Asset Managers – Page 232
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Edinburgh re-appoints State Street
UK – Edinburgh Council has renewed State Street Global Advisors' contract for a £113m (€180m) Scottish Homes pension fund mandate.
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AP7 in major portfolio overhaul
SWEDEN – In a major revamp of its portfolio the SEK80bn (€8.8bn) Swedish buffer fund AP7, Sjunde AP-fonden, shows more appetite for risk but not for hedge funds.
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Funds select managers past their peak – WM Services
UK – Trustees are often selecting managers at the top of their performance cycle, according to WM Performance Services.
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UK mutual insurers talk merger
UK - Life insurance groups Royal London and Royal Liver Assurance have today announced they are in early talks about a possible merger.
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ABN Amro frees up private equity arm
NETHERLANDS - ABN Amro, the Dutch bank subject to a bidding war from rivals, will transfer the management of most of its private equity business to an affiliate.
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Germany revamps investment law
GERMANY – The government has approved a host of reforms of Germany’s investment law, including easing investment restrictions on open-ended real estate funds and institutional funds and cutting approval periods for new funds.
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Ciba axes BlackRock
UK – The UK pension fund of Swiss pharmaceuticals giant Ciba Speciality Chemicals has axed BlackRock in favour of Insight Investments.
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Union Investment agrees Chinese joint venture
GLOBAL – German asset manager Union Investment has teamed up with Hong Kong-based Bank of East Asia (BEA) to launch a new fund venture for the Chinese market. Financial terms were not disclosed.
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Sal. Oppenheim buys French asset boutique
EUROPE – German private bank Sal. Oppenheim has fully acquired Financière Atlas, a French asset management boutique, in a move which it says will give it a bigger share of France’s institutional market.
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Swedbank grows AUM by €18.5bn
SWEDEN – Swedbank and Folksam have agreed to join their asset management business under the Swedbank trademark which will see SEK170bn (€18.5bn) in pension assets flow to Sweden's largest bank.
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Schroders names new chief financial officer
UK – Asset management firm Schroders has promoted Stephen Brooks to replace Jonathan Asquith as chief financial officer.
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BGI staff twice as profitable as ABN Amro AM
GLOBAL – Barclays Global Investors is twice as profitable per employee as ABN Amro Asset Management, according to company figures.
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Unilever taps JP Morgan for global equities
UK – The €5.6bn (£3.8bn) UK pension fund of household goods giant Unilever has appointed JP Morgan’s asset management arm to run a £440m global equities mandate.
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Four Winds Capital to raise $100m for timber
UK - Four Winds Capital, the alternatives boutique which recently established a London office, is looking for a secondary $100m in equity fundraising for timber fund, Phaunos.
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Siemens files charges against external managers
SWITZERLAND – Siemens’ Swiss arm has filed criminal charges against what it said were “external managers” who had links with Roland Rümmeli, the disgraced former head of investments at its pension fund (Pensionkasse).
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Wednesday people roundup
GLOBAL – Mercer, ABN Amro AM, Invesco, Henderson, Santander AM, BGI, F&C, KAS Bank, ING Real Estate, oekom research.
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Institutions still downbeat – Merrill survey
GLOBAL – Institutional investors are “still fundamentally pessimistic” about the outlook for corporate profit growth, fixed income and credit, a survey by investment bank Merrill Lynch has found.
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UK’s Marathon Club calls for statement of beliefs
UK - Pension trustees should be clear about their investment beliefs as well as focus less on short-term asset manager performance, says the Marathon Club.
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CSAM Germany posts institutional inflows
GERMANY – The German arm of Crédit Suisse Asset Management has reported mixed results for 2006, with its institutional funds posting inflows and its mutual funds hit by outflows.
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Assets surge at US custody banks
GLOBAL – Three of the largest US-based custody banks have reported a surge in assets under management and custody in the first quarter.
