Markets – Page 276
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Denmark's ATP shifts e2.9bn from equities to bonds
DENMARK- ATP, the DKK212.7bn (e28.7bn) Danish labour market supplementary pension scheme, has reduced its portfolio allocation in equities from 45% to 35% following negative second quarter results. During this period the listed equity portfolio lost 12.3%.
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UK railway fund to increase private equity holding
UK- Railpen, the UK railway £13bn (e20.3bn) pension scheme, is to increase its allocation to private equity from 2% to 5%, taking the level of investment from around £400m (e626m) to £750m (e1.17bn).
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Record e51bn leaves US equity funds in July
US- A record $50bn (e51.3bn) was removed from US equity funds in July according to estimates released by mutual fund research company, Lipper, illustrating the extent to which investor nervousness has reached. The previous record monthly outflow was around $30bn in September last year triggered by the events of 11th ...
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Nordea names Lindelow as global head
SWEDEN- Nordea Securities has announced the appointment of HSBC’s former head of European equities Frans Lindelow who joins the Nordic group in Stockholm as global head at the beginning of September.
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Shake up at US fund sees Rogge lose e611m mandate
US- A complete overhaul of asset allocation at the Illinois teachers’ retirement system (TRS) has thrown two mandates out to tender and led the fund to drop Rogge Global Partners from a $594m (e611m) international fixed income mandate.
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Mercers replaces Watsons as Home Group advisor
UK- Mercers Human Resource Consulting has replaced rival Watson Wyatt as provider of actuarial and consulting services to the pension funds of housing provider Home Group.
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Greenwich tenders entire e750m fund
UK- The London Borough of Greenwich pension fund has tendered its entire £480m (e749m) portfolio, currently managed by Schroders and Deutsche Asset Management.
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SEI adds to fixed income manager line-up
UK- Multi manager SEI Investments has added Fischer Francis Trees & Watts and Alliance Capital Management to its fixed income manager line up. SEI maintains the new appointments will give broader access to the global developed fixed income markets.
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Ex-Phillips & Drew chief executive quits UBS
UK- Robin Hindle Fisher, the former chief executive of Phillips & Drew, is leaving UBS after ten years with the company. Hindle Fisher stepped down as chief executive last year to take a year out and study at the London Business School.
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BGI set to lose out as Torfaen tenders e770m
UK- Torfaen County Borough council has put out to tender over half of its £730m (e1.14bn) Greater Gwent Pension Fund.
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Schroders set to retain e313m Yorkshire mandate
UK- The £1.3bn East Riding of Yorkshire pension fund has drawn up a shortlist of three investment managers to run a £200m (e313m) global active equity mandate. Schroders, the incumbent manager, is rumoured to have been retained to run the funds.
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ATP picks Pimco and Citi to run e203m fixed income
DENMARK- The e34bn Danish Labour Market Supplementary Pension Scheme ATP has appointed Citigroup Asset Management and Pimco to manage a $200m (e203m) emerging market bond portfolio. Each company will be responsible for $100m.
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European equity outflows highest since September
EUROPE– Investors in Europe are selling off their European equity holdings because of the recent sharp declines in the stock markets, according to the latest European fund flow research published by Schroder Salomon Smith Barney (SSSB). The aggregate outflow for June reached €2.1bn, the largest since last September, when a ...
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MLIM and J Sainsbury settle underperformance claim
UK- Merrill Lynch Investment Managers and the £2.4bn (e3.8bn) pension fund of retailer J Sainsbury have avoided going to court over alleged underperformance following a settlement of an undisclosed amount. The supermarket group had been pursuing a claim from Merrills following the landmark payment made to Unilever last year.
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DeAM gives ten reasons to go out and buy equities
GLOBAL – Despite continued market weakness and investor caution, the time is right for investors to begin increasing their exposure to equities, says Deutsche Asset Management (DeAM)...
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Gartmore hires Burvill to run UK equity income
UK – London-based investment management group, Gartmore, has appointed Chris Burvill as head and lead fund manager of UK equity income. He will report to Jon Thornton, head of UK equities.
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Fixed income ETFs due in Europe after US launch
EUROPE/US – The New York Stock Exchange (NYSE) has issued the world’s first fixed income exchange traded funds (ETFs) but a spokeswoman for Morgan Stanley in London says foreign investors would do better to leave the four new funds alone.
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Italian railway workers' scheme tenders RFP
ITALY – The €26m Eurofer, the fledgling supplementary pension scheme for Italy’s state railways industry workers, has issued an RFP for managers for its assets.
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Stamford hires Davies as fixed income specialist
UK – London-based independent consultancy firm, Stamford Associates, has appointed Nick Davies as a fixed income specialist to its research team.
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Ahto joins PIMCO in London from Deustche
UK/EUROPE – California-based fixed income management company, PIMCO, has appointed Laura Ahto as senior vice president and head of operations and administration to its London office.
