Markets – Page 232
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French reserve fund awards first E10bn
FRANCE – The 16 billion-euro French Pensions Reserve Fund has awarded its first 10 billion euros in mandates, covering four “lots” - large-cap euro equities, small and mid-cap euro equities, large-cap US equities and bonds.
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NTGI names new head of international equities
GLOBAL – Northern Trust Global Investments has named Stephen Dowds as head of international equities, a role vacant since the departure of Andrew Perry around 18 months ago.
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French reserve fund appoints auditors
FRANCE – The supervisory board of the France’s 16 billion-euro Fonds de Réserve pour les Retraites has appointed KPMG and Constantin & Associés as auditors.
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Italy's E1m Fopadiva seeks asset managers
ITALY- Fopadiva, the one million-euro closed pension fund for employees in the Valle d’ Aosta semi-autonomous region, is seeking up to two asset managers for a balanced mandate.
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IBM likely to use new Irish common fund
IRELAND - Computer giant IBM is likely to become one of the first multinational companies to use the common contractual fund (CCF), Ireland’s new tax transparent pooling vehicle, to pool its pension funds’ global equity assets.
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New EU countries need “prudent person” – ADAM
EUROPE – New European Union countries in central and eastern Europe need to lift investment restrictions and implement the “prudent person principle”, Allianz Dresdner Asset Management says.
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Somerset taps Standard Life for equities
UK - The 652 million-pound (979.8 million-euro) Somerset County Council Pension Fund has selected Standard Life Investments to manage a segregated specialist UK equity portfolio valued at around 175 million pounds.
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ABN Amro sets aside extra E901m for pensions
NETHERLANDS – ABN Amro has set aside an extra 901 million euros to cover is pension plans in the Netherlands, UK and Germany.
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Alliance Capital’s bond chief named S&P president
GLOBAL – Standard & Poor’s has named Kathleen Corbet, the head of Alliance Capital Management’s fixed income division, as its new president.
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Austria’s BVP awards convertible bonds to MSIM
AUSTRIA – Austrian multi-employer pension fund BVP Pensionskassen has awarded a 30 million-euro convertible bond mandate to Morgan Stanley Investment Management, a type of investment new to the fund.
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Denmark’s FSP awards E41m to Russell
DENMARK - The 16 billion-crown (2.21 billion-euro) pension fund of the Danish financial sector, Finanssektorens Pensionskasse has awarded two equities and a hedge fund- of-funds mandates to Russell.
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Aviva scheme appoints Nomura for Japanese equity brief
UK – The Norwich Union Aviva Staff Pension Scheme has appointed Nomura Asset Management to manage a Japanese equities brief worth in the region of 100 million pounds (150 million euros).
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Goldman's asset mgmt revenues rise 67%
GLOBAL – Goldman Sachs’ asset management division has posted a 67% rise in revenues in the first quarter.
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NAPF: Bank of England warns of risks in search for yield
UK – The Bank of England has warned about risks in the search for yield – and said it wants to extend its dialogue with asset managers...
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Consultant says it is first to 'cost' fixed income transactions
GERMANY - A German investment consultant has developed what it claims is the first methodology to measure the overall cost of fixed income transactions
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Stopford promoted to Investec fixed income top slot
UK - Investec Asset Management has promoted the head of its South African fixed income team, John Stopford, to head up the firm’s fixed income business.
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AP3 switches US equity portion to Asia-Pacific region
SWEDEN –Sweden’s third national pension fund, AP3, has reduced the size of its 24.7 billion Kronor (2.6 million euros) US mandate by 2.5% of the total portfolio to boost a 930 million kronor (100 million euros) Asia Pacific exposure.
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Schroders loses RSPCA balanced brief
UK - The Royal Society for the Prevention of Cruelty to Animals has appointed Threadneedle Asset Management to run its 68 million-pound (100 million-euro) balanced pension scheme, resulting in a loss for Schroder Investment Management.
