Markets – Page 195
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IPE-QUEST: UK insurer tenders convertible bonds
UK – A UK insurance company has tendered up to $100m (€77.7m) in convertible bonds via IPE-Quest.
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SSGA facing loss of $13bn CalPERS index brief
US – California pension giant CalPERS is considering terminating State Street Global Advisors from a $13bn (€10.2bn) international equity index mandate.
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Luxembourg FDC scheme in €4bn tender
LUXEMBOURG – The new fund set up to hold Luxembourg’s excess pension revenues is looking for managers to administer its €4bn in assets, excluding real estate and loans.
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Deutsche suggests FX can save pensions
GLOBAL – Deutsche Bank says currencies can be the saviour for unfunded pension plans.
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Dutch pension funds ‘add to tax volatility’
NETHERLANDS – The unique nature of the Dutch pension system has contributed to higher volatility in the government’s tax revenues, according to a new report.
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LGIM names global fixed income head
GLOBAL - Legal & General Investment Management has named Gartmore's Roger Bartley as its new global head of fixed income.
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Tower Hamlets tenders UK and global equities
UK – The £640m (€935m) London Borough of Tower Hamlets Pension Fund has tendered an initial £160m in UK and global equities.
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Woolworths scheme puts 10% into alternatives
UK – The £300m (€438m) Woolworths Group Pension Scheme is to put 10% into alternative investments including property and active currency following an investment review by Hewitt Associates.
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Germany's Westfalen-Lippe fund backs Hermes
GERMANY - The €6.85bn Westfalen-Lippe doctors' pension fund has put €25m into the Hermes European Focus Fund.
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L&G eyes longevity risk products for big schemes
UK – Legal & General says it sees “significant” growth opportunities in new products offering longevity products to larger pension schemes.
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New report calls for European pensions regulator
EUROPE – A new report has called for a European pension regulator among a host of recommendations for the global pensions industry.
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North Yorks tenders TAA (Correct)
UK - The £1.1bn (€1.6bn) North Yorkshire Pension Fund says it has tendered a £44m Global Tactical Asset Allocation mandate following a review of its equity investment strategy (Corrects name of advisor).
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Legg Mason axes 410 jobs as clients pull $7bn
US – Legg Mason says it has axed 410 jobs following its acquisition last year of Citigroup Asset Management and the Permal Group.
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IPE-QUEST: Middle East company re-tenders debt
GLOBAL – A Middle Eastern investment company has re-tendered a global developed markets debt brief via IPE-Quest.
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West Midlands tenders currency mandates
UK – The £6.6bn (€9.7bn) West Midlands Metropolitan Authorities Pension Fund is tendering two new briefs – one currency alpha mandate and an active specialist currency overlay mandate.
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Bavaria sets up pension fund for civil servants
GERMANY – Bavaria has become the latest German state to announce the creation of a pension fund for its civil servants in order to limit its pension costs.
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Bank of Ireland AM re-jigs investment structure
IRELAND – The Bank of Ireland Asset Management today announced a new investment business structure with the appointment of three managing directors – including former ABN Amro research head Chris Johns - to take over from outgoing chief investment officer Chris Reilly, who will retire next year.
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MLIM slows BlackRock momentum amid outflows
GLOBAL – BlackRock says its planned merger with Merrill Lynch Investment Managers has resulted in a “temporary” slowdown in its momentum.
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GSAM to get a third of PPF levy funds
UK – The Pension Protection Fund, the government’s pensions lifeboat, will assign roughly a third of its £140m (€205m) in initial levy funds to Goldman Sachs Asset Management, according to the PPF’s Business Plan 2006/2007.
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Kosovo fund names two asset managers
KOSOVO – The Kosovo Pensions Savings Trust (KPST) has appointed Schroders and ECM as fixed income managers.
