All articles by Robert Melia Watson – Page 14
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News
ALM study could open up PMI's investment strategy
NETHERLANDS – The giant €12.5bn Dutch metal workers fund, PMI, is undertaking an asset liability study that could open up its investment strategy to include alternatives such as commodities, currency overlay, below investment grade bonds and inflation-linked contracts.
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Rothschild launches UK corporate bond fund
UK – London-based Rothschild Asset Management has launched a new UK corporate bond fund as part of its institutional pooled fund range. The new fund will have an initial value of £37.5m (€61.2m) and is part of its Five Arrows open-ended investment company (OEIC) fund range.
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ABP down €3bn after 'disappointing' 2001
NETHERLANDS – Europe’s largest pension fund, ABP, has reported a decline in pensions capital in 2001 from €150bn at the start of the year to €147bn at the end. The decline is the result of disappointing returns coupled with the decline in net assets and overlay contracts, says the company’s ...
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UK budget is bad news for property investors
UK – Changes to stamp duty on commercial property announced in chancellor Gordon Brown’s budget will lead to growth in the property unit trust market according to Tim Bell, director of property at F&C Management in London.
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CDC IXIS loses head of European equities to Fortis
FRANCE – French investment management group, CDC IXIS Asset Management in Paris has lost its head of European equities, Gilles Meshaka, as well as three members of his team, Sadri Tamarat, Laurent Jacquier-Laforge and Pierre-Alain Labat. All four are reportedly moving to rival asset manager, Fortis Investment Management, as part ...
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CIPFA issues guidelines for government schemes
UK – The pensions panel of the Chartered Institute of Public Finance and Accountancy (CIPFA) has issued a new set of guidelines for the Local Government Pension Scheme (LGPS), the umbrella organisation for 100 individual local authority pension funds in the UK representing £100bn (€163bn).
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Frank Russell adds Barry to institutional team
UK – Investment services firm, Frank Russell Company, has appointed Mark Barry as director of client service within its institutional investment services team.
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CalPERS shortlists seven for $4.1bn equity fund
US – The $172.5bn (€196.3bn) Californian state public workers’ pension fund, CalPERS, has short-listed seven asset management firms to take care of the fund’s $4.1bn domestic growth equity fund.
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Dorset picks Cazenove for £38m cash mandate
UK – West Dorset District Council has awarded a £38m (€62m) fixed income and cash mandate to Cazenove Fund Management. The appointment will take effect from May and the mandate represents a fund that is part of the council’s liquid assets.
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Scottish Life launches guaranteed growth fund
UK – Isle of Man-based capital protected products specialist Scottish Life International (SLI) has launched a new guaranteed growth fund, the Protected Term Deposit (PTD) Series I, aimed at self-administered pension schemes.
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DC not necessarily cheaper than DB says Aon
UK – Switching from defined benefit to defined contribution can be a costly exercise if companies don’t weigh up the pros and cons properly, warns Paul McGlone, a principal and actuary at Aon Consulting in London. The news comes at a time when many companies are closing their DB schemes ...
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Brennen to replace Bolsover as CEO at Baring AM
UK – David Brennan has been appointed chairman and chief executive of London-based Baring Asset Management (BAM) with effect from July. He will replace John Bolsover who is retiring after 27 years with the firm.
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Powys seeks investment managers for £80m
UK – The £160m (€260.7m) Powys County Council pension fund in Wales is looking for asset managers for a £48m active fixed income mandate and two £16m active equity mandates. John McNeil, head of finance at the fund, says the RFP has come about because the fund grew unhappy with ...
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Clemeur replaces Brasseur at Belgian association
BELGIUM – The Belgian Association of Pension Funds in Brussels has appointed Hugo Clemeur as general secretary, replacing Leon Brasseur, who decided last week to leave the association to concentrate on developing his career directly within the pensions industry.
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Hermes appoints new head of private equity
UK – Hermes Pensions Management has appointed Rod Selkirk as head of private equity, replacing Robert Padgett who will take full retirement later this year. Selkirk, who has over 20 years experience in private equity, joins from Bridgepoint Capital, where he was managing director and member of the executive and ...
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Germany needs further reform says ABA
GERMANY – The German occupational pensions market needs further reform if it is to compete successfully with the private pensions industry, says Klaus Stiefermann, general manager of the Heidelberg-based Aba, the German occupational pension fund association.
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BP will retain DB scheme despite new 4% deficit
UK – The slump in the equity markets means the $16.9bn (€19.2bn) BP Amoco UK pension scheme only has enough assets to cover 96% of its liabilities, opposed to 120% the previous year, according to its latest annual report. However, the company says it won’t close its defined benefit scheme, ...
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Spain proposes EU pensions solvency test
EUROPE / UK – A proposal by the Spanish delegation to the EU pensions working group to introduce a solvency test for pension funds could lead to billions of euros having to be injected into occupational schemes overnight. But the idea has come under fire from the UK government which ...
