Markets – Page 227
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Nobel laureate Merton says LDI “ill-conceived”
GLOBAL – Nobel Prize-winning economist Robert Merton has said immunizing pension obligations through liability driven investment strategies is “ill-conceived”.
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IPE-QUEST: Danish fund tenders emerging markets
DENMARK – Kirstein Finans has tendered €70m in long-only emerging market equities on behalf of a Danish pension fund via IPE-Quest.
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Germany’s ZF taps Allianz for DC advice
GERMANY – Auto component maker ZF Friedrichshafen is to take advice on two new defined contribution pension plans from consulting firm Allianz Pension Partners.
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CAPS says UK equity weightings at new low
UK – Balanced pooled funds’ UK equity weightings are at a new low, according to the latest CAPS pooled pension fund update.
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Horeca moves into commodities
NETHERLANDS - Pensioenfonds Horeca & Catering, the €2bn Dutch hotel and catering scheme, has awarded a passive commodities mandate to Western Asset Management.
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PGGM names new head of strategy & research
NETHERLANDS – PGGM, the Dutch health care pension fund, has named Jaap van Dam as head of strategy and research.
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Unilever sets up €5bn asset pooling vehicle
EUROPE – Consumer products group Unilever has set up a pension asset pooling vehicle called Univest which could grow to around €3-5bn in size.
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IPE-QUEST: Nordic bank seeks sub advisor
NORDIC – A Nordic bank has tendered an initial $80m sub- advisory mandate via IPE-Quest.
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Goldman Sachs AM gets $8bn inflow in quarter
GLOBAL – Goldman Sachs Asset Management had a net asset inflow of $8bn (€6.7bn) in the fourth quarter of 2005 – taking its total inflows in the year to $63bn.
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IPE-QUEST: Swiss fund tenders small caps
SWITZERLAND – A Swiss pension fund has tendered a pan-European small-cap equities via IPE-Quest.
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DeAM, Trinkaus in running for Henkel CTA
GERMANY – Industry sources say Deutsche Asset Management and HSBC’s Trinkhaus Capital Management may be in line to advise chemicals firm Henkel on its planned contractual trust arrangement – an external fund to finance more than €1bn in pension liabilities.
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CalSTRS in $3bn emerging market move
GLOBAL – California teaching pension fund CalSTRS has picked five asset managers to run around $3bn (€2.5bn) of emerging markets assets.
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Ilmarinen’s Puhakka to join OKO Pohjola AM
FINLAND – Jari Puhakka, head of securities at Ilmarinen Mutual Pension Insurance Co., has left to join the new OKO-Pohjola Asset Management Co.
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Dutch schemes losing out on bonds - statistics
NETHERLANDS – Dutch pension funds and insurers’ fixed income portfolios returned –0.2% in the third quarter of 2005, according to the national statistics office.
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IPE-QUEST: European bank seeks Japan advisor
EUROPE – A European bank has tendered for a Japanese equities advisor via IPE-Quest.
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ATP named best European pension fund 2005
EUROPE – Denmark´s ATP has been named overall Best European Pension Fund in 2005 at the annual IPE Awards in Berlin. It was also named Best European Public Pension Fund as well as scooping the top award for Denmark and risk management.
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MEAG targets third-party growth
GERMANY – MEAG, the asset management arm of reinsurance giant Munich Re, plans to expand its third-party business by between 25-30% annually, according to Robert Helm, managing director at MEAG responsible for third-party business.
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KPN reaches new pension agreement
NETHERLANDS -- Telecoms giant KPN has reached a new two-year collective labour agreement (CAO) with Dutch trade union ABVAKABO FNV under which in addition to a structural salary increase of 1.5% from January 2006 and 1.5% from January 2007, KPN has agreed to pay 2% of a salary into the ...
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KarstadtQuelle denies pension trust report
GERMANY – KarstadtQuelle, Germany’s second-biggest retailer, has denied that it is tapping its own contractual trust arrangement (CTA) for €200m in capital to reduce long-term debt.
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MSIM hires ex-GSAM European equities co-CIO
EUROPE - Hywel George, former co-chief investment officer of European equities at Goldman Sachs Asset Management, has joined rival Morgan Stanley Investment Management.
