Markets – Page 235
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J P Morgan revamps investor services
GLOBAL – J P Morgan has consolidated its investor services and institutional trust services into a new unit called J P Morgan Worldwide Securities Services.
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UK milk industry scheme retains Aon Consulting
UK - The £275m (€398m) multi-employer Milk Pension Fund has retained Aon Consulting as actuarial and investment adviser.
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DeAM names Germany institutional sales head
GERMANY - Deutsche Asset Management has appointed J P Morgan Fleming’s Peter Kerger to head institutional sales in Germany.
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Dutch schemes face low-yield challenge – IMF
NETHERLANDS – The current low-yield environment poses challenges to Dutch pension funds and insurance firms, according to the International Monetary Fund.
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Sweden’s Telia scheme shifts assets to SRI fund
SWEDEN – The Swedish pension scheme of Nordic telecoms firm TeliaSonera has shifted $140m (€108.7m) of assets into a socially responsible investing screened fund from State Street Global Advisors.
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Laurus ousts ING and Robeco in liability move
NETHERLANDS – The €340m pension scheme of Dutch food retailer Laurus has ousted ING and Robeco from running balanced bond and equity mandates worth €170m each.
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CSFB real estate’s Gallatly joins MLIM
UK - John Gellatly, a director in CSFB’s real estate investment banking team, is to join Merrill Lynch Investment Management as head of indirect real estate investment and strategy.
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Varma separates investment and supervision
FINLAND – Varma, Finland’s largest private sector pension insurer, has separated its investment and supervisory functions and replaced its risk management committee.
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Swiss schemes ‘invest more in alternatives’
SWITZERLAND – Swiss institutional investors have invested more in alternative asset classes and real estate in 2004 - but their asset allocation “remains prudent” a survey sponsored by Credit Suisse Asset Management suggests.
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PWC pensions partner Shuttleworth dies
UK – John Shuttleworth, a trenchant commentator on the pensions scene in the UK for PricewaterhouseCoopers, has died suddenly aged 47.
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ABP to formulate FTK transition policy
NETHERLANDS - Stichting Pensioenfonds ABP, the €168bn scheme for Dutch civil servants, is to formulate a “transitional policy” to deal with the new FTK rules.
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Fiat pension scheme in annuities move
ITALY – The €132.3m pension fund for Fiat’s middle-management, Fondo Pensione Quadri e Capi Fiat, is looking for an established insurance company to provide annuities for its retiring members.
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Capital in “performance difficulties” - Hymans
UK – Capital International’s “performance difficulties” may hinder its ability to win new business in the UK, says investment consultant Hymans Robertson.
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CSAM sets up tax-efficient vehicles for schemes
SWITZERLAND - Credit Suisse Asset Management has launched two new tax-efficient investment vehicles for US equities which are exclusively aimed at Swiss pension funds.
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Petroleum Fund plans €819m forex move
NORWAY – The Norwegian central bank plans to make more than €800m of foreign currency purchases for Petroleum Fund next month.
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IPE-QUEST: Luxembourg insurer tenders €23m
LUXEMBOURG - A Luxembourg domiciled mutual insurance company has tendered a large-, mid- or small-cap equities mandate worth up to $30m (€23.1m) through IPE-Quest.
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L&G says pension funds still shifting to bonds
UK – Legal & General reckons pension funds’ shift towards bonds and away from equities has not yet run its course.
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Derbyshire scheme consolidates custody
UK – The £1.45bn (€2.08bn) Derbyshire County Council pension fund has consolidated the custody of its four portfolios under ABN Amro Mellon after UBS Global Asset Management gave up custody of one of them.
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Gloucestershire ousts managers in revamp
UK - Gloucestershire County Council's £600m (€863m) pension fund has appointed Standard Life Investments to manage a segregated specialist £130m UK equity portfolio.
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Morgan Stanley’s Derbyshire joins Merrill Lynch
UK – Gareth Derbyshire, executive director at Morgan Stanley and number two at the firm’s European Pensions Group, has left the company after seven years to join rivals Merrill Lynch.
