Markets – Page 217
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Morley opens in Frankfurt to spearhead German sales
GERMANY – UK asset manager Morley has opened a sales office in Frankfurt this week to break into Germany’s retail and institutional fund market.
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Asset managers bullish about outlook for equities
EUROPE – A rise in volatility and a fall in liquidity during 2007 will drive investors towards higher quality assets, while commodities are set to take a breather, according to Merrill Lynch’s 2007 outlook.
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Environment Agency in €75m ‘responsible’ fixed income search
UK – The Environment Agency is looking for a manager to invest £50m (€75.5m) in a diverse UK non-gilt fixed interest portfolio for its £1.5bn pension scheme.
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Credit Suisse nabs Griffiths from Axa
UK – Paul Griffiths joins Credit Suisse as managing director and head of fixed income for asset management.
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Nordea/SEB merger rumours leave funds untroubled
SWEDEN – Swedish pension funds are unfazed by renewed merger rumours between Nordea, the Nordic region’s largest financial services group, and third-largest SEB AB.
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German 30-year bond issue take-up ‘disastrous’
EUROPE – European institutional investors have shunned the recently issued German long bonds: for the €6bn bond isseue only €5.885bn were offered, and only €4.9bn were allocated during Wednesday’s auction.
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Worldwide pensions assets hit €18trn
GLOBAL - Equities out-performance and widespread diversification into alternatives doubled pension fund assets over a 10-year period to $23.2trn(€17.8trn) at the end of 2006, according to investment consultants Watson Wyatt.
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PGGM commits €250m to Madeline Albright fund
NETHERLANDS – The €81bn Dutch pension fund PGGM has helped to more than triple the assets of Albright Capital Management, an investment firm chaired by former US Secretary of State Madeleine Albright.
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Invesco and Black Rock win builders' fund mandates
UK – The £700m (€1.065bn) Building & Civil Engineering Benefits Scheme (B&CE) has awarded Invesco Perpetual with a £70m absolute return UK equity mandate recently.
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Strathclyde appoints four for global equity
UK – Strathclyde, the £8.9bn (€13.27bn) Glasgow City Council pension fund, has appointed AllianceBernstein, Invesco Perpetual, Edinburgh Partners and Lazard to run an unconstrained global equity mandate.
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€1.2bn Southwark pension fund in portfolio overhaul
UK – The £780m (€1.2bn) Southwark pension fund has appointed Alliance Bernstein and Newton Investment Management as complementary global equity managers. This is part of a major overhaul of the fund’s investment structure.
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Fidelity wants 20% annual growth in fast changing German market
GERMANY – Klaus Mössle, head of institutional business at the German arm of Fidelity Investments, has reaffirmed his ambitious goal of growing that business by 20-30% annually.
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Danish pension fund in high yield manager search
DENMARK – The DKK 22.9bn (€3bn) Danish Teachers' Pension and Life (Lærernes Pension) pension fund is looking for a US high yield manager via IPE-Quest for a mandate in excess of DKK 285m.
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SSGA wins €151m mandate from Denmark’s PKA (updated)
DENMARK – The Pensionskassernes Administration (PKA) has awarded a $200m (€151m) active equity mandate to State Street Global Advisors (SSGA).
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Unicredit fund appoints Robeco for fixed income brief
ITALY – The pension fund of Italian banking giant UniCredit has awarded Robeco Asset Management with a €40m (£27m) fixed income quantitative active duration mandate, it appeared today.
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€5bn in Italian TFR money looking for managers
ITALY – Under the new law on the severance pay (TFR) an estimated €5bn is to flow into private pension funds.
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Dutch funds return to equities - DNB
NETHERLANDS – Dutch pension funds invest more in equities now than they did during the internet boom, according to a study by Dutch pensions regulator De Nederlandsche Bank (DNB).
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European institutions ‘uneasy’ about bond trading
EUROPE – European institutions are becoming uneasy about developments in the fixed-income market – fearing hedge funds are taking too much of dealers’ attention, according to Greenwich Associates.
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Dutch doctors award €100m European small-caps
NETHERLANDS – The €12bn Dutch Doctors Pension Fund has awarded Munros Capital Management with a €100m European small-cap equities mandate.
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Janus’ Intech arm wins $600m Dutch brief
NETHERLANDS – PGB, the €9bn Dutch pension fund for the printing industry, has awarded Intech a $600m (€459m) US enhanced equity mandate, the firm announced today.
