All Alternatives articles – Page 147
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News
Germany: BaFIN to rule on hedge fund investments
GERMANY- Financial regulator BaFIN says it will issue its rules on how pension funds and insurance companies can invest in hedge funds later this year.
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AP1 issues clarification about hedge fund plans
SWEDEN – AP1 says recent press statements about it moving into hedge funds are “misleading” and that it will not start reviewing hedge funds until 2005 for possible investment.
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Lancashire awards custody amid wider revamp
UK - The 2.4 billion-pound (3.56 billion-euro) Lancashire County Council Pension Fund says it will appoint ABN Amro Mellon as its custodian.
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ABP plans to allocate 20% to alternatives
NETHERLANDS – Stichting Pensioenfonds ABP says its new strategic asset allocation targets an allocation of 20% to alternative investments such as hedge funds and private equity, adding that avoiding short-term risk is “not on option”.
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Hedge fund market “overheated” - Greenwich
GLOBAL – Greenwich Associates has warned of possible “overheating” in the hedge fund market – driven in part by a flood of pension capital.
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CalPERS says it beats benchmark by over 2%
US – CalPERS has said it returned 29.6% in the one-year period to the end of March, taking its assets to 165.8 billion dollars and beating its benchmark by more than two percent.
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PME awards E500m bond brief to PIMCO
NETHERLANDS – The 14 billion-euro Dutch metals industry pension fund PME, or Pensioenfonds voor de Metalektro, has awarded a 500 million-euro short-term bond mandate to PIMCO.
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CalPERS denies hedge fund plan (Update)
(Updates to include CalPERS' denial) US - CalPERS has denied a magazine article saying the fund plans to raise its allocation to hedge funds.
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Flintshire taps T. Rowe Price for US equities
UK - Flintshire County Council has awarded a 42 million-pound (62.8 million-euro) US risk-controlled equity mandate on behalf of the 550 million-pound Clwyd Pension Fund to T. Rowe Price.
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Sweden’s AP1 raises currency exposure to 20%
SWEDEN - The 139 billion-crown (15.2 billion-euro) Swedish buffer fund Första AP-fonden says it has raised the currency exposure in its strategic benchmark to 20%, from 15% previously.
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Poschadel replaced as CEO at UBS’s GAM
GLOBAL – UBS’s GAM alternative investments unit has named David Solo as its new chief executive, replacing incumbent Burkhard Poschadel.
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AP3’s stock lending revenue rises 29%
SWEDEN – Sweden’s third national buffer fund, the 142.5 billion-crown (15.5 billion-euro) AP3, saw its revenue from stock lending rise by 29% in 2003.
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Italy to raise tax on “golden pensions”
ITALY - The tax rate on top managers’ so-called “golden pensions” - which can be as high as 516 euro a day - will be increased from three to four per cent, welfare minister Roberto Maroni has said.
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Features
Seeing through transparency
A survey conducted last year by Deutsche Bank found that over one-third of hedge-fund investors require managers to provide detailed information about the holdings and risk in their portfolios. Yet, according to an earlier report by Capital Markets Risk Advisors (CMRA) in association with the Alternative Investment Managers Association, while ...
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Features
PPPs a panacea for pensions?
Equities outperform bonds long-term! Pension funds are for privileged investors as, because of their long-term liablility profiles, they do not need to care about the short-term volatility of equities. This means that pension funds can hold the highest exposure in equities that the individual liability profile of the fund justifies. ...
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Features
Managing risks using swaps
The recent market environment has proved difficult for Europe’s second tier pension systems – following a bull run in bonds and a painful bear market in equities, funded pension systems have felt the strain over the last few years. The impact of this has varied by market and degree of ...
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Features
Jump in - the water's lovely
European institutional investors are catching up their US counterparts in using hedge funds as a risk diversifier. Although some pension funds, such as the ATP or Tapiola schemes in Denmark and Finland, respectively, are not investing in hedge funds, others are waiting for board approval, such as the Netherland’s Blue ...
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Features
Handling the mismatches
Matching of assets to liabilities should be the pension fund’s prime concern. For deferred liabilities and pensioners the matching asset class is evidently bonds, but few schemes own bonds with a maturity profile that matches the probable outflows of cash. At the long end there are few bonds available in ...
