Markets – Page 243
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BBVA and Innovest in Spanish SRI venture
SPAIN – Innovest Strategic Value Advisors, whose principal outside investor is Dutch pension fund ABP, has started a partnership with Banco Bilbao Vizcaya Gestión to launch a corporate sustainability SRI fund.
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AXA Rosenberg says it wins CAA equities brief
UK - AXA Rosenberg says it has been selected by the 3.7 billion-pound (5.3 billion-euro) Civil Aviation Authority Pension Scheme to manage a 70 million-pound European equity mandate.
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BoNY securities servicing hit by weak markets
GLOBAL – The Bank of New York, posting lower quarterly profits, says its securities servicing business was hit by weak capital markets in the third quarter.
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Nomura soft closes to European clients
UK - Nomura Asset Management UK (NAM) has closed to new business in Far East equities for the rest of the year, after taking in assets worth 1.1 billion dollars already in 2004.
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Barr moves to PPM
SWEDEN - Daniel Barr, chief analyst of the seventh Swedish national pension fund Sjunde AP-fonden, AP7, has joined the premium pension authority, PPM, as chief economist.
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SSgA poaches bond team from Pictet
SWITZERLAND – State Street Global Advisors (SSgA) has enhanced its range of products for institutional investors, hiring a four-strong team of Swiss bond managers from Pictet & Cie.
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Oppenheimer tackles European market
EUROPE- US investment manager OppenheimerFunds Inc (OFI) is entering the European market through a “dual approach” with its subsidiary, Tremont Capital Management.
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PGGM gets boost from oil-price gain
NETHERLANDS – PGGM, the second largest Dutch pension fund, made an 18.8% return on commodities in the third quarter of 2004 – but equities were down 0.7%.
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BGI sets up US equity pension pooling vehicles
EUROPE - Barclays Global Investors says it has set up two pension fund pooling vehicles to provide a "tax-efficient solution to pooled investments in US equities".
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PensionDanmark in funds transferral move
DENMARK – Industry-wide pension fund PensionDanmark is bidding for a share in the new market of funds transferral from the government-backed SP fund to other funds chosen by workers.
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Ex-Watson's Douse leaves Schroders
EUROPE - Susan Douse, the former Watson Wyatt consultant who left to join Schroders, is to leave the asset management firm after six months in the job.
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UK milk fund awards bonds to Axa
UK - The 275 million-pound (398 million-euro) Milk Pension Fund has diverted 33 million pounds from a gilts portfolio managed by Merrill Lynch Investment Managers into a segregated UK fixed income mandate managed by AXA Investment Managers.
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Fonditel among winners at Spanish awards bash
SPAIN - Fonditel, the investment house that began life as the Telefonica pension fund, was among the main winners last night at the Spanish pensions industry awards on a good night for the domestic managers.
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ICI sets aside E360m for pension contingencies
UK – Chemicals firm ICI has set aside 250 million pounds (360 million euros) in a contingency fund to help it meet its pension liabilities, the firm’s benefits director says.
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IPE-QUEST: Insurer tenders E40.5m
LUXEMBOURG - A mutual insurance company has launched a request for tenders for an actively managed large cap global equity mandate via IPE-Quest.
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AP2 awards eight fixed income mandates
SWEDEN – Andra-AP fonden, the Second Swedish National Pension Fund or AP2, has awarded fixed income mandates to eight external managers.
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Industriens looking to add value with currency
DENMARK - The four billion-euro Danish industry pension fund, Industriens Pensionsforsikring, could decide to adopt currency management strategies next year to “add value”, its chief investment officer has told IPE.
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Interest rates rattle Swiss funds, report says
SWITZERLAND - Swiss pension funds’ confidence has slumped, bashed by the latest developments in global interest rates, says asset manager Bearbull Gestion Institutionelle.
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DeAM unfazed by E4.3bn UK mandate losses
EUROPE – Deutsche Asset Management has said a total of three billion pounds (4.3 billion euros) in recent pension fund mandate losses is not such a “big shock”.
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Diageo transfers shares to cut E1.1bn deficit
UK – Drinks firm Diageo has transferred four million shares in US cereal maker General Mills to its UK pension plan to help cut the scheme’s 750 million-pound (1.1 billion-euro) deficit.
