Markets – Page 226
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IPE-QUEST: Danish fund tenders European equities
DENMARK - Kirstein Finans has tendered €70m in long-only actively managed European equities on behalf of a Danish Pension Fund via IPE-Quest.
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PensionDanmark reports 15.3% return
DENMARK – Blue-collar sector pension fund PensionDanmark has posted a pre-tax investment return of 15.3% for 2005.
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Deutsche unveils €7bn outflows
GERMANY – Deutsche Bank’s asset management division, including private clients and institutions, was hit by €7bn in outflows during the fourth quarter of 2005.
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IBM to transfer German staff to DC plan
GERMANY – IBM’s campaign to slash worldwide pension costs has spread to Germany, with the computer giant aiming to save several hundred million euros by transferring 11,000 employees there from a defined benefit schemes to a defined contribution one.
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Environment Agency tenders €658m (updated)
UK – The roughly £1.3bn Environment Agency Pension Fund has put two mandates out to tender amounting to £450m (€658m). (Updated with new information)
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Shell Pension’s Morgan joins F&C
UK – F&C Asset Management has appointed former Shell Pension Management Services manager Gareth Morgan to the position of fund manager in its emerging equities team.
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Sweden’s AP7 re-tenders €4.7bn
SWEDEN - Sjunde AP-fonden, the Seventh Swedish Pension Fund or AP7, has launched a re-tendering process for three equity mandates amounting to SEK43.9bn (€4.7bn).
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IPE-QUEST: foundation tenders long/short equity
UK – A UK foundation has tendered $150m (€123m) in global long/short equities via IPE-Quest.
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Germany’s BVV fund names Aden to board
GERMANY – BVV, a €17.7bn pension fund for the German financial services industry, has appointed Helmut Aden to replace Christoph von Langsdorff on its two-member board.
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NAPF governance advisor Lindey to leave
UK - Geoff Lindey, strategic advisor on corporate governance at the National Association of Pension Funds, is to leave.
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ATP axes F&C from emerging markets brief
DENMARK – F&C Asset Management has been axed from managing a DKK1.3bn (€174m) emerging market equity mandate by Danish pension fund giant ATP.
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Chemie’s 16.5% return boosted by equities
GERMANY – Chemie Pensionsfonds, an equity-oriented pensions vehicle targeted to employees in the chemical sector, achieved a 16.5% return on assets in 2005 thanks to a strong performance of equity markets.
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HSBC wins €30.6bn L&G mandate
UK – HSBC Securities Services has been awarded a £21bn (€30.6bn) custody mandate by Legal & General to manage its Eurobond portfolio.
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Ex NAPF chief named to BESTrustees board
UK – Peter Thompson, former Mercer HRC worldwide partner and ex-National Association of Pension Funds (NAPF) chairman, has been appointed to the board of BESTrustees as director.
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Goldmans launching 35 new UCITS III funds
UK/LUXEMBOURG – Thirty-five new investment funds have been announced by Goldman Sachs Asset Management (GSAM). Fourteen of the funds will be launched in the next three months, with the rest “subject to client demand”.
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SVM expands into Europe
UK – SVM Asset Management, the boutique Edinburgh based independent fund management group, is looking to increase its European institutional business following a year of strong performance in European equities.
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ABN Amro appoints EAFE chief
UK – ABN Amro Asset Management has appointed Andrew King as the new head of Europe, Australasia and Far East (EAFE) portfolio management and head of North American equities.
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Credit default swaps trades surge in 2005
UK - The average number of credit default swaps (CDS) trades executed each month increased by 89% during 2005, according to London-based Markit Group’s annual ‘scorecard’ of market volumes in credit derivatives.
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Lincolnshire County scheme tenders equities
UK – The £1.1bn (€1.6bn) Lincolnshire County Council Pension Fund has launched a tender process for a global active equity manager, putting incumbent manager Bank of Ireland Asset Management under the spotlight.
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Sweden: PPM savers get 30% average return
SWEDEN – Five and a half million Premium Pension Authority (PPM) savers enjoyed an average return of 30% in 2005.
