Markets – Page 252
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Benelux corporate fund tenders e35m in mandates
EUROPE – A Benelux-based corporate pension fund has put out to tender the mandates for a 17.5 million euro North America mid-cap growth fund, and a 17.5 million euro Japan mid-cap growth fund, through IPE-Quest.com.
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Standard Life sees low inflation, low bond yields
GLOBAL – The rising global dependency ratio in the developed world will continue to encourage low inflation and low bond yields, says fund manager Standard Life Investments.
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F&C Management's 2002 profits rise 20% to e47m
UK - F&C Management, the tenth largest manager of European pension fund assets, says its pre-tax profits for 2002 will rise 20% to 47 million euros – despite a 5% decline in revenues.
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Sweden’s AP3 taps CoreRatings for SRI
SWEDEN – The 13.9 billion euro AP Fonden 3 Swedish pension fund says it has hired consultancy firm CoreRatings to provide socially-responsible investing advice, adding that it will take an active role in the companies in which it invests.
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Threadneedle to run e155m Russell equity mandate
UK - Threadneedle Asset Management has been appointed to run a 100 million pound (155 million euro) UK equity mandate for Frank Russell Co.
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SPK to invest e31m in Scottish Widows’ SRI fund
SWEDEN – Sweden’s 1.2 billion euro Sparinstitutens Pensionskassa pension fund will invest 31 million euros in Scottish Widows’ Investment Partnership’s European socially responsible investment fund.
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Deutsche segregates e3.6bn in pension obligations
GERMANY - Deutsche Bank has segregated 3.6 billion euros of its German employee pension obligations, removing them from the balance sheet and creating a separate fund that will be managed by Deutsche Asset Management.
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Watson advises clients away from equities
EUROPE – Pension consultancy firm Watson Wyatt says it is advising its clients to move away from equities and that it knows of “very few” firms that invest in accordance with best practice.
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Merrill Lynch loses $543m Calpers bond mandate
US – The 128 billion dollar California Public Employees' Retirement System, Calpers, has dropped Merrill Lynch Investment Managers from its international fixed income manager line-up. MLIM had been managing a 543 million dollar portfolio, accounting for 8.73% of Calpers’ entire fixed income portfolio.
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Guru tells pension funds: bear market to persist
UK - The current bear market is likely to last until 2005 at least, one of the US’s most prominent investment strategists told pension fund managers and their advisers today.
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AP4 awards e384m Japan mandate to Martin Currie
SWEDEN – Fjarde AP-Fonden, the 13.4 billion euro Swedish state pension fund, has named three managers for Japan and Asia-Pacific equities mandates – Martin Currie, Capital and APS.
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Britannic Asset Mgmt to cut one in eight jobs
UK – Glasgow-based Britannic Asset Management is to lose 12.5% of its staff in a bid to cut costs. Cuts will be across the board, with estimates of 40 redundancies in total.
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UK firms providing wider funds choice – report
UK – UK companies with defined contribution schemes are providing employees with an increasingly wide choice of investment funds, says consultants Watson Wyatt.
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Netherlands’ Gamma awards Russell e175m mandate
NETHERLANDS – Dutch textiles company Gamma Holding has appointed multi-manager specialist Frank Russell to manage a 175 million euro equity and bond portfolio for its 340 million euro pension fund.
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Chiswell names head of pension fund marketing
UK – London-based investment manager Chiswell Associates has appointed Simon Hill as its new head of pension funds marketing in a push to develop its institutional pension fund business.
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HBOS names managers at Rothschild Asset Management
UK – HBOS’s investment arm, Insight Investment Management, has announced its new senior management structure following the acquisition of Rothschild Asset Management this week.
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Shell sticking with defined benefit plans
UK – The head of investment policy for Shell’s pension funds says the oil company’s pension funds are sticking with defined benefit pension schemes because it suits the organisation very well.
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HBOS confirms e98m acquisition of Rothschild AM
UK – Rothschild’s asset management arm has officially been sold to HBOS’s fund management arm, Insight Investment Management, for 61 million pounds (95.8 million euros).
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Belgacom pension fund tenders equity mandate
BELGIUM – The pension fund of Belgian telecoms provider Belgacom SA has put out to tender an international equity mandate.
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Deutsche AM says UK fixed income chief to leave
UK – Deutsche Asset Management’s chief financial officer for fixed income in the UK, Ian Clarke, will be leaving the company, in what is believed to be a mutual agreement between the two parties.
