Markets – Page 216
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CSAM sets up tax-efficient vehicles for schemes
SWITZERLAND - Credit Suisse Asset Management has launched two new tax-efficient investment vehicles for US equities which are exclusively aimed at Swiss pension funds.
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Petroleum Fund plans €819m forex move
NORWAY – The Norwegian central bank plans to make more than €800m of foreign currency purchases for Petroleum Fund next month.
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IPE-QUEST: Luxembourg insurer tenders €23m
LUXEMBOURG - A Luxembourg domiciled mutual insurance company has tendered a large-, mid- or small-cap equities mandate worth up to $30m (€23.1m) through IPE-Quest.
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L&G says pension funds still shifting to bonds
UK – Legal & General reckons pension funds’ shift towards bonds and away from equities has not yet run its course.
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Derbyshire scheme consolidates custody
UK – The £1.45bn (€2.08bn) Derbyshire County Council pension fund has consolidated the custody of its four portfolios under ABN Amro Mellon after UBS Global Asset Management gave up custody of one of them.
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Gloucestershire ousts managers in revamp
UK - Gloucestershire County Council's £600m (€863m) pension fund has appointed Standard Life Investments to manage a segregated specialist £130m UK equity portfolio.
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Morgan Stanley’s Derbyshire joins Merrill Lynch
UK – Gareth Derbyshire, executive director at Morgan Stanley and number two at the firm’s European Pensions Group, has left the company after seven years to join rivals Merrill Lynch.
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UBS asset management arm nearly doubles institutional fund inflows
SWITZERLAND – UBS Global Asset Management said inflows to its institutional business nearly doubled to CHF 23.7bn (€15.3bn) in 2004.
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Riester products 'to make comeback'
GERMANY – The government-subsidised Riester pension products, which were launched in 2001 to encourage pension savings but that have sold poorly, could be “on the brink of a comeback,” according to Allianz Group chairman Michael Diekmann, who declared, for the first time, that his annual pay increased by 3% last ...
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ABP's incoming chief warns against bonds, preferring commodities
UK – Roderick Munsters, the incoming investment chief at the €168bn Dutch civil service fund Stichting Pensioenfonds ABP says he thinks bonds are not currently attractive – and that he wouldn’t bet against commodities.
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DeAM unveils ambitious multi-manager plans
GERMANY - In a much anticipated move Deutsche Asset Management (DeAM) has unveiled its plans to launch multi-manager funds for the German-speaking institutional market and has ambitious growth targets despite slow sales at rivals.
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Port of London fund to tender DeAM-run brief
UK- Deutsche Asset Management (DeAM), which lost €13bn of institutional assets in the third quarter alone, could lose a further £39m(€56m) equity brief as the Port of London Authority Pension Fund is poised to start a portfolio review in the next 12 months.
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AP7 names central bank’s Ragnartz chief analyst
SWEDEN – The SEK5bn (€550m) seventh Swedish national pension fund, AP7, has appointed fund manager Christian Ragnartz of the Central Bank, Sveriges Riksbank, as chief analyst.
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MLIM appoints Anne Swift and warns on equity overconfidence
Merrill Lynch Investment Managers has appointed Anne Swift as its relationship manager and investment officer in the defined contribution pension team but has also warned that institutional fund managers were more overweight in equities than at any time since 1999.
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IPE-QUEST: Four new searches on system
EUROPE – There are four new searches on the IPE-Quest system worth a combined $600m (€450m), from UK and Dutch pension funds.
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FRR seeks SRI, private equity consultants
FRANCE – The French reserve fund, the Fonds de Reserve pour les Retraites, is looking to select consultants to help it select asset managers for socially responsible investment and private equity mandates.
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Dutch schemes invest €51bn abroad
NETHERLANDS - Dutch pension funds invested €51bn in foreign bonds and equities last year, says Statistics Netherlands CBS in a provisional report.
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Danish bank scheme awards brief to State Street
DENMARK – State Street Global Advisors says it has been awarded a $160m (€118.9m) global enhanced equities mandate by Danish bank scheme Bank//Pension.
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IPE-QUEST: Four new searches on system
EUROPE – There are four new searches on the IPE-Quest system worth up to $210m on behalf of Swiss investors.
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German regulator misses out in EU directive
GERMANY - European pension funds looking to do business in Germany in the future will not be regulated by BaFin, the German financial services regulator, according to excerpts of a government draft law that transposes the EU pension funds directive.
