Markets – Page 254
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Italy’s Finnatica hails SWIP institutional deal
ITALY/UK - Scottish Widows Investment partnership and the Italian investment bank Banca Finnat Euroamerica have teamed up for Italy’s institutional market.
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Italy’s Enel fund tenders entire portfolio
ITALY - The pension fund of the partly privatised state energy and gas producer Enel has tendered its entire portfolio, expected be worth 360 million euros by the end of the year.
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Pfizer’s Smith joins Marsh Mercer DB scheme
EUROPE – John H Smith, head of European pension investments at the 402 million-pound (610 million-euro) Pfizer Pension Scheme, has joined the 1.8 billion pound Marsh Mercer defined benefit pension scheme as director, corporate finance and investments.
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Swiss pension funds boost alternatives - CSAM
SWITZERLAND – Swiss pension funds have raised their allocation to alternative assets to 1.8%, Credit Swiss Asset Management says.
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Mellon to buy currency management firm Pareto
GLOBAL – Mellon Financial Corp. is to buy the 70% of currency management firm Pareto Partners that it does not already own for an undisclosed sum.
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T. Rowe Price hiring staff as earnings surge
GLOBAL – T. Rowe Price Group says its second-quarter net income rose 49% to 80.3 million dollars (66.52 million euros) – with staff numbers rising six percent since the start of the year.
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German funds set to increase equities – survey
GERMANY – German pension funds and insurers are likely to increase their weighting to equities in the medium to long term, according to a survey by Heissmann Consultants.
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UBS’ European ETF sales head Egger to leave
SWITZERLAND - Beat Egger, an executive director at UBS Global Asset Management and European sales head for exchange traded funds, is to leave the company in October.
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Blue Sky awards E45m to Dimensional
NETHERLANDS – Blue Sky Group, which manages the pension assets of airline KLM, has awarded a 45 million-euro European small-cap mandate to Dimensional Fund Advisors.
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BP Investments' Pidcock joins Newton
UK - Newton Investment Management says it has hired Jason Pidcock, a fund manager from BP Investment Management, the firm which manages the pension assets of oil firm BP.
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UK insurer applies for Irish CCF – agency
GLOBAL - A UK insurance company, as well as a multinational company, are in the process of applying to the Irish Financial Services Regulatory Authority to launch a tax-transparent Common Contractual Fund, Ireland’s Investment and Development Agency says.
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Investec equities managers leave in pay row
UK - Investec Asset Management says five equities managers have left after their request for an equity stake in the business was refused.
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New TIAA-CREF institutional arm to eye Europe
EUROPE – The new institutional asset management arm of US education retirement system TIAA-CREF will have a presence in Europe before too long, says one of its top executives.
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Hewitt sees take-up of unconstrained benchmarks
UK – Hewitt bacon & Woodrow says six of its pension fund clients have so far adopted the so-called ‘unconstrained benchmark’ approach – with more evaluating such a move.
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Austria’s VPK and BVP consider merger
AUSTRIA- The two billion-euro multi-employer Vereinigte Pensionskassen AG, VPK, and the 1.2 billion-euro banking and insurance sector pension fund BVP-Pensionskassen AG may agree to merge by the end of August.
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ChevronTexaco scheme taps BIAM for equities
NETHERLANDS- The Bank of Ireland Asset Management has been awarded a mandate from the US energy group ChevronTexaco to manage global equities for its 240 million-euro pension fund in the Netherlands.
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Spanish pension fund assets rise 14%
SPAIN - The assets managed by Spanish pension funds rose more than 14% in 2003, according to the economy ministry.
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Pensions grow to 41% of asset management - report
GLOBAL - Pension fund assets have risen to 41% of the asset management industry's client assets in Benelux, France, Germany and Italy, up from 41%.
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Merchant Navy scheme CEO retires after revamp
UK - Geoffrey Henry, the chief executive of the 2.7 billion-pound (4.03 billion-euro) Merchant Navy Pensions Administration Ltd. Merchant Navy Officers Pensions Fund, MNOPF, has retired.
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Fund Forum: Mutual fund industry under spotlight
FRANCE - Mutual funds must re-gain the trust of clients after the market timing and late trading scandals, the head of the second largest mutual fund company in the US has demanded.
