Real Estate – Page 96
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News
CSFB real estate’s Gallatly joins MLIM
UK - John Gellatly, a director in CSFB’s real estate investment banking team, is to join Merrill Lynch Investment Management as head of indirect real estate investment and strategy.
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Swiss schemes ‘invest more in alternatives’
SWITZERLAND – Swiss institutional investors have invested more in alternative asset classes and real estate in 2004 - but their asset allocation “remains prudent” a survey sponsored by Credit Suisse Asset Management suggests.
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ABP to formulate FTK transition policy
NETHERLANDS - Stichting Pensioenfonds ABP, the €168bn scheme for Dutch civil servants, is to formulate a “transitional policy” to deal with the new FTK rules.
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CSAM sets up tax-efficient vehicles for schemes
SWITZERLAND - Credit Suisse Asset Management has launched two new tax-efficient investment vehicles for US equities which are exclusively aimed at Swiss pension funds.
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Features
Real estate has proven its worth
It is that time of year again. Numbers have been crunched, figures analysed, reports prepared. Trustees have received information on the year just gone and for most it has not been too bad. In the UK and US, equities outperformed bonds. Okay, in much of continental Europe this was not ...
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News
Gloucestershire scheme in €65m property move
UK – The £640m Gloucestershire County Council Pension Scheme has put its entire £45m (€65m) property exposure into the Hermes Property Unit Trust, or HPUT.
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Standard Life in property deal for pension fund
UK - Standard Life Investments has bought a central London property on behalf of its Pooled Property Pension Fund for £20m (€28.8m).
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Derbyshire scheme consolidates custody
UK – The £1.45bn (€2.08bn) Derbyshire County Council pension fund has consolidated the custody of its four portfolios under ABN Amro Mellon after UBS Global Asset Management gave up custody of one of them.
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Deka's new CEO promises €500m of support to property arm
Deka Bank’s new chief executive has promised to invest another €500m if needed to support its troubled real estate fund caught in the middle of a fraud investigation, after the resignation of the former CEO on Thursday night.
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UK Treasury to introduce REITs next year
The UK Treasury has committed itself to introducing legislation for a tax-exempt Real Estate Investment Trust (REIT) in 2006.
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ABP's incoming chief warns against bonds, preferring commodities
UK – Roderick Munsters, the incoming investment chief at the €168bn Dutch civil service fund Stichting Pensioenfonds ABP says he thinks bonds are not currently attractive – and that he wouldn’t bet against commodities.
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News
Dutch pension funds eye direct real estate
NETHERLANDS - Dutch pension funds have positive expectations about the amount of direct real estate in their portfolios, according to new research.
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Hypo Real Estate takes insurance to ease DB risk
GERMANY – German property firm Hypo Real Estate says it has covered itself against defined benefit pension commitments by taking out an insurance policy with Allianz.
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Horeca taps T. Rowe, Acadian for equities
NETHERLANDS - The €1.8bn Pensioenfonds Horeca & Catering has selected T. Rowe Price Global Investment Services and Acadian Asset Management for its €400m global equity portfolio that is currently solely managed by F&C Netherlands B.V.
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MN Services names new real estate head
NETHERLANDS - Dutch pension schemes administrator and asset manager MN Services have named Richard van Ovost as new head of its international real estate team.
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European property association CEO Hill retires
EUROPE – Judy Hill, chief executive of INREV, the European Association for Non-listed Real Estate Vehicles, is to retire.
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News
UK’s Turner explores housing-pensions link
UK – The head of the Pension Commission, Adair Turner, has outlined his ideas about the links between the UK housing market and retirement savings.
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Head of underperforming AP4 gets pay cut
SWEDEN – The president of the SEK151.4bn (€16.7bn) Swedish buffer fund AP4 – which underperformed its benchmark by three points in 2004 – has had his pay cut by almost five percent.
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News
Ousted Babcock CEO ‘misrepresented assets’
GERMANY - The surprise dismissal of Günter Schulze as chief executive of Babcock Pensionskasse followed his misrepresentation of the pension fund’s investments, sources say.
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News
Watson Wyatt private equity partner leaves
UK – Stephan Breban, a Watson Wyatt senior consultant and partner in charge of the private equity management research team, is to leave the firm at the end of March to set up his own business called City Capital Partners.
