Real Estate – Page 117
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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UK - The 10 billion pound (14 billion euro) British Coal Staff Superannuation Scheme has withdrawn 4.8 billion pounds (6.8 billion euros) from Goldman Sachs Asset Management -but says GSAM remains a "favoured manager".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.
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Lucent’s Dutch fund ousts Schootse Poort, ABN Amro
NETHERLANDS – The incumbent managers at Lucent Technologies’ 450 million euro Dutch pension fund, Schootse Poort and ABN Amro, have been replaced in a shift to specialist managers.
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UK’s Leicester reviews asset, portfolio structure
UK – The 1.1 billion pound (1.52 billion euro) Leicestershire county council pension fund is reviewing its asset and portfolio structure and is asking for managers to put forward proposals for various asset classes.
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UK’s FSA proposes new collective investments
UK – The Financial Services Authority is proposing a new type of collective investment scheme for institutional investors and expert investors in the UK which should allow them to be more competitive within Europe.
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DeAM and Schroders ousted at Oxford council
UK – The 500 million pound (703 million euro) pension scheme of Oxfordshire County Council has replaced Deutsche Asset Management and Schroders with UBS, Baillie Gifford, Alliance Bernstein and Legal & General as part of a move to find better performance.
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Norway’s KLP ready for new pension proposals
NORWAY – Mutually-owned insurer KLP says it is well placed to benefit from proposed changes in the Norwegian pensions market, but says it will mean hard work and a change in its approach.
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West Sussex tenders property portfolio
UK – The 750 million pound (1.05 billion euro) West Sussex County Council pension fund has put its direct property portfolio up for tender.
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New EU states to have hot property markets
EUROPE – Property investments in countries that are about to join the European Union look very favourable, but tread carefully - so says Matthew Ryall of LaSalle Investments.
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Guinness pension fund appoints Morgan Stanley
IRELAND – The 1.2 billion euro Guinness Ireland group pensions scheme has appointed Morgan Stanley Investment Managers to run an 110 million euro European fixed income mandate.
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Denmark’s ATP increases property allocation
GERMANY – ATP, the 31.2 billion euro Danish supplementary pensions scheme, says it will increase its allocation to property by the end of 2005 and move away from domestic dominated property.
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Cross-border property investing on the rise
GERMANY - Cross-border investing in property by institutions is becoming more popular and investors should be looking at forming a regional rather than a domestic strategy – that’s the message from the IPD property conference in Wiesbaden.
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Merrill Lynch Investment Managers settles pension case
UK – Merrill Lynch Investment Managers has settled a legal dispute with the 2.1 billion pound (2.9 billion euro) pension scheme of the Co-operative Group.
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New European property investment body to launch
EUROPE – A new pan-European body for investors in non-listed real estate is to launch next week which hopes to tackle the issues arising in the growing market.
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UK’s Greenwich Council awards five mandates
UK – Greenwich Council’s 450 million pound pension fund has dished out five new mandates following a change of strategy, and a loss for Schroders Investment Management.
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Schroders in European property push
EUROPE – Schroders Property Investment Management is making a push into Europe, joining two European property associations, and adding one member to its team.
