Markets – Page 205
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HSBC wins €30.6bn L&G mandate
UK – HSBC Securities Services has been awarded a £21bn (€30.6bn) custody mandate by Legal & General to manage its Eurobond portfolio.
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Ex NAPF chief named to BESTrustees board
UK – Peter Thompson, former Mercer HRC worldwide partner and ex-National Association of Pension Funds (NAPF) chairman, has been appointed to the board of BESTrustees as director.
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Goldmans launching 35 new UCITS III funds
UK/LUXEMBOURG – Thirty-five new investment funds have been announced by Goldman Sachs Asset Management (GSAM). Fourteen of the funds will be launched in the next three months, with the rest “subject to client demand”.
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SVM expands into Europe
UK – SVM Asset Management, the boutique Edinburgh based independent fund management group, is looking to increase its European institutional business following a year of strong performance in European equities.
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ABN Amro appoints EAFE chief
UK – ABN Amro Asset Management has appointed Andrew King as the new head of Europe, Australasia and Far East (EAFE) portfolio management and head of North American equities.
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Credit default swaps trades surge in 2005
UK - The average number of credit default swaps (CDS) trades executed each month increased by 89% during 2005, according to London-based Markit Group’s annual ‘scorecard’ of market volumes in credit derivatives.
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Lincolnshire County scheme tenders equities
UK – The £1.1bn (€1.6bn) Lincolnshire County Council Pension Fund has launched a tender process for a global active equity manager, putting incumbent manager Bank of Ireland Asset Management under the spotlight.
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Sweden: PPM savers get 30% average return
SWEDEN – Five and a half million Premium Pension Authority (PPM) savers enjoyed an average return of 30% in 2005.
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Nobel laureate Merton says LDI “ill-conceived”
GLOBAL – Nobel Prize-winning economist Robert Merton has said immunizing pension obligations through liability driven investment strategies is “ill-conceived”.
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IPE-QUEST: Danish fund tenders emerging markets
DENMARK – Kirstein Finans has tendered €70m in long-only emerging market equities on behalf of a Danish pension fund via IPE-Quest.
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Germany’s ZF taps Allianz for DC advice
GERMANY – Auto component maker ZF Friedrichshafen is to take advice on two new defined contribution pension plans from consulting firm Allianz Pension Partners.
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CAPS says UK equity weightings at new low
UK – Balanced pooled funds’ UK equity weightings are at a new low, according to the latest CAPS pooled pension fund update.
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Horeca moves into commodities
NETHERLANDS - Pensioenfonds Horeca & Catering, the €2bn Dutch hotel and catering scheme, has awarded a passive commodities mandate to Western Asset Management.
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PGGM names new head of strategy & research
NETHERLANDS – PGGM, the Dutch health care pension fund, has named Jaap van Dam as head of strategy and research.
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Unilever sets up €5bn asset pooling vehicle
EUROPE – Consumer products group Unilever has set up a pension asset pooling vehicle called Univest which could grow to around €3-5bn in size.
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IPE-QUEST: Nordic bank seeks sub advisor
NORDIC – A Nordic bank has tendered an initial $80m sub- advisory mandate via IPE-Quest.
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Goldman Sachs AM gets $8bn inflow in quarter
GLOBAL – Goldman Sachs Asset Management had a net asset inflow of $8bn (€6.7bn) in the fourth quarter of 2005 – taking its total inflows in the year to $63bn.
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IPE-QUEST: Swiss fund tenders small caps
SWITZERLAND – A Swiss pension fund has tendered a pan-European small-cap equities via IPE-Quest.
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DeAM, Trinkaus in running for Henkel CTA
GERMANY – Industry sources say Deutsche Asset Management and HSBC’s Trinkhaus Capital Management may be in line to advise chemicals firm Henkel on its planned contractual trust arrangement – an external fund to finance more than €1bn in pension liabilities.
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CalSTRS in $3bn emerging market move
GLOBAL – California teaching pension fund CalSTRS has picked five asset managers to run around $3bn (€2.5bn) of emerging markets assets.
