Investor Strategy – Page 207
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Italy’s Pegaso switches investment strategy
ITALY - The €103m pension scheme for the employees of the gas and electricity industries is looking for seven asset managers as it changes its investment strategy to cater for its members’ different attitudes to risk.
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Citigroup consultant head Duffain joins Pioneer
EUROPE - Pioneer Investments says it has hired Kerry Duffain from Citigroup Asset Management to be head of investment consultant relations in Europe.
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Pen-Sam completes DKK6bn mandate switch
DENMARK -- Denmark's DKK47.0bn Pen-Sam Pensionfund has completed a restructuring of some DKK4.5bn of its DKK8bn equity portfolio with the awarding of a DKK1.1bn US equities index mandate to Nordea Investment Management ad a DKK1bn US all-cap equity mandate to T. Rowe Price.
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Dutch schemes go into bonds – statistics office
NETHERLANDS - Insurance companies and pension funds in the Netherlands have significantly increased their investments in foreign bonds, Statistics Netherlands has said.
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UBS GAM says it gets German pension boost
GERMANY - Citing strong demand for the management of German pension assets, UBS Global Asset Management says it has posted a “double-digit” rise in total assets under management in Germany this year.
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AP1 replaces fixed income head Gustafson
SWEDEN – The 148.1 billion-crown (16.4 billion-euro) First Swedish National Pension Fund, Första AP-fonden or AP 1, has replaced its head of fixed income, Hans Gustafson, with insurer AFA Försäkring’s Arnold Fahlén.
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Swiss railways on track with pension revamp
SWITZERLAND - The Swiss Federal Railways, SBB, says it will trade off a collective pay rise for its employees against the costs for the financial reorganisation of its 11 billion-franc (7.1 billion-euro) pension fund.
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ABN Amro names global institutional sales chief
GLOBAL – ABN Amro Asset Management has named Frank Goasguen as its new head of global institutional sales.
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Gasunie pension scheme set to split
NETHERLANDS - The 650 million-euro pension scheme of gas supply and transport company Gasunie may be split in two next year, as the company prepares to divide its transport and supply operations.
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AP3 names hedge fund exec as equities head
SWEDEN - The 152 billion-crown (17 billion-euro) Third Swedish National Pension Fund, Tredje AP-fonden or AP3, has appointed a hedge fund manager from Nordea as its new head of equities.
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Erste targets pension funds with inflation-linked
AUSTRIA – Austrian asset manager Erste Sparinvest has launched two inflation-linked bond funds mainly aimed at pension funds and institutional investors.
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Dutch SBA shifts investment strategy (Update)
(Updates with more details) NETHERLANDS – The 11 billion-euro SBA Artsenpensioenfonds (Pension Fund for General Practitioners and Medical Specialists) says it will overhaul its investment strategy.
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EU to review fund industry amid pension timebomb
EUROPE – Calling the current framework for investment funds “an old banger”, Europe’s new internal market commissioner Charlie McCreevy says he will review the asset management industry in a bid to help defuse the pensions timebomb.
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Benkner named head of DeAM in Europe
EUROPE - Deutsche Bank is to relocate Deutsche Asset Management’s headquarters to Frankfurt from London amid a revamp that has seen Paul Manduca replaced by Axel Benkner as DeAM’s European chief executive.
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UK debt office consults on long-dated bonds
UK – The UK’s Debt Management Office has launched a consultation on ultra-long dated government bonds following talks with the pension industry this summer.
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Goldbrunner to head Allianz’s AGI in Europe
EUROPE - Johann Goldbrunner, head of dbi, Allianz’s institutional fund business in Germany, will be appointed head of Europe for Allianz Global Investors (AGI), effective January 1, IPE has learned.
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Martin Currie sees big mandate wins but denies sale rumour
UK - Martin Currie Investment Management has won significant new mandates in its latest financial year but has denied speculation that its latest appointment signifies its planned sale.
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Axa hires Nutbrown for new tactical asset allocation division
Axa Investment Managers has hired Kieron Nutbrown to take the new role of head of tactical asset allocation (TAA) under his old boss, Paul Griffiths.
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CalPERS president in open war
US - A public spat has broken out at CalPERS, the world’s largest pension fund, as the president, Sean Harrigan, claimed he was to be ousted by political and corporate interests.
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IPE Seminar: Risk, Costs and Interest Rates
EUROPE – Top European pension executives have told the IPE Awards seminar in Zurich today that cost cutting, inflation and attitude to risk are among the most significant challenges for the future of the industry.
