funds have announced they will disclose the names of quoted companies in which they invest.
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Protection fund appoints five new asset managers
UK – The London-based Pension Protection Fund (PPF) has diversified its portfolio and appointed five new fund managers for its £305m (€446.3m) investment fund, set to grow to £5bn by 2009.
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Musgrave fund ups bonds, out of active mandates
DUBLIN – The €60m pension fund of Irish retailer Musgrave will reduce its exposure to equities in order to up its bond portfolio.
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FRR issues five tracking mandates for €5.8bn
FRANCE – The €32bn Fonds de réserves pour les retraites, France’s national pension surplus fund, has issued a handful of passive mandates for Eurozone and North American equities.
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IPE-QUEST: Danish fund in Japan search
DENMARK – A Danish pension fund is looking to appoint an active core large/all cap Japan equities manager using IPE-QUEST (QN722).
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United Nations to outsource $9bn US equities
GLOBAL – The $36.6bn (€27.7bn) United Nations Joint Staff Pension Fund (UNJSPF) has decided to outsource its $9bn US equities portfolio.
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Liabilities rise as equities and bond yields drop
EUROPE – Pension funds are facing a two-way hit as the current market correction co-incides with a fall in bond yields. But this is only a short-term problem, say pension funds.
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German Pensionskassen stay steady with bonds
GERMANY – Pensionskassen, or insurance-type German pension funds, continue to invest heavily in bonds while keeping exposure to equities well below that of their Swiss and Austrian peers, a new survey by international accountant Ernst & Young reflects.
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FRR steps into emerging market equities
FRANCE - The €32bn Fonds de Réserve pour les Retraites (FRR) has started a temporary and limited exposure to emerging market equities before tendering a full mandate in summer.
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Suffolk re-appoints State Street
UK – The £1.2bn (€1.8bn) Suffolk County Council pension fund has re-appointed State Street as its custodian.
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AP1 to review active Japan strategy
SWEDEN – Martin Currie, Nomura and Marathon have been placed under review as the largest Swedish buffer fund, the SEK188bn (€20.4bn) Första AP-fonden (AP1), reviews its Japanese equity strategy.
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Experts urge funds to diversify, not protect portfolios
GLOBAL – Long-term investors such as pension funds should diversify rather than protect portfolios against short-term losses, according to a new study by ABN Amro and the London Business School.
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Flintshire awards £305m mandates
UK – The £793m (€1.2bn) Clwyd Pension fund has awarded two unconstrained mandates worth £145m to Investec and Stone Harbour, a £120m UK equities mandate to Standard Life and a £40m GTAA mandate to Barclays Global Investors.
