Markets – Page 218
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Putnam’s investment head Oristaglio retires
US - Steve Oristaglio is to retire as head of investments at Putnam Investments and be replaced by his deputy Kevin Cronin.
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Ex-Isis institutional chief joins boutique
UK - Howard Daldorph, the former director of institutional funds for ISIS, has joined a boutique called Reabourne Technology Investment Management as marketing director, a new role.
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ING IM Europe to avoid UK, for now - Kemna
SWITZERLAND - ING Investment Management Europe is not prepared to enter the UK market at the moment because its regulations are too complicated, says chief executive Angelien Kemna.
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KLM’s three schemes return 10.7%-12.3%
NETHERLANDS – Airline KLM’s three pension funds – worth a combined €9.2bn - returned between 10.7% and 12.3% in 2004.
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Dutch central bank confirms FTK on schedule
NETHERLANDS – The Dutch central bank has reaffirmed that the FTK, the new financial assessment framework for pension schemes, will come in as planned on January 1 2006.
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Ireland’s NPRF to put 18% into new asset classes
IRELAND – The €11.69bn National Pensions Reserve Fund has targeted an 18% allocation to property, private equity and commodities by 2009 – but it will not invest in hedge funds for the moment.
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Rabobank says swaps may ease Dutch FTK impact
NETHERLANDS – Rabobank says the new Dutch FTK, or financial assessment framework, will have a “marked impact” on Dutch pension schemes’ investment policy – and that a swap overlay strategy could be a solution.
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JP Morgan to hire new UK institutional staff
UK - JP Morgan Fleming Asset Management says it is looking to hire new staff in the UK this year amid a 13% growth in assets under management.
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UBS says institutional business almost doubles
SWITZERLAND –UBS said its Global Asset Management arm reported a pre-tax profit increase of 64% in 2004 and that institutional business almost doubled.
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Ireland’s CFOPS outlines shift to specialists
IRELAND – The administrator of the €540m Construction Federation Operatives Pension Scheme has outlined the scheme’s move from balanced managers to specialists.
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Deutsche denies it plans to sell DeAM in UK
GERMANY - Deutsche Bank has poured cold water on speculation in London that it is on the verge of selling all or part of Deutsche Asset Management in the UK, stressing that its first priority is “to fix the business”.
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IPE-QUEST: Dutch schemes tender GTAA, equities
NETHERLANDS – Two Dutch pension schemes have tendered separate Japanese equities and global tactical asset allocation briefs via IPE-Quest.
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Hewitt says 20 clients move to unconstrained
UK - Hewitt Associates says 20 of its clients have now allocated assets to so-called ‘unconstrained’ equity mandates – up from six in July 2004.
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Italy’s Espero to hit membership target by summer
ITALY – Fondo Scuola Espero, the state-backed pension fund for 1.1m school employees, is likely to hit its preliminary target of 30,000 members by next summer, according to one of its architects.
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IPE-QUEST: Scandinavian manager tenders €191m
SCANDINAVIA – A Scandinavian asset manager has tendered a $250m (€191.8m) high-yield bond mandate through IPE-Quest.
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Iceland: unskilled workers’ scheme CIO resigns
ICELAND - Bjarni Brynólfsson, managing director and chief investment officer of Icelandic unskilled workers’ pension fund Framsyn, has resigned to take up the post as chief investment officer of investment company Meidur.
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Henderson’s Benelux director Go leaves
NETHERLANDS – Paul Go, asset manager and director Benelux of Henderson Global Investors in Amsterdam, has left.
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IPE-QUEST: European bank tenders up to €268m
EUROPE – A European bank has tendered an active US mid-cap equities mandate ranging from $250-$350m (€191.8m-€268m) to $350m via IPE-Quest.
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Campina scheme appoints fiduciary manager
NETHERLANDS - The pension fund of Dutch cooperative dairy giant Campina has appointed Goldman Sachs Asset Management as fiduciary manager of a €350m mandate.
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WestAM names new CEO amid institutional push
GERMANY - German institutional fund provider WestAM KAG has appointed a new chief executive and expanded its management board in a bid to invigorate its institutional business in Germany.
