Real Estate – Page 79
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Legg Mason revamps structure, management
GLOBAL – Legg Mason has organized its business into three units and revamped its management structure as it absorbs its acquisition of the Citigroup Asset Management business.
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GSAM wins €750m Océ fiduciary deal
NETHERLANDS - Goldman Sachs Asset Management says it has been appointed to as fiduciary manager for €750m in assets at Stichting Pensioenfonds Océ.
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Austria’s ÖPAG to increase DC benefits
AUSTRIA – ÖPAG, one of Austria’s multi-employer pension funds, says that following a good performance in 2005, it will increase pension benefits for members in its defined contribution plan by between 0.5% and 2.5%.
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Finland’s Varma offloads €74m of retail
REAL ESTATE – Varma Mutual Pension Insurance Co., Finland’s largest private insurance company, has agreed to sell 116 retail properties to a real estate fund.
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CBRE in deal with Oxford Property Consultants
REAL ESTATE – UK real estate research and investment firm Oxford Property Consultants has inked a deal with CB Richard Ellis.
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Stouthamer boosts European team
REAL ESTATE - Composition Capital – the investment management firm set up by former MN Services real estate chief Erwin Stouthamer last year – is close to hiring an investment manager for its Composition Capital Europe fund.
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Structured products strong in H1 – BNP Paribas
EUROPE - The first part of 2006 showed very strong growth for structured products, according to BNP Paribas Equities & Derivatives.
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UBS doubles German institutional assets
GERMANY – Due partly to proliferation of big corporate pension funds, Swiss bank UBS has raised its institutional assets under management in Germany to €8bn – more than double the figure for December 2004.
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Fortis names global LDI head
NETHERLANDS – Fortis Investments has appointed Alexander Van Aken to the new position as global head of liability driven investment.
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Finland’s Fennia eyes overseas real estate
REAL ESTATE - Public sector scheme Pension-Fennia is to invest €200m – 30% of its real estate allocation – in overseas indirect property amid increasing concerns over potential volatility in the Finnish market. (From iperealestate.com.)
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PensionDanmark starts real estate project
DENMARK – PensionDanmark today began building apartments in Måløv, near Copenhagen, that will be ready for occupation at the end of 2007.
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New editor named at IPE Real Estate
GLOBAL – Martin Hurst, features writer at IPE Magazine, is to take over as editor at sister publication IPE Real Estate.
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Ex-CalPERS’ McCook joins new firm
REAL ESTATE - Mike McCook, the former senior investment officer for real estate at the California Public Employees Retirement System, has found new employment. (This article first appeared on IPERealEstate.com.)
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Lancashire tenders €146m in hedge funds
UK - The £3.47bn Lancashire County pension fund has tendered around £100m (€146m) in fund of hedge funds.
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FRR explains reasoning for avoiding hedge funds
FRANCE - The FRR, the €27.7bn Fonds de Réserve pour les Retraites or French Pensions Reserve Fund, has explained why it will not be investing in hedge funds as part of its new strategic asset allocation which features a shift towards 'alternative' assets.
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Bulgarian schemes ‘to grow as rules loosen’
BULGARIA – Bulgarian pension funds’ asset growth to €564m is set to continue as investment regulations become less restrictive, says ING.
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ABP eyes non-listed sector amid short-termism
NETHERLANDS - Europe’s largest pension fund, the Dutch civil service giant ABP, is planning to shift the accent of its investments to non-listed companies and real estate, says chief investment officer Roderick Munsters.
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Nordrheinische doctors fund taps GSAM for GTAA
GERMANY – Nordrheinische Ärtzeversorgung (NAEV), a €7.5bn pension fund for physicians, has awarded Goldman Sachs Asset Management a global tactical asset allocation mandate worth €60m.
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City of Westminster axes Henderson, Aberdeen
UK – The roughly £600m (€871m) City of Westminster pension fund has axed Henderson Global Investors and Aberdeen Asset Management following a scheme restructure.
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Amonis cuts equities, real estate for hedge funds
BELGIUM – The €1bn Amonis pension scheme for dentists, doctors and pharmacists has reduced its exposure to equities and real estate, and ploughed roughly €34.2m into a fund of hedge funds portfolio managed by Key Asset Management.
