Markets – Page 242
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Rabobank says swaps may ease Dutch FTK impact
NETHERLANDS – Rabobank says the new Dutch FTK, or financial assessment framework, will have a “marked impact” on Dutch pension schemes’ investment policy – and that a swap overlay strategy could be a solution.
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JP Morgan to hire new UK institutional staff
UK - JP Morgan Fleming Asset Management says it is looking to hire new staff in the UK this year amid a 13% growth in assets under management.
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UBS says institutional business almost doubles
SWITZERLAND –UBS said its Global Asset Management arm reported a pre-tax profit increase of 64% in 2004 and that institutional business almost doubled.
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Ireland’s CFOPS outlines shift to specialists
IRELAND – The administrator of the €540m Construction Federation Operatives Pension Scheme has outlined the scheme’s move from balanced managers to specialists.
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Deutsche denies it plans to sell DeAM in UK
GERMANY - Deutsche Bank has poured cold water on speculation in London that it is on the verge of selling all or part of Deutsche Asset Management in the UK, stressing that its first priority is “to fix the business”.
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IPE-QUEST: Dutch schemes tender GTAA, equities
NETHERLANDS – Two Dutch pension schemes have tendered separate Japanese equities and global tactical asset allocation briefs via IPE-Quest.
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Hewitt says 20 clients move to unconstrained
UK - Hewitt Associates says 20 of its clients have now allocated assets to so-called ‘unconstrained’ equity mandates – up from six in July 2004.
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Italy’s Espero to hit membership target by summer
ITALY – Fondo Scuola Espero, the state-backed pension fund for 1.1m school employees, is likely to hit its preliminary target of 30,000 members by next summer, according to one of its architects.
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IPE-QUEST: Scandinavian manager tenders €191m
SCANDINAVIA – A Scandinavian asset manager has tendered a $250m (€191.8m) high-yield bond mandate through IPE-Quest.
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Iceland: unskilled workers’ scheme CIO resigns
ICELAND - Bjarni Brynólfsson, managing director and chief investment officer of Icelandic unskilled workers’ pension fund Framsyn, has resigned to take up the post as chief investment officer of investment company Meidur.
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Henderson’s Benelux director Go leaves
NETHERLANDS – Paul Go, asset manager and director Benelux of Henderson Global Investors in Amsterdam, has left.
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IPE-QUEST: European bank tenders up to €268m
EUROPE – A European bank has tendered an active US mid-cap equities mandate ranging from $250-$350m (€191.8m-€268m) to $350m via IPE-Quest.
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Campina scheme appoints fiduciary manager
NETHERLANDS - The pension fund of Dutch cooperative dairy giant Campina has appointed Goldman Sachs Asset Management as fiduciary manager of a €350m mandate.
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WestAM names new CEO amid institutional push
GERMANY - German institutional fund provider WestAM KAG has appointed a new chief executive and expanded its management board in a bid to invigorate its institutional business in Germany.
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France’s €5bn Cancava in scheme revamp
FRANCE – The €5bn pension fund Caisse Nationale d’Assurances Vieillesse des Artisans, Cancava, has appointed 10 equity managers amid a revamp which saw eight of its former managers dismissed over poor performance.
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Shift to specialists slows down – Russell/Mellon
UK – The shift from balanced to specialist investment management, which has taken place among pension funds in the last 10 years, is slowing down Russell/Mellon says.
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BGI’s ALM head joins Pension Protection Fund
UK – Partha Dasgupta, head of asset/liability management at Barclays Global Investors, has joined the new Pensions Protection Funds as director of investment and finance.
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BNP Paribas wins €5.8bn Sabadell custody brief
SPAIN – Banco Sabadell has awarded BNP Paribas Securities Services a €5.8bn global custody mandate for its international fixed income portfolio which includes the investments of its pension fund.
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Lothian scheme reappoints Hymans Robertson
UK – The £2bn (€2.85bn) Lothian Pension Scheme has reappointed Hymans Robertson to provide actuarial and investment consulting services.
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Unilever CIO quits over asset pooling plan
NETHERLANDS - Walther Schapendonk, chief investment officer at Progress, the pension fund of consumer goods giant Unilever, is leaving amid a plan to pool the scheme’s equity assets.
