Asset Managers – Page 236
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ABP and PGGM to sue regulator on fines
THE NETHERLANDS - The two largest Dutch pension funds ABP and PGGM will sue regulator De Nederlandsche Bank (DNB), because of the fines imposed on them for ‘illegally’ promoting their subsidiary companies, the schemes have confirmed.
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Santander creates unified asset manager for UK
UK – Spanish Santander Asset Management has created a UK asset management arm following the firm’s acquisition of British bank Abbey National
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Strathclyde appoints four for global equity
UK – Strathclyde, the £8.9bn (€13.27bn) Glasgow City Council pension fund, has appointed AllianceBernstein, Invesco Perpetual, Edinburgh Partners and Lazard to run an unconstrained global equity mandate.
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Dutch bank takes 69% voting rights in Sarasin
SWITZERLAND – Rotterdam-based Rabobank has increased its stake in the Swiss bank, Sarasin from 16% to 46% and is now holding almost 69% of the voting rights.
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Merrill Lynch tips Aegon to rise 20%
EUROPE – Previously underperforming pension and life insurance giant, Aegon is on the verge of a positive re-rating.
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ING to buy AZL for €65m
NETHERLANDS – Financial services giant, ING Groep has signed a letter of intent to acquire Limburg-based pensions provider AZL for €65m, less than 1% of the firm’s assets under management.
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Fiduciary pioneer backs local renaissance
NETHERLANDS - The pioneer of fiduciary asset management in the Netherlands has claimed local providers are catching up with international rivals in the field.
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Printers stamp GSAM €240m quant mandate
NETHERLANDS – The €10bn pension fund for the Dutch printers and media industry, PGB, has appointed Goldman Sachs Asset Management (GSAM) with a €240m Europe (ex UK) quantitative equity mandate.
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Hannover scheme reports 21% rise
GERMANY – Hannoversche Kassen (HK), a multi-employer pension fund in the state of Lower Saxony, has reported a 21% increase in assets to €113m.
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TKP wins €250m fiduciary mandate from Aon
NETHERLANDS – The €4.5bn pension fund of Dutch telecoms giant KPN and the €250m Aon Group Netherlands Pension Fund have appointed TKP pensions as fiduciary manager.
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€1.2bn Southwark pension fund in portfolio overhaul
UK – The £780m (€1.2bn) Southwark pension fund has appointed Alliance Bernstein and Newton Investment Management as complementary global equity managers. This is part of a major overhaul of the fund’s investment structure.
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Germany’s NAEV ups real estate exposure
REAL ESTATE – Germany’s NAEV, a €7.75bn medical pension fund, will expand investments in real estate investment trusts (REITs) and other real estate securities over the next three years, says Hermann Aukamp, NAEV’s director of real estate.
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SEI’s institutional sales head leaves
UK – Francis Ellison, head of institutional sales at multi-manager SEI Investments’ London office, has left according to the firm’s head of institutional business Patrick Disney.
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€5bn in Italian TFR money looking for managers
ITALY – Under the new law on the severance pay (TFR) an estimated €5bn is to flow into private pension funds.
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New Nestlé pension arm takes over
EUROPE – The newly created Nestlé Capital Management (NCM) is to take over from Nestlé UK Pension Trust Ltd or Fonds de Pensions Complementaire Nestlé as investment manager for the company’s in-house Robusta funds.
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Goldman Sachs AM Germany chief exits
GERMANY – James Dilworth has quit as managing director of Goldman Sachs Asset Management in Germany.
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Investment Management Association gets new chair
UK – The UK’s Investment Management Association, the asset management trade body, has named Robert Jenkins as its new chairman.
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Interpolis asset management head leaves
NETHERLANDS – Interpolis’ head of asset management Herman Bril has left the Dutch insurer to join Aegon where he will lead the firm’s treasury and capital management activities.
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Robeco names international chief
GLOBAL – Robeco, the asset management arm of Rabobank, has named former ABN Amro Asset Management executive Frank Kusse to head up its international expansion.
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European institutions ‘uneasy’ about bond trading
EUROPE – European institutions are becoming uneasy about developments in the fixed-income market – fearing hedge funds are taking too much of dealers’ attention, according to Greenwich Associates.
