Asset Managers – Page 238
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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.
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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.
