Real Estate – Page 121
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Greenwich tenders entire e750m fund
UK- The London Borough of Greenwich pension fund has tendered its entire £480m (e749m) portfolio, currently managed by Schroders and Deutsche Asset Management.
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Aon gets go-ahead for multi manager OEIC
IRELAND- Aon consulting has received regulatory approval for its new Dublin-based open ended investment company, Aon Investment Company. Registered in Dublin, the OEIC will operate from London and provide an integrated service combining investment consulting advice with a manager of managers approach.
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CSAM adds to its UK institutional team
UK- Credit Suisse Asset Management has announced the appointment of Annabel Stephens who is joining the UK institutional marketing team. Stephens, who joins from Barclays, will be responsible for pooled pension fund client servicing and for consultant relations.
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S&P says prospects for European property are poor
EUROPE- Falling rents and rising vacancy rates across in Europe over the past six months mean the outlook for the real estate sector remains negative despite low interest rates and high capital values, according to Standard & Poor’s.
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Risk is key investor concern in manager selection
EUROPE – Risk control is now the most important factor investors consider when employing external asset managers, according to the latest Invesco annual survey of European institutional investors and their markets. In sharp contrast, risk control didn’t even figure in the top six factors in 2000.
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Stoiber promises to simplify Riester pensions
GERMANY – Edmund Stoiber, the conservatives’ candidate for chancellor in this autumn’s elections, has promised to simplify the new private Riester pension schemes if elected. Stoiber says the reforms have created a "bureaucratic monster."
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Half of UK workers unworried about pensions income
UK – Over half the UK’s working population in not worried about having sufficient retirement income, whilst 54% believe that their employer is responsible for ensuring adequate pension provision, according to research carried out by Hewitt Bacon & Woodrow.
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PRICOA rejigs €195m property fund in Europe drive
UK/EUROPE – London-based PRICOA Property Investment Management, the European arm of New Jersey-based Prudential Real Estate Investors (PREI), has restructured its €195m Pan-European Property Unit Trust fund into an open-ended limited partnership as part of its European expansion.
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Standard Life sales up 42%
UK- Standard Life Investments has defied flat market conditions and issued encouraging first half results. The subsidiary of the life insurer registered sales of £1.7bn in the six months to May, up 42% on the same period last year.
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Länsförsäkringar CFO sets up new alternatives firm
SWEDEN – Bo Ennerberg, the chief financial officer of Stockholm-based asset management company, Länsförsäkringar, has left the company to start his own alternative asset management company. Only property is now managed inhouse at Länsförsäkringar...
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Scottish Widows appoints head of US business
UK/US- Edinburgh-based asset management company, Scottish Widows Investment Partnership (SWIP) has appointed John Griffith as head if its North American business as part of the firm’s strategy to expand its business in the region.
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Hermes invests in new Osprey property fund
UK – Hermes Property Asset Management and Bank of Scotland Corporate Banking are among the investors in the newly-established Osprey Limited Partnership, a high-yielding, commercial property fund with a target size of £300m (€485m). The fund starts life with an initial investment of £12m but the amount invested by Hermes ...
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Essex fund seeks managers for e1.5bn
UK – The Essex County Council pension fund is looking for managers for £945m (€1,530m) of its £1.8bn assets, including a passive multi-asset equity and bond mandate worth some £620m and a predominantly UK fixed income mandate worth £140m.
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NAPF and APUT launch property best practice code
UK- Investment in property is set to become more transparent following the launch in London by the National Association of Pension Funds (NAPF) and Association of Property Unit Trusts (APUT) of a new code of best practice for the management and accountability of property funds.
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Yorkshire hands e900m to Schroders and Western
UK – The £865m (€1,407m) Yorkshire Electricity Group pension scheme has carried out a strategic asset allocation review that has led to the appointment of Schroders and Western Asset Management to run two new £280m (€455m) sterling fixed income mandates.
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UK budget is bad news for property investors
UK – Changes to stamp duty on commercial property announced in chancellor Gordon Brown’s budget will lead to growth in the property unit trust market according to Tim Bell, director of property at F&C Management in London.
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Boots buys £200m of inflation-linked assets
UK- Boots’ £2.4bn pension fund has purchased £200m worth of inflation-linked investments in a bid to improve the match between assets and liabilities. The purchase follows the fund’s decision last October to sell its entire equity holdings and move the proceeds into fixed income. At the time critics said the ...
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AP4 tenders $600m in Asia and Japanese equities
SWEDEN- Sweden’s Skr130bn (e14.3bn) AP4 fund has announced the tendering of Asia Pacific-ex Japan and Japanese equity mandates worth up to a total of $600m (e682m). The fund is to appoint several firms to oversee the mandates, deadline for applications is May 11th and appointments should be announced some time ...
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Threadneedle relocates UK property fund to Jersey
JERSEY/UK- Threadneedle Investments has formed the Threadneedle Property Unit Trust by relocating the former Sackville Property Unit Trust from the UK to Jersey. Prior to the switch, the £110m fund was only open to UK pensions and charities. The move to Jersey will open it to a broader range of ...
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Powys seeks investment managers for £80m
UK – The £160m (€260.7m) Powys County Council pension fund in Wales is looking for asset managers for a £48m active fixed income mandate and two £16m active equity mandates. John McNeil, head of finance at the fund, says the RFP has come about because the fund grew unhappy with ...
