All articles by Helen Avery – Page 43
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Pioneer to enter Bulgarian market
BULGARIA – Unicredito's Pioneer Investments is to become the first foreign fund manager to launch products in Bulgaria.
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Calpers’ investment executive to leave
US – Calpers is losing its assistant executive officer for investment operations, Robert Aguallo, to the Los Angeles City Employees’ Retirement System.
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Martin Currie wins e190m Edinburgh mandate
UK – The 1.7 billion pound City of Edinburgh Lothian Pension Fund has replaced Deutsche Asset Management and ISIS with Martin Currie as manager of a 125 million pound (189.7 million euro) specialist UK equity mandate.
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Heineken sees e13m extra pension provisions
NETHERLANDS – Drinks maker Heineken says that additional provisions of 13 million euros per year for the next four years will have to be made to its 1.2 billion euro Dutch pension fund.
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UK’s Flintshire tenders e683m custody mandate
UK – Flintshire County Council in Wales has put out to tender a global custody mandate for the 450 million pound (682.8 million euro) Clwyd pension fund.
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Dutch pension funds slam PVK requirements
NETHERLANDS – The three main Dutch pension fund bodies have rejected pension fund regulator PVK’s requirements on cover ratios, calling them “unnecessary” and “bad for the economy”.
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Schroders hires ex-Philadelphia pension chief
UK/US – Schroder Ventures International Investment Trust (SVIIT) has added Marc Bonavitacola, former chief investment officer for the city of Philadelphia’s five billion dollar public employees retirement system, to its US operations.
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Morley makes two executives redundant
UK – Morley Fund Management is combining its European and international business units resulting in a board reshuffle and the loss of two senior executives, citing market conditions. Malcolm Le May and David Tremblay are to leave the fund management firm at the end of January.
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Germany’s Riester pensions disappoint
GERMANY – The take-up of private Riester pensions one year after their introduction has been below expectations and “disappointing”, according to Germany’s insurance industry.
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SGAM faces loss of Norfolk equity mandate
UK – Norfolk County Council’s 1.137 billion pound (1.73 billion euro) pension fund has put out to tender a 200 million pound (304.5 million euro) UK equity mandate, currently managed by Societe General Asset Management.
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Edinburgh tenders e84m emerging market mandate
UK – The City of Edinburgh Lothian’s 1.7 billion pound (2.6 billion euro) pension fund, has put out to tender a specialist emerging market equity mandate for 55 million pounds (83.7 million euros).
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Former MLIM managers launch UK fund firm
UK – A group of former fund managers at Merrill Lynch Investment Managers have launched a new specialist fund management company, Majedie Asset Management, to focus on the management of UK equities for pension funds and charities.
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Germany’s BVI in pensions savings tax plea
GERMANY – Capital gains tax on long-term savings will discourage citizens that are preparing for an independent old-age pension, says Stefan Seip, head of the German investment fund association Bundesverband Investment und Asset Management (BVI).
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Watson's London investment head to take time off
UK – The head of Watson Wyatt’s London investment team, Iain Woods, has announced that he will be taking a six-month sabbatical in May 2003. Jane Welsh, a senior investment consultant will also be taking sabbatical leave as of August 2003.
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Credit Suisse unveils six new funds
UK – Credit Suisse Asset Management has launched six new funds to add to its range of pooled pension funds, and an investor OEIC comprising an initial nine sub funds.
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France’s Oddo hires Credit Agricole’s Bert
FRANCE – Oddo Asset Management has appointed Louis Bert as board member and head of equity investment management in Paris.
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Survey says fund managers fail to control costs
UK – Most fund managers have failed to keep a “sufficient grip” on their operational costs to remain profitable if markets continue to fall, and should look at outsourcing back and middle office operations, agree senior executives surveyed by IT and business service provider Computer Sciences Corporation (CSC).
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French energy workers reject pension proposals
FRANCE – The employees of Electricite de France (EdF) and Gaz de France (GdF) have rejected proposals to bring their pensions in line with other state workers, following all-day discussions yesterday.
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UK’s Railpen boosts investment team
UK – Railpen Investments, the fund manager of UK’s rail industry pension schemes, has restructured and made two additions to its investment and actuarial team.
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AIB hires ex-Nestle UK pension executive McKeand
UK – The former head of investments at food company Nestle’s UK pension fund, Innes McKeand, has been appointed as chief investment officer at AIB Investment Managers.
