Real Estate – Page 116
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AP4 not satisfied with performance vs. benchmark
SWEDEN – The fourth national pension fund Fjarde AP-fonden, or AP4, says its performance against its benchmark in the first half of the year was “unsatisfactory”.
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UK public sees property providing pensions
UK – Around 40% of the British public say their residential property investment will provide them with an income in retirement, according to a new report. This view is most entrenched among younger people.
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Credit Suisse AM sees asset-allocation role
EUROPE – Institutional investors will increasingly seek asset-allocation advice from their fund managers rather than from their consultant, believes Credit Suisse Asset Management.
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Institutions lift German spezialfonds investment
GERMANY – Institutional investment into German spezialfonds increased in the second quarter of 2003, according to new statistics from the BVI Bundesverband Investment and Asset Management.
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Blue Sky Group backs new Kempen property fund
NETHERLANDS – Blue Sky Group, the manager of the pension assets of Dutch airline KLM, has been the first to sign up to Kempen Capital Management’s European real estate fund.
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Jones Lang LaSalle Europe chief to retire
EUROPE – The European chairman of property firm Jones Lang LaSalle, Robin Broadhurst, is to retire following a decline in revenues in the region.
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European commercial property “slowing down”
EUROPE – Commercial property investment in Europe is slowing down and will be about 10% less than in 2002, according to Jones Lang LaSalle.
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Aberdeen cancels sale of property arm
UK – Aberdeen Asset Management has announced it will not sell Aberdeen Property Investors to British Land Co. and that it will retaining the business.
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Hackney seeks actuary and property manager
UK – The London borough of Hackney is looking for an actuarial consultant and a property fund manager for its 340 million-pound (486 million euro) pension fund.
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Jupiter under scrutiny in Somerset revamp
UK – Somerset County Council’s 600 million pound (855 million euro) pension fund has put out two tenders for a UK bond mandate and a UK property manager of managers mandate following an overhaul of its investment strategy.
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Morley wins E2.9bn in new mandates
UK – Morley Fund Management has won two billion pounds (2.9 billion euros) of new external mandates this year so far – up one billion pounds on the same period last year.
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AXA asset management revenues slip 12.3%
FRANCE/US – AXA Group’s asset management subsidiaries’ revenues declined by 12.3% over the first half of 2003.
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M&G gains almost E1bn in institutional funds
UK – M&G says it saw net institutional fund inflows of 704 million pounds (996 million euros) in the first six months of 2003.
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UBS GAM global investment chief to retire
GLOBAL – The global chief investment officer of UBS Global Asset Management, Jeffrey Diermeier, is to retire.
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UBS GAM boosts European property team
EUROPE - UBS Global Asset Management has boosted its continental European real estate team with the recruitment of three executives from property firm Lend Lease.
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State Street has net loss of 23 million dollars in Q2
US – State Street Corporation has announced a net loss of 23 million dollars on revenues of 1,082 million for the quarter ended June 30. For the first six months, total revenues came to 2,102 million dollars and net income to 73 million dollars.
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European institutions eye US real estate - PGI
EUROPE - European institutions are showing an increased appetite for US real estate, says the new chief executive of US-based asset management firm Principal Global Investors' European operations.
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Shropshire moves into hedge funds
UK – Shropshire County Council has announced a change in its pension fund benchmark with greater allocation to bonds and the introduction of a hedge fund portfolio.
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Portuguese pension funds net buyers of equities
PORTUGAL – Pension funds in Portugal were net buyers of equities in the first quarter, according to new data from Watson Wyatt.
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Pensions should be compulsory, says UK report
UK - Employer and employee pensions should be made compulsory if the UK’s 27 billion-pound (38.7 billion-euro) pension gap is to be filled, says market analysis firm Datamonitor.
