Royal Mail mulls hedge funds, other classes
LONDON - The £15.6 billion ($24.4 billion) Royal Mail Pension Scheme may invest in hedge funds for the first time, pending the results of an actuarial review, said Malcolm Macdonald, senior investment officer. He confirmed the plan is looking at hedge fund investments, among other new investment possibilities, but declined to offer specifics. Watson Wyatt Worldwide is the plan's actuary.
Asia Pacific ex-Japan manager sought by Finland
HELSINKI - Finland's Local Government Pensions Institution, Helsinki, issued an RFP for managers to run up to e200 million ($212 million) in Asia Pacific ex-Japan equities, according to filings with the European Union. The e12 billion plan manages money on behalf of 446 local governments and municipalities around the country. Further details were unavailable at press time.
AEGON mulls change in board appointments
THE HAGUE - AEGON NV, The Hague, proposed giving its shareholders authority to appoint and remove members of the company's supervisory and executive boards, although they would need two-thirds of voting shares to appoint a member not nominated by the supervisory board. Under current rules, only the supervisory board can appoint or remove members of both boards.
The company is seeking a more appropriate global corporate governance structure, according to the proposal; more than 60% of its activities and 85% of its employees are outside of the Netherlands.
Hubbell tapped at ING as global coordinator
AMSTERDAM - Fred Hubbell was put in charge of global coordination of international pensions of Dutch insurer and money manager ING Group NV, Amsterdam. This is a new position designed to coordinate pension operations , said Peter Jong, ING spokesman. Mr. Hubbell is in charge of ING's operations in the Americas as chairman of the executive committee of ING Americas and also will assume responsibility for global coordination of ING Investment Management, Amsterdam.
Gartmore adds 2 for global credit hedge fund
LONDON - Mark Wauton and Varkki Chacko are joining Gartmore Investment Management PLC, London, to set up a global credit hedge fund. Mr. Wauton, head of European fixed income at UBS Global Asset Management, London, will leave at the end of the month. Until May, Mr. Chacko was managing director of global credit strategy at Goldman Sachs & Co., London.
U.K. government report to look at Myners blueprint
EDINBURGH - The U.K. government appointed a private research firm to report on whether pension schemes should be compelled to adopt the Myners recommendations on institutional investment. Ruth Kelly, British finance secretary, told the National Association of Pension Funds conference in Edinburgh that the government still was undecided on whether voluntary compliance was working. She said a market research firm, Consensus Research, would complete its overall report by year's end.
Morley promotes Williams to fixed income head
LONDON - Ceris Williams was appointed head of fixed income at Morley Fund Management, London. He is head of sovereign bonds and will retain those duties. Mr. Williams is replacing Peter Rains, who is leaving "to pursue other opportunities," a Morley spokeswoman said.