Asset Managers – Page 236
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XS Investments targets Dutch fiduciary
NETHERLANDS – The Dutch investment manager XS Investments intends to set up a fiduciary management solution in the near future. “We are in talks with various parties, but it is early days,” Oscar Pesch a director at XS, told IPE.
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Robeco takes full control of Transtrend
NETHERLANDS - Asset manager Robeco has fully acquired the managed futures trader Transtrend, it announced.
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PGGM adds voice to ABN Amro’s critics
NETHERLANDS – Beleaguered Dutch bank, ABN Amro said it was happy to talk with shareholders as they mount pressure to break up the bank.
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USS expands SRI team
UK – The £29bn (€43bn) Universities Superannuation Scheme (USS) has made two new hires to extend its responsible investment team.
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Hedge fund urges ABN Amro break-up
UK/NETHERLANDS - British hedge fund, TCI has demanded Dutch banking group, ABN Amro put itself up for sale or to break up in order to increase the value of the company.
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F&C takes LDI funds to market
EUROPE – F&C is now marketing its pooled liability driven investment (LDI) solution, which aims to optimise European pension funds’ exposure to return generating assets.
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AP1 to review active Japan strategy
SWEDEN – Martin Currie, Nomura and Marathon have been placed under review as the largest Swedish buffer fund, the SEK188bn (€20.4bn) Första AP-fonden (AP1), reviews its Japanese equity strategy.
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Experts urge funds to diversify, not protect portfolios
GLOBAL – Long-term investors such as pension funds should diversify rather than protect portfolios against short-term losses, according to a new study by ABN Amro and the London Business School.
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Ex-Philips chief rails against LDI
NETHERLANDS - The former head of one of the Netherlands largest corporate pension funds has criticised the “rigid” application of LDI strategies by pension funds in the Netherlands.
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State Street to buy Investors Financial Services for €3.5bn
GLOBAL – State Street Corporation will acquire Investors Financial Services Corporation for $4.5bn (€3.5bn) to bring its assets under custody over the $14trn mark.
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Close Brothers buy Aon Asset Management
UK – Close Investments has acquired Aon Asset Management, Aon Consulting’s UK-based multi-manager arm for an undisclosed sum.
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BNP Paribas jumps on to the GTAA train
EUROPE – BNP Paribas has launched its first global tactical asset allocation (GTAA) fund for institutional investors.
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Nordea/SEB merger rumours leave funds untroubled
SWEDEN – Swedish pension funds are unfazed by renewed merger rumours between Nordea, the Nordic region’s largest financial services group, and third-largest SEB AB.
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T Rowe Price’s results boosted by international expansion (amended)
GLOBAL - Growth of European assets under management helped boost the total assets of US manager T Rowe Price to $334.7bn (€260bn) at close of 2006, up 24.2% from $269.5bn end 2005.
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Worldwide pensions assets hit €18trn
GLOBAL - Equities out-performance and widespread diversification into alternatives doubled pension fund assets over a 10-year period to $23.2trn(€17.8trn) at the end of 2006, according to investment consultants Watson Wyatt.
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Aberdeen targets €5bn in Germany
GERMANY – Aberdeen Asset Management is aiming to win up to €5bn from Germany’s institutional market in the mid-term.
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Julius Baer sells JBIL offshoot in UK to management
UK/SWITZERLAND – Swiss private bank Julius Baer will sell its UK-based fixed income and currency asset management subsidiary Julius Baer Investments Ltd (JBIL), with CHF11bn (€6.82bn) in assets, to its management.
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KAS Bank to expand operations to German institutions
GERMANY – KAS Bank, the Dutch securities services bank, will expand its institutional market with a German office in the second half of 2007, the firm’s chairman Albert Röell has announced.
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Syndicate moves into institutional market with EPIC buy
UK – Syndicate Asset Management (SAM) buys EPIC Investment Partners (EIP) to make its first major step into institutional asset management. The £17.7m deal brings (SAM) £2.5bn (€3.9bn) worth of institutional assets under management.
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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.
