Markets – Page 228
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Swedish schemes to restructure amid directive
SWEDEN - Top Swedish pension funds are set to re-structure their entire portfolios in the wake of the introduction of mark-to-market valuation of liabilities as part of the pensions directive.
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Watson Wyatt seeking manager researchers
UK – Consulting firm Watson Wyatt has advertised job vacancies for manager researchers, based in Reigate or London.
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IPE-QUEST: European bank tenders three mandates
EUROPE – A European bank has tendered three mandates, covering UK and Ireland equities via IPE-Quest.
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Fund-of-hedge-funds ‘worst for seven years’
GLOBAL – Fund-of-hedge fund managers are suffering the worst market conditions for seven years, according to Standard & Poor’s.
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Hermes expects to raise hedge allocation
UK – Hermes Pension Management – the asset manager of British Telecom’s £50bn (€74.2bn) pension scheme - today said it expects to increase its hedge fund allocation from 2% over the next few years.
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APK takes over BMW pension fund in Austria
AUSTRIA – APK, a €2bn pension fund open to all industries in Austria, is to take over administration of the Austrian pension fund of German carmaker BMW from January 2006.
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Sweden consults on traffic-light pension model
SWEDEN – The Swedish financial regulator has launched a consultation on a proposal to identify possible problems at occupational pension funds and life companies using the so-called traffic-light model.
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Germany: Aventis scheme in €800m FX move
GERMANY – Aventis Pensionstreuhand, the €1.9bn pension fund for pharmaceuticals giant Sanofi-Aventis, has awarded State Street Global Advisors an €800m currency overlay mandate.
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US-based Principal to open Munich branch
GERMANY – US fixed-income specialist Principal Global Investors plans to open a branch in Munich from January 2006.
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Railpen chief resisting flight to bonds
UK – Chris Hitchen, chief executive of the £15.5bn (€23bn) Railways Pension Trustee Co., Railpen, says that pension schemes’ shift to fixed income was an “overreaction”.
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IPE-QUEST: Danish manager tenders high yield
DENMARK - Kirstein Finans has tendered an initial $100m in global high yield bonds on behalf of a Danish asset manager via IPE-Quest.
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IPE-QUEST: Three new searches on system
GLOBAL – There are three new searches on the IPE-Quest system, for global commodities, liability solutions and Australian equities.
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Coats awards €2.2bn actuarial brief to Mercer
GLOBAL – Textile firm Coats has named Mercer Human Resource Consulting as global actuary covering £1.5bn (€2.2bn) of pension assets.
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IPE-QUEST: Four new searches on system
GLOBAL – Four new searches, from pension funds in Switzerland, Denmark and Europe, have been tendered via IPE-QUEST.
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IXIS AM set to name new CIO
FRANCE – IXIS Asset Management is set to announce the appointment of a new chief investment officer and general secretary next week, IPE has learnt.
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Study queries pension fund-low yield link
GLOBAL – A new academic study has questioned the notion that pension funds shifting into bonds will inevitably lead to long-term low bond yields.
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UK: exodus at DeAM as Aberdeen deal closes
UK – Senior staff have already left or are set to leave Deutsche Bank’s former UK asset management operation this Friday following its acquisition by Aberdeen Asset Management.
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PIMCO awarded HSBC emerging market brief
UK – PIMCO Europe says it has been awarded an emerging market mandate of undisclosed size from the trustees of the HSBC International Staff Retirement Benefit Scheme.
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DeAM unveils German multi-manager funds
GERMANY - Deutsche Asset Management has rolled out the first of two multi-manager funds for the German-speaking institutional market, yet no longer believes demand for the funds will be as robust as previously estimated.
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Goldman: pension funds to sell €250bn of equities
GLOBAL – Goldman Sachs has estimated that pension schemes globally will remove some €250bn from equities – and buy around €150bn in fixed income.
