Markets – Page 225
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GSAM gets €11.9bn net inflows
GLOBAL – Goldman Sachs Asset Management gained $15bn (€11.9bn) of net inflows in the second quarter.
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Italy’s Prevedi seeking asset managers
ITALY - Prevedi, the complementary pension fund for employees in the industrial and building companies is looking for up to four asset managers to manage its €24m portfolio.
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Nordrheinische doctors fund taps GSAM for GTAA
GERMANY – Nordrheinische Ärtzeversorgung (NAEV), a €7.5bn pension fund for physicians, has awarded Goldman Sachs Asset Management a global tactical asset allocation mandate worth €60m.
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AP4 under fire from finance ministry
SWEDEN – The roughly SEK180.2bn (€19.2bn) Fourth Swedish National Pension Fund, or AP4, has come under fire for underperforming its sister AP buffer funds in a review carried out by the Swedish Ministry of Finance.
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City of Westminster axes Henderson, Aberdeen
UK – The roughly £600m (€871m) City of Westminster pension fund has axed Henderson Global Investors and Aberdeen Asset Management following a scheme restructure.
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Amonis cuts equities, real estate for hedge funds
BELGIUM – The €1bn Amonis pension scheme for dentists, doctors and pharmacists has reduced its exposure to equities and real estate, and ploughed roughly €34.2m into a fund of hedge funds portfolio managed by Key Asset Management.
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Finnish state fund ‘eyes 10% alternatives shift’
FINLAND – Finland’s €8.2bn State Pension Fund, Valtion Eläkerahasto or VER, is planning to allocate 10% of its assets to alternatives, according to a report.
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IPE-QUEST: Danish fund tenders emerging equities
DENMARK – A Danish pension fund has tendered up to $100m (€77.2m) in global emerging market all-cap core equities via IPE-Quest.
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IASB chief rues “daft” discount rate situation
GLOBAL – International Accounting Standard Board chairman Sir David Tweedie has acknowledged the “daft” consequences of the current method of determining corporate pension liabilities.
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Debate over UK university fund rages in press
UK – Debate over the coverage of the Universities Superannuation Scheme’s asset allocation continues to rage in the letters pages of the financial press.
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Novartis pension fund returns 6.2%
SWITZERLAND – Novartis’ pension fund, one of Switzerland’s biggest with CHF14.6bn (€9.3bn) in assets, has reported a return of 6.2% for 2005 - well below the 11% average for other Swiss schemes.
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Union Investment offers overtime accounts
GERMANY – Union Investment has become the latest German fund manager to offer so-called ‘overtime accounts’ – a vehicle that can be used by employees to finance early retirement.
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USS mulls €8.7bn switch from equities – FT
UK – The Universities Superannuation Scheme is considering a £6bn (€8.7bn) shift out of equities into alternative assets such as private equity and infrastructure investments, according to a news report.
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Swiss teachers fund BLVK rejects legal action
SWITZERLAND – The CHF4.6bn (€2.95bn) Berne teachers pension fund BLVK says it won’t take legal action against those deemed responsible for its financial woes – despite calls from members.
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Lærernes Pension names three new managers
DENMARK - Lærernes Pension, the DKK20.1bn €2.7bn Danish teachers’ pension fund, has awarded mandates to Aberdeen Asset Management, MFS and Sydbank.
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FIM Asset Management hires two from Nordea
FINLAND – FIM Asset Management has hired two executives from Nordea, with Petri Aho becoming head of international sales and Jouni Salmenkivi head of fixed income.
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Liontrust loses further €392m of pension assets
UK – Specialist UK equities fund manager Liontrust Asset Management says it lost £268m (€392m) of pension fund assets in the year to the end of March.
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IPE-QUEST: Danish fund tenders N. America equity
DENMARK – A Danish pension fund has tendered $100m+ in US and Canadian all-cap equities via IPE-Quest.
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Vervoer taps GSAM for €5.4bn fiduciary brief
NETHERLANDS – Dutch industry-wide transport fund Pensioenfonds Vervoer has appointed Goldman Sachs Asset Management to run a €5.4bn fiduciary mandate – resulting in a loss for incumbent F&C.
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Norway’s global fund awards five new mandates
NORWAY – The Government Pension Fund - Global assigned capital to five new mandates in the first quarter – one fixed income and four equities.
