All articles by Barbara Ottawa – Page 115
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News
Institutions stem UBS’ asset management outflow
SWITZERLAND – Swiss bank UBS saw inflows into its asset management business fall to CHF37.2bn (€22.9bn) in 2006 from CHF 49.5bn in 2005, according to its annual results. However, this did not prevent it posting a 13% rise in assets under management.
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PwC finds ‘variation’ in actuarial valuations
UK – Both life expectancy assumptions and discount rates in actuarial valuations of scheme liabilities “appear to be chosen arbitrarily” rather than based on particular scheme circumstances, PricewaterhouseCoopers (PwC) says in a new report.
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EU portability directive faces opposition
EUROPE – European parliamentarians gave conflicting views on the need for the EU’s portability directive after it emerged from discussion in the committee on economic and monetary affairs (ECON).
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HSBC strengthens multi-manager team
UK – Cara MacGregor will join HSBC Investments’ multi-manager team from Investment Solutions in April.
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Flintshire awards £305m mandates
UK – The £793m (€1.2bn) Clwyd Pension fund has awarded two unconstrained mandates worth £145m to Investec and Stone Harbour, a £120m UK equities mandate to Standard Life and a £40m GTAA mandate to Barclays Global Investors.
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Fidelity adds commodities and real estate to mixed new fund
NETHERLANDS - Fidelity International has launched a mixed investment fund, which also includes commodities and indirect property, in addition to the traditional asset classes equity, fixed income and currency, it said.
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EP wants clarity on MEP fund’s actuarial value
EUROPE – The European Parliament (EP) is looking for actuaries to evaluate the financial outlook of the MEPs’ voluntary pension fund.
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Baggage handlers reject BA pension deal
UK – The 4,500 baggage handlers working for British Airways (BA) have rejected suggestions by the management on how to deal with a £2.1bn (€3.2bn) pension hole.
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SEB sees assets climb by 13%
SWEDEN - Swedish bank SEB reported a SEK61bn (€6.7bn) net inflow to its assets under management in 2006, bringing the total to SEK1.3trn, up 13% from 2005.
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Raiffeisen sees 59% rise in Central and Eastern European assets
EUROPE – Raiffeisen International has reported a 59% growth of assets under management in all of its Central and Eastern Europe (CEE) asset management subsidiaries, bringing the total to over €3bn.
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Kiwi Greens demand Norwegian ethics
NEW ZEALAND – A leader of the Green Party in New Zealand has criticised his country’s state pension fund for investing in 12 companies the Norwegian State Pension Fund has rejected on ethical grounds.
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ABN Amro sees AUM increase by 9.7%
NETHERLANDS – Over the last year ABN Amro’s asset management business saw is assets under management rise to €192bn up from €176bn at year-end 2005.
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ATP considers external alpha managers
DENMARK - The DKK371.5bn (€49.8bn) Danish labour market pension fund, ATP is looking into adding external suppliers of alpha, possibly via direct hedge fund investments.
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IPE-QUEST: North Europe pension fund tenders €192m equity mandate
EUROPE – A northern European pension fund is looking for a manager to invest $250m (€192.5m) in global equities using IPE-QUEST (QN694).
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First player confirms entry into Romanian second pillar
ROMANIA – Allianz-Tiriac is the first among up to 10 possible players in the newly created Romanian second pillar pension market to confirm that it will file for a licence in May or June.
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IPE-QUEST: Three Dutch mandates up for grabs
NETHERLANDS – Dutch pension funds are looking for bond and equity managers for a $200m (€154.5m), a $300m and a $400m mandate respectively using IPE-QUEST.
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Wiltshire ditches Northern Trust for ABN Amro Mellon
UK – The £1.1bn (€1.7bn) Wiltshire County Council pension fund has appointed ABN Amro Mellon as its global custodian.
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HSBC expands its pension team with new hire
UK – HSBC Securities Services EMEA (HSS) has hired Northern Trust’s Matthew Adams in a move to enhance its London based pension team.
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Take the equity route to natural resources, argues US manager
EUROPE – The case for investing in natural resources related equities rather than direct commodity investment was made by Charlie Ober, natural resources portfolio manager at US asset manager T Rowe Price.
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State Street to buy Investors Financial Services for €3.5bn
GLOBAL – State Street Corporation will acquire Investors Financial Services Corporation for $4.5bn (€3.5bn) to bring its assets under custody over the $14trn mark.
