Real Estate – Page 115
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State Street has net loss of 23 million dollars in Q2
US – State Street Corporation has announced a net loss of 23 million dollars on revenues of 1,082 million for the quarter ended June 30. For the first six months, total revenues came to 2,102 million dollars and net income to 73 million dollars.
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European institutions eye US real estate - PGI
EUROPE - European institutions are showing an increased appetite for US real estate, says the new chief executive of US-based asset management firm Principal Global Investors' European operations.
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Shropshire moves into hedge funds
UK – Shropshire County Council has announced a change in its pension fund benchmark with greater allocation to bonds and the introduction of a hedge fund portfolio.
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Portuguese pension funds net buyers of equities
PORTUGAL – Pension funds in Portugal were net buyers of equities in the first quarter, according to new data from Watson Wyatt.
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Pensions should be compulsory, says UK report
UK - Employer and employee pensions should be made compulsory if the UK’s 27 billion-pound (38.7 billion-euro) pension gap is to be filled, says market analysis firm Datamonitor.
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Ignore consultants’ advice, says Somerset
UK – The head of the 600 million-pound (867 million euro) local authority pension fund of Somerset County Council says only a bad pension fund follows the advice of investment consultants to the letter.
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European institutions shun consultants - poll
EUROPE – A new poll has found that 67% of European institutional investors do not employ the services of an external investment consultant.
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Property at ‘inflection point’ – Morgan Stanley
UK - Investors need to be cautious about which real estate sectors they invest in, Struan Robertson of investment bank Morgan Stanley told a property conference in London, organised by the group.
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Goldman Sachs AM loses E6.8bn in British Coal revamp
UK - The 10 billion pound (14 billion euro) British Coal Staff Superannuation Scheme has withdrawn 4.8 billion pounds (6.8 billion euros) from Goldman Sachs Asset Management -but says GSAM remains a "favoured manager".
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UK’s Buckinghamshire tenders bond, property brief
UK – Buckinghamshire County Council pension fund is tendering a bond and property mandate to the value of 110 million pounds (159 million euros).
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German funds investing in east Europe property
EUROPE – German open-ended funds have taken the lead in foreign investment in eastern European property, according to new research.
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Lucent’s Dutch fund ousts Schootse Poort, ABN Amro
NETHERLANDS – The incumbent managers at Lucent Technologies’ 450 million euro Dutch pension fund, Schootse Poort and ABN Amro, have been replaced in a shift to specialist managers.
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UK’s Leicester reviews asset, portfolio structure
UK – The 1.1 billion pound (1.52 billion euro) Leicestershire county council pension fund is reviewing its asset and portfolio structure and is asking for managers to put forward proposals for various asset classes.
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UK’s FSA proposes new collective investments
UK – The Financial Services Authority is proposing a new type of collective investment scheme for institutional investors and expert investors in the UK which should allow them to be more competitive within Europe.
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DeAM and Schroders ousted at Oxford council
UK – The 500 million pound (703 million euro) pension scheme of Oxfordshire County Council has replaced Deutsche Asset Management and Schroders with UBS, Baillie Gifford, Alliance Bernstein and Legal & General as part of a move to find better performance.
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West Sussex tenders property portfolio
UK – The 750 million pound (1.05 billion euro) West Sussex County Council pension fund has put its direct property portfolio up for tender.
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Norway’s KLP ready for new pension proposals
NORWAY – Mutually-owned insurer KLP says it is well placed to benefit from proposed changes in the Norwegian pensions market, but says it will mean hard work and a change in its approach.
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New EU states to have hot property markets
EUROPE – Property investments in countries that are about to join the European Union look very favourable, but tread carefully - so says Matthew Ryall of LaSalle Investments.
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Guinness pension fund appoints Morgan Stanley
IRELAND – The 1.2 billion euro Guinness Ireland group pensions scheme has appointed Morgan Stanley Investment Managers to run an 110 million euro European fixed income mandate.
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Denmark’s ATP increases property allocation
GERMANY – ATP, the 31.2 billion euro Danish supplementary pensions scheme, says it will increase its allocation to property by the end of 2005 and move away from domestic dominated property.
