Markets – Page 245
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UK’s PPF could be a “new arena of conflict”
UK – Consulting firm Towers Perrin has warned that the UK’s new Pension Protection Fund could usher in a “new arena of conflict” between employers and scheme members.
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AP1 and AP3 both return 11.4%
SWEDEN – Both AP1 and AP3 say they returned 11.4% on their investments in 2004.
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ING loses 10% of institutional assets in revamp
NETHERLANDS – ING’s asset management arm lost €13.8bn, or more than 10%, of its institutional assets under management in the last three months of 2004 - due to the reclassification of assets and a disposal.
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Enel's Fopen looks for new managers
ITALY – Fopen, the €360m pension scheme of the partly privatised state energy and gas producer Enel, has put out a request for tenders for its new 90% bond portfolio.
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DeAM, SSGA, BGI lose Shropshire mandates
UK – Deutsche Asset Management, State Street Global Advisers and Barclays Global Investors have lost equity mandates worth a combined £160m (€231m) after a shake-up at Shropshire County Council Pension Fund.
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Putnam’s investment head Oristaglio retires
US - Steve Oristaglio is to retire as head of investments at Putnam Investments and be replaced by his deputy Kevin Cronin.
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Ex-Isis institutional chief joins boutique
UK - Howard Daldorph, the former director of institutional funds for ISIS, has joined a boutique called Reabourne Technology Investment Management as marketing director, a new role.
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KLM’s three schemes return 10.7%-12.3%
NETHERLANDS – Airline KLM’s three pension funds – worth a combined €9.2bn - returned between 10.7% and 12.3% in 2004.
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ING IM Europe to avoid UK, for now - Kemna
SWITZERLAND - ING Investment Management Europe is not prepared to enter the UK market at the moment because its regulations are too complicated, says chief executive Angelien Kemna.
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Ireland’s NPRF to put 18% into new asset classes
IRELAND – The €11.69bn National Pensions Reserve Fund has targeted an 18% allocation to property, private equity and commodities by 2009 – but it will not invest in hedge funds for the moment.
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Dutch central bank confirms FTK on schedule
NETHERLANDS – The Dutch central bank has reaffirmed that the FTK, the new financial assessment framework for pension schemes, will come in as planned on January 1 2006.
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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.
