Markets – Page 277
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Robeco buys 60% share in Boston Partners
NETHERLANDS/US- Dutch asset manager Robeco, part of the Rabobank Group, has acquired a 60% participating interest in Boston Partners Asset Management, adding the final piece in Robeco’s establishment of new company Robeco USA. Robeco USA will manage approximately e30bn in assets – 30% of Robeco’s total assets under management.
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Irish reserve fund to use commission recapture
IRELAND- The National Pension Reserve Fund of Ireland has put out the tender for one or two brokerage commission recapture providers for its equity investments.
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Management fees in Europe set to fall
EUROPE- Average gross fees are expected to decline across Europe’s asset management industry at a rate of 2% a year over the next four years, according to consultant Oliver, Wyman and Company and UBS Warburg.
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Swedish fund dumps Nordea & Carlson for Lindstrom
SWEDEN- Swedish consultant Bohman & Lindstrom has signed its first client since branching out into portfolio management and will run Sek4.5bn (e490m) for the Swedish church insurance association, the pension fund for employees of the church.
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Dutch group SFB in third party business push
NETHERLANDS- SFB Groep, the e20bn Dutch outfit that oversees the Dutch builders’ pension assets, is pushing ahead with marketing itself as a third party provider of asset management and pension fund administration. The group has a five year strategy over which it intends to market its services to third parties ...
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Hermes launches European small cap fund
UK- Hermes, the independent investment manager, is launching a new active European smaller companies fund. The fund is being seeded by British Telecom pension scheme with more than £170m, and is in addition to the £2.4bn existing European equity funds managed by Hermes.
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Schroders names global institutional head
UK- Schroders has appointed Fidelity’s Richard Horlick as global head of institutional business. Horlick is moving back from Boston where he is president and chief executive of Fidelity Management and trust Company and head of Fidelity’s US institutional business.
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ING outsources equity clearance to BoNY
GLOBAL- ING is to outsource its international cash equities clearance and settlements in London, New York, Hong Kong and Singapore to the Bank of New York in what is Europe’s largest broker-dealer outsourcing transaction.
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Cazenove raids HSBC for UK & European managers
UK- Cazenove Fund Management has announced the appointment of five UK and European fund managers from HSBC Asset Management. Chris Rice, Steve Cordell, Julie Dean and Wade Pollard will join the Institutional pan-European equity team at the beginning of December. Tim Russell, who is to head the team, will join ...
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PGGM names new head of alternative investments
NETHERLANDS- PGGM, the e47bn pension fund for the health care and social work sector, has promoted its head of real estate Jan van der Vlist to oversee its alternative investments.
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AP3 completes €390m Far East manager search
SWEDEN – The SKr 130bn (€14bn) Third Swedish National Pension Fund, the AP3, has completed its asset manager search for Japanese and Asia Pacific (ex-Japan) equity mandates worth €390m with the appointment of Capital International, Shroders and JP Morgan Fleming Asset Management (JP Morgan) to its external manager roster.
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Allianz hires Utermann as global CIO for equities
UK- Allianz Dresdner Asset Management (ADAM) has announced the appointment of Andreas Utermann who is joining the firm as global chief investment officer for its equity division.
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Baring AM gets approval to market funds in Denmark
DENMARK- Baring Asset Management has received regulatory approval to market 21 Irish-domiciled funds to the Danish institutional market.
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Nordea shakes up asset management arrangement
DENMARK- Nordea Asset Management has announced it is centralising its European, US and global equity management in Copenhagen. At the same time it is centralising the management of Norwegian equities in Oslo while bringing its European fixed income operation to Copenhagen.
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Sweden's AP2 drops 9.3% in six months to June
SWEDEN- Sweden’s second national fund AP2 has announced a first half decline in assets of 9.3% bringing the fund to Sek124.3bn (e13.6bn).
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Holdings in US fixed income up 50% in year to date
US- Holdings in fixed income in the US have already risen by more than 50% this year and now stand at $9.2trn according to a study of the institutional bond market by Greenwich Associates, the US research consultancy.
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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.
