All articles by Carolyn Bandel – Page 64
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PGGM’s assets climb to €81bn after ‘fine 2006 result’
THE NETHERLANDS – PGGM, the second largest pension fund in the Netherlands, saw its assets increase by 4.1% to nearly €81bn in the last quarter of 2006, reporting a total investment return 11%.
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ABP returns 9.5% for 2006 and announces new strategic portfolio
NETHERLANDS – Giant Dutch pension fund ABP booked a fourth quarter return of 3.9%, and a total return of 9.5% for 2006, raising the scheme’s entire assets to €209bn.
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Belgian council taps Ethias for 'silver fund' assets
BELGIUM – The Belgian municipality Waarschoot has awarded Belgian bank insurer Ethias with a mandate to set up a pension fund for the council’s managers, according to an official notification.
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Push for higher dividends may hit pension funds
EUROPE – Corporate pension funds may be at risk as fund managers urge corporates to increase shareholder payouts, a survey by investment bank Merrill Lynch has found.
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NIBC step closer to flotation plans
GLOBAL – Dutch merchant bank NIBC’s owner JC Flowers has awarded two more bookrunning mandates in the planned €650m flotation of the bank, to be undertaken this quarter.
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Thornton to head up watchdog review
UK – The government has appointed Paul Thornton, former senior partner at Watson Wyatt, to test whether pensions regulation in the UK is fit for the future.
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Beds funds JPMorgan currency brief
UK – The £773m (€1.17bn) Bedfordshire County Council Pension Fund has appointed JPMorgan Asset Management to manage a £20m currency mandate, to be invested in the firm’s Managed Currency Plus fund.
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SNS goes micro in Emerging Markets
NETHERLANDS – The asset management arm of Dutch bank assurance group, SNS Reaal is launching a €100m institutional investment fund for microcredit.
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New governance head for €27bn Swedish fund
SWEDEN – Peter Lindell has been appointed as the new head of corporate governance at Sweden’s third largest pension provider, AMF.
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ING being sued by Orange County’s police pension fund
US - The police pension fund in the US state Florida has started a lawsuit against the Dutch bank insurer ING, a spokesman confirmed for ING has confirmed.
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KLP picks up Norwegian municipal mandate
NORWAY – Norwegian municipality Eidskog has appointed KLP, Norway’s biggest pension provider, as its municipal occupational pension service provider for its NOK200m (€24m) fund.
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Liechtenstein links into Swiss pension protection fund
LIECHTENSTEIN – Liechtenstein and Switzerland have signed an agreement to link the principality’s corporate pension schemes to the Swiss pension protection fund.
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Julius Baer sells JBIL offshoot in UK to management
UK/SWITZERLAND – Swiss private bank Julius Baer will sell its UK-based fixed income and currency asset management subsidiary Julius Baer Investments Ltd (JBIL), with CHF11bn (€6.82bn) in assets, to its management.
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KAS Bank to expand operations to German institutions
GERMANY – KAS Bank, the Dutch securities services bank, will expand its institutional market with a German office in the second half of 2007, the firm’s chairman Albert Röell has announced.
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Santander creates unified asset manager for UK
UK – Spanish Santander Asset Management has created a UK asset management arm following the firm’s acquisition of British bank Abbey National
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Strathclyde appoints four for global equity
UK – Strathclyde, the £8.9bn (€13.27bn) Glasgow City Council pension fund, has appointed AllianceBernstein, Invesco Perpetual, Edinburgh Partners and Lazard to run an unconstrained global equity mandate.
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Norwegian fund criticised over investing in Israel
NORWAY – The $240bn (€184.73bn) Norwegian Government Pension Fund Global has come under fire for its investments in an Israeli energy firm.
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Merrill Lynch tips Aegon to rise 20%
EUROPE – Previously underperforming pension and life insurance giant, Aegon is on the verge of a positive re-rating.
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ING to buy AZL for €65m
NETHERLANDS – Financial services giant, ING Groep has signed a letter of intent to acquire Limburg-based pensions provider AZL for €65m, less than 1% of the firm’s assets under management.
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Printers stamp GSAM €240m quant mandate
NETHERLANDS – The €10bn pension fund for the Dutch printers and media industry, PGB, has appointed Goldman Sachs Asset Management (GSAM) with a €240m Europe (ex UK) quantitative equity mandate.
