TORONTO - The Ontario Teachers Pension Plan Board, with U.S.$40.2 billion in assets, has agreed to acquire the 78.2% of Cadillac Fairview Corp. it does not already own at $23 a share. Cadillac, a Toronto-based real estate developer, had been trading at $19 to $20 a share in recent weeks. Teachers, Cadillac's largest shareholder with a 21.8% stake of shares outstanding, also will make an offer for Cadillac's $66 million in convertible unsecured subordinated debentures.
Freight Transport
hires Gissings
TUNBRIDGE WELLS, England - Freight Transport Association Pension Plan has appointed Gissings to provide actuarial, advisory, administration, risk brokering and accounting services for the L20 million ($32 million) plan, said Keith Taylor, chairman of the board of trustees.
The previous adviser was Abbey National Benefit Consultants.
Scudder, Threadneedle
complete integration
Scudder Investments and Threadneedle Asset Management Group completed their integration Nov. 30 with the launch of Scudder Threadneedle Investments Ltd.
The combined group has assets under management of L45 billion ($72 billion), L37 billion of which is managed for institutional clients, said Simon Davies, chief executive officer and chief investment officer.
The group is still interviewing for a head of institutional business but hopes to hire someone by the end of the year, Mr. Davies added.
Reporting directly to Mr. Davies are Sarah Arkle, head of equities and managed funds; Robert Stirling, director of global fixed income; and David Sachon, head of the retail business.
Two Brazilian pension funds
invest in oil deal
RIO DE JANEIRO, Brazil - Petros, the pension fund of Brazil's state oil company Petro Brasileiro SA, has invested $18 million and Valia, the pension fund of the Companhia Vale do Rio Doce mining company, has invested $28 million in a $1.5 billion project finance deal to boost output at Petrobras' Marlim oil field.
EASDAQ works out
details of dual trading
LONDON - EASDAQ, the pan-European stock market, announced details of its new dual listing and dual trading facilities, which will be fully operational by Jan. 3.
Effective immediately, companies already listed on a regulated market in Europe, Israel or the United States can apply for a dual listing on EASDAQ without having to prepare a new prospectus, providing they are not raising additional capital. EASDAQ eliminated its listing fees for these companies.
Also by Jan. 3, EASDAQ will introduce a new dual trading facility to open its pan-European platform to trade any stock already listed on any regulated market in Europe, Israel or the United States.
Market makers will be able to nominate stocks for this facility, effective immediately, providing no capital is being raised. The companies' permission will not be required.
Financial Research teams up
with Sector Analysis
BOSTON - Financial Research Corp., a mutual fund researcher, has formed a strategic alliance with Sector Analysis, a London-based marketing research consulting firm covering the asset management industry in Europe. Clients of each firm will have access to the full range of money management market research offered by each firm.
Northern Trust adds
Louekoski to London office
LONDON - Jussi Louekoski joined Northern Trust Co.'s London office as the new business development officer, responsible for global custody business development in Denmark, Sweden, Norway and Finland. He will report to Penelope Biggs, senior vice president of U.K., European and African new business development. Mr. Louekoski previously worked at Deutsche Bank.
Hewitt Associates opens
office in Kuala Lumpur
LINCOLNSHIRE, Ill. - Hewitt Associates LLC opened an office in Kuala Lumpur, Malaysia, staffed by office manager Daniel Wong and 10 consultants. Don Minner, public relations consultant, said the office will specialize in mergers and acquisitions and organizational effectiveness consulting. Hewitt already has locations in more than a dozen Asian cities.
Sydney Futures Exchange
becomes fully electronic
SYDNEY, Australia - All Sydney Futures Exchange futures and options products are now exchanged on its SYCOM IV electronic system. The last day of floor trading was Nov. 12 after exchange members voted to close the trading floor and move to a fully electronic trading platform.
"A fully electronic SFE means an SFE that is around the world and around the clock," said Leslie Hosking, SFE chief executive. "The exchange will no longer be limited in the number of market makers it can draw upon because electronic trading helps over-ride the difficulties of Australia's distance from other financial centers and relatively small population."
