Real Estate – Page 116
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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.
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Ignore consultants’ advice, says Somerset
UK – The head of the 600 million-pound (867 million euro) local authority pension fund of Somerset County Council says only a bad pension fund follows the advice of investment consultants to the letter.
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European institutions shun consultants - poll
EUROPE – A new poll has found that 67% of European institutional investors do not employ the services of an external investment consultant.
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Property at ‘inflection point’ – Morgan Stanley
UK - Investors need to be cautious about which real estate sectors they invest in, Struan Robertson of investment bank Morgan Stanley told a property conference in London, organised by the group.
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Goldman Sachs AM loses E6.8bn in British Coal revamp
UK - The 10 billion pound (14 billion euro) British Coal Staff Superannuation Scheme has withdrawn 4.8 billion pounds (6.8 billion euros) from Goldman Sachs Asset Management -but says GSAM remains a "favoured manager".
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UK’s Buckinghamshire tenders bond, property brief
UK – Buckinghamshire County Council pension fund is tendering a bond and property mandate to the value of 110 million pounds (159 million euros).
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German funds investing in east Europe property
EUROPE – German open-ended funds have taken the lead in foreign investment in eastern European property, according to new research.
