Markets – Page 191
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Pension funds taking on too much risk, says ECB
EUROPE - The European Central Bank has warned that underfunded pension obligations may be leading investors into taking on too much risk – especially in emerging markets and high-yield bonds.
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PGGM in loan portfolio deal with ABN Amro
NETHERLANDS – The €80bn Dutch healthcare and social work pension fund PGGM has entered a partnership with ABN AMRO in which both share the risk related to the bank’s loan portfolio.
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BGI launches UK government bond ETFs
UK - Barclays Global Investors has launched two UK government bond Exchange Traded Funds for UK investors.
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UK government rejects longevity bonds
UK – The UK government has rejected the Pensions Commission’s suggestion that it should issue so-called “longevity bonds” to deal with future mortality rates.
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Dumfries fund tenders global equities, FX
UK – The £400m (€594.52m) Dumfries & Galloway Council Pension Fund is looking to put its global equity portfolio into active management again, after axeing Deutsche Asset Management.
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IPE AWARDS: Full list of winners
IPE AWARDS – Below is the full list of winners of the 2006 IPE Awards, held today in Paris:
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IPE AWARDS: Build stronger portfolios, schemes told
EUROPE - Pension funds should build stronger portfolios to brace themselves for worst-case scenarios rather than just researching them, the annual IPE Awards Seminar in Paris was told today.
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Irish schemes shun alternatives - IAPF
IRELAND – Alternative assets such as hedge funds, private equity and currency are “generally unpopular” with the trustees of defined benefit pension funds in Ireland, says the Irish Association of Pension Funds.
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IPE-QUEST: Eastern European equities tendered
CANADA – iNFiNi-t Wealth Management Advisers has tendered $1m in active Eastern European mid- and large-cap equities for a Canadian client via IPE-Quest.
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Half of Dutch funds mull fiduciary move - KPMG
NETHERLANDS – Almost half of Dutch pension funds are considering transferring their investment management to fiduciary managers, a study by accounting firm KMPG has found.
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Management accountants warn on LDI risk
UK – The Chartered Institute of Management Accountants has warned that adopting a Liability Driven Investing strategy could mean missing out on excess return.
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Swiss institutional equity exposure hits new low
SWITZERLAND – Swiss institutional investors’ exposure to equities has declined to a new low, according to figures from the Swiss National Bank.
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Pension funds behind venture capital boom – EVCA
EUROPE – Pension funds provided 43% of a considerable increase in venture capital fundraising last year, according to a new report by the European Private Equity & Venture Capital Association (EVCA).
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Pramerica names European fixed income chief
EUROPE – US firm Prudential Financial’s Pramerica fixed income arm has named former Threadneedle executive Peter Lindqvist to lead its institutional client relations Europe.
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More evidence of interest-rate swaps demand
UK – Further evidence of the growth in the interest-rate swap market - boosted at least in part by pension fund demand - came today with figures from brokerage firm ICAP.
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Norway global fund awards seven new mandates
NORWAY – The Norwegian Government Pension Fund – Global says it has transferred capital into three new fixed income and four new equity mandates in the third quarter.
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Legal warning over “too safe” LDI
UK – Moving into a safety-first liability-driven investing strategy could leave trustees and actuaries open to negligence claims, a law firm says.
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Austrian court rules on pension bond holdings
AUSTRIA – The Austrian constitutional court has ruled that companies no longer have to buy bonds to cover pension liabilities for second-pillar corporate pension arrangements.
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Pension funds behind interest-rate swaps surge
EUROPE – The Bank for International Settlements says interest-rate swaps activity surged in the first half of 2006 – with analysts putting it down to pension fund interest.
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Italy’s Fondo Fonte seeking managers
ITALY – Fondo Fonte, the €132m (£83,64m) Italian pension fund for commerce, tourism and service sector workers, is seeking external managers for a guaranteed minimum return portfolio.
