French public pension fund ERAFP welcomes new chair

first_imgRocchi became chair of the board on 8 November 2011.Between July and October, Philippe Soubirous, vice-president of the board of directors of ERAFP, acted as president in accordance with Article 21 of Decree No. 2004-569 of 18 June 2004.Soubirous was named vice-president of ERAFP by decree in March 2012.ERAFP’s chairman of the board is elected by presidential decree for a period of three years, while the remaining board members are appointed by ministerial decree. The French government has appointed a new chair to the board of directors of the €16bn public pension fund ERAFP after the previous chair stepped down in July.Dominique Lamiot, until recently general secretary of the French Ministry of Finance and Economy, was named chair of the board of directors.He started in his new role earlier this month and was named by presidential decree after five years at the ministry.Lamiot succeeds Jean-François Rocchi, who announced in June this year that he would step down from the board of directors on 1 July.last_img read more

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European pension fund tenders $10m high-yield debt mandate

first_imgManagers will be permitted to propose benchmarks, with firms in charge of at least $250m in high-yield debt mandates able to apply. The European scheme did not specify a minimum asset floor for the manager as a whole.Any fund should have at least a three-year track record, although a five-year track record is preferable.Managers have until 30 September to apply, stating gross-of-fee performance to the end of 31 December.The news team is unable to answer any further questions about IPE-Quest tender notices to protect the interests of clients conducting the search. To obtain information direct from IPE-Quest, please contact Jayna Vishram on +44 (0) 20 7261 4630 or email [email protected] A European pension fund is tendering a $10m (€7.7m) high-yield debt mandate, using IPE-Quest.The fund behind search QN1450 said it would consider exposure to a high-yield bond fund with a US, European or global investment strategy, as long as it were actively managed.The scheme said it expected at tracking error of at least 2%, but not exceeding 9%, for the mandate.However, it added that the guideline was a “soft” limit.last_img read more

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ING Investment Management poaches convertible bond team from rival

first_imgHans Stoter, the asset manager’s CIO, said he expected to focus on yield, low volatility and limited downside risk in the current investment climate.“Convertible bonds fit very well within this environment and provide an excellent complementary strategy to our product suite,” he added.Stoter praised Saber and Van Ingen as “seasoned investment experts”.Saber has nearly 30 years’ experience in the convertible bond market, launching APG’s corporate opportunity strategy fund.He has also worked at HSBC Investment Bank as its global head of convertible bonds and was head of European convertible bonds at Schroder Securities.For his part, Van Ingen spent six years at APG working on the corporate opportunity strategy fund launched by Saber, but also as a hedge fund portfolio manager in APG’s New York office.Both will be based in London. ING Investment Management has poached the team in charge of a rival convertible bond vehicle, growing its range of funds.Tarek Saber, whose move to ING IM was confirmed last week, will be joined at the asset manager by Jasper van Ingen.Both joined previous employer Avoca in 2011 from Dutch civil service scheme APG.They joined ING IM in November – Saber as investment team manager for convertible bonds, Van Ingen as senior portfolio manager for convertible bonds.last_img read more

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Fund managers must improve ‘underdeveloped’ RI reporting framework

first_imgHe said it was important fund managers offered explanations of how they approached their portfolio, noting that it would allow a manager to argue that ESG was not “material” to certain firms’ value or growth.“We would really welcome that type of candid conversation, and we are interested in the insight the portfolio managers have,” Ingram said.“We are happy for them to demonstrate that they’ve really gone through a process of introspection, of reflection, around what is responsible investment for their portfolio.”Leanne Clements, one of the guide’s deputy editors and responsible investment officer at the £10bn West Midlands Pension Fund, said that, in the fund’s view, there was a need for “broad improvements” in reporting across the fund management industry.“This is what makes that alignment of UK asset owners totalling over £200bn so important – we need to send a signal to the market, not just select individual managers,” she said.“There has been some positive direction of travel with regards to climate change and other environmental issues in select managers – and also governance issues. However, social issues appear to be less understood.”Alongside Clements, the Environment Agency Pension Fund’s chief responsible investment and risk officer Faith Ward, and Karianne Lancee, sustainability manager at the Unilever UK pension fund, also acted as deputy editors of the guide.Its release was welcomed by the Financial Reporting Council (FRC), the regulator responsible for the UK Stewardship Code, and the BTPS-owned Hermes Investment Management.David Styles, the FRC’s director of corporate governance, said it would provide a “useful framework” for discussion between asset owners and managers.“The FRC welcomes this initiative to increase the level of accountability through the investment chain and encourages owners and managers to work together to improve the standard of reporting on responsible investment,” he said.Hermes chief executive Saker Nusseibeh added that companies with strong governance and “astute” management of ESG risks – including emissions controls and labour rights – provided better long-term value.For more on RI disclosure, read about the Environment Agency Pension Fund’s work establishing an evergreen mandate,WebsitesWe are not responsible for the content of external sitesLink to Guide on RI investing in public equity Fund managers are currently only offering clients an underdeveloped responsible investment (RI) reporting framework and must improve how they assess the social impact of investments, according to a coalition of UK pension funds.Over a dozen schemes with £200bn (€267bn) in assets – including the BT Pension Scheme (BTPS), Universities Superannuation Scheme and Pension Protection Fund – argued that improved reporting and disclosure on public equity investments would help asset owners better assess how well RI matters were aligned with the fund manager’s strategy.It identified two main principles – of transparent integration of environmental, social and governance (ESG) factors and of good stewardship – as key, and added that only “explicit” reporting would allow schemes to gain a better understanding of how such issues impacted short and long-term risk and performance.Daniel Ingram, the guide’s lead author and head of RI at BT Pension Scheme Management, told IPE reporting was the “missing link” to allow asset owners to make the case for ESG-focused investment.last_img read more

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Institutional-only AIF assets up 13% in 2015 – EFAMA

first_imgInstitutional AIFs registered total net sales of €181bn for the whole of 2015, according to EFAMA. Institutional bond AIFs recorded the strongest growth in assets, up 17.1%.Real estate AIF assets were up 14.7%, and ‘other’ institutional funds 16%.There was double-digit growth in multi-asset fund net assets as well, of 11.3%.#*#*Show Fullscreen*#*# Source: European Fund and Asset Management Association (EFAMA)Net assets of institutional equity funds increased by 6.9%.The results form part of what was overall a record year for the European investment fund industry, according to EFAMA.Bernard Delbecque, director of economics and research at EFAMA, said: “The growth of fund assets has been substantially positive across Europe, with a very few exceptions, confirming investor confidence in UCITS and AIF.”Net sales of European investment funds rose to an all-time high of €725bn in 2015, and assets under management broke €12trn on the back of a growth rate of 11%.Demand for UCITS funds reached its highest level ever, with net sales of €573bn.Among long-term UCITs funds, multi-asset funds attracted the largest net inflows, of €236bn, while equity funds had their best year since 2000, drawing net sales of €134bn. Institutional alternative investment fund (AIF) assets grew by 13% in 2015, contributing to a record year for European investment funds overall, according to the European Fund and Asset Management Association (EFAMA).Net assets of AIFs reserved for institutional investors reached €2.42trn at the end of the fourth quarter of 2015, the figures show.Including retail funds, the total stood at €4.41trn, an increase of 8.3%.There was stronger growth in institutional net AIF assets, however, as these were up 13.3% compared with the end of December 2014 (13% excluding Ireland).last_img read more

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Aon Hewitt Switzerland loses head of investment consulting

first_imgHe has been with Aon Hewitt for a number of years but initially worked at Watson Wyatt, which promoted him to partner in 2003.At the firm, he was also head of investment consulting.Thurnherr noted Zaugg would not be immediately replaced, as Dominique Grandchamp – who in February was appointed head of the department for French-speaking Switzerland, or Romandie – would be able to cover both.“We are not actively looking for a replacement right now,” Thurnherr said.Grandchamp previously worked at rival consultancy Mercer and is currently based in Geneva.He has worked as a management consultant at PwC and a relationship manager at Harcourt Investment Consulting.Prior to joining Mercer in 2011, he spent four years as CIO at Nara Capital, a fund of hedge funds manager. Aon Hewitt Switzerland is set to lose one of two heads of investment consulting, IPE understands.Willi Thurnherr, chief executive at Aon Hewitt Switzerland, confirmed Beat Zaugg’s departure to IPE.When asked about a timescale for Zaugg’s departure, Thurnherr said it would be over the course of the summer.Zaug is currently head of the investment consulting business for German-speaking clients in Switzerland, based in Zurich.  last_img read more

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Preventable Surprises seeks CEO as Thamotheram steps back

first_imgResponsible investment think-tank Preventable Surprises has launched a search for a new CEO.In a job advert posted on its website, Preventable Surprises said it was seeking “an independent thinker and strong leader” for its work in encouraging action from asset owners on climate change and environmental issues.Founder Raj Thamotheram, currently the CEO and a regular columnist for IPE, is to become co-chair of the organisation alongside Carolyn Hayman.In an email to contacts, Thamotheram said the new full-time position “represents a major scaling up of our work” on climate change at a time when “negative policy headwinds” were challenging environmental policies. The organisation does not just focus on environmental issues, Thamotheram added: “As Preventable Surprises attracts additional resources, we also want to focus on some of the other ways that investors enable dysfunctional corporate and market behaviour and so contribute to systemic risk, notably executive pay and biodiversity loss.”The job description said: “As CEO, you will play a leading role in shaping Preventable Surprises’ strategy in a collaborative manner, and then implement the strategy, responding to opportunities and collaborating wherever possible with like-minded organisations.”The successful candidate should be able to “mobilise” and expand Preventable Surprises’ network of “positive mavericks”, as well as come up with new strategies for the group’s work. Fundraising skills are also needed, according to the job description – Preventable Surprises is funded by donations and support from charitable foundations.The full job description is available here.last_img read more

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AP7 awards SEK6.5bn in private equity mandates to two US firms

first_imgThe pension fund has now announced that it received 36 offers in all in response to the tender.In its 2016 annual report, AP7 said its board of directors had decided during that year to increase the share of private equity to 4% from 3% of the portfolio, over time.An increase of one percentage point would equate to around SEK3.8bn based on the SEK379.6bn value of the equity fund at the end of November.While HarbourVest is already on AP7’s published list of private equity managers, Adams Street Partners is not. Sweden’s AP7 has awarded SEK6.5bn (€661m) in private equity mandates to two US managers, according to tender award notices.The SEK407bn pension fund, which runs the default option in the premium pension system (PPM), announced it has awarded an SEK4.2bn private equity mandate to HarbourVest in Boston and a SEK2.3bn (€234m) private equity mandate to Chicago-based firm Adams Street Partners.The awards were the result of a tender launched two years ago, when the pension fund was seeking private equity managers for around SEK10bn of assets.In that December 2015 notice, AP7 said it anticipated appointing three to four managers for an initial period of three years with two optional two-year extensions.last_img read more

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People moves: Legg Mason brings in chief diversity officer [updated]

first_imgMartin Currie – Separately, the Edinburgh-based fund manager has hired Nigel Murdoch from BlackRock as head of EMEA distribution, and Irene Brodie from Aberdeen Standard Investments as head of marketing.Franklin Templeton Investments – Manraj Sekhon has been named as the new CIO for Franklin Templeton’s $45bn (€36bn) emerging market equity business. He will join the company on 19 February and will report to head of equities Stephen Dover. He joins from Singapore-based Fullerton Fund Management where he was CEO and CIO. He has also led the equities business at Henderson Global Investors (now Janus Henderson).Franklin Templeton has also appointed Chetan Sehgal as lead manager of its Templeton Emerging Markets Investment Trust. Current manager Carlos Hardenberg is to leave the group at the end of March. The staff changes follow the retirement of Mark Mobius, the company’s veteran emerging markets manager, on 31 January after more than 30 years at Franklin Templeton.Willis Towers Watson – The investment consultancy has a new head of its retirement division for Germany and Austria, with Heinke Conrad having taken over the role from Thomas Jasper. Conrad has been at Willis Towers Watson for over nine years, having been responsible for occupational pension actuarial consultancy. She is now part of the leadership team for Willis Towers Watson in Germany. Jasper is to concentrate on his role as head of retirement for western Europe but also client relations in Germany. Valida Vorsorgekasse – Beate Wolf has been appointed to Valida Plus AG, the board of the second-largest Austrian corporate provident fund. She takes up her role on 16 February, and will succeed Stefan Teufer upon his retirement in October. Vorsorgekassen are funds set up to manage the money employers have to set aside for their employees’ severance pay. The €2.7bn Valida Vorsorgekasse does this for the cooperative sector in Austria.Financial Conduct Authority (FCA) – Nausicaa Delfas has been appointed executive director of international at the UK’s financial regulator. One of her main responsibilities will be overseeing the FCA’s response to Brexit as the UK’s financial services sector adapts to life outside the European Union. Delfas has worked at the regulator since 2000, when it was known as the Financial Services Authority. Most recently she was the FCA’s acting chief operating officer. Georgia Philippou has resumed the COO role after taking a period of leave.Generation Investment Management – John Bernstein has joined sustainability-focused asset manager Generation IM as a partner and chair of its growth equity investment committee. He was previously head of Europe, the Middle East and Africa at General Atlantic, a global equity specialist manager, for 10 years. He remains an adviser to the company with responsibility for a number of its European investments, Generation said. Generation was founded by former Goldman Sachs CEO David Blood and former US vice-president Al Gore.Eaton Vance Management – The US-based asset manager has hired a team of five fixed income investors from Oechsle International Advisors. The quintet will become part of Eaton Vance’s global income group. Led by Astrid Vogler, the team runs $830m from its office in Frankfurt.XTP – The German cost transparency specialist has hired Nikolai Dördrechter to help it with its expansion plans. He co-founded and was chief financial and chief operating officer of Policen Direkt, an asset manager for traded endowment policies that also invests in tech start-ups in finance and insurance. Before that Dördrechter was a partner in the private equity and M&A division of consultancy Oliver Wyman.XTP provides analysis that aims to help institutional investors increase the efficiency of their investment processes, optimise cost structures, close performance gaps and reduce operational risks. It is looking to hire two analysts, one for illiquid investments and one for its investment consulting division. Wells Fargo Asset Management – Wai Lee has been appointed global head of research, joining the firm’s multi-asset solutions team from Neuberger Berman. He worked at Neuberger for 14 years, and was its head of quantitative investments. Before that he was head of the quantitative engineering group at Credit Suisse Asset Management. Before joining the investment industry, he was a post-doctoral research fellow at the Harvard Graduate School of Business. Wai won several prestigious awards for his research and is author of the book Theory and Methodology of Tactical Asset Allocation.Intermediate Capital Group – The listed asset manager has hired Imene Boumalala to lead its institutional marketing operations in France, Italy, Spain, Geneva, Monaco and Israel. She joins from Neuberger Berman where she worked for 11 years, including seven with its institutional sales team. Boumalala has also worked for Morgan Stanley within its listed derivatives division.BMO Global Asset Management – BMO plans to expand its fiduciary team in the Netherlands. Rogier van Harten, recently appointed as head of institutional distribution and client management for continental Europe, said the firm was set to hire at least two new staff to boost the capacity of its fiduciary management business. Scope Group – Christopher Hoffmann has been appointed to the newly created position of chief financial officer of the German credit ratings and investment research group. The position means there are now three members of the board. Hoffmann was previously head of finance at va-Q-tec, a high tech company that went from being private to publicly listed during his employment there. Before that he worked at private equity firm Zouk Capital.oekom research – The sustainability rating agency has appointed Till Jung as chief client officer. He is responsible for overseeing the company’s marketing and communication activities, client relations and business development. Jung has been at oekom research since 2004, initially as a research analyst and most recently as head of business development. Legg Mason, Franklin Templeton, Willis Towers Watson, Valida, Generation IM, Eaton Vance, XTP, ICG, BMO, Scope Group, Oekom ResearchLegg Mason – The US multi-boutique asset manager has appointed Regina Curry as chief diversity officer. She joins from McCormick & Company where she was senior director of global diversity and inclusion.In a statement the company said the hire was part of “a series of actions aimed at advancing and enhancing diversity and inclusion initiatives across Legg Mason”. This included Legg Mason CEO Joe Sullivan last year signing the CEO Action for Diversity and Inclusion pledge along with 330 business leaders. David Sheasby, head of stewardship and ESG at Martin Currie, one of Legg Mason’s subsidiaries, said: “Diversity is one of the key attributes that we will look for in an organisation. With diversity comes diversity of experience and perspective, which not only helps avoid group-think and improve management of risk, but recent research shows that it can also contribute positively to financial returns.” last_img read more

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Multi-asset manager sought for German foundation via IPE Quest [updated]

first_imgThe strategy should be “risk-managed” or “risk-targeted” and although it could invest in other funds, this should not be the main approach. Leverage should also not be the principal strategy.The investor is willing to accept pooled funds or a managed account. The benchmark should be specified and the fund managed against this.Applicants should state performance net of fees to 31 July 2019.The deadline for applications is 6 September at 5pm UK time.  Interviews with short-listed managers are due to take place around the end of September to the beginning of October, with investing possible from 15 October.This article was updated with more information from the investor on 16 August.The IPE news team is unable to answer any further questions about IPE Quest, Discovery, or Innovation tender notices to protect the interests of clients conducting the search. To obtain information directly from IPE Quest, please contact Jayna Vishram on +44 (0) 20 3465 9330 or email [email protected] A Germany-based consultant has tendered a €15m multi-asset mandate for a Bavarian foundation via IPE Quest.According to QN-2559, the mandate could be split into two equal-sized lots if there is more than one “convincing” manager.The consultant is looking for a mainly long-only fund or managed account for investment in several different asset classes, but excluding real estate.The manager should have a track record of at least three years with at least €150-€200m assets under management in multi-asset strategies. The investment team should be at least partly based in a German-speaking country – Austria, Germany or Switzerland.last_img read more

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