The Fund Selection Blog

Swedish Asset Manager Launches Four New Funds

 

Catella Fondförvaltning, a leading Swedish asset manager specializing in the Nordic market, has announced the launch of four new funds.

Stefhan Klang, Catella Fondförvaltning’s Managing Director, stated in the company website: “We are delighted to launch four daily traded UCITS III funds, thus offering investors a gateway to the Nordic market. The Nordic market is characterised by attractive fundamentals and the investable universe is well diversified in terms of sectors and global exposure. Nordic companies represent investor-friendly equities that are traded on secure and mature marketplaces under transparent and well-regulated conditions.”

 The aim and description of the funds was listed on Catella Fondförvaltning, compnay website:

 

The first fund is Catella Nordic Long Short Equity, which is intended to deliver above average returns through a variable market exposure and equities listed on Nordic exchanges.

 

Whereas the second fund, Catella Nordic Fixed Income Opportunity is a fixed income fund, investing in corporate bonds throughout the Nordic market.

 

The third fund is Catella Nordic Tiger is a long only equity fund that will invest in Nordic companies that generate revenue from developing markets.

 

Lastly, the fourth fund is Catella Allocation Sweden, a mixed investment fund, investing in Swedish equities and fixed-income.

Etera’s New Socially Responsible Investment Portfolio

On January 7, 2011 Etera, a Finnish mutual pension insurance company , appointed Malin Ringwall as asset manager. Ringwall is intended to focus on Etera's new €5.3bn, socially responsible investment (SRI) portfolio.  The portfolio is set to target, socially responsible investments and green property.

Prior to joining Etera, Malin Ringwall, worked as an analyst for Alecta Investment Management and Chase Robert Fleming in London.

Jari Puhakka, Etera’s chief investment officer, told IPE "Our portfolio already includes funds investing in climate and renewable energy, for example. Dedication to SRI issues will become more visible in the selection of our investment targets in the future."

 Alongside the new SRI portfolio, Etera has signed the United Nations Principles for Responsible Investment (UNPRI) and the firm has joined Finland's Green Building Council (FIGBC).  Last year, Etera received a certificate for leadership in energy & environmental design, for their part-ownership in Sello shopping center in Helsinki.

Norges Bank Makes a £452 Million Real Estate Investment

January 13, 2011, Norges Bank signed an agreement for the fund’s first real estate investment.

The agreement consisted of a 150-year lease, on a 25 percent stake in The Crown Estate’s Regent Street properties in London. The £452 million purchase was announced in November, and its completion is expected April 1, 2011.

The fund received a mandate in March 2010 to allocate gradual 5 percent investments, of their assets in real estate outside of Norway. The real estate investments are funded with capital from their fixed-income portfolios.

“A move into real estate will strengthen the fund, which today is solely invested in stocks and bonds,” said, Yngve Slyngstad, chief executive officer of Norges Bank Investment Management (NBIM).

Regent Street properties consist of 113 buildings, spread over 39 blocks, and there are plans for more developments in the area. The properties are located in one of London’s busiest shopping streets occupied by retail stores and offices.

Karsten Kallevig, Global Head of Real Estate Asset Strategies at Norges Bank Investment Management (NBIM), stated in the company press release: “We’re very happy to have signed an agreement and look forward to a long and beneficial partnership with The Crown Estate.”

The partnership, will give Norges Bank fund, 25 percent of the net income.

 

 

Lærernes Pension Awards a $271 mil, ESG Bond to a US Manager

Lærernes Pension has screened $271m towards an environmental, social and governance (ESG) bond that is set to be managed by State Street Global Advisors (SSgA), a US based  asset management company.

Lærernes Pension provides pensions and life insurance to 130,000 teachers throughout Denmark and Greenland. The pension is considered a fast growing fund in Denmark with total assets equivalent to DKK41bn (€5.5bn).

 Lærernes Pension’s also has a code of ethics that was established in 1997, aiming to provide a guideline for investing ethically and responsibly. In their code of ethics, Lærernes Pension clearly states that they will not invest in companies that promote violence, support human rights abuse, or shows irresponsible use of environmental resources. Making their $271m (ESG) bond a natural transition to their responsible investments code of ethics.

Benoît Fally, senior managing director for SSgA, stated: “We are excited to welcome Lærernes Pension to our growing client base in the Nordic region and are pleased that they recognize the value in SSgA’s ability to provide a tailored solution.” Over the past three decades SSgA has managed more than $1.9 trillion of global assets.  SSgA estimates that under fixed-income asset management they are responsible for a total of $469bn (as of 30 September 2010).

In 2009, SSgA managed $85.8bn, roughly 5 percent of their total assets, under management, were in (ESG) criteria.  “We consider ourselves a ‘quiet leader’ in ESG investing,” stated in SSgA’s corporate responsibility report. The company has also introduced a formal Environmental Management System (EMS) used to track and monitor the environmental performance.

CDON Group Bond Announces a Conversion Price for their Share

Modern Times Group, a leading  international entertainment broadcast group announced today that their five-year, 250 Million SEK, convertible bond issued by CDON Group AB,  will be set at SEK 38 per share. 

The convertible bond can be comparable to 125 percent of the average price of the CDON Group Share, and the bond bares an interest of 2.85 percent per year. More information about Modern Times Group shares can be found on Nasdaq OMX Stockholm’s Large Cap index.

Anders Munk, KPA‘s New Head Actuary

January 18, 2010, KPA annouced Anders Munk, as Head Actuary.

Starting the year with new beginnings, KPA Pension announced the retirement of their Head Actuary Tommy Kindberg, and the appointment of his successor, Anders Munk.  Anders Munk is joining KPA, from Folksam Life, where he has been working as team leader in the actuary department since 2002.

In KPA’s press statement, Lars Ake Vikberg, president of KPA Pension stated:  "We are delighted that Anders Munk wants to take over the important post of chefaktuarie. Insurance Mathematics is one of the core of our business and Anders Munk has a solid background for this."

 

Swedbank CEO Receives Award From Estonian President

January 18, 2011, Michael Wolf the CEO of Swedbank, receives honorary award.

Michael Wolf, Chief Executive Officer of Swedbank received the award of Order of the Cross of Terra Mariana of the third class, from Estonia’s President, Toomas Hendrik Ilves. The award was appointed to Wolf, to recognize the positive work that Swedbank has done in Estonia.  

In Estonia, Swedbank has over 1.2 million private customers and 104,000 corporate clients. The bank also represents 54 percent of the nation’s borrowing, 47 percent of the pensions established, and 40 percent of corporate lending. Moreover, Swedbank is supporting the Estonian community by supporting Noored Koolie Foundation, established to help promote young teachers, and created two local transportation buss service, for clients living in rural areas.

“We look forward to a continued close collaboration regarding issues which are important both for Estonia and Swedbank – to strengthen the capital market, the legal frameworks, business ethics and education regarding private finances,” Wolf stated in Swedbank's press release.

Global Health Partner Sells Their PIHL Shares

January 18, 2011, Global Health Partner, a healthcare company that through their business model allows doctors to become shareholders and partners,  has sold their shares in PIHL.

Global Health Partner, an international healthcare provider, has announced that they will be selling their shares invested since 2007, in Priory Investments Holding Limited (PIHL), a leading supplier of mental healthcare. The shares will be sold for a total of 1.75 Million GBP, making the exit gain total .25 million GBP.

ALECTA Optimal Pension Produces High Results

January 18, 2011 ALECTA optimal pension produces a high result.

Alecta Optimal Pension produced a return of 12.6 percent in 2010, and within the last three years it has produced an average return of 14.5 Percent. Alecta Optimal Pension’s three-year average is more than many comparable investments, found on Morningstar index.

President and CEO, Staffan Alecta Grefbäck, stated in a company press release: "It is a result we are very satisfied with and an excellent rating for the work that makes our asset."

SEB Ranked Best Equity Stock Broker in the Nordic

January 17, 2011 SEB's Enskilda was ranked as best in the Nordic Region.

For the fifth year in a row, SEB Enskilda has been ranked on the top of Prospera ranking. This year, however, it surpassed others and was ranked the best stock broker in the Nordic region (Sweden, Norway, and Finland) in the annual Prospera ranking, based on more than 200 interviews with institutions in the Nordic region. 

Last year SEB tied for first place, but this year their position as lead research house in the Nordic region has been confirmed.  In a statement to the press, Fredrik Carlsson, head of Equity Research, said "This is a very important survey as it reflects what our clients think about us.”