All articles by Hugh Wheelan – Page 19
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News
Swiss fund abandons currency overlay strategy
SWITZERLAND - The SFr19bn (e12.8bn) Canton of Zurich (BVK) pension fund has scrapped a currency overlay mandate with State Street, citing disappointment with the results compared to the cost of the programme....
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European Parliament seeks to expand UCITS rules
EUROPE – The European Parliament’s Economic and Monetary Affairs Committee (EMAC) has approved two new Council “Common Positions” to expand the European market in unit trusts and other UCITS products – in a move that includes “OTC” (over-the-counter) derivatives for the first time....
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Länsförsäkringar outsources SEK4bn to managers
SWEDEN – Swedish insurance group Länsförsäkringar Liv has outsourced approximately SEK 4bn (e420m) in North American and European equities – the equivalent of 5 % of its total assets – with the purpose of creating competition between internal and external managers....
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Belgacom fund chief quits for Fortis role
BELGIUM – William Van Impe, the general manager of the e3.5bn Brussels-based Belgacom pension funds is to leave the firm at the end of the month to take up a new position within the Fortis insurance group....
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State Street to manage $130m for Shell Foundation
UK – The London-based Shell Foundation, an independent charity funded by holding companies of the Royal Dutch/Shell Group, has selected State Street Global Advisors (SSGA) to manage a US$130m (e144m) multi asset index mandate....
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AXA IM confirmed as GIPS compliant
AXA Investment Managers (AXA IM) has been confirmed as compliant with GIPS - the Global Investment Performance Standards, as well as attaining the Association for Investment Management and Research’s (AIMR) PPS grade (Performance Presentation Standards)....
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VKG awards property assets to Lend Lease
BELGIUM – The e550m Brussels-based VKG/CPM pension fund is to hire Australian property group Lend Lease Houlihan Rovers (LHR) to an e45m property mandate split between Europe and the US....
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VKG drops Jennison and Invesco from e65m mandates
BELGIUM – The e550m Brussels-based VKG/CPM pension fund has dropped fund managers Jennison Associates and Invesco Asia from mandates totalling e65m, prior to the introduction of the new healthcare sector pension fund, ‘Amonis’ that the scheme is backing.....
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Hermes expands management team post Myners
UK - Hermes Focus Asset Management (HFAM), one of the UK’s largest institutional fund managers, has expanded and reorganised its management team in response to calls in the UK Myners report for greater intervention by shareholders in investee companies....
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Threadneedle promotes Arkle to CIO role
UK/EUROPE – Threadneedle Investments has announced that Sarah Arkle will take on the role of chief investment officer (CIO) at the firm on completion of the sale of Zurich Scudder Investments to Deutsche Bank....
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Dresdner RCM scoops £100m Lattice mandate
UK – Lattice Group, the infrastructure technology firm that demerged from British Gas last year, has hired Dresdner RCM Global Investors to manage a Global Balanced mandate worth approximately £100m (e160m)...
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Capital gains from P&D Devon fund reduction
UK – The £1.24bn (e2bn) Devon County Council pension fund has stripped around a third off a £235m balanced mandate with UK fund manager Phillips & Drew and brought in Capital International to manage the balance, with each firm given12.5% of the total portfolio to run on a global multi-asset ...
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UK funds in the dark on FRS 17, says SEI
UK – FRS 17, the new accounting standard for pension funds could have major implications for company profits and has already forced one quoted company to cut its dividend to shareholders, according to research carried out by SEI Investments....
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Wasserman to head multinational servicing at Aon
LONDON/GLOBAL – Aon Consulting has promoted Simon Wasserman, the former head of international benefits at ASA, recently acquired by Aon, to the position of global chairman of its international benefits consulting practices....
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AXA Private Equity opens Frankfurt office
GERMANY/FRANCE - AXA Private Equity has opened a new German office in Frankfurt and announced the completion of its fund range with the addition of primary funds of funds to the firm’s offering....
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BancoPosta selects Russell's multi-manager funds
ITALY - BancoPosta, the Italian post office’s banking division, has chosen Frank Russell’s multi-manager fund range for its latest capital guaranteed product offering....
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S&P and Crédit Lyonnais in European ETF tie-up
FRANCE/EUROPE – Standard & Poor’s and Crédit Lyonnais Asset Management (CLAM) have entered into a partnership to sell exchange traded funds (ETFs) to institutional and retail investors in the European market under S&P’s SPDR brand....
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Norwegian merger may create huge pension company
NORWAY - Norway’s largest life pensions company could be created under plans being discussed by the NOK90bn (e11.1bn) KLP (Kommunal Landspensjonskasse) pension fund for Norwegian municipal workers and the SPK (Statens Pensjonskasse) pay-as-you-go retirement plan for civil servants - in a move that could see a significant raft of assets ...
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NLG25bn Dutch PMI fund in huge asset transfer
NETHERLANDS – The NLG25bn (e11.3bn) Dutch metal and engineering workers’ pension fund, Bedrijfspensioenfonds voor de Metaalindustrie (PMI), has transferred around NLG17.5bn in assets to Eureko-owned fund manager F&C in London and is seeking two new US index managers to manage approximately NLG4bn in assets....
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Germany's Schoeller launches fund of hedge funds
GERMANY - Schoeller Capital Management (SCM) , the total return products arm of Germany’s HypoVereinsbank Group is launching launching an institutional fund of hedge funds together with its parent group....
