Markets – Page 282
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Equity outlook deteriorates says Merrill Lynch
GLOBAL- The outlook for world equities has deteriorated in the past month, according to Merrill Lynch’s latest fund manager survey. In the report, which surveys 300 fund managers, institutional investors are quoted as saying equites appear overpriced and that the prospects for interest rates have deteriorated.
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Boots buys £200m of inflation-linked assets
UK- Boots’ £2.4bn pension fund has purchased £200m worth of inflation-linked investments in a bid to improve the match between assets and liabilities. The purchase follows the fund’s decision last October to sell its entire equity holdings and move the proceeds into fixed income. At the time critics said the ...
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Citibank joins FX Connect and FXall
GLOBAL- Citibank has joined FX Connect, State Street’s multi-bank electronic foreign exchange trading system, and the electronic platform FXall following the collapse of the rival system Atriax last week.
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FIS beefs up US equities team
UK – Friends, Ivory & Sime (FIS) have appointed Tim Sharman and Robin Wrench to their US equities team.
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AP4 tenders $600m in Asia and Japanese equities
SWEDEN- Sweden’s Skr130bn (e14.3bn) AP4 fund has announced the tendering of Asia Pacific-ex Japan and Japanese equity mandates worth up to a total of $600m (e682m). The fund is to appoint several firms to oversee the mandates, deadline for applications is May 11th and appointments should be announced some time ...
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Martin Currie poaches SG head of European equities
UK- SG Asset Management’s head of European equities Dino Fuschillo is leaving to join Edinburgh-based Martin Currie as a director. In the new role he is responsible for European products and will report to chief investment officer James Fairweather. Prior to his four years at SG Asset Management he spent ...
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BNP Paribas hires Lespinard as global CIO
FRANCE- BNP Paribas Asset Management has hired Philippe Lespinard as its first global chief investment officer. He will be responsible for the research and active management activities of BNP Paribas AM in equity, fixed income and balanced accounts worldwide.
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Paris heads Standard Life's global fixed income
UK- Standard Life Investments has appointed Rod Paris as head of global fixed income. Paris joins from Merrill Lynch Investment Managers where he held the same position. He will be responsible for the UK, Euro and overseas bonds, including corporates.
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Pimco to enter hedge fund market
US- Fixed income investment manager Pimco has announced as part of its expansion outside the US market that it is entering the hedge fund market with the launch of a fixed income fund for US and foreign investors.
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Northern Trust names new product development head
UK- Northern Trust Global Investment Europe has appointed Andrew Edgington as director of product management and development. In the new role he will work with chief operating officer Nick Ring and product manager Chris Turpin in developing new investment products as well as overseeing the existing product range.
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Dorset picks Cazenove for £38m cash mandate
UK – West Dorset District Council has awarded a £38m (€62m) fixed income and cash mandate to Cazenove Fund Management. The appointment will take effect from May and the mandate represents a fund that is part of the council’s liquid assets.
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Powys seeks investment managers for £80m
UK – The £160m (€260.7m) Powys County Council pension fund in Wales is looking for asset managers for a £48m active fixed income mandate and two £16m active equity mandates. John McNeil, head of finance at the fund, says the RFP has come about because the fund grew unhappy with ...
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Gissings loses investment consulting head to SBJ
UK- Steve Barker has left his job as head of investment consulting at Gissings after just a year to take up the same role at SBJ Consultants in London. Barker, who has a background in investment consulting and fixed income management, will report to the chairman Peter Gray.
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WM figures show PGGM down 6% in 2001
NETHERLANDS- Official publication of WM Company’s performance figures for Dutch pension funds show an average return of –2.8% in 2001. Individually the funds reported yields ranging from –8.6% to 4.5% with many of the country’s larger schemes at the lower end of the spectrum.
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Lombard Odier names new international equity CIO
LONDON- Lombard Odier is appointing Fabrizio Pierallini as chief investment officer for international equities. In his new role, Pierallini will head the international equity team and will be responsible for the link between London and the firm’s country and sector analysts and managers in Geneva, Zurich and Hong Kong.
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NTMA names five managers for e8bn reserve fund
IRELAND- Ireland’s National Treasury Management Agency (NTMA) has announced a further five managers to help run part of the e8bn National Pensions Reserve Fund. It has appointed Capital International and Dresdner RCM Global Investors to run two e420m global equity mandates. In addition, Bank of Ireland Asset Management, Blackrock International ...
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DKW enters agency lending after Deutsche poach
UK/US/GERMANY – Investment banking group, Dresdner Kleinwort Wasserstein, part of the Allianz group, has poached three senior salesmen, Tim Smollen, David Martocci and Robert Boyd, from Deutsche Bank to help it penetrate the agency securities lending business.
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Avon drops MLIM and Gartmore for underperformance
UK – The £1.5bn (€2.4bn) Avon Pension Fund has dropped Merrill Lynch Investment Managers (MLIM) and Gartmore from mandates worth almost £1bn (€1.6bn) for failing to achieve performance targets since they were appointed in 1997.
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Second pillar to grow five-fold by 2020
EUROPE – Europe’s second pillar pensions market will grow from its current level of €3.5trn to €17trn by 2020, at the expense of the first pillar market, amid inevitable structural change and with dramatic implications for European capital markets, says Commerzbank.
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Fidelity names head of UK/European fixed income
UK- Fidelity Investments has appointed Martin Hall as executive director of fixed income, a job in which he will be responsible for the group’s UK and European fixed income. Hall is to work closely with head of fixed income investment Andy Jenkins in developing Fidelity’s business.
