Markets – Page 251
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E.ON seeks
GERMANY - German energy firm E.ON is targeting an equity allocation of up to 65% for its 4.9 billion euros of pension arrangements in 2004 as it seeks "real-time coverage" for its obligations.
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M&G hit by loss of bond brief
UK - M&G had a net outflow of 879 million-pounds (1.3 billion euros) in its institutional business in the first quarter of 2004 - hit by a client withdrawing a segregated fixed income brief.
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UK pension funds raise cash holdings – Lipper
UK – Pension funds in the UK raised their exposure to cash investments in March, according to fund research firm Lipper.
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PGGM sees problems with new reference framework
NETHERLANDS - Dutch health care and social workers’ pension fund PGGM has said there are problems within the agreed one-year recovery decided in the new financial reference framework, Financieel Toetsingskader.
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Salamin leaves Swiss social security fund AVS
SWITZERLAND - Dominique Salamin has left Switzerland’s 25 billion-Swiss franc (16.7 billion-euro) social security fund Assurance Vieillesse et Survivants, or AVS.
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HSBC Actuaries wins National Counties brief
UK - HSBC Actuaries and Consultants Ltd., says it has been appointed as investment consultants to the National Counties Building Society Pension and Life Assurance Scheme - initially to review investment strategy.
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Fund managers look beyond pension woe – Merrill
GLOBAL - More fund managers want corporate profits to go towards paying higher dividends than to topping up company pension schemes and repaying debts, according to David Bowers, Merrill Lynch’s chief global strategist.
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Consultant tenders E150m via IPE-Quest
EUROPE – A Zurich-based investment consultant has tendered an active global mid- and small-cap equities brief worth 150 euros via IPE-Quest.
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MSCI to buy risk software firm Barra for E675m
GLOBAL - Morgan Stanley is to buy risk management analytics firm Barra for 816.4 million dollars (675.3 million euros) in cash and integrate it with its majority-owned MSCI index business.
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French reserve fund awards first E10bn
FRANCE – The 16 billion-euro French Pensions Reserve Fund has awarded its first 10 billion euros in mandates, covering four “lots” - large-cap euro equities, small and mid-cap euro equities, large-cap US equities and bonds.
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NTGI names new head of international equities
GLOBAL – Northern Trust Global Investments has named Stephen Dowds as head of international equities, a role vacant since the departure of Andrew Perry around 18 months ago.
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French reserve fund appoints auditors
FRANCE – The supervisory board of the France’s 16 billion-euro Fonds de Réserve pour les Retraites has appointed KPMG and Constantin & Associés as auditors.
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Italy's E1m Fopadiva seeks asset managers
ITALY- Fopadiva, the one million-euro closed pension fund for employees in the Valle d’ Aosta semi-autonomous region, is seeking up to two asset managers for a balanced mandate.
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IBM likely to use new Irish common fund
IRELAND - Computer giant IBM is likely to become one of the first multinational companies to use the common contractual fund (CCF), Ireland’s new tax transparent pooling vehicle, to pool its pension funds’ global equity assets.
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New EU countries need “prudent person” – ADAM
EUROPE – New European Union countries in central and eastern Europe need to lift investment restrictions and implement the “prudent person principle”, Allianz Dresdner Asset Management says.
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Somerset taps Standard Life for equities
UK - The 652 million-pound (979.8 million-euro) Somerset County Council Pension Fund has selected Standard Life Investments to manage a segregated specialist UK equity portfolio valued at around 175 million pounds.
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ABN Amro sets aside extra E901m for pensions
NETHERLANDS – ABN Amro has set aside an extra 901 million euros to cover is pension plans in the Netherlands, UK and Germany.
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Alliance Capital’s bond chief named S&P president
GLOBAL – Standard & Poor’s has named Kathleen Corbet, the head of Alliance Capital Management’s fixed income division, as its new president.
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Austria’s BVP awards convertible bonds to MSIM
AUSTRIA – Austrian multi-employer pension fund BVP Pensionskassen has awarded a 30 million-euro convertible bond mandate to Morgan Stanley Investment Management, a type of investment new to the fund.
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Denmark’s FSP awards E41m to Russell
DENMARK - The 16 billion-crown (2.21 billion-euro) pension fund of the Danish financial sector, Finanssektorens Pensionskasse has awarded two equities and a hedge fund- of-funds mandates to Russell.
