Investor Strategy – Page 209
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Italy’s Cooperlavoro seeks managers after revamp
ITALY - The €64m Cooperlavoro is looking for up to six asset managers after a switch from a single- portfolio to a three-portfolio investment strategy.
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No reason to relax for Swiss funds - report
SWITZERLAND - Swiss pension funds, with a "barely acceptable" 4.2% return in 2004, have no reason to relax, according to the Swiss pension fund association (ASIP) and Watson Wyatt.
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‘Convexity’ key as Dutch schemes buy long bonds
NETHERLANDS – Convexity, or the sensitivity of bonds to interest rates, is an important factor as Dutch pension schemes move into longer dated bonds amid the new FTK regulations – according to a market analysis firm.
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IAPF chairman Ryan leaves Eircom
IRELAND - Gerry Ryan, the chairman of the Irish Association of Pension Funds, has left his position as pension fund administrator at Dublin-based corporate pension fund Eircom.
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Ousted Babcock CEO ‘misrepresented assets’
GERMANY - The surprise dismissal of Günter Schulze as chief executive of Babcock Pensionskasse followed his misrepresentation of the pension fund’s investments, sources say.
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Danish party calls for SP payments to end
DENMARK - Denmark’s right-wing populist Dansk Folkeparti has called for an end to payments into the special pension arrangement, the Særlige Pensions ordning (SP).
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IPE-QUEST: Swiss foundation tenders €76.1m
SWITZERLAND – A Swiss foundation has tendered a global emerging markets brief worth up to $100m (€76.1m) through IPE-Quest.
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SSGA says German assets rise 43%
GERMANY - Asset management group State Street Global Advisors says its institutional assets under management in Germany and Austria rose 43% last year to total €10.1bn.
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Belgian construction fund officer joins regulator
BELGIUM - Ann Devos, investment officer for the €450m social fund for the construction sector, FSE, is to leave the fund and join the Belgian pension regulator.
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Watson Wyatt confident in Credit Lyonnais case
UK – Consulting firm Watson Wyatt is confident it will win a negligent advice claim brought against it by Credit Lyonnais that was first filed almost two years ago.
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Allianz’s European asset chief Goldbrunner exits
GERMANY - Johann Goldbrunner, head of Europe for Allianz Global Investors, has decided to resign on April 1 – just three months after taking on the role.
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Germany’s Babcock Pensionskasse removes CEO
GERMANY - Babcock Pensionskasse, the €460m pension fund of failed engineering firm Babcock, has stripped chief executive Günter Schulze of his responsibilities, sources say.
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Two regional Icelandic schemes in €312m merger
ICELAND - Two regional Icelandic pensions funds, Sudurnes and Sudurland, plan a merger.
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Suez in Luxembourg pension pooling move
LUXEMBOURG – Kredietbank’s Luxembourg arm says it has launched a €1.1bn pension pooling vehicle for the Suez-Tractebel group.
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Denmark: occupational schemes now ‘dominant’
DENMARK – Occupational pension schemes are taking a “clearly dominant” position in the pension savings market, says the Danish Insurance Association.
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German dentists hire Alpha as consultant
GERMANY - VZB, a Berlin-based pension fund for dentists, says it has hired Alpha Portfolio Advisors as its new investment consultant for its €700m portfolio.
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CSAM hit by €2bn loss of two large accounts
SWITZERLAND – Credit Swiss Asset Management lost CHF3.2bn (€2bn) in assets under management in the fourth quarter – due to the loss of two large accounts.
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European fund body FEFSI becomes EFAMA
EUROPE – FEFSI, the European investment funds body, has officially changed its name to the European Fund and Asset Management Association.
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Dutch doctors implement new accounting system
NETHERLANDS – The €11bn Dutch doctors pension fund SBA has implemented a new portfolio management and accounting system.
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Cominvest sees up to €700m inflows in 2005
GERMANY – The chief executive of Commerzbank’s fund arm Cominvest expects up to €700m in inflows this year – on top of broadly unchanged assets under management in 2004.
