Investor Strategy – Page 191
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News
Fortis Investments names Poland sales head
POLAND – Fortis Investments has named Grzegorz Swietlik as its new head of sales for Poland.
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€24bn UN pension fund ‘reviewing strategy’
GLOBAL – The $29bn (€24.7bn) United Nations pension fund may be reviewing its investment strategy to bring it more in line with the body’s humanitarian-based mission and objectives.
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Watson Wyatt earnings slip on acquisition costs
GLOBAL – Consulting firm Watson Wyatt & Co. has reported lower quarterly earnings – hit in part by a loss related to its acquisition of its European affiliate.
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Dutch actuaries respond to conflict fears
NETHERLANDS - The Dutch Actuarial Society, or AG, is to introduce a uniform statement for the assessment of the financial position of pension funds and insurers, it said.
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JPMorgan AM names new institutional head
EUROPE – JPMorgan Asset Management (JPMAM) has named Jens Schmitt as head of institutional business in Europe, replacing Peter Schwicht.
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Turkish fund wins national steelmaker tender
TURKEY - Turkish armed forces pension fund OYAK made the highest bid for a 46.12% stake in the country's biggest steel company, Erdemir.
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Winter appointed to AFM board
NETHERLANDS - Dutch finance minister Gerrit Zalm has appointed Jaap Winter to the supervisory board of the Financial Markets Authority (AFM).
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BHW Invest sold to Postbank
GERMANY - BHW Invest, a German institutional fund administrator, has confirmed that it is now partially owned by retail banking giant Postbank.
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UBS institutional invested assets surge 24%
GLOBAL – UBS’ third-quarter results reported an annual 24% surge in institutional invested assets under global asset management to CHF425bn (€290.9bn).
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Irish fund servicing industry closes on $1trn
IRELAND – Irish-serviced funds grew 23% over the past year, topping $950bn (€785bn) as at 30 June 2005, according to Lipper Fitzrovia’s 11th annual Dublin Fund Encyclopedia.
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F&C ends outsourcing project with Mellon
UK – London-based F&C Asset Management has discontinued its project to outsource the former ISIS Asset Management operational functions to Mellon Financial Services. This followed a failure to agree “satisfactory contractual terms”, a statement said.
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Hermes chooses Ortec ALM system
NETHERLANDS -- Hermes Investment Management has chosen consultancy and software developer Ortec as supplier of its asset liability management system, the Dutch company has announced.
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Dutch schemes face €105bn shortfall – Watson
NETHERLANDS - Dutch pension funds are facing a combined shortfall of €105bn - taking into account full indexation for future inflation and salary rises – says Watson Wyatt Netherlands.
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Call for German schemes to adopt governance code
GERMANY – Professor Wolfgang Gerke, a financial expert who recently unveiled a corporate governance code for asset managers, has called for the code to be embraced by German pension funds.
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Danes launch €70m public-private SRI fund
DENMARK - Nine Danish pension funds are to invest some €63m in non-listed companies in less developed countries in a public-private initiative under which the Danish government will share many of the preparatory costs.
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Aberdeen AM distributor eyes Libya
EUROPE – A joint venture partner of Aberdeen Asset Management is in dealings with the Gaddafi regime in Libya, it has emerged.
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PIMCO says it wins Irish mandates
IRELAND – Fixed income manager PIMCO Europe says it has been awarded two mandates – one worth €60m – from the Unilever Superannuation Fund and the Allianz Group Pension Scheme.
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Schering puts extra €450m into external fund
GERMANY – Pharmaceuticals company Schering has removed another €450m in pension liabilities from its balance sheet so that they can be financed by its contractural trust arrangement (CTA).
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Singer & Friedlander CEO Shearer exits
UK – Tony Shearer is to leave as chief executive of Singer & Friedlander following the acquisition of the firm by Iceland’s Kaupthing.
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Vanguard loses out in Belgian court battle
BELGIUM – A Belgian court has ordered Vanguard, the $850bn (€710bn) mutual fund company, to pick up a damages tab worth almost €400,000 following defeat by former European marketing assistant director Henk Beets.
