All articles by Helen Avery – Page 60
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UK railway fund to increase private equity holding
UK- Railpen, the UK railway £13bn (e20.3bn) pension scheme, is to increase its allocation to private equity from 2% to 5%, taking the level of investment from around £400m (e626m) to £750m (e1.17bn).
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JP Morgan Fleming loses e391m balanced mandate
UK- Cambridgeshire County Council’s pension fund has dropped JP Morgan Fleming Asset Management from a £250m (e391m) balanced portfolio. The scheme is now tendering for a new specialist global equity fund manager to take on £130m of JP Morgan’s old mandate.
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Record e51bn leaves US equity funds in July
US- A record $50bn (e51.3bn) was removed from US equity funds in July according to estimates released by mutual fund research company, Lipper, illustrating the extent to which investor nervousness has reached. The previous record monthly outflow was around $30bn in September last year triggered by the events of 11th ...
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FSA fines Royal & SunAlliance e2.1m
UK- The UK’s Financial Services Authority has fined certain life insurance companies within the Royal & SunAlliance group £1.35m (e2.11m) for missing deadlines and failing to introduce recommendations made by the Personal Investment Authority in its pensions review.
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Man launches bond guaranteed to return 120%
UK- Man Investment Products has launched its first product to guarantee investors a return of at least 120% of their initial investment at maturity.
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Rolls-Royce to pay e55m to plug growing deficit
UK- Rolls-Royce has warned that it may have to pay out a further £35m (e55m) next year in order to plug the shortfall in its main UK pension fund. The group already makes annual contributions of £72m (e113m).
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Nordea names Lindelow as global head
SWEDEN- Nordea Securities has announced the appointment of HSBC’s former head of European equities Frans Lindelow who joins the Nordic group in Stockholm as global head at the beginning of September.
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Carnegie names new chief executive
SWEDEN- Nordic financial group Carnegie has announced plans to promote Karin Forseke to the role of chief executive on the retirement of Lars Bertmar. Forseke currently works in London as head of Carnegie’s international securities operations and will return to Sweden for her new role.
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Shake up at US fund sees Rogge lose e611m mandate
US- A complete overhaul of asset allocation at the Illinois teachers’ retirement system (TRS) has thrown two mandates out to tender and led the fund to drop Rogge Global Partners from a $594m (e611m) international fixed income mandate.
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JP Morgan buys Plexus and joins up with Inalytics
US- JP Morgan Chase bank is boosting its management and monitoring of trading costs by acquiring US company Plexus Group and signing an alliance with Inalytics, the UK-based cost analysis provider.
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European venture capital business down 46% in 2002
EUROPE- European venture capital activity has shown further declines in the second quarter, according to a survey by Ernst & Young and VentureOne. The gloomy results confirm the gradual waning of Europe’s venture capital industry since 2000 but venture capital companies argue that the figures should not be taken out ...
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Golman Sachs beefs up cash management team
UK- Goldman Sachs Asset Management has added to its cash management team with the appointment of Richard Norval as executive director with the European cash sales team.
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Aon gets go-ahead for multi manager OEIC
IRELAND- Aon consulting has received regulatory approval for its new Dublin-based open ended investment company, Aon Investment Company. Registered in Dublin, the OEIC will operate from London and provide an integrated service combining investment consulting advice with a manager of managers approach.
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Greenwich tenders entire e750m fund
UK- The London Borough of Greenwich pension fund has tendered its entire £480m (e749m) portfolio, currently managed by Schroders and Deutsche Asset Management.
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State Street, ABN & BoNY line up for Deutsche deal
GLOBAL- State Street, ABN AMRO Mellon Bank and Bank of New York are rumoured to be interested in buying Deutsche Bank’s custody business, put up for sale this year. Valued at $1.1bn-$1.8bn (e1.12bn-e1.84bn) and with approximately $3.7trn (e3.8trn) assets under custody, the division is the fifth largest in the field ...
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Philip Robinson leaves Watson Wyatt
UK- Philip Robinson, a senior investment consultant at Watson Wyatt, has left the consultancy firm to pursue other interests.
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Governments are failing to harmonise tax laws
EUROPE- A new survey by KPMG of taxation and regulation of funds in more than 70 countries suggests that governments are failing to harmonise tax laws and that progress towards a global investment market remains slow.
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LSE defends Hedge funds in shorting row
UK- The London Stock Exchange has contested recent criticism that aggressive short selling, particularly by hedge funds, is to blame for recent equity market volatility. The challenge follows complaints from companies which have led the Bank of England to consider ways of increasing the disclosure of securities lending activities.
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CalPERS gets tough on manager conflict of interest
US- Following the decision last week by a group of large US pension funds to clamp down on companies not abiding by good company practice, the California Public Employees’ Retirement System has announced that investment banks and money managers wishing to do business with it will now be required to ...
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Dutch scheme DSM postpones proposed changes
NETHERLANDS- Dutch chemicals group DSM has announced that alterations to its e9bn pension fund regulations are to be postponed due to poor performance.
