Markets – Page 250
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IPE-QUEST: UK house tenders Japanese equities
UK – A UK institutional investor has tendered 50-100 million dollars (71-143 million euros) in actively managed Japanese mid- or mid-and small-cap equities via IPE-Quest.
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Denmark’s ATP eyes US with future under debate
DENMARK – The 27 billion-euro statutory pension provision fund, ATP, is in the process of selecting asset managers as it enters the US mortgage-backed bond market.
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ING asset management profits rise 40%
EUROPE – ING says its operating profits from asset management rose 40.3% in the first nine months of 2004 - driven by the institutional asset management business.
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UK schemes in “long march” into bonds - Barclays
UK – Barclays Capital says possible new rules about pension fund transparency means further pension fund demand for bonds as funds begin “their long march out of equity into fixed income”.
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AP3 warns on costs of Swedish governance code
SWEDEN – Tredje AP-fonden, the 16.6 billion-euro Third Swedish National Pension Fund, has said Sweden’s proposed new corporate governance code may lead to higher costs.
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Deloitte unveils pension pooling for multinationals
EUROPE - Professional services firm Deloitte has launched a pension pooling offering and said it is working with consumer products group Unilever on implementing pooling in practice.
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Fidelity names pan-Europe bond business head
EUROPE - Fidelity Investments has named Achim Gloger as business development director for pan-Europe in its institutional fixed income team to help as clients move into bonds.
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ABN Amro AUM slips, hit by equities and FX
GLOBAL – ABN Amro’s client assets under management slipped 2.4% in the third quarter, hit by lower equity markets and foreign exchange movements.
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Austria attracts foreign pension funds – bourse
AUSTRIA – Developments in the Austrian stock market are attracting foreign pension funds, a bourse official has told IPE.
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Petroleum Fund to suspend FX buying in December
NORWAY – Norges Bank is to suspend its foreign exchange purchases on behalf of the 942.4 billion-crown (114.1 billion-euro) Petroleum Fund in December due to a lack of liquidity in the markets at that time.
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New framework may change Dutch funds’ asset mix
NETHERLANDS - The new supervisory framework for Dutch pension funds and insurers may lead to a move out of equities and into bonds, experts have suggested – though the government doesn’t plan to change its bond issuance strategy.
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Danica Pension in E255m shift to equities
DENMARK – Danica Pension, the life insurance and pension arm of Danske Bank which has a large bond portfolio, has made a 1.9 billion-crown (255 million-euro) net investment in equities.
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Germany to deregulate occupational pension funds
GERMANY - The German finance ministry has unveiled a draft law providing for sweeping de-regulation of the country’s two occupational pension funds, known as Pensionskassen and Pensionsfonds.
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Dutch regulator unveils supervisory framework
NETHERLANDS – The Dutch pension and insurance regulator has unveiled the so-called Financial Assessment Framework, or FTK – which lays out the new supervisory framework that will come into effect for Dutch pension funds and life insurers in 2006.
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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.
