Investor Strategy – Page 174
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AP3 puts €215m into fundamental indexing
SWEDEN – The SEK196bn Swedish buffer fund Tredje AP-fonden, AP3, is putting an initial SEK2bn (€215m) into FTSE’s new Global Wealth Allocation fundamental index.
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Pension fund “lemmings” into hedge funds – IMF
GLOBAL – Pension funds are going into hedge funds like lemmings, according to the International Monetary Fund’s research chief Raghuram Rajan.
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British Coal Scheme appoints Watts, Read
UK – The £11.9bn (€17.6bn) British Coal Staff Superannuation Scheme has appointed Philip Read and Nick Watts as chairman and trustee director respectively.
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Ireland’s NPRF re-awards €6bn passive mandates
IRELAND – The €17.5bn National Pensions Reserve Fund has re-awarded €6bn in two passive equity mandates to the incumbent managers Bank of Ireland Asset Management/State Street Global Advisors and Barclays Global Investors.
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Schemes 'unsatisfied with funds of hedge funds'
GLOBAL - Mercer Investment Consulting says only 23% of pension schemes are satisfied with funds of hedge funds investments.
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Extra €75bn goes to external managers - report
EUROPE – European institutional investors have put an extra €75bn with external asset managers, according to consulting firm Greenwich Associates.
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Big European funds: ‘We want skilled managers’
EUROPE – Some of Europe’s largest pension funds have acknowledged that the search for alpha – market outperformance - is a search for skills.
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Gwynedd scheme to put 5% into private equity
UK – The £741m (€1.1bn) Gwynedd council pension fund is looking to invest in private equity via fund of fund managers to help address its £129m deficit.
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DNB study: Dutch funds to use more derivatives
NETHERLANDS – A paper from Dutch pension regulator De Nederlandsche Bank sees derivatives and asset liability management becoming more important for pension funds.
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Islington refutes allegations of bad investment
UK – The £635.6m (€936m) Borough of Islington pension fund has denied union claims that its £131m deficit was caused by bad investment decisions.
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Dutch painters tap MLIM for swaps
NETHERLANDS – A&O Services, which runs the €3.2bn Dutch painters pension fund BPF Schilders, has chosen Merrill Lynch Investment Managers to implement a €1.4bn swap and swaptions overlay programme.
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Pensions driving tenfold rise in swaps – Barclays
UK – Pension fund demand is behind a tenfold increase in inflation-linked swaps activity at Barclays Capital, executives say.
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Gissings helps KLM UK scheme opt for Blue Sky
UK – The KLM (UK) Pension and Life Assurance scheme has appointed Blue Sky Group as new fund manager for its £34.8m scheme following an investment review by adviser Gissings.
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Bedford tenders £100m in passive UK equities
UK - The £773m (€1.1bn) Bedfordshire Pension Fund is seeking a passive (index-tracking) investment manager for £100m in UK equities.
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Norway state fund rejects real estate before 2007
REAL ESTATE - The Norwegian finance ministry says moving into real estate “just isn’t a priority” for the Government Pension Fund, despite reports of an imminent 8-10% allocation.
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More details on €4bn Luxemburg pension tender
LUXEMBURG – The new fund set up to hold Luxembourg’s excess pension revenues has issued a tender looking for fund managers to administer its €4bn in assets.
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Lewisham considers alternative assets
UK – The £505m (€752m) London Borough of Lewisham pension fund is the next in line planning to go into alternative investments.
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Cambridge tenders €44m currency brief
UK - Cambridgeshire County Council has tendered a £30m (€44.7m) currency mandate.
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Commission set up to review UK rail pensions
UK - An independent Railway Pensions Commission has been set up by the rail unions and employers to review the current railways pensions scheme, chaired by former Pensions Commission member Jeannie Drake.
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Horeca taps SPF for €40m private equity brief
NETHERLANDS – Pensioenfonds Horeca & Catering, the €2bn Dutch hotel and catering scheme, has awarded SPF Beheer with a €40m private equity mandate, as part of its 5% weighting target in the asset class.
