Markets – Page 273
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Pension funds shun domestic stocks - report
EUROPE - Pension funds are moving away from investing in domestic equities, says research group Greenwich Associates. And what it calls a “global standard” of investment management methods is emerging.
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Britannic Asset Management names UK equities head
UK - Britannic Asset Management has appointed Kevin Fenelon as its investment director of UK equities. Fenelon is currently head of UK large cap investments at Britannic and will continue to oversee the business.
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Norway: investment proposals welcomed
NORWAY - Norway’s market players have welcomed proposals to change regulations governing pensions fund investments as set out in a report by Caspar Holter, partner of Oslo-based consultants Pensjon & Finans.
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UK funds "post 13% negative return"
UK - Deutsche Bank-owned consultancy the WM Company calls the situation “severe” as UK pension funds post a negative return of almost 13% in the three months to the end of September 2002.
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Fiat tenders three mandates
ITALY - Italian carmaker Fiat says it has put out to tender three mandates totalling 80 million euros for its pension fund for middle managers which is currently managed by Romagest and Morgan Stanley.
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Lehman introduces Danish mortgage index
DENMARK - Lehman Brothers is to launch a stand alone Danish Mortgage Index, which will include investment-grade, fixed-rate mortgages denominated in Danish krone.
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Morley gains e320m mandate from Nationwide
UK- Nationwide Investment Group has appointed Morley Fund Management to run a £200m (e320m) balanced mandate, replacing previous manager Schroders.
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Warning from IAPF as Irish pensions assets tumble
IRELAND - John Feely, chairman of the Irish Association of Pension Funds (IAPF), has offered a word of warning to those planning saving for retirement, following a survey which shows total assets of Irish pension funds to have fallen to e43bn this year from e50.6bn at the end of 2001.
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Solutia appoints Frank Russell to run entire fund
UK - The Trustees of the Solutia UK pension scheme have appointed Frank Russell Company as the sole investment manager for its £35m( e55.4m) pension scheme. The global equity and fixed income assets will be spread across Russell’s full range of multi-manager funds.
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Northern Trust adds to multi manager line up
UK- Northern Trust’s multi-manager business has appointed Raphael Robelin of Invesco, and Jonathan Platt of Royal London Asset Management as managers for its UK multi-manager fixed interest fund.
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European cross border property business flourishes
EUROPE- Europe is the preferred location of global cross-border investment activity in real estate, according to international property adviser DTZ, which predicts continued growth in the sector over the next five years.
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Royal Liver appoints BGI for e218m active mandate
UK- Royal Liver Assurance has appointed Barclays Global Investors to manage a new £137m (e218m) active UK equity mandate. BGI was selected following a beauty parade in conjunction with Royal Liver’s external advisers, whereby three asset managers were shortlisted.
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Proposed tax changes threaten Germany's pensions
GERMANY- Proposals by Germany’s coalition government that individuals are to pay capital gains tax on profits from share sales is causing concern for the fund industry, and threatening the new third pillar pensions system.
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ING and BoNY enter European alliance
EUROPE- ING and the Bank of New York are to create a European commercial alliance focusing on sales, marketing and servicing of global custody and related services. The alliance will see the two entities jointly offering services to institutional clients in Germany, the Benelux and Central and Eastern Europe over ...
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Managers more optimistic about equity prospects
GLOBAL- Fund managers are more optimistic about the prospects for the world equity markets than they have been for a year according to the latest Merrill Lynch fund manager survey.
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Capital secures e158m UK council mandate
UK- Shetland Islands County Council has awarded the mandate for its £100m (e158m) pension fund to Capital International. UBS Global Asset Management, formerly Phillips & Drew, had been running the portfolio for five years, but lost the beauty parade when the five-year mandate period was over.
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Putnam to take over e2.8bn of BT FM's assets
AUSTRALIA/US- BT Funds Management, the Australian global investment manager, will see US-based Putnam Investments take over management of A$5bn (e2.79bn) of its international equity assets when the Westpac acquisition of the majority of the BT Financial Group closes at the end of October.
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Schroders adds to fixed income development team
UK- Schroder Investment Management has appointed Jeremy Cave as head of fixed income business development in continental Europe and the Middle East.
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French industry see assets rise 20% in 2001
FRANCE-French asset management companies saw their operating profits fall 20.4% in 2001 in spite of an increase in assets under management, reports the Commission des operations de bourse (COB), the regulatory agency appointed by the government to oversee the protections of investors.
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BH&S to launch high-yield property income fund
UK – Property asset manager Baring Houston & Saunders (BH&S) hopes to raise £250m (e396m ) to £300m for its new high-yield property income fund.
