All IPE articles in November 2002 (Online) – Page 6
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European funds' use of private equity grows
EUROPE - Pension funds worldwide are finding “the appeal of private equity hard to ignore”, according to research-based consultancy firm, Greenwich Associates. Investments in the asset class have increased considerably over the last 12 months, and the trend is expected to continue.
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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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Man Group "confident" as funds rise
UK - Investment company Man Group says it is confident about its future prospects as funds under management rise to $23.1 billion (23.16 billon euros) and fee income surges in the first half.
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Dimensional wins first European client: Zurich
SWITZERLAND - The Canton of Zurich’s 13 billion euro pension fund has appointed Dimensional Fund Advisors to manage a 50 million dollar US equity small cap portfolio, ousting Montgomery Asset Management. The appointment marks Dimensional’s first European client since it began marketing in Europe six months ago.
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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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UK pension funds short of bonds - State Street
UK - State Street Global Advisors' chief investment officer is quoted in a newspaper interview as saying that UK pension funds hold too many equities instead of bonds - and that too many companies are reliant on high equity returns to pay for their pensions.
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Germany’s MetallRente reaches one million members
GERMANY - MetallRente, the pension fund for Germany’s metal and electric industry, has more than doubled the number of companies it has under contract – in the process taking its potential target coverage to one million. The fund now says it has the potential to become Germany’s largest institutional fund.
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Pensions could hit European ratings – S&P
European companies could find their credit ratings cut as a result of unfunded pension liabilities – though there is no “immediate” concern, says Standard & Poors.
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FTSE in US exchange traded move
UK/US - Index provider FTSE Group has made an agreement with the American Stock Exchange to develop exchange traded funds based on FTSE indices. They said in a joint statement that they have made an agreement “to promote the creation of ETFs for the U.S. marketplace”.
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Credit Lyonnais Asset Management names sales head
FRANCE - Credit Lyonnais Asset Management says it has hired a new sales chief from rival Credit Agricole Asset Management.
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State Street clinches Deutsche custody deal
GERMANY/US - US bank, State Street Corporation, has signed definitive agreements with Deutsche Bank to acquire its global custody business. The business has assets under custody of approximately e2.2trn, taking State Street’s assets under custody up to almost e8trn. The move will result in State Street becoming the largest custodian ...
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French utilities unions mull pensions protest
FRANCE - France’s energy unions are preparing to strike on November 14 over changes to their pensions system brought about by the forthcoming privatisation of Gaz de France (GdF) and Electricite de France (EdF).
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Swiss funds face increasing 'fiduciary risk'
SWITZERLAND - The majority of Swiss pension funds are not adequately geared to face today’s market conditions, reveals a survey by RCP & Partners, European fiduciary rating agency in Geneva. As a consequence, beneficiaries in defined contribution plans are facing increasing fiduciary risk.
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Threadneedle in German bond certificate launch
GERMANY/UK – UK fund manager Threadneedle Investments has extended its links into Europe by collaborating with Dresdner Kleinwort Wassserstein to launch a German bond certificate, “Rendite Extra Zertifikat”. The new bond certificate has a total size of e500m and invests in Threadneedle’s Rendite Strategie index, comprising of five of Threadneedle’s ...
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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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UK pensions minister extends hand to businesses
UK – Work and Pensions Secretary, Andrew Smith, has invited business leaders to form a pensions task force, whereby employers, Government and individuals work together to encourage greater savings.
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Dundee seeks specialist manager for bond mandate
UK - Dundee City’s £775m (e1.21bn) Tayside superannuation fund is tendering for a fund manager to manage a £93m bond mandate. The scheme joins the latest in a line of UK funds switching from a balanced strategy to a specialist strategy.
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Essex takes specialist route for e2.35bn fund
UK - Essex County Council has restructured its £1.5bn (e2.35bn) pension fund resulting in eight new specialist mandates, and costing Merrill Lynch its balanced active mandate.
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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.
