LONDON — London Borough of Lewisham Pension Fund issued RFPs for a manager to run £124 million ($210 million) in active international equities; two firms to each manage £96 million in active U.K. equities; and a manager to handle £83 million in active U.K. bonds, according to European Union filings. Proposals are due Jan. 30; Hymans Robertson is assisting. Rob Whiteman, scheme director of resources, did not return calls by press time seeking details.
TORONTO — Frank Russell Canada hired Ark Asset Management to replace Strong Capital to run a growth portfolio as part of the multimanager Russell U.S. Equity Fund. Strong was terminated primarily because of personnel changes on its growth-product management team, said Tania Hrebicek, spokeswoman. Russell officials were also concerned about market-timing allegations against founder and CEO Richard Strong, she said.
Strong managed an all-cap growth portfolio worth about 9% of the C$476 million (US$362 million) Russell U.S. Equity Fund; Ark will run a core growth mandate worth about 10% of the fund, Ms. Hrebicek said. Strong officials declined to comment.
Separately, Russell Investment Group in Australia hired Ark to replace Alliance Capital as a U.S. growth manager in its multimanager Russell International Shares fund, according to a statement from Russell. Ark will run 10% to 15% of the A$2 billion (US$1.4 billion) fund, according to the statement. Craig Morris, Russell spokesman, declined to comment on Alliance's termination. Officials at Alliance Capital Management Australia could not be reached for comment by press time.
EDMONTON, Alberta — The Alberta Teachers' Retirement Fund rehired RBC Global Services as global custodian, said Emilian Groch, executive director.
The C$2.5 billion (US$1.9 billion) system conducted a shortlist search as part of a process of determining what products and services the system will need over the next five to 10 years, Mr. Groch said.
RBC Global has been the system's global custodian for about a decade, he said. Deloitte & Touche assisted.
MUNICH — HVB Group and Ramius Capital Group will combine their hedge fund-of-funds businesses, effective Jan. 1, HVB Group announced. The strategic partnership, with a combined $3 billion in assets under management, will focus on the global institutional market, said Robert Siegfried, Ramius spokesman.
Thomas W. Strauss, Ramius managing member, will lead an executive management committee comprising senior members of both firms, Mr. Siegfried said.
HVB Group subsidiary Bank Austria Creditanstalt holds a 24.9% equity position in Ramius Capital.
NEWCASTLE, England — Procter & Gamble Technical Centres Ltd. Pension Fund retained State Street Corp. as global custodian for its £450 million ($750 million) in assets, according to a statement by Allison Kirby, chairwoman of the scheme's investment committee.
State Street has been the scheme's global custodian for three years. Ms. Kirby did not return calls by press time seeking details.
Hewitt, Bacon & Woodrow advised.
OTTAWA — Canada Pension Plan reported an investment return of C$1.8 billion (US$1.3 billion), or 2.8%, for the quarter ended Sept. 30, compared with a gain of C$3.1 billion, or 5.5%, in the previous quarter. The C$64.4 billion plan also reported a return of C$411 million, or 0.9%, on its C$37 billion in fixed income for the quarter ended Sept. 30, and a return of C$1.4 billion, or 5.4%, on its C$27.4 billion in equity and real estate assets during the same period. CPP Investment Board, Toronto, manages the plan's equity and real estate assets.
WINNIPEG, Manitoba — The Winnipeg Foundation hired RBC Global Services as global custodian of its C$300 million (US$230 million) in assets, said Richard L. Frost, chief executive officer.
The foundation had not conducted a custodian search in at least seven years, Mr. Frost said. Officials interviewed five finalists, including the incumbent, which he declined to name. The search was conducted internally.
Global fund managers see growth ahead — survey
NEW YORK — Most global fund managers surveyed by Merrill Lynch this month expect interest rates to rise and growth, not cost-cutting, to boost company profits, setting the stage for a classic cyclical recovery. Half of the fund managers viewed bonds as overvalued compared with equities and agreed that global consumer staples and utilities are making way for general industrials.