Real Estate – Page 103
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ING sells Baring AM to MassMutual, Northern Trust
GLOBAL – ING Group is to sell Baring Asset Management’s investment management activities to MassMutual, while Northern Trust will buy the unit’s fund administration arm.
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UBS portfolio manager to join Kempen
NETHERLANDS – UBS’s Daniel van Akkeren is to join Kempen Capital Management in the Netherlands as a senior portfolio manager of European real estate securities.
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Germany’s Deka in E1.9bn outflow
GERMANY - Deka Bank, Germany’s third-largest provider of institutional funds, or Spezialfonds, has admitted that outflows from its Spezialfonds totalled 1.9 billion euros in the first nine months of 2004.
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Italy’s Generali ‘to benefit from pension reform’
ITALY - The Italian insurer Assicurazioni Generali SpA will capitalise from the pension reform in the medium term, says rating agency Standards & Poor’s.
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ABP continues to buy into UK real estate firms
UK/NETHERLANDS – The 160 billion-euro Dutch civil service pension fund Stichting Pensioenfonds ABP has continued its push into the UK real estate market with the acquisition of a stake in small-business landlord Workspace Group Plc.
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DeAM set for sweeping revamp - report
GERMANY - Kevin Parker, the new head of Deutsche Bank’s asset management activities, is to unveil a sweeping restructuring, placing a particular emphasis on embattled Deutsche Asset Management in the UK, a German newspaper has reported.
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Aegon sets up Slovakia pension fund
NETHERLANDS – Aegon has launched a pension fund company in Slovakia, the life insurer said in a quarterly update.
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DeAM, Schroders lose out at Avon Cosmetics
UK - Deutsche Asset Management and Schroder Investment Management have lost out with the 102 million-pound (146.5 million-euro) pension scheme of Avon Cosmetics switching from a balanced to specialist strategy.
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Danish pension funds set up real estate “club”
DENMARK – Five top Danish pension funds worth around 45 billion euros have set up a real estate “club” to invest in European indirect property vehicles, says real estate firm Cushman & Wakefield Healey & Baker.
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ABP buys stake in UK real estate firm
UK - ABP, the 150 billion-euro Dutch civil service pension fund, has acquired a minority stake in the UK-based student accommodation company Unite Group.
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IPE strengthens Netherlands coverage
NETHERLANDS – Investment & Pensions Europe, the leading magazine for European institutional investors, has strengthened its coverage of the Dutch market with the appointment of Danielle Rossingh as Dutch Editor.
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ING asset management profits rise 40%
EUROPE – ING says its operating profits from asset management rose 40.3% in the first nine months of 2004 - driven by the institutional asset management business.
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German institutional funds up 3.6%, BVI says
GERMANY - Despite lacklustre financial markets, the volume of German institutional funds, or Spezialfonds, saw an increase of 3.6% in the first nine months of this year, statistics from German fund industry association BVI show.
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UBS asset management profit slips 20%
GLOBAL – Pre-tax profit at UBS Global Asset Management has slipped almost 20% in the third quarter despite three billion Swiss francs (1.9 billion euros) of new institutional business.
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Deutsche asset strategy queried amid AUM slump
GERMANY – Deutsche Bank’s asset management strategy has come under scrutiny in the wake of disclosures that its institutional fund arm DeAM lost 13 billion euros in assets in the third quarter.
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BNP Paribas picks up Luxemburg SICAV brief
LUXEMBURG - The Luxemburg-based real estate fund for institutional investors, Sireo Immobilienfonds n°4 SICAV, has awarded BNP Paribas Immobilier a 200 million-euro mandate to be invested on the French market.
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Bank of NY names European finance chief
EUROPE - The Bank of New York has named Angus Cameron as chief financial officer for its operations in Europe, a new role.
