All articles by Dickon Reid – Page 24
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Unico picks State Street to run 10 new index funds
GERMANY/LUXEMBOURG- Unico Asset Management, the Luxembourg-based subsidiary of Germany’s Union Fonds Holding has appointed two State Street divisions to service and manage its i-tracker funds, a series of index funds being launched at the beginning of march.
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PGGM on board for new e300m Hermes engagement fund
PGGM the e50bn Dutch fund for healthcare and social workers and the UK’s BT pension scheme are contributing to a e300m activist fund being launched by a subsidiary of the fund management group Hermes.
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INVESCO beefs up UK institutional equity team
UK- INVESCO has appointed Daniel Roberts to its UK institutional equity desk in London. Roberts will report to Robert Churchlow, head of UK institutional equities and his appointment takes the team to four.
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E&Y says UK companies should shun FRS17
UK- Ernst & Young, the accounting company that recently announced the closure of its defined benefit scheme in March, has suggested the new accounting standard FRS17 be dumped by UK companies in favour of an international standard due to come into force in Britain in 2005.
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MLIM/Unilever will lead to manager consolidation
UK- Former CIO of Phillips & Drew Tony Dye has told a gathering of 400 asset managers in London that the fund management industry will consolidate into large firms focusing on marketing following the court case between the Unilever pension fund and Merrill Lynch Investment Managers.
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Mellon reorganises and rebrands its fund services
UK- Mellon is reorganising its fund services including its transfer agency and fund accounting operations and rebranding them as Mellon European Fund Services.
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UBS rebrands its asset management
GLOBAL- UBS Asset Management is bringing its asset management companies under a single global brand known as UBS Global Asset Management as of April 8th.
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AP7 finally gets e195m alternatives approval
SWEDEN- The board of Sweden’s e2.6bn AP7 fund has finally given the go ahead to invest 8% of the portfolio in hedge funds and private equity. A week ago the fund delayed the decision due to concerns about pricing the investments into daily NAV calculations and about them meeting the ...
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Storebrand extends its SRI fund range
NORWAY- Storebrand, one of Norway’s largest insurers, is adding to its family of socially responsible funds with the launch of Storebrand Global SRI. The new fund complements the insurer’s four Luxembourg-based ‘principle funds’, each of which is subjected to positive screening.
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Review of EU financial action plan set for Friday
EU- Leading figures from EU institutions, governments, regulatory bodies and the financial services industry are meeting in Brussels on Friday to assess the progress towards financial integration in Europe.
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AP4 restructure produces underperformance of 0.5%
SWEDEN- Sweden’s AP4 fund underperformed its benchmark during 2001 by 0.5% with an overall return of –5%. Chief executive Thomas Halvorsen says extensive restructuring of the fund’s investments made it difficult to outperform the index.
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KPMG predicts DC pensions will be 30% less than DB
UK- Employees in defined contribution schemes are likely to receive pensions 30% smaller than those in final salary or defined benefit schemes according to research by KPMG Pensions.
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Shell sells e400m Dutch real estate portfolio
NETHERLANDS- Shell pension fund has sold its e400m Dutch commercial real estate portfolio to a syndicate of Bouwfonds Asset Management, Inflation Exchange Fund and MN Services.
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Mercers publishes data on its recommended managers
UK/GLOBAL- The consultant William M Mercers today announced the publication of previously confidential track records of the investment managers it recommends to pension funds and institutional investors.
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AP3 to invest Sek6bn in private equity by 2006
SWEDEN- Sweden’s AP3 fund still has up to Sek6bn (e653m) to commit to private equity investments over the next three to four years. Last Summer it announced it was investing up to 5% of the Sek133bn fund in private equity but so far it has only committed Sek729m and invested ...
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Sandeberg succeeds Nillson as AP1 CEO
SWEDEN- Sweden’s e14.2bn AP1 fund has appointed William af Sandeberg as CEO to replace Lennart Nillson who has retired.
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Northern Trust beefs up its research team
UK- Northern Trust has beefed up the research department of it multi manager business with the appointment of John Greene as International research analyst. Greene will work with director of research Michael Kinney to carry out research in continental Europe and the UK.
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High yield could outperform equities in 2002
GLOBAL- Performance of high yield bonds is set to pick up this year after a disappointing 2001 and could conceivably beat equities for less risk according to AXA Investment Managers.
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CSFB launches hedge fund tracker fund
UK/IRELAND- Credit Suisse First Boston has launched its Hedgefund Index Participations (HIP) tracking fund designed for pension schemes and other institutions wanting to invest in alternative investments.
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Swedish ministry picks Hewitt Wassum for AP study
SWEDEN- Sweden’s ministry of finance has asked the consulting alliance of Hewitt Wassum Investment Partners to evaluate the efficiency of the state run AP funds’ restructuring programme.
