COPENHAGEN - The 20 billion Danish kroner ($3.3 billion) Magistrenes Pensionskasse has invested 50 million kroner ($8.3 million) into an emerging markets unit trust managed by Schroder Investment Management Ltd., said Bjarne Boye Nielsen, head of investment.
The fund for senior schoolteachers plans to invest another 200 million to 300 million kroner in global equities in 1995. Right now, the fund is "standing on the sidelines" while volatility in global markets calms down, Mr. Boye Nielsen said. "We are not in a hurry."
Hires are being funded from new cashflows. No consultant is being used.
LIVERPOOL - The (pounds) 8 billion ($12.5 billion) Universities Superannuation Scheme has purchased the freehold interest in the Beechwood Place Shopping Centre in Cheltenham for (pounds) 15.3 million. The property was acquired from the Church Commissioners, who oversee the investments of the Church of England. The church had lost (pounds) 800 million on its property portfolio between 1989 and 1992.
Some of the units in the shopping center are vacant. Malcolm Naish, a partner at Jones Lang Wootton Fund Management, London, which advised USS on the acquisition, said the fund seeks properties that it can upgrade and provide added value.
USS also recently purchased the freehold interest in Deeside Industrial Estate, a 110-acre industrial park, for (pounds) 12.5 million. Nearly half of the 46 units there are vacant.
STAFFORD, England - The (pounds) 850 million ($1.32 billion) Staffordshire County Council Superannuation Fund tentatively picked Gartmore Pension Fund Managers, London, to run a tactical asset allocation portfolio.
Subject to signing a contract, Gartmore will use a futures overlay on the fund's domestic and overseas equity allocation to adjust the overall asset mix. As of March 30, 1994, the fund was 82.3% invested in stocks.
Gartmore will be able to use up to (pounds) 40 million in fund assets for purchase of futures contracts.
MEXICO CITY - William M. Mercer Cos. acquired C&B Consultores, a 15-person compensation consulting firm in Mexico City. The new company will operate as Mercer C&B. The purchase price was not disclosed. Francisco Mendoza, managing director of C&B Consultores, will be in charge of the merged company's operations and will report to Yves Roy, Mercer's managing director for Latin America in Sao Paulo.
The acquisition creates Mercer's first presence in Mexico.
CROYDON, England - The (pounds) 800 million ($1.26 billion) Ranks Hovis McDougall PLC pension fund is being restructured to specialist mandates from a balanced approach.
Following an asset/liability study, the fund has decided to hire eight or nine different specialists, although all of the mandates have not yet been identified, a source close to the fund said. A core index approach is one possible mandate.
Current managers are Morgan Grenfell Investment Management, PDFM and Henderson Pension Fund Management, each of whom manages about (pounds) 200 million in global balanced portfolios. PDFM runs an additional (pounds) 200 million, split between a consensus fund that tracks the industry median allocation and a global active/passive portfolio.
Frank Russell International is the consultant.
LONDON - The United Bank of Kuwait raised more than $16 million from more than 100 institutional and individual investors for its Oil Investment Linked Deposit product.
The fund's original fund-raising target was $10 million.
The fund is a three-year capital guaranteed deposit linked to movements in the price of West Texas Intermediate.
LONDON - Schroder Investment Management (Europe) Ltd. hired Ies Zwaaf to open an Amsterdam-based client servicing office. The office is intended to show Schroder's long-term commitment to the Dutch institutional market, where it already manages some 700 million guilders ($407 million) in assets.
Mr. Zwaaf formerly was a senior account manager for BZW Nederland N.V., the bank's securities arm.
LONDON - Jeremy Clegg, formerly a director at Henderson Pension Fund Management, will become marketing director at Gartmore Pension Fund Managers March 1. His position at Gartmore is a new one. He has not been replaced at Henderson.
U.K. money managers are bullish on British stocks, according to the Smith New Court-Gallup Survey. The survey found the balance of bulls minus bears is 79% on a 12-month view and 47% on a three-month view. A balance of 21% of 79 institutions handling (pounds) 963 billion ($1.5 trillion) surveyed expect to increase their holdings in U.K. equities. Managers plan to reduce their cash holdings.