Markets – Page 265
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US’s TIAA-CREF names Monrad as finance chief
US – US pension fund TIAA-CREF has named former Coopers & Lybrand partner Elizabeth Monrad as chief financial officer.
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Fidelity tops poll of European fund managers
EUROPE – Fidelity Investment Services has been voted the leading pan-European fund management firm in the Thomson Extel survey.
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Belgian fund puts two debt briefs through IPE Quest
BELGIUM – A Belgian pension fund is tendering two mandates in global high yield and global emerging market debt via IPE Quest.
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Consultant places Euro 690m mandates on IPE Quest
GERMANY – Five mandates totalling 690 million euros have been tendered by an investment consultant on behalf of a German institutional investor on IPE Quest.
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Byblos fund in Italy tenders three mandates
ITALY – The Italian graphics, paperworks and publishing industry sector-wide pension fund, Fondo Pensione Byblos, is tendering three mandates for its 41 million euro fund.
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AP3 appoints Axa Rosenberg and Batterymarch for Euro325m briefs
SWEDEN – The third Swedish national pension fund, AP3, has appointed Axa Rosenberg Investment Management and Batterymarch Financial Management as managers of a US small and midcap equities portfolio.
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Robeco partners with Russell in multi-manager offering
NETHERLANDS –Rotterdam-based investment manager Robeco and US multi-manager operator Frank Russell Company have signed a partnership deal to launch a multi-manager product into the Dutch retail market from autumn this year.
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Italian pension fund assets jump 40% in 2002
ITALY – Latest figures from Italian pension fund supervisory authority, COVIP, show a rise of 6.8% in the number of subscribers to Italian supplementary pension funds in 2002 from 2001.
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Managers curb optimism for equity rises globally
EUROPE – IPE’s monthly investment manager survey of expectations of equity and bond market movements reveal asset managers are less optimistic about global equity markets than last month.
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Europe switches to money market and bond funds
EUROPE - Last year was a dismal one for Europe’s mutual investment funds, with year on year net sales down 52% to 98.3 billion euros, according to FERI Fund Market Information. Of this, money market funds accounted for 78 billion euros, 78% of 2002’s total.
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ADAM launches ‘new balanced’ approach for European institutions
EUROPE – The European asset management industry could well be moving away from traditional balanced portfolios to a new-type of balanced funds with elements of multi-management and specialisation, says Allianz Dresdner Asset Management (ADAM).
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ABP’s chief investment officer backs equities
NETHERLANDS – The chief investment officer of Europe’s largest pension fund, the 133-billion euro Stichting Pensioenfonds ABP, has put his weight behind equities’ role in pension fund portfolios.
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JP Morgan handles CREF 3.6bn Japan equities brief
US – JPMorgan Investor Services has had its custody relationship with the US College Retirement Equities Fund expanded to encompass the provision of income collecting for a 3.6 billion dollar (3.07 billion euro) Japanese equities portfolio.
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CSAM's chief investment officer Smith to leave in revamp
GLOBAL – Larry Smith is to leave his post as chief investment officer at Credit Suisse Asset Management after three years following yet another re-organisation by the company.
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RLAM’s equities chief Lawlor moves to Nomura
UK – The head of international equities at Royal London Asset Management, Philip Lawlor, is leaving to join Nomura International.
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Petroleum Fund rebalances benchmark portfolio
NORWAY – The 86.5 billion-euro Petroleum Fund has rebalanced its benchmark portfolio in a two-stage process that took place in February and March.
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UK’s Leicester reviews asset, portfolio structure
UK – The 1.1 billion pound (1.52 billion euro) Leicestershire county council pension fund is reviewing its asset and portfolio structure and is asking for managers to put forward proposals for various asset classes.
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ABP chairman calls for wage restraint
NETHERLANDS – The chairman of the board of directors at Europe’s largest pension fund, the 135.6 billion euro Stichting Pensioenfonds ABP, has said that wage restraint is the only way to keep pensions affordable.
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State Street opens Frankfurt office
GERMANY – State Street Global Markets is raising its profile in transition management in Germany by opening an office in Frankfurt.
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DeAM and Schroders ousted at Oxford council
UK – The 500 million pound (703 million euro) pension scheme of Oxfordshire County Council has replaced Deutsche Asset Management and Schroders with UBS, Baillie Gifford, Alliance Bernstein and Legal & General as part of a move to find better performance.
