The HAGUE, Netherlands - Stichting Pensioenfonds Shell, The Hague, posted an investment return of -3.7% for 2000, compared with an annual average return of 15.4% a year for the five years ended Dec. 31, according to data published by the Dutch Associations of Industry Wide Pension Plans and Company Pension Plans.
Stichting Pensioenfonds Philips, Eindhoven, posted a return for 2000 of 1.1%, compared with its five-year average of 13.6%.
Stichting Bedrijfspensioenfonds Landbouw, Zoetermeer, was one of the best-performing pension plans for the year, returning 6.4%. The plan's average return in the last five years was 10.4% a year. The fund has one of the highest allocations of any Dutch pension plan to real estate at 25% of assets; and its 28% equity allocation is below the market average of 41% of total plan assets.
The data show the performance records of 115 Dutch pension plans.
Toronto Transit boosts
GE Asset's mandate
TORONTO - The Toronto Transit Commission Pension Fund Society increased its active U.S. large-cap value equities portfolio run by GE Asset Management to C$200 million (US$128 million) from C$156 million, said John Cannell, treasurer of the C$2.5 billion plan. Funding comes from a reduction in a TSE 300 index fund, Mr. Cannell said. He would not name the fund's manager or the amount it will now run.
Darby links with BBVA
for private equity fund
MADRID - Darby Overseas Investments Ltd., Washington, and Banco Bilbao Vizcaya Argentaria, Madrid, formed Darby-BBVA Latin American Investors, a private equity fund to invest in Latin America, according to Frank Vogel, fund spokesman. The new fund will invest mainly in Mexico, Brazil and Argentina. Mr. Vogel declined to say how much money the fund planned to raise but said it will focus on institutional investors, including pension funds. Darby was founded by Nicholas F. Brady, former U.S. Treasury secretary.
Seligman taps Fidelity exec
to lead Latin American effort
BUENOS AIRES - J.&W. Seligman has named Fernando Sanchez-Alcazar, Fidelity's former distribution head for Latin America, as its senior vice president and director for the region.
The executive, to be based in Buenos Aires, will be charged with leading the company's entry into the regional institutional market. Up to now, sales efforts have concentrated on wholesaling through broker-dealers, and more recently via private banking channels.
Mr. Sanchez-Alcazar said he looks forward to working with more of a niche player like Seligman - known for its technology research - as it would be more likely to find favor with local managers in need of specialization. When Fidelity entered the market in 1997, the local players were fearful that their market would be swept up by the U.S. fund goliath, he said.
The 11 Seligman Global Horizon funds on offer will be registered in Chile in order for them to be offered to AFP pension funds, he said. Seligman manages $1.1 billion in offshore funds.
Fidelity's Latin American mutual fund distribution is now headed by Cesar Negrello.