Markets – Page 215
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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.
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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.
