Markets – Page 221
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Pen-Sam completes DKK6bn mandate switch
DENMARK -- Denmark's DKK47.0bn Pen-Sam Pensionfund has completed a restructuring of some DKK4.5bn of its DKK8bn equity portfolio with the awarding of a DKK1.1bn US equities index mandate to Nordea Investment Management ad a DKK1bn US all-cap equity mandate to T. Rowe Price.
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Dutch schemes go into bonds – statistics office
NETHERLANDS - Insurance companies and pension funds in the Netherlands have significantly increased their investments in foreign bonds, Statistics Netherlands has said.
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AP1 replaces fixed income head Gustafson
SWEDEN – The 148.1 billion-crown (16.4 billion-euro) First Swedish National Pension Fund, Första AP-fonden or AP 1, has replaced its head of fixed income, Hans Gustafson, with insurer AFA Försäkring’s Arnold Fahlén.
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Swiss railways on track with pension revamp
SWITZERLAND - The Swiss Federal Railways, SBB, says it will trade off a collective pay rise for its employees against the costs for the financial reorganisation of its 11 billion-franc (7.1 billion-euro) pension fund.
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SEC probes TIAA-CREF as trustees quit
US – US pension provider TIAA-CREF is being investigated by the Securities and Exchange Commission amid the resignation of two trustees over a conflict of interest involving Ernst & Young.
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Gasunie pension scheme set to split
NETHERLANDS - The 650 million-euro pension scheme of gas supply and transport company Gasunie may be split in two next year, as the company prepares to divide its transport and supply operations.
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Germany’s BVK seeks managers (Update)
(Updates to amend Alpha reference) GERMANY - Bayerische Versorgungskammer (BVK), Germany’s largest pension fund with 30 billion euros in assets, plans to award up to 200 million euros worth of fixed income mandates over the next two years, IPE has learned.
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AP3 names hedge fund exec as equities head
SWEDEN - The 152 billion-crown (17 billion-euro) Third Swedish National Pension Fund, Tredje AP-fonden or AP3, has appointed a hedge fund manager from Nordea as its new head of equities.
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Dutch SBA shifts investment strategy (Update)
(Updates with more details) NETHERLANDS – The 11 billion-euro SBA Artsenpensioenfonds (Pension Fund for General Practitioners and Medical Specialists) says it will overhaul its investment strategy.
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Benkner named head of DeAM in Europe
EUROPE - Deutsche Bank is to relocate Deutsche Asset Management’s headquarters to Frankfurt from London amid a revamp that has seen Paul Manduca replaced by Axel Benkner as DeAM’s European chief executive.
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Pension funds to save “millions” in ITG-EXN deal
EUROPE – Pension funds could be set to save millions of pounds as a result of Posit operator ITG Europe’s plans to buy E-Crossnet, or EXN, the equities crossing network that is owned by asset management firms.
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UK debt office consults on long-dated bonds
UK – The UK’s Debt Management Office has launched a consultation on ultra-long dated government bonds following talks with the pension industry this summer.
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Germany: F&C to offer SRI option next year
GERMANY – F&C aims to offer institutional clients a socially responsible investing option next year, according to Claus Heidrich, co-head of F&C’s German branch.
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S&P in Russian equity index move
RUSSIA - RTS Stock Exchange (RTS), the Moscow-based stock exchange, and Standard & Poor’s are to develop a “new generation” of Russian equity indices.
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Harrigan voted out as CalPERS president
US – Sean Harrigan has been ousted as president of the California Public Employees’ Retirement System, or CalPERS.
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Martin Currie sees big mandate wins but denies sale rumour
UK - Martin Currie Investment Management has won significant new mandates in its latest financial year but has denied speculation that its latest appointment signifies its planned sale.
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Axa hires Nutbrown for new tactical asset allocation division
Axa Investment Managers has hired Kieron Nutbrown to take the new role of head of tactical asset allocation (TAA) under his old boss, Paul Griffiths.
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IPE Seminar: Risk, Costs and Interest Rates
EUROPE – Top European pension executives have told the IPE Awards seminar in Zurich today that cost cutting, inflation and attitude to risk are among the most significant challenges for the future of the industry.
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TKP Pensioen takes over E13m Brunner Mond scheme
NETHERLANDS – TKP Investments BV, a subsidiary of the Dutch life insurer giant Aegon, is to manage the assets of the €13m Stichting Pensioenfonds Brunner Mond.
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New Italian institutional fund launched
ITALY - Italian asset manager Arca SGR has launched a mutual fund to meet the needs of institutional investors called Anfiteatro – MultiInvestmentFund.
