Markets – Page 250
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Sweden's AP1 announces double-digit loss for 2002
SWEDEN – AP-1, the 117.1 billion Swedish krone (12.8 billion euro) first Swedish national pension fund, has posted a loss of 13.8% for 2002, and has announced changes to its asset allocation following an ALM study....
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UBS to set up holding company
EUROPE – Swiss bank UBS is to create a holding company to incorporate its five independent private banks and GAM, its specialist portfolio and asset manager - together they run 70 billion Swiss francs (47.6 billion euros) in assets on behalf of their clients.
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GSAM names European equity heads
EUROPE – Goldman Sachs Asset Management has named Hywel George and Stuart McPherson as its new co-chief investment officers for its European equity business.
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European CIOs see assets rising in 2003
EUROPE – Eighty percent of European chief investment officers surveyed by US risk measurement firm Barra are positive that assets under management will increase over 2003.
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UK insurer seeks managers via IPE-Quest
UK – A UK-based insurer/multi-manager is searching for asset managers with experience in pan-European large-cap value equities via the IPE-Quest system.
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Fund tenders two high-yield mandates on IPE-Quest
GERMANY – A German corporate pension fund has put out to tender two high yield mandates in excess of 100 million dollars via IPE-Quest.
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Sweden’s AP3 records 12.6% negative return
SWEDEN – Citing the continued downturn in equity markets, Tredje AP-fonden, the third national Swedish pension fund or AP3, has recorded what it has termed a “painful” negative return of 12.6% for 2002.
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Consultant calls for bond product improvement
UK – Asset managers serving the pensions market should align their bond management products more closely with the liability needs of pension funds, urges consultants Hewitt Bacon & Woodrow.
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State Street wins Deutscher Ring mandate
GERMANY – State Street Corp. has won a Depotbank mandate from German insurer Deutscher Ring Versicherungen, though the exact size of the mandate was not disclosed.
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Indexchange launches fixed income ETF
GERMANY - Europe’s first exchange traded fund, or ETF, tracking a fixed income index has been launched by Munich-based Indexchange.
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Danish fund tenders $50m mandate via IPE-Quest
DENMARK – A Danish industrial pension fund has tendered a global enhanced index equities mandate for 50 million dollars (46 million euros) plus via IPE-Quest.
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BNP Paribas 2002 profits fall 18%
FRANCE – BNP Paribas has reported an 18% fall in profits for 2002 to 3.295 billion euros from 4.018 billion euros in 2001. Assets under management also fell 6%.
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Dutch fund tenders e30m small cap mandate via IPE
NETHERLANDS – A Dutch corporate pension fund has tendered a 30 million euro European small-cap equities mandate via IPE-Quest.
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CDC tops French asset management survey
FRANCE – CDC Ixis Asset Management has been voted the top French asset manager by France’s largest institutional investors, according to a survey conducted by consultants Amadeis.
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Amvescap profits decline by 33% in 2002
US – US-Anglo fund firm Amvescap, the holding company for AIM and Invesco, has reported a 33% fall in pre-tax profit for 2002.
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Mellon consolidates US fixed income businesses
US – Mellon Financial Corp. is merging three of its 14 institutional asset management businesses to form one of the largest fixed income managers in the US.
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Credit Suisse AM revamps European management
EUROPE – Credit Suisse Asset Management Europe has announced its pan-European management structure and executive board members.
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Actuaries say bonds best for meeting liabilities
UK – The top actuarial body in the UK says inflation-linked bonds have the “highest probability” of meeting wage-linked liabilities.
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German public bank moves into asset management
GERMANY/IRELAND – DePfa Bank, the German public finance bank, has announced an initiative to branch into asset management with the establishment of an in-house fund aimed at global institutional investors.
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German chemical fund announces investment set-up
GERMANY – Chemie Pensionsfonds, administered by HVB, has announced its initial fund strategy as the first cash flows from December begin to roll in – the fund is now around 10 million euros in size.
