Markets – Page 248
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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.
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Fortis fights to keep final salary pension fund open
BELGIUM – Fortis Bank is increasing employee contributions to its final salary pension schemes and cutting the weighting in equities rather than moving to an average-salary or closing to new members, despite a near doubling in costs in two years.
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China welfare fund to grant second lot of mandates
GLOBAL – European fund managers are eyeing the second tranche of mandates worth a fifth of the 132.5 billion yuan (13.2 billion euro) China National Social Security pension fund to be announced later this year.
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Lothian cuts UK equities weighting and Putnam
UK - The £1.9bn (€2.9bn) Lothian Pension Scheme has cut its UK equities weighting by 16.9 percentage points, about £320m, in its main fund, in a further sign of a shift of defined benefits schemes away from the asset class, which WM Company predicted would lead to a £174bn shift ...
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UK Pension funds see net outflow last year
UK - New money available for investment by UK pension funds was less than money paid out in benefits for the second successive year, according to the WM Company, an Edinburgh-based performance evaluation company.
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Merrills says fund managers are obsessed with inflation
GLOBAL - Fund managers’ concerns about high global inflation driven by commodities and wages “ are verging on the obsessive,” according to David Bowers Merrill Lynch’s chief global and European equity strategist.
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Sweden's AP1 hires head of external management
SWEDEN- The 140 billion crowns (15.2 billion euros) buffer fund AP Foersta Fonden, the First Swedish National Pension Fund, has appointed SEB Asset Management’s Rikard Kjoerling to the new position of head of external management.
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BA funds to mull opening to external funds
UK - The £9bn (€13.6bn) internally-managed British Airways pension schemes are considering whether to open to third parties, and Hermes Pensions Management has said it would look at investing in them if this happened.
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Petroleum Fund chief explains pay structure
NORWAY – The head of the 915.3 billion-crown (110 billion-euro) Petroleum Fund has outlined how the scheme’s employees who manage investment mandates are compensated – and signalled a move to more external managers.
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IPE-QUEST: Institution tenders more than E331m
EUROPE - An institutional investor with offices in continental Europe has tendered more than 400 million dollars (331 million euros) in four equities briefs via IPE-Quest.
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Philips pension arm Schootse Poort changes name
NETHERLANDS – Schootse Poort, the manager of Koninklijke Philips Electronics’ 12.5 billion euros in pension assets, has changed its name to Philips Pensions Competence Center.
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IPE-QUEST- Belgian fund tenders hedge funds
BELGIUM - A Belgian pension fund has tendered a 25 million-euro hedge fund mandate for up to three managers via IPE-Quest.
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AP7 names new fund management head
SWEDEN - The five billion-euro Sjunde AP-fonden, the seventh Swedish national pension fund, has hired ABN Amro’s Fvante Linder as head of fund management.
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IPE-QUEST: German fund tenders small-caps
GERMANY - A German pension fund has tendered a 50 million-euro actively managed pan-European core small-cap equities mandate through IPE-Quest.
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Jobs go as HP outsources Dutch scheme to Hewitt
NETHERLANDS - Hewitt Associates’ Dutch arm is to administer the 450 million-euro Hewlett-Packard Netherlands pension fund, the fund’s administrator said.
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IPE-QUEST: Insurer tenders Chinese equities
EUROPE – A Continental European insurance company has tendered a 200 million-dollar active Chinese equities mandate via IPE-Quest.
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AP3 names European mid- and small-cap managers
SWEDEN – The 140 billion-crown (15 billion-euro) Tredje AP-fonden Swedish buffer fund has appointed five managers to run mid- and small-cap European equities.
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French reserve fund awards E4bn to managers
FRANCE - The 16 billion-euro French Reserve Fund, Fonds de Reserve pour les Retraites, has concluded its second round of appointments, naming 12 managers to run 4.12 billion euros.
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IPE-QUEST: Irish insurer tenders E100m
IRELAND - An insurance company has tendered an actively managed balanced mandate worth in excess of 100 million euros through IPE-Quest.
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J P Morgan names transition management head
EUROPE – J P Morgan says it has hired John Minderides from ITG to be head of its transition management business in Europe, the Middle East and Africa.
