Markets – Page 220
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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.
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OECD sees “vicious circle” of pension bond demand
GLOBAL – The Organisation for Economic Cooperation and Development says new accounting standards may have set up a “vicious circle” of bond demand from pension funds.
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Ireland’s NPRF re-awards €6bn passive mandates
IRELAND – The €17.5bn National Pensions Reserve Fund has re-awarded €6bn in two passive equity mandates to the incumbent managers Bank of Ireland Asset Management/State Street Global Advisors and Barclays Global Investors.
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New UK pension buyout firm eyes Europe - FT
EUROPE – The new pensions buyout firm Pension Insurance Corp. has gained £1bn (€1.47bn) in financing and may target deals outside the UK, the Financial Times reported.
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IPE-QUEST: Danish fund tenders Europe large caps
DENMARK – Danske Bank is conducting a search for long-only European large-cap equities on behalf of a Danish pension fund via IPE-Quest.
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Extra €75bn goes to external managers - report
EUROPE – European institutional investors have put an extra €75bn with external asset managers, according to consulting firm Greenwich Associates.
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Hermes’ Anson queries private equity fees
UK – Hermes Pensions Management chief executive Mark Anson has called for lower private equity fees, according to reports.
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Pensions driving tenfold rise in swaps – Barclays
UK – Pension fund demand is behind a tenfold increase in inflation-linked swaps activity at Barclays Capital, executives say.
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Bedford tenders £100m in passive UK equities
UK - The £773m (€1.1bn) Bedfordshire Pension Fund is seeking a passive (index-tracking) investment manager for £100m in UK equities.
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More details on €4bn Luxemburg pension tender
LUXEMBURG – The new fund set up to hold Luxembourg’s excess pension revenues has issued a tender looking for fund managers to administer its €4bn in assets.
