UTRECHT, the Netherlands, -- Spoorweg Pensioenfonds plans to bring in-house the management of reportedly more than half of a E1.2 billion ($1.1 billion) U.S. equity portfolio currently handled by Barclays Global Investors.
The fund will manage the money to add value to the equity position, said Win Van Iersel, head of equities for the 10.35 billion euro plan. He would not specify the amount to be moved.
The fund already manages 25% of its total assets in-house, in European equities.
BGI officials would not comment.
Prudential unit buys Belgian realty company
PARSIPPANY, N.J. -- Prudential Real Estate Investors, through its real estate merchant banking arm PRICOA Property Private Equity, is purchasing Banimmo Real Estate, a Brussels-based real estate operating company with 53 properties in Belgium and Luxembourg and a portfolio value of $252 million, from Axa Banque Belgium. Terms were not disclosed.
Also, Prudential and Icatu Holdings of Brazil have created Prudential Icatu Gestao de Investimentos Imobiliarios, a real estate investment management and advisory firm investing in Brazil on behalf of Brazilian pension plans and international investors.
OSV Partners links up with Japan's Daiwa Bank
TOKYO -- OSV Partners, United Asset Management's global currency management subsidiary, will offer currency overlay investment management services to pension plan clients of Daiwa Bank Ltd. of Japan.
Daiwa provides custody, fund administration and asset management services to Japanese pension plans with 3.6 trillion ($34 billion) in foreign assets.
Two other entities are providing additional services: UAM (Japan) will offer client service, investment performance reporting and marketing support; and UAM Trust Co. will establish offshore funds to enable separate accounts and commingled portfolios to use currency overlay strategies.
InvestorForce is online in the U.K.
LONDON -- InvestorForce Inc., Wayne, Pa., has launched its online service in the United Kingdom.
So far, about 20%of the 800 billion ($1.2 trillion) U.K. pension fund market has been registered to use the site, said Charles Friedberg, director, business development at InvestorForce. The site now contains all of the features of the U.S.-based site, but officials need to add U.K.-specific information to the money manager database and market commentary functions. Mr. Friedberg said the database will be "coming forth shortly."
The manager database will be updated to feature U.K.-based investment products and their sizes in pounds. Many of the managers already in the U.S. database will be able to add their U.K. product data. The online manager search process has been modified to comply to local nuances, he said.
Commonfund's investments target Canadian endowments
WILTON, Conn. -- Commonfund Asset Management launched two investments aimed at the Canadian endowment market, the Commonfund Canadian Equity Fund and the Commonfund Canadian Bond Fund, which will be actively managed by subadvisers.
Perigree, Leith Wheeler, Magna Vista and J. Zechner Associates will handle the equity fund, while the bond fund will be managed by McLean Budden, Perigree, Deans Knight and BT Funds Management.
Cape Municipal Pension Fund picks SEI for international
CAPE TOWN, South Africa -- Cape Municipal Pension Fund trustees appointed SEI Investments to run 25 million rand ($77 million) in international equities and bonds, said Junaid Ehrenreich, acting principle officer. This is the first time the 3.5 billion rand fund has invested internationally.
Under domestic exchange controls, South African pension plans may invest up to 15%of their plan assets in non-domestic investments.
Norway Petroleum Fund picks Dresdner RCM
OSLO, Norway -- Norway's Government Petroleum Fund hired Dresdner RCM Global Investors to manage a North American active equity portfolio of unspecified size.
The 264.2 billion kroner ($30.8 billion) fund, which invests the country's surplus oil and gas revenue, cut its passive allocation by 7 billion kroner and dropped State Street Global Advisors as an index manager.
Frank Russell, Investment Solutions in marketing deal
JOHANNESBURG, South Africa -- Frank Russell teamed up with Investment Solutions to market Russell's Dublin-registered multi-manager range of bond and equity funds, which Russell already distributes in South Africa through Liberty Group.
Investment Solutions was set up by consultant Alexander Forbes and has 29 billion South African rand ($4.26 billion) in assets under management.
State Street allies with Chinese bank
BOSTON -- State Street Corp. has formed a strategic alliance with the Industrial and Commercial Bank of China, the largest state-owned commercial bank in that country, through which ICBC will retain State Street Global Advisors as its external asset manager under appropriate terms.
ICBC, which had $400 billion in assets as of year-end 1999, also will provide advice and support to SSgA as it enters China's investment markets.
Both parties will accept each other as inter-bank foreign exchange trading counterparties, cooperate on custody and securities lending business and exchange market trend information. State Street also will advise ICBC's custody department on the launch of an open-ended mutual fund.
Eskom Pension to name new manager, custodian
JOHANNESBURG, South Africa -- Eskom Pension and Provident Fund, Johannesburg, plans to appoint new international equity managers and an international custodian by the end of this month, said Abel Sithole, chief executive officer.
The 18.9 billion rand ($2.7 billion) fund currently invests 14%-- 2.6 billion rand -- offshore in a balanced mandate handled by Merrill Lynch Asset Management. The plan has no international custodian.
Trustees plan to invest 15%of total assets offshore in equities with three to four managers, said Mr. Sithole. A shortlist of managers has been drawn up and a selection will be made by the end of this month.
Mr. Sithole would not say if Merrill Lynch would be considered.
Mercer is advising