Markets – Page 256
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IPE announces 2002 pension fund awards winners
EUROPE- IPE Magazine has announced the winners of its 2002 pension fund awards for both “investment strategy” and “fund structure and administration”. Entrants were judged by selected panels of experts selected country by country.
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TIAA-CREF and CalPERS to challenge executive pay
US- Two of the world's largest pension funds, TIAA-CREF and CalPERS, are planning to target companies that offer over-generous pay schemes, and to request changes from their boards.
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German institutions slash equity holdings to 19%
GERMANY- German institutions have decreased their asset allocation to European stocks from an aggregate 27% to 19% over the last two years, according to a survey by US-based consultants, Greenwich Associates.
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Morley names head of alternative investments
UK- Morley Fund Management has appointed Peter Rains as head of alternative investments, in addition to his role of head of fixed income.
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Cardano hires NIB's ex-CIO van Gelderen
NETHERLANDS- Cardano Risk Management, the Dutch derivatives and ALM research firm has appointed Eduard van Gelderen as a director responsible for marketing its products.
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Northern Trust to buy Deutsche's passive business
GERMANY- Deutsche Bank has signed an agreement to sell its passive asset management business to Northern Trust Corporation. The transaction is expected to be completed in the next three to six months, at an estimated price of $260m.
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SWIP beefs up US division with Schroders hire
UK/US- Scottish Widows Investment Partnership has announced the appointment of Phil Chappell as investment director for US markets. Chappell joins at the beginning of next month and will report to Graham Wood, head of global sectors and international research.
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Axa transfers e5.6bn to Axa Rosenberg
UK- AXA IM will transfer approximately £3.5bn (e5.6bn) of its Continental Europe and global equity mandates to its specialist global equity affiliate, AXA Rosenberg, following a strategic review.
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Schroders replaces Invesco on e50m Asian fund
UK- Cardiff County Council’s e890m pension scheme has replaced Invesco by Schroders Investment Management as manager for its Asian equity portfolio.
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BNP launches its UK custody business
UK- BNP Paribas Securities Services has launched a domestic UK securities clearing and custody unit, so that transactions for UK securities can now be processed in London. BNP Paribas’ clearing and custody business now covers 13 markets across Europe.
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EFRP vice chairman questions EC directive
UK- The European Commission’s occupational pensions directive has come under fire from a prominent European pensions professional who claims that it fails to fulfil one of its main objectives, the liberalisation of investment across Europe.
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MLIM loses e637m mandate as BAA changes strategy
UK- Merrill Lynch Investment Managers has lost a £400m (e637m) UK equities mandate following the decision by the British Airports Authority pension fund (BAA) to cut its UK exposure in favour of global equities.
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UK DC schemes can learn from US mistakes
UK/US- As defined benefit schemes in the UK increasingly give way to defined contribution schemes, trustees should look to the US and learn from the mistakes made there over the last twelve years, suggests Don Ezra, director of strategic advice at Frank Russell Company.
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NAPF leads call for abolition of stamp duty
UK- Leading global financial authorities gathered today to call on the UK government to abolish stamp duty on UK share transactions. The average cost of stamp duty to consumers in defined contribution company pension schemes is about £8,000 over a 25-year contribution period and in the case of defined benefits ...
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Deheuvels joins AGF as head of equities
FRANCE- AGF Asset Management, part of German insurer Allianz, has appointed Thierry Deheuvels as its head of equity fund management team. He will also undertake responsibility for developing and promoting AGF’s socially responsible investments.
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F&C appoints Invesco's Broccardo as CIO
UK- F&C Management has appointed Anthony Broccardo as chief investment officer after Arnab Banerji announced earlier this year that he was leaving the company to pursue a career in public services following his appointment as a member of the advisory panel of a government think tank.
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Fortis opens new office in UK for fixed income
BENELUX/UK- As part of its expansion into fixed income, Fortis Investment Management plans to open a new investment centre in London that will be headed by Guy Williams.
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Crédit Lyonnais announces new head of fixed income
FRANCE- Crédit Lyonnais Asset Management has appointed Jean-François Boulier as its new deputy chief investment officer and head of fixed income. Based in Paris. Boulier replaces François Marais, who was recently promoted to the position of CIO at CLAM.
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Robeco buys 60% share in Boston Partners
NETHERLANDS/US- Dutch asset manager Robeco, part of the Rabobank Group, has acquired a 60% participating interest in Boston Partners Asset Management, adding the final piece in Robeco’s establishment of new company Robeco USA. Robeco USA will manage approximately e30bn in assets – 30% of Robeco’s total assets under management.
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Irish reserve fund to use commission recapture
IRELAND- The National Pension Reserve Fund of Ireland has put out the tender for one or two brokerage commission recapture providers for its equity investments.