All articles by Helen Avery – Page 50
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AWARDS FEATURE - managers discuss fees
AMSTERDAM - Low management fees are not necessarily the best management fees, believe senior managers at some of Europe’s top pension funds. Addressing pension market professionals at a seminar at the IPE annual awards in Amsterdam on Wednesday, the panel of five gave their opinions on how to control investment ...
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MLIM faces another UK mandate loss
UK - Merrill Lynch Investment Management risks losing its third mandate in a month with the north-west London local authority of Harrow putting out to tender a 90 million pound (141.14 million euro) global equity mandate which it currently manages.
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BGI tops Mercer’s European pension listing
EUROPE - Barclays Global Investors ranks first in terms of European pension fund assets under management, according to Mercer Human Resource Consulting. The UK/US based fund manager has a total of 147.9 billion euros in segregated and pooled European pension fund assets.
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KAS wins Johnson equity custody mandate
UK - The 110 million pound (173 million euro) pension scheme of UK textile rental and dry-cleaning company Johnson Group has appointed KAS BANK N.V. as custodian to its global segregated equity mandate, managed by Wellington Management International.
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European funds using more US managers
EUROPE - European pension funds are using more non-domestic managers – in particular US-based ones, according to a report by Mercer Human Resource Consulting. Of the top 20 managers of European pension funds, 15 listed the US as one of their home countries.
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Dresdner wins e45m HBG Asian mandate
NETHERLANDS - Holland Beleggings Groep (HBG), subsidiary of insurance giant Zwolsche Algemeene, has appointed Dresdner RCM to manage its 45 million euro Asian equity mandate. The fund was formerly managed by Lombard Odier.
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Belgacom eyes mandate and management change
BELGIUM - The pension fund of Belgium’s telecommunications provider, Belgacom SA, has announced that it will be looking for fund managers in the near future. The nature of the mandate(s) has not yet been decided, but the tender(s) is/are expected in the coming months.
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Norges Bank sets $1.25bn equity RFPs
NORWAY- Norges Bank Investment Management, overseer of the 85 billion dollar (84 billion euro) Norwegian petroleum fund, has announced equity request for proposals, or RFPs, worth a combined 1.25 billion dollars.
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Pension funds shun domestic stocks - report
EUROPE - Pension funds are moving away from investing in domestic equities, says research group Greenwich Associates. And what it calls a “global standard” of investment management methods is emerging.
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CREF chiefs vote to reject transparency
Board members at CREF, the 106 billion dollar (105 billion euro) investment component of US teachers’ retirement fund TIAA-CREF, have voted against disclosing how their own votes are cast on social and environmental issues - a move which could be seen to compromise TIAA-CREF’s reputation as an advocate of good corporate governance.
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ABB to inject $200m into pension fund
SWITZERLAND - Swiss/Swedish power and automation technologies provider ABB Ltd says it will inject 200 million dollars (198 million euros) into its pension fund by the end of the year.
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Pension woes to hit Belgian companies
BELGIUM – Some of Belgium’s biggest companies are faced with a pensions shortfall which could hit their 2003 results due to a pension plan adjustment, says Belgian asset manager Puilaetco.
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Britannic Asset Management names UK equities head
UK - Britannic Asset Management has appointed Kevin Fenelon as its investment director of UK equities. Fenelon is currently head of UK large cap investments at Britannic and will continue to oversee the business.
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European funds' use of private equity grows
EUROPE - Pension funds worldwide are finding “the appeal of private equity hard to ignore”, according to research-based consultancy firm, Greenwich Associates. Investments in the asset class have increased considerably over the last 12 months, and the trend is expected to continue.
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Norway: investment proposals welcomed
NORWAY - Norway’s market players have welcomed proposals to change regulations governing pensions fund investments as set out in a report by Caspar Holter, partner of Oslo-based consultants Pensjon & Finans.
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Dimensional wins first European client: Zurich
SWITZERLAND - The Canton of Zurich’s 13 billion euro pension fund has appointed Dimensional Fund Advisors to manage a 50 million dollar US equity small cap portfolio, ousting Montgomery Asset Management. The appointment marks Dimensional’s first European client since it began marketing in Europe six months ago.
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Fiat tenders three mandates
ITALY - Italian carmaker Fiat says it has put out to tender three mandates totalling 80 million euros for its pension fund for middle managers which is currently managed by Romagest and Morgan Stanley.
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Germany’s MetallRente reaches one million members
GERMANY - MetallRente, the pension fund for Germany’s metal and electric industry, has more than doubled the number of companies it has under contract – in the process taking its potential target coverage to one million. The fund now says it has the potential to become Germany’s largest institutional fund.
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Pensions could hit European ratings – S&P
European companies could find their credit ratings cut as a result of unfunded pension liabilities – though there is no “immediate” concern, says Standard & Poors.
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State Street clinches Deutsche custody deal
GERMANY/US - US bank, State Street Corporation, has signed definitive agreements with Deutsche Bank to acquire its global custody business. The business has assets under custody of approximately e2.2trn, taking State Street’s assets under custody up to almost e8trn. The move will result in State Street becoming the largest custodian ...
