Markets – Page 246
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Managers curb optimism for equity rises globally
EUROPE – IPE’s monthly investment manager survey of expectations of equity and bond market movements reveal asset managers are less optimistic about global equity markets than last month.
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Europe switches to money market and bond funds
EUROPE - Last year was a dismal one for Europe’s mutual investment funds, with year on year net sales down 52% to 98.3 billion euros, according to FERI Fund Market Information. Of this, money market funds accounted for 78 billion euros, 78% of 2002’s total.
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ADAM launches ‘new balanced’ approach for European institutions
EUROPE – The European asset management industry could well be moving away from traditional balanced portfolios to a new-type of balanced funds with elements of multi-management and specialisation, says Allianz Dresdner Asset Management (ADAM).
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ABP’s chief investment officer backs equities
NETHERLANDS – The chief investment officer of Europe’s largest pension fund, the 133-billion euro Stichting Pensioenfonds ABP, has put his weight behind equities’ role in pension fund portfolios.
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JP Morgan handles CREF 3.6bn Japan equities brief
US – JPMorgan Investor Services has had its custody relationship with the US College Retirement Equities Fund expanded to encompass the provision of income collecting for a 3.6 billion dollar (3.07 billion euro) Japanese equities portfolio.
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CSAM's chief investment officer Smith to leave in revamp
GLOBAL – Larry Smith is to leave his post as chief investment officer at Credit Suisse Asset Management after three years following yet another re-organisation by the company.
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RLAM’s equities chief Lawlor moves to Nomura
UK – The head of international equities at Royal London Asset Management, Philip Lawlor, is leaving to join Nomura International.
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Petroleum Fund rebalances benchmark portfolio
NORWAY – The 86.5 billion-euro Petroleum Fund has rebalanced its benchmark portfolio in a two-stage process that took place in February and March.
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UK’s Leicester reviews asset, portfolio structure
UK – The 1.1 billion pound (1.52 billion euro) Leicestershire county council pension fund is reviewing its asset and portfolio structure and is asking for managers to put forward proposals for various asset classes.
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ABP chairman calls for wage restraint
NETHERLANDS – The chairman of the board of directors at Europe’s largest pension fund, the 135.6 billion euro Stichting Pensioenfonds ABP, has said that wage restraint is the only way to keep pensions affordable.
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State Street opens Frankfurt office
GERMANY – State Street Global Markets is raising its profile in transition management in Germany by opening an office in Frankfurt.
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DeAM and Schroders ousted at Oxford council
UK – The 500 million pound (703 million euro) pension scheme of Oxfordshire County Council has replaced Deutsche Asset Management and Schroders with UBS, Baillie Gifford, Alliance Bernstein and Legal & General as part of a move to find better performance.
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AP1 to tender up to E429m in Pacific equities
SWEDEN – Sweden’s 12.8 billion euro first national pension fund, Forsta AP-fonden or AP1, will be tendering a Pacific equities mandate of up to 500 million dollars (429 million euros) in the near future, as it moves to a more active strategy.
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UK pension funds lack formal assessment of consultants
UK – An overwhelming majority of UK pension funds have no formal way of assessing the advice they receive from consultants, according to a new survey.
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Norway’s KLP ready for new pension proposals
NORWAY – Mutually-owned insurer KLP says it is well placed to benefit from proposed changes in the Norwegian pensions market, but says it will mean hard work and a change in its approach.
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European ETF assets rise 17% - Morgan Stanley
EUROPE – Assets under management in exchange traded funds listed in Europe rose by 17.1% in April, according to the latest research by Morgan Stanley.
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Guinness pension fund appoints Morgan Stanley
IRELAND – The 1.2 billion euro Guinness Ireland group pensions scheme has appointed Morgan Stanley Investment Managers to run an 110 million euro European fixed income mandate.
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Dutch pension fund tenders mandate via IPE-Quest
NETHERLANDS – A Dutch pension fund has put out to tender a euro zone equities enhanced index mandate via IPE-Quest.
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French reserve fund appoints Mercers
FRANCE – The 13.1 billion euro French reserve state fund has appointed Mercer Investment Consulting to assist with selecting investment fund managers.
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Credit Agricole wins KLM emerging market mandate
NETHERLANDS/FRANCE – Blue Sky Group, manager of the 6.5 billion euro pension fund of Dutch airline KLM, has appointed Credit Agricole Asset Management to run a global emerging market equity mandate.
