Markets – Page 230
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Italy's Desio taps ABN Amro Mellon for custody
ITALY- Banco Desio has awarded ABN Amro Mellon a non-domestic equities and bonds custody mandate worth in the region of one billion euros.
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Devon taps SSGA for E370m in passive equities
UK - The 1.2 billion-pound (1.78 billion-euro) Devon County Council pension scheme has awarded a 250 million-pound (370.7 million-euro) passive global equities mandate to State Street Global Advisors.
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DeAM names Lees as head of UK equities
UK – Deutsche Asset Management has named Peter Lees as head of UK equities, to replace John Wood who left earlier this month.
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PME awards E500m bond brief to PIMCO
NETHERLANDS – The 14 billion-euro Dutch metals industry pension fund PME, or Pensioenfonds voor de Metalektro, has awarded a 500 million-euro short-term bond mandate to PIMCO.
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Sweden’s AMF unveils two new funds
SWEDEN - AMF Pension Fondforvaltning, the mutual fund unit of life insurer AMF, has launched two new funds.
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Alecta says 90 staff leave in “painful” cutbacks
SWEDEN – Occupational pensions provider Alecta cut 90 jobs in the first quarter, part of what it called a “painful” effort to reduce costs.
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Allianz says it aims to grow AUM by 10%
GERMANY – Allianz says it aims to increase the assets under management at its asset management business by 10% - and that the unit has cut its quarterly loss by around a third.
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IPE-QUEST: German fund tenders high-yield
GERMANY – A German pension fund has tendered around 75 million dollars in actively managed euro zone high yield debt via IPE-Quest.
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ING says institutional AUM rise 4.4%
NETHERLANDS – ING says its institutional assets under management have risen by 4.4% to 131.1 billion euros in the three months to the end of March.
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CalPERS denies hedge fund plan (Update)
(Updates to include CalPERS' denial) US - CalPERS has denied a magazine article saying the fund plans to raise its allocation to hedge funds.
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Iceland's No. 2 fund awards custody to BBH
ICELAND - Iceland's second-largest pension fund, the 133 billion-crown (1.5 billion-euro) Lifeyrissjodur Verzlunarmanna or Pension Fund of Commerce, has awarded custody to Brown Brothers Harriman.
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Flintshire taps T. Rowe Price for US equities
UK - Flintshire County Council has awarded a 42 million-pound (62.8 million-euro) US risk-controlled equity mandate on behalf of the 550 million-pound Clwyd Pension Fund to T. Rowe Price.
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Sweden’s AP1 raises currency exposure to 20%
SWEDEN - The 139 billion-crown (15.2 billion-euro) Swedish buffer fund Första AP-fonden says it has raised the currency exposure in its strategic benchmark to 20%, from 15% previously.
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IPE-Quest: German fund tenders high-yield debt
GERMANY – A German consultant has tendered an initial 75 million euros in global high-yield debt for a German pension fund via IPE-Quest.
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Poschadel replaced as CEO at UBS’s GAM
GLOBAL – UBS’s GAM alternative investments unit has named David Solo as its new chief executive, replacing incumbent Burkhard Poschadel.
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AP3’s stock lending revenue rises 29%
SWEDEN – Sweden’s third national buffer fund, the 142.5 billion-crown (15.5 billion-euro) AP3, saw its revenue from stock lending rise by 29% in 2003.
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Italy’s Cometa tenders entire E2bn portfolio
ITALY - The Cometa engineering workers’ pension fund, which is expected to be worth two billion euros by the end of 2004, has tendered its entire portfolio.
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DeAM names European real estate securities head
EUROPE - Deutsche Asset Management has hired John Hammond from Schroders as head of European real estate securities - a new business area for the group’s London property division.
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London stock exchange reviews bond shift
UK – The pension scheme of the London Stock Exchange is reviewing its decision to allocate 100% to bonds in the long term.
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Two Canadian funds tender E100m via IPE-Quest
CANADA - A Canadian investment consultant has tendered on behalf of two Canadian pension funds two mandates worth a total of 120 million US dollars (100.5 million euros).
