Markets – Page 248
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Lancashire CC Pension Fund allocates mandates
UK – The £2.5bn (€3.56bn) Lancashire County Council Pension Fund has appointed two new asset managers and retained two of his previous managers in a revamping of its portfolio. The changes followed an investment strategy review earlier this year.
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Dorset County PF names new hedge fund manager
UK -- Dorset County Pension Fund has appointed London and New York-based fund of hedge funds manager International Asset Management (IAM) to manage a diversified portfolio of hedge funds.
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UK managers unveil new hedge and cash funds
UK -- Threadneedle Asset Management is to launch its Threadneedle Global Crescendo Fund towards the end of the first quarter of next year.
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Italy’s Pegaso switches investment strategy
ITALY - The €103m pension scheme for the employees of the gas and electricity industries is looking for seven asset managers as it changes its investment strategy to cater for its members’ different attitudes to risk.
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F&C unveils inflation-linked bond fund
EUROPE - F&C Asset Management has launched a euro-denominated inflation-linked bond fund aimed at pension funds and insurance companies struggling with liabilities.
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Pen-Sam completes DKK6bn mandate switch
DENMARK -- Denmark's DKK47.0bn Pen-Sam Pensionfund has completed a restructuring of some DKK4.5bn of its DKK8bn equity portfolio with the awarding of a DKK1.1bn US equities index mandate to Nordea Investment Management ad a DKK1bn US all-cap equity mandate to T. Rowe Price.
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Dutch schemes go into bonds – statistics office
NETHERLANDS - Insurance companies and pension funds in the Netherlands have significantly increased their investments in foreign bonds, Statistics Netherlands has said.
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AP1 replaces fixed income head Gustafson
SWEDEN – The 148.1 billion-crown (16.4 billion-euro) First Swedish National Pension Fund, Första AP-fonden or AP 1, has replaced its head of fixed income, Hans Gustafson, with insurer AFA Försäkring’s Arnold Fahlén.
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Swiss railways on track with pension revamp
SWITZERLAND - The Swiss Federal Railways, SBB, says it will trade off a collective pay rise for its employees against the costs for the financial reorganisation of its 11 billion-franc (7.1 billion-euro) pension fund.
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SEC probes TIAA-CREF as trustees quit
US – US pension provider TIAA-CREF is being investigated by the Securities and Exchange Commission amid the resignation of two trustees over a conflict of interest involving Ernst & Young.
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Gasunie pension scheme set to split
NETHERLANDS - The 650 million-euro pension scheme of gas supply and transport company Gasunie may be split in two next year, as the company prepares to divide its transport and supply operations.
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AP3 names hedge fund exec as equities head
SWEDEN - The 152 billion-crown (17 billion-euro) Third Swedish National Pension Fund, Tredje AP-fonden or AP3, has appointed a hedge fund manager from Nordea as its new head of equities.
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Germany’s BVK seeks managers (Update)
(Updates to amend Alpha reference) GERMANY - Bayerische Versorgungskammer (BVK), Germany’s largest pension fund with 30 billion euros in assets, plans to award up to 200 million euros worth of fixed income mandates over the next two years, IPE has learned.
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Dutch SBA shifts investment strategy (Update)
(Updates with more details) NETHERLANDS – The 11 billion-euro SBA Artsenpensioenfonds (Pension Fund for General Practitioners and Medical Specialists) says it will overhaul its investment strategy.
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Benkner named head of DeAM in Europe
EUROPE - Deutsche Bank is to relocate Deutsche Asset Management’s headquarters to Frankfurt from London amid a revamp that has seen Paul Manduca replaced by Axel Benkner as DeAM’s European chief executive.
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Pension funds to save “millions” in ITG-EXN deal
EUROPE – Pension funds could be set to save millions of pounds as a result of Posit operator ITG Europe’s plans to buy E-Crossnet, or EXN, the equities crossing network that is owned by asset management firms.
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UK debt office consults on long-dated bonds
UK – The UK’s Debt Management Office has launched a consultation on ultra-long dated government bonds following talks with the pension industry this summer.
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Germany: F&C to offer SRI option next year
GERMANY – F&C aims to offer institutional clients a socially responsible investing option next year, according to Claus Heidrich, co-head of F&C’s German branch.
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S&P in Russian equity index move
RUSSIA - RTS Stock Exchange (RTS), the Moscow-based stock exchange, and Standard & Poor’s are to develop a “new generation” of Russian equity indices.
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Harrigan voted out as CalPERS president
US – Sean Harrigan has been ousted as president of the California Public Employees’ Retirement System, or CalPERS.
