Real Estate – Page 102
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Aegon sets up Slovakia pension fund
NETHERLANDS – Aegon has launched a pension fund company in Slovakia, the life insurer said in a quarterly update.
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DeAM, Schroders lose out at Avon Cosmetics
UK - Deutsche Asset Management and Schroder Investment Management have lost out with the 102 million-pound (146.5 million-euro) pension scheme of Avon Cosmetics switching from a balanced to specialist strategy.
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Danish pension funds set up real estate “club”
DENMARK – Five top Danish pension funds worth around 45 billion euros have set up a real estate “club” to invest in European indirect property vehicles, says real estate firm Cushman & Wakefield Healey & Baker.
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ABP buys stake in UK real estate firm
UK - ABP, the 150 billion-euro Dutch civil service pension fund, has acquired a minority stake in the UK-based student accommodation company Unite Group.
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IPE strengthens Netherlands coverage
NETHERLANDS – Investment & Pensions Europe, the leading magazine for European institutional investors, has strengthened its coverage of the Dutch market with the appointment of Danielle Rossingh as Dutch Editor.
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ING asset management profits rise 40%
EUROPE – ING says its operating profits from asset management rose 40.3% in the first nine months of 2004 - driven by the institutional asset management business.
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German institutional funds up 3.6%, BVI says
GERMANY - Despite lacklustre financial markets, the volume of German institutional funds, or Spezialfonds, saw an increase of 3.6% in the first nine months of this year, statistics from German fund industry association BVI show.
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UBS asset management profit slips 20%
GLOBAL – Pre-tax profit at UBS Global Asset Management has slipped almost 20% in the third quarter despite three billion Swiss francs (1.9 billion euros) of new institutional business.
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Deutsche asset strategy queried amid AUM slump
GERMANY – Deutsche Bank’s asset management strategy has come under scrutiny in the wake of disclosures that its institutional fund arm DeAM lost 13 billion euros in assets in the third quarter.
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BNP Paribas picks up Luxemburg SICAV brief
LUXEMBURG - The Luxemburg-based real estate fund for institutional investors, Sireo Immobilienfonds n°4 SICAV, has awarded BNP Paribas Immobilier a 200 million-euro mandate to be invested on the French market.
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Bank of NY names European finance chief
EUROPE - The Bank of New York has named Angus Cameron as chief financial officer for its operations in Europe, a new role.
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New framework may change Dutch funds’ asset mix
NETHERLANDS - The new supervisory framework for Dutch pension funds and insurers may lead to a move out of equities and into bonds, experts have suggested – though the government doesn’t plan to change its bond issuance strategy.
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Danica Pension in E255m shift to equities
DENMARK – Danica Pension, the life insurance and pension arm of Danske Bank which has a large bond portfolio, has made a 1.9 billion-crown (255 million-euro) net investment in equities.
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Deka dismisses real estate executives
GERMANY- Deka Bank has fired three senior executives in charge of its real estate fund arm, claiming the executives lied about the true value of its investments in German real estate.
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PensionDanmark in funds transferral move
DENMARK – Industry-wide pension fund PensionDanmark is bidding for a share in the new market of funds transferral from the government-backed SP fund to other funds chosen by workers.
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Pension consultants slam UK’s property policy
UK – The Society of Pension Consultants has said the government is in danger of “shooting itself in the foot” over its plans to ban upward-only reviews of property rents.
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Deka says institutional funds still healthy
GERMANY - Deka Bank has confirmed that one of its mutual funds investing in real estate suffered outflows totalling 1.2 billion euros in the first eight months of 2004, but said its institutional funds investing in the asset class remained healthy during the period.
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UK’s Dorset allocates to hedge funds in revamp
UK - The 900 million-pound (1.3 billion-euro) Dorset County Pension Fund has allocated five percent of its portfolio to hedge funds investments as part of a review of investment strategy.