Markets – Page 259
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UK pensions remain healthy despite dropping £150bn
UK- The UK’s pension fund industry is in a good state and will continue to grow faster than the economy according to the 2002 Pension Fund Indicators report published by UBS Global Asset Management.
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Standard Life sales up 42%
UK- Standard Life Investments has defied flat market conditions and issued encouraging first half results. The subsidiary of the life insurer registered sales of £1.7bn in the six months to May, up 42% on the same period last year.
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Ex-Rothschild fixed income head joins Morley
UK- Morley fund Management has appointed Rothschild Asset Management’s former head of fixed income Ceris Williams as head of sovereign bonds. Williams will report to Peter Rains, head of fixed income and treasury, when he joins in September.
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North Yorkshire drops Invesco from €268m mandate
UK – The £730m (€1,152m) North Yorkshire Council pension plan is looking for managers for a £170m (€268m) balanced mandate. A spokesman for North Yorkshire says the mandate, currently managed by Invesco, is under review since the fund’s investment committee is not “entirely satisfied” with Invesco’s performance.
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Lindstrom branches out into portfolio management
SWEDEN- Swedish Consultant Bohman & Lindstrom, formerly known as Lindstrom & Partners, is broadening activities from straightforward advisory services and taking more responsibility for client’s portfolios with the launch of what it calls PAF, or Portfolio Assembling Factory.
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UK Council drops MLIM from e790m mandate
UK- Bath & North East Somerset Council's £1.7bn pension fund has added to Merrill Lynch Investment Management’s woes by dropping it from a £500m (e790m) mandate. A spokesman for the fund stressed that the replacement was result of an ALM study and restructuring and not primarily for underperformance although they ...
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Co-op fires MLIM and considers legal action
UK- The Co-operative Group’s £2.1bn pension fund has fired Merrill Lynch Investment Managers (MLIM) for underperformance on a £500m active mandate and is now considering legal action with the law firm Richards Butler.
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AXA launches asset backed securities group
FRANCE- AXA Investment Management has announced the launch of a specific asset backed security investment group to manage and expand the group’s e3bn asset backed security business.
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Gartmore restructures UK equities division
UK- Jon Thornton, head of UK equities at Gartmore, has announced a restructuring of the Group’s UK portfolio construction teams following poor performance and a number of recent staff departures.
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Nortel axes Jupiter from UK equities mandate
UK – The £1.6bn (€2.5bn) Nortel Networks UK Pension Plan has dropped Jupiter Asset Management from its manager roster. Jupiter was running a UK equities mandate, the size of which is undisclosed.
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Robur sets up corporate governance subsidiary
SWEDEN – Sweden’s largest mutual fund company, Robur, has created a new holding company specifically for corporate governance issues, Robur Fondholding. Chairman of the new company will be Anders Sahlén, current chairman of Robur.
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Bank of Ireland AM moves into US by buying Iridian
IRELAND- Bank of Ireland Asset Management (BIAM) is entering the US market by purchasing a 61% share in the US investment manager Iridian Asset Management for an initial fee of $177m.
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T Rowe launches global equity fund in Europe
EUROPE – Baltimore-based global investment management firm, T. Rowe Price has launched the T. Rowe Price global equity fund which is now available to investors in Luxembourg, Germany, Denmark, Norway and Sweden.
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SGAM poaches senior UK equity managers from UBS
UK- UBS Global Asset Management has suffered the departure of two senior investment managers to Société Générale Asset Management, the fund manager co-founded by Nicola Horlick.
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SwissAir names five sub-fund managers for e600m
SWITZERLAND- SwissAir has announced the names of managers appointed to run e600m in five sub-funds belonging to the recently restructured pension scheme. The fund has appointed managers to five mandates, each valued at approximately e120m.
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Meijer builds back office for European schemes
NETHERLANDS- Former Shell pension fund treasurer Robert Meijer is launching an integrated back office system for pension funds in Europe. Meijer, now an independent consultant, along with an IT company, an accountancy firm and a software house began developing the system two months ago.
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Gascoine joins AXA in key pensions role
UK- AXA Investment Managers has appointed Bruce Gascoine as a director in the UK Institutional sales team. As part of his new role, he will be responsible for business development within the pension fund and insurance markets.
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Kas adds €24m from Cedel sale to pension fund
NETHERLANDS – Dutch banking and financial group, Kas Bank, is to use a sizeable portion of the €55m gained in the sale of its share in Cedel International, to reduce its pensions costs, which have risen to represent 16% of the bank’s salary liabilities as a result of falling stock ...
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UBS Foundation enters multi-manager market
SWITZERLAND – UBS Global Asset Management has launched three new multi-manager sub-funds, the BVG range, in the SFr10.9bn (€7.5bn) UBS Foundation, the group’s investment foundation for the assets of its pesnion fund clients.
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UK pension funds view private equity as 'trouble'
UK- The flight of UK pension funds from equities into bonds has dashed hopes that schemes would increase their investment in private equity, according to a senior pension fund consultant.
