Real Estate – Page 119
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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.
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UK's Oxford Council tenders five mandates
UK – Oxfordshire County Council has put five mandates out to tender for management of its pension fund. The combined total of assets involved is 495 million pounds (772.5 million euros).
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Watson advises clients away from equities
EUROPE – Pension consultancy firm Watson Wyatt says it is advising its clients to move away from equities and that it knows of “very few” firms that invest in accordance with best practice.
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UK: Schroder Property wins Tower Hamlets mandate
UK – UK local authority Tower Hamlets’ pension fund is to switch its 40 million pound (62.6 million euro) property allocation to a property unit trust run by Schroder Property Investment Management.
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Netherlands’ BPMT backs German property fund
GERMANY/NETHERLANDS – The Dutch metalworkers’ pension fund BPMT has backed Warburg-Henderson KAG’s new German property fund by being the lead investor, with an equity commitment of 60 million euros.
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Aberdeen AM cuts jobs as profits slump
UK – Fund manager Aberdeen Asset Management Plc has cut 88 jobs in a bid to cut costs following a 15% fall in 2002 pre-tax profits which have been hit by a 2.3 billion pound (3.59 billion euro) fall in the value of its funds under management.
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Sanpaolo's Fideuram sets up Dublin fund manager
IRELAND/ITALY – Sanpaolo IMI’s Banca Fideuram has established an operation in Dublin to manage a range of funds that are currently domiciled in Luxembourg.
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UK: Hackney tenders mandates worth e710m
UK – The London Borough of Hackney has put out to tender a series of mandates, including a transition mandate, for the whole of its 450 million pound (710 million euro) pension fund. The scheme’s assets are currently managed in-house and by Barclays Global Investors (BGI) on a balanced basis.
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Investec wins mandate as asset profits rise
UK – Financial services firm Investec’s asset management profits rose slightly in the first half – coinciding with news that it has won a 20 million pound (31.4 million euro) balanced mandate in the UK.
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MLIM faces another UK mandate loss
UK - Merrill Lynch Investment Management risks losing its third mandate in a month with the north-west London local authority of Harrow putting out to tender a 90 million pound (141.14 million euro) global equity mandate which it currently manages.
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European funds using more US managers
EUROPE - European pension funds are using more non-domestic managers – in particular US-based ones, according to a report by Mercer Human Resource Consulting. Of the top 20 managers of European pension funds, 15 listed the US as one of their home countries.
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Britannic Asset Management names UK equities head
UK - Britannic Asset Management has appointed Kevin Fenelon as its investment director of UK equities. Fenelon is currently head of UK large cap investments at Britannic and will continue to oversee the business.
