Markets – Page 216
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Study: 12% of European funds use LDI derivatives
EUROPE – A new study has found that 12% of continental European pension funds have implemented an asset/liability matching strategy using derivatives.
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Paternoster names first client
UK – New bulk annuity buy-out firm Paternoster today announced an initial five pensions outsourcing deals – the first of their sort – with a “substantial” prospect for future deals.
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IPE-QUEST: Institution tenders pan-Europe equity
EUROPE – A UK manager of managers has tendered $100m in active pan-European equity via IPE-Quest.
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FRR terminates €331m SGAM mandate (update)
FRANCE – The FRR, the €29bn French Pensions Reserve Fund or Fonds de Reserve Pour Les Retraites, has terminated a €331.5m US mid-cap equities mandate with Société Générale Asset Management subsidiary TCW due to “ongoing unsatisfactory performance” (Updates with SGAM comment).
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Kingfisher picks PIMCO for fixed income brief
UK – European retailer Kingfisher has appointed specialist fixed-income manager PIMCO to run a £96m (€134m) segregated bond mandate for its €1.372bn (£864m) pension scheme.
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NBIM looking for CFO, strategist
NORWAY – Norges Bank Investment Management, which runs the NOK1.5trn (€182bn) Norwegian Pension Fund – Global, is looking for a chief financial officer, a new role.
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80% of UK funds to alter asset mix – Greenwich
UK – Greenwich Associates says 80% of UK pension funds plan to significantly alter their asset mixes in the next three years.
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UN recruits for pension fund
GLOBAL - The United Nations Joint Staff Pension Fund is recruiting senior managers for its real estate and fixed income allocations.
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Ist-Investmentstiftung cuts domestic bonds
SWITZERLAND – Ist-Investmentstiftung, a major Swiss pension fund with CHF8.3bn (€5.2bn) in assets, has slightly increased exposure to equities and foreign real estate while cutting exposure to domestic bonds.
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Hannover Re puts €3bn into foreign bonds
GERMANY – Ampega, the asset manager for German re-insurer Hanover Re, has confirmed that, on behalf of the re-insurer, it is awarding €3bn worth of investment mandates for non-European bonds.
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Norges chief slams “disguised beta” hedge funds
NORWAY – Knut Kjaer, executive director of Norges Bank Investment Management, which runs the NOK1.5trn (€182bn) Norwegian Pension Fund – Global, says many hedge funds are overpriced beta suppliers.
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North Yorkshire hands transition brief to Mellon
UK – The £1.2bn (€1.6bn) North Yorkshire County Council Pension Fund has awarded a £680m global equity transition management mandate to Mellon.
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Paternoster CEO outlines “keys to success”
UK – Mark Wood, chief executive of Paternoster, has outlined what he terms the keys to the success of the new breed of pension buyout firms.
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UK’s PPF in “urgent” fund manager tender
UK – The Pension Protection Fund has issued a tender seeking asset managers for a range of asset classes as a “matter of urgency”.
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Three UK LAs tender mandates totalling €400m
UK – Three local authority pension funds in the UK are tendering almost £400m (€550m) in Asia Pacific, global and UK unconstrained equity mandates.
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Prudential sees bulk annuities competition
UK – Prudential says there’s more competition in the bulk annuities market – and that it won’t budge on price.
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German institutions ‘asset allocations unchanged’
GERMANY – Insurers and pension funds plan virtually no change to their asset allocation during 2006, meaning that they will remain mostly invested in fixed income, according to a new study unveiled by private equity fund provider CAM.
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Dutch painters award €450m to Theodoor Glissen
NETHERLANDS – A&O Services, which runs the €3.2bn Dutch painters pension fund BPF Schilders, has awarded a €450m pan-European equity index mandate to private bank Theodoor Glissen.
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Deutsche names successor to fund head Benkner
GERMANY – Deutsche Bank has appointed Klaus Kaldemorgen to succeed Axel Benkner as head of its retail fund arm DWS and as such, the de-facto number-two in the bank’s global asset management business.
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Dutch FTK prompts investment changes – survey
NETHERLANDS – The new Financial Assessment Framework for Dutch pension funds, or FTK, has prompted changes in funds’ investment policy, a new survey has found.
