Markets – Page 247
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Austria’s VPK and BVP consider merger
AUSTRIA- The two billion-euro multi-employer Vereinigte Pensionskassen AG, VPK, and the 1.2 billion-euro banking and insurance sector pension fund BVP-Pensionskassen AG may agree to merge by the end of August.
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ChevronTexaco scheme taps BIAM for equities
NETHERLANDS- The Bank of Ireland Asset Management has been awarded a mandate from the US energy group ChevronTexaco to manage global equities for its 240 million-euro pension fund in the Netherlands.
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Spanish pension fund assets rise 14%
SPAIN - The assets managed by Spanish pension funds rose more than 14% in 2003, according to the economy ministry.
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Pensions grow to 41% of asset management - report
GLOBAL - Pension fund assets have risen to 41% of the asset management industry's client assets in Benelux, France, Germany and Italy, up from 41%.
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Merchant Navy scheme CEO retires after revamp
UK - Geoffrey Henry, the chief executive of the 2.7 billion-pound (4.03 billion-euro) Merchant Navy Pensions Administration Ltd. Merchant Navy Officers Pensions Fund, MNOPF, has retired.
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Fund Forum: Mutual fund industry under spotlight
FRANCE - Mutual funds must re-gain the trust of clients after the market timing and late trading scandals, the head of the second largest mutual fund company in the US has demanded.
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SEI names Harris as France asset mgmt head
FRANCE - SEI Investments has appointed Damian Harris as new head of asset management in France after Jean-Yves Foucat left the company to become an independent consultant.
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French reserve fund set to name overlay manager
FRANCE - The 16 billion-euro French reserve fund, the Fonds de réserve pour les retraites, is going to appoint an overlay manager by the end of July, the president of the scheme’s executive board, Francis Mayer, says.
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French reserve fund allocates final E1.88bn
FRANCE – The 16 billion-euro French reserve fund, the Fonds de réserve pour les retraites, has allocated its final 1.88 billion euros in assets to managers in four lots.
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FIAP hails role of individual pension systems
GLOBAL - FIAP, the International Federation of Pension Funds Administrators, has hailed the individual capitalization system of pensions that was pioneered by Chile as making a “decisive contribution” to the pensions problem.
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Germany: Sihler’s DeAM bond team joins UBS
GERMANY – Joerg Sihler, head of fixed income at Deutsche Asset Management in Frankfurt, and his team have moved to UBS Global Asset Management.
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UK coal scheme aligns with BTPS on governance
UK – The 10 billion-pound (14.9 billion-euro) British Coal Staff Superannuation Scheme has aligned with the BT Pension Scheme on governance issues, with an outsourcing deal with Hermes.
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UK pension funds’ new investments fall E9.9bn
UK – New investments by UK pension funds fell by 4.6 billion pounds (6.9 billion euros) in the first quarter of 2004, according to the statistics office.
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PGGM gives Aegon its largest-ever win with €1bn
NETHERLANDS – The €55bn PGGM pension fund has given Aegon The Netherlands a €1bn mandate for European government bonds, its largest-ever win and a sign of a change within the investment management style of large pension funds.
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Fortis swoops on Barings' small caps team
UK- Fortis Investments has hired a team of four European Small Caps investment managers from ING’s subsidiary Baring Asset Management, as it seeks expertise in the class that it says will “thrive”.
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SEB to buy Denmark's Codan for about €400m
DENMARK – Swedish financial services provider SEB has announced the planned acquisition of Denmark’s fourth largest life and pensions company, Codan, for an estimated €400m.
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BGI recruits Stan Beckers for active equities
UK - Barclays Global Investors (BGI) has appointed Stan Beckers to the new position of senior investment strategist within its £30bn (€44.8 bn) European active equity business.
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Italy's Previndai fund to restructure and offer mandates
ITALY- The €2bn pension fund of industrial managers, Fondo Pensione Previndai, is to create two portfolios run by five external equity and bond fund managers as an alternative to its insurance contracts.
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CalPERS earns $98.4m (€81.2m) from stock lending
US – CalPERS has earned $98.4m (€81.2m) from lending out about two-thirds of its securities in one year and is moving further into enhanced index strategies and away from index funds and active managers.
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Priamo fund to grant three mandates
ITALY - The Italian pension fund for public transport workers, Fondo Pensione Priamo, has put out its first request for tender of three managers to run its entire portfolio.
