Real Estate – Page 117
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Sweden's AP1 announces double-digit loss for 2002
SWEDEN – AP-1, the 117.1 billion Swedish krone (12.8 billion euro) first Swedish national pension fund, has posted a loss of 13.8% for 2002, and has announced changes to its asset allocation following an ALM study....
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UK scheme begins £1.75bn outsourcing programme
UK – Following the departure of two of its senior investment staff last year, the Merseyside Council 2.5 billion pound pension fund will appoint six external managers to run 1.75 billion pounds in mandates....
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European CIOs see assets rising in 2003
EUROPE – Eighty percent of European chief investment officers surveyed by US risk measurement firm Barra are positive that assets under management will increase over 2003.
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BT pension scheme in property buy
UK – Hermes Pensions Management has agreed to buy the 50% of property firm MEPC that it did not already own on behalf of the 44.9 billion euro British Telecom pension scheme.
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Sweden’s AP3 records 12.6% negative return
SWEDEN – Citing the continued downturn in equity markets, Tredje AP-fonden, the third national Swedish pension fund or AP3, has recorded what it has termed a “painful” negative return of 12.6% for 2002.
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GE Life outsources UK property to Credit Suisse
UK/US - GE Life, part of US-based GE Financial, has decided to outsource the management of its 540 million pound (814 million euro) property portfolio to Credit Suisse Property Investment Management (CSPIM), the UK property arm of Credit Suisse Asset Management.
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AXA asset management revenues decline 7.2%
FRANCE – AXA Group has reported a 7.2% decline in revenues in 2002 for its asset management businesses, AXA Investment Managers and Alliance Capital.
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Credit Suisse AM revamps European management
EUROPE – Credit Suisse Asset Management Europe has announced its pan-European management structure and executive board members.
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New European real-estate info service launched
EUROPE - Investment Property Databank (IPD) and Experian Business Strategies have launched a joint property information service in a bid to provide analysts with up-to-date and comprehensive information on European real estate investment.
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European real estate deals reach e67.5bn in 2002
EUROPE - Europe’s property investment market was still very active last year, with transactions amounting to 67.5 billions euros, according to real estate investment group Jones Lang LaSalle. But the total was 1% down on the figure for 2001...
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HBOS names Insight department heads
UK – HBOS’s asset management arm, Insight Investment, has announced the new heads of desk for its teams following the acquisition of Rothschild Asset Management in December.
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Hewitt Bacon & Woodrow boosts UK investment team
UK – Consultancy firm Hewitt Bacon & Woodrow has recruited four new members to its investment team following increased demand.
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Euro-area investment funds fall in 2002
EUROPE – The European Central Bank says residents in the euro area held a total of 3.04 trillion euros in investment funds at the end of the second quarter of 2002, a decline from the prior year period’s 3.29 trillion euros.
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AP6’s e24m Nordisk sale offsets market falls
SWEDEN – AP6, Sweden’s 1.9 billion euro sixth national pension fund, has sold its 25% stake in real-estate firm Nordisk Renting for 220 million kronor (23.9 million euros), saying the profit from the deal will offset stock market losses.
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UK property returned 10.5% in 2002 – IPD
UK – Property was the best performing UK asset class last year with an annual return of 10.5%, says investment property data firm IPD.
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Morley makes two executives redundant
UK – Morley Fund Management is combining its European and international business units resulting in a board reshuffle and the loss of two senior executives, citing market conditions. Malcolm Le May and David Tremblay are to leave the fund management firm at the end of January.
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Germany’s BVI in pensions savings tax plea
GERMANY – Capital gains tax on long-term savings will discourage citizens that are preparing for an independent old-age pension, says Stefan Seip, head of the German investment fund association Bundesverband Investment und Asset Management (BVI).
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Credit Suisse unveils six new funds
UK – Credit Suisse Asset Management has launched six new funds to add to its range of pooled pension funds, and an investor OEIC comprising an initial nine sub funds.
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US fund sponsors’ costs rise 10% - report
US – US pension fund sponsors’ operational costs have risen 10% in the last three years, to almost 0.4% of total assets, according to new research by the Callan Investment Institute – with the rise driven by staff pay and fee rises.
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Denmark's e20.5bn PFA seeks sound property deal
DENMARK – The e20.5bn PFA pension fund has agreed to buy the Copenhagen Radiohuset – the home of Danish broadcasting – in a deal for an undisclosed sum from Danish property company, Sjaelsø Gruppen.
