CROYDON, England -- Phillips Pension Fund has replaced Schroder Investment Management with Dresdner RCM Global Investors to run a L225 million ($360 million) global equity portfolio.
The L2 billion fund wanted to adopt a more aggressive equity strategy and decided to drop Schroder in favor of Dresdner's more appropriate style, said Alan Stone, group pensions manager.
Schroder previously managed the equity portfolio as a 70/30 split between U.K. and overseas equities. Dresdner will divide it equally between the United Kingdom, North America, Europe excluding the United Kingdom, and the Far East.
Dresdner also runs the Phillips fund's L700 million passive bond portfolio.
Representatives from Schroder declined to comment on the termination.
Fidelity will continue to manage the fund's other L225 million global equity portfolio; its asset allocation is identical to the Dresdner portfolio.
Bacon & Woodrow assisted.
Greater Manchester fund ups private equity exposure
LANCASHIRE, England -- Greater Manchester Pension Fund, Ashton-under-Lyne, will increase its exposure to U.S. and British venture capital funds and is exploring investing in similar projects in Asia and the Far East, said principal investments officer Steven Taylor.
Starting in January, the L6 billion ($9.6 billion) fund will aim to invest 3% of assets in venture capital funds. Two percent of the fund is earmarked for venture capital, but only 1.7% currently is invested.
The fund's investment officers have discretion to choose which venture capital funds in which to invest but also work with external advisers Westport Private Equity. The fund's trustees voted earlier this month to increase the asset allocation in order to get more meaningful returns, as venture capital is a difficult and time-consuming asset class to manage, said Mr. Taylor.
Prudential Portfolio launches ethical fund
LONDON -- Prudential Portfolio Managers Ltd. launched an ethical fund within its L3.3 billion ($5.4 billion) pooled pension fund range. The Light Green Fund will be managed by the ethical investment team of Prudential Portfolio Managers and marketed to investors within the next few months.
After screening out non-eligible stocks according to its ethical investment guidelines, the fund can hold stocks representing about 60% by value of the FTSE All-Share index.
StatPro offers products in Scandinavia
LONDON -- StatPro Group PLC has teamed up with VPD Financial Software Consulting to launch its middle-office data warehouse and information management products in Scandinavia.
StatPro specializes in providing performance measurement technology and analysis to assist money managers in becoming AIMR- and GIPS-compliant. The alliance will allow VPD for the first time to distribute StatPro products in Scandinavia.
CBOT, Eurex cooperate on electronic trading system
BUERGENSTOCK, Switzerland -- Officials from the Chicago Board of Trade and Eurex have formed an alliance to jointly implement and operate the common CBOT/Eurex electronic trading platform in Chicago, with the launch of that electronic market scheduled for the middle of next year.
FTSE International launches multinational index series
LONDON -- FTSE International has launched a new group of indexes, the FTSE Multinational Series, which focuses on multinational corporations.
The FTSE Global 100 tracks the 100 largest corporations worldwide that generate more than 30%of their revenue outside of the countries in which they are listed.
U.S. companies weigh heavily in the indexes. Eight of the top 10 in the Global 100 index are U.S.-based and a ninth is half based in the United States. Sixty percent of the companies listed in the Multinationals index are based in the United States.
Atlantis Investment hires senior analysts
LONDON -- Ka Wah Kam and James Cameron have joined Atlantis Investment Management as senior analysts. Mr. Kam will be based in Hong Kong. He had been a fund manager and investment analyst with Baring Asset Management in Hong Kong. Mr. Cameron will be based in London. He had been an assistant fund manager with Credit Suisse Asset Management.
CSAM, as part of last year's wide consolidation of its international investment teams and operations, stopped managing Asian equities in London. Mr. Cameron worked for short time in New York before deciding to return to London, said Jeremy Condie, spokesman