Markets – Page 252
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Sweden’s AP1 raises currency exposure to 20%
SWEDEN - The 139 billion-crown (15.2 billion-euro) Swedish buffer fund Första AP-fonden says it has raised the currency exposure in its strategic benchmark to 20%, from 15% previously.
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IPE-Quest: German fund tenders high-yield debt
GERMANY – A German consultant has tendered an initial 75 million euros in global high-yield debt for a German pension fund via IPE-Quest.
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Poschadel replaced as CEO at UBS’s GAM
GLOBAL – UBS’s GAM alternative investments unit has named David Solo as its new chief executive, replacing incumbent Burkhard Poschadel.
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Italy’s Cometa tenders entire E2bn portfolio
ITALY - The Cometa engineering workers’ pension fund, which is expected to be worth two billion euros by the end of 2004, has tendered its entire portfolio.
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AP3’s stock lending revenue rises 29%
SWEDEN – Sweden’s third national buffer fund, the 142.5 billion-crown (15.5 billion-euro) AP3, saw its revenue from stock lending rise by 29% in 2003.
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DeAM names European real estate securities head
EUROPE - Deutsche Asset Management has hired John Hammond from Schroders as head of European real estate securities - a new business area for the group’s London property division.
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London stock exchange reviews bond shift
UK – The pension scheme of the London Stock Exchange is reviewing its decision to allocate 100% to bonds in the long term.
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Two Canadian funds tender E100m via IPE-Quest
CANADA - A Canadian investment consultant has tendered on behalf of two Canadian pension funds two mandates worth a total of 120 million US dollars (100.5 million euros).
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DeAM nabs Schroders' Hillier for Euro equities
UK - Deutsche Asset Management UK has hired Piers Hillier as head of institutional European equities.
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BGI names European transition head
GLOBAL - Barclays Global Investors has hired Rory Tobin from investment bank J P Morgan as director of transitions, Europe, a new role.
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L’Oreal awards E35.6m to Russell
UK – The L’Oreal (UK) Ltd. Retirement Benefits Plan has awarded Russell a global equity mandate worth more than 24 million pounds (35.6 million euros) - 22% of the total plan assets.
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Monarch taps Northern Trust for E90m
UK - Northern Trust is to manage a 60 million-pound (89.9 million-euro) manager-of-managers equities brief for the Monarch Airlines Ltd. Retirement Benefits Plan in the UK.
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Belgian fund tenders in equities via IPE-Quest
BELGIUM - A Belgian pension fund has tendered a 30 million-euro global equities mandate through IPE-Quest.
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State Street trading arm names operating head
GLOBAL – State Street Global Markets, the investment research and trading arm of State Street Corp., has hired former Credit Suisse First Boston executive Robert Sisti as global head of operations.
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German pension fund tenders E60m via IPE-Quest
GERMANY- A German investment consultant has tendered a 60 million-euro segregated advisory mandate on behalf of a German pension fund via IPE-Quest.
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French SRI reaches E4.5bn - Novethic
FRANCE - The size of socially responsible investments in France reached 4.5 billion euros at the end of March from 4.4 billion euros at the end of December, reveals a report by Novethic, a subsidiary of CDC-IXIS.
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AP2 backs more transparent EU hedge rules
SWEDEN – The head of fixed income and alternative investments at the 140.4 billion-crown (15.3 billion-euro) Andra AP-fonden has welcomed moves to a more transparent hedge fund framework.
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CSFB pensions co-head Keating joins private bank
UK/SWITZERLAND – Giles Keating, co-head of Credit Suisse First Boston’s pensions advisory and structuring group, is to transfer to Credit Suisse Private Banking.
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ING adopts “more active” voting policy
GLOBAL – ING Group, whose asset management businesses run about 162 billion euros of equity assets, says it will adopt a “more active” role as an institutional investor.
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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.
