Markets – Page 215
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SSGA names European consultant liaison director
EUROPE - State Street Global Advisors has named F&C's Valerie Nicholson as director of marketing and consultant liaison, with a Europe-wide brief.
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BGI says it has two-thirds of bond ETF market
GLOBAL – Barclays Global Investors says its exchange traded funds, iShares, have around two thirds of the $9bn (€6.9bn) fixed income ETF market.
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Sainsbury’s scheme doubles hedge fund allocation
UK - The £3bn (€4.4bn) pension fund of retailer J Sainsbury has doubled its exposure to funds of hedge funds - investing new money and resources diverted from passively managed UK equities.
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Deutsche announcement on DeAM seen delayed
GERMANY - Deutsche Bank is not expected to announce a decision on the possible sale of Deutsche Asset Management in the UK until early next month.
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Standard Life says 65 staff to join Bank of NY
UK - Around 65 staff at Standard Life Investments could be set to transfer to the Bank of New York in Edinburgh in an outsourcing deal.
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MLIM to run €12bn Philips pension assets
NETHERLANDS – Electronics giant Philips is to outsource the management of its €12bn in Dutch pension assets to Merrill Lynch Investment Management in a move that will see 55 staff transfer to MLIM.
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CalSTRS plans $3bn emerging market move
GLOBAL – The $127bn (€97bn) California teachers fund CalSTRS is to launch a search for up to six active equity managers to invest about $3bn in emerging markets, or 10% of its international equity portfolio.
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J P Morgan revamps investor services
GLOBAL – J P Morgan has consolidated its investor services and institutional trust services into a new unit called J P Morgan Worldwide Securities Services.
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UK milk industry scheme retains Aon Consulting
UK - The £275m (€398m) multi-employer Milk Pension Fund has retained Aon Consulting as actuarial and investment adviser.
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DeAM names Germany institutional sales head
GERMANY - Deutsche Asset Management has appointed J P Morgan Fleming’s Peter Kerger to head institutional sales in Germany.
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Dutch schemes face low-yield challenge – IMF
NETHERLANDS – The current low-yield environment poses challenges to Dutch pension funds and insurance firms, according to the International Monetary Fund.
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Sweden’s Telia scheme shifts assets to SRI fund
SWEDEN – The Swedish pension scheme of Nordic telecoms firm TeliaSonera has shifted $140m (€108.7m) of assets into a socially responsible investing screened fund from State Street Global Advisors.
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Laurus ousts ING and Robeco in liability move
NETHERLANDS – The €340m pension scheme of Dutch food retailer Laurus has ousted ING and Robeco from running balanced bond and equity mandates worth €170m each.
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CSFB real estate’s Gallatly joins MLIM
UK - John Gellatly, a director in CSFB’s real estate investment banking team, is to join Merrill Lynch Investment Management as head of indirect real estate investment and strategy.
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Varma separates investment and supervision
FINLAND – Varma, Finland’s largest private sector pension insurer, has separated its investment and supervisory functions and replaced its risk management committee.
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Swiss schemes ‘invest more in alternatives’
SWITZERLAND – Swiss institutional investors have invested more in alternative asset classes and real estate in 2004 - but their asset allocation “remains prudent” a survey sponsored by Credit Suisse Asset Management suggests.
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PWC pensions partner Shuttleworth dies
UK – John Shuttleworth, a trenchant commentator on the pensions scene in the UK for PricewaterhouseCoopers, has died suddenly aged 47.
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ABP to formulate FTK transition policy
NETHERLANDS - Stichting Pensioenfonds ABP, the €168bn scheme for Dutch civil servants, is to formulate a “transitional policy” to deal with the new FTK rules.
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Fiat pension scheme in annuities move
ITALY – The €132.3m pension fund for Fiat’s middle-management, Fondo Pensione Quadri e Capi Fiat, is looking for an established insurance company to provide annuities for its retiring members.
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Capital in “performance difficulties” - Hymans
UK – Capital International’s “performance difficulties” may hinder its ability to win new business in the UK, says investment consultant Hymans Robertson.
