All articles by Daniel Brooksbank – Page 40
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UBS’s own Swiss pension assets return 12%
SWITZERLAND – Banking group UBS says its Swiss defined benefit pension assets returned 12% in 2005, up from 5.5% in 2004.
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10% of large UK schemes now in hedge funds
UK – Some 10% of large UK pension funds now invest in hedge funds, according to a survey by Mercer Investment Consulting.
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PGGM puts €500m into de Mol TMT fund
NETHERLANDS – Dutch healthcare pension fund PGGM has invested €500m in a technology, media and telecoms fund linked with Big Brother TV magnate John de Mol.
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OECD to unveil pension management principles
GLOBAL – The Organisation for Economic Cooperation and Development is set to unveil a five-point guideline for pension fund asset management tomorrow (March 21).
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Switzerland rejects occupational pensions choice
SWITZERLAND – The Swiss government has come out against the idea of free choice in the occupational, or second-pillar, pensions arena.
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Mellon names analytical solutions global director
GLOBAL – Mellon Financial Corp. has named Bruce Feibel as global director of Mellon Analytical Solutions, the former Russell/Mellon joint venture.
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PGGM in investment management software move
NETHERLANDS – PGGM, the €70bn Dutch health care pension fund, has signed a contract to use investment management software from Denmark’s SimCorp.
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CSAM names product development chief
GLOBAL - Credit Suisse has named Morgan Stanley’s Alex Abadie as head of product development and management for asset management.
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Long-term bond demand “price inelastic” – Norges
NORWAY – Pension funds’ demand for long-term bonds may be “price inelastic”, says the Norwegian central bank.
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ECB axes State Street from pension fund
EUROPE – The European Central Bank has axed State Street as sole manager of its pension fund, replacing it with Irish Life.
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T. Rowe names Kennedy CEO as Roche retires
US – Asset management firm T. Rowe Price Group has named equities chief James Kennedy to be its new president and chief executive when George Roche retires.
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IPE-QUEST: Four new searches on system
GLOBAL – There are four new searches - for Asian large-cap core equities, UK small-caps, absolute returns and US large-caps - on the IPE-Quest system.
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Merrill European pension group head moves on
EUROPE – Dawid Konotey-Ahulu, head of Merrill Lynch’s European pensions and insurance group, is to set up his own firm.
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Call for UCITS to come under pension directive
EUROPE – Othmar Karas, the Austrian MEP who was the rapporteur for the occupational pension fund directive, has proposed bringing UCITS investment funds within the directive’s scope.
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ABP and ATP in UK real estate venture
REAL ESTATE – The Netherlands’ ABP and Denmark’s ATP have signed up for a £500m (€724m) real estate joint venture. (This story previously appeared on www.iperealestate.com)
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Blair rejects ombudsman call on pensions
UK – Prime Minister Tony Blair has rejected a call by the Parliamentary Ombudsman for the government to compensate up to 85,000 people who have lost pension fund benefits.
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GSAM gets $25bn asset inflow in quarter
GLOBAL – Goldman Sachs’ asset management business gained $25bn (€20.8bn) in net asset inflows in the first quarter.
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Nestor stays at Citigroup amid Legg Mason deal
EUROPE – John Nestor, the European head of Citigroup Asset Management, is not joining the outfit’s new parent Legg Mason.
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Akzo Nobel working under PPF on UK scheme
UK – Dutch-based chemicals and coatings firm Akzo Nobel is working under Pension Protection Fund regulations on the situation at one of its UK subsidiaries.
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Cornwall tenders active currency overlay
UK – Cornwall County Council has tendered up to £400m (€581m) in currency overlay for its pension scheme.
