Asset Managers – Page 244
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News
Deutsche ‘outsources pension advisory to India’
GLOBAL – Deutsche Bank AG, Germany’s largest bank, is outsourcing parts of its pensions advisory business to India, according to Bloomberg.
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F&C hit by Vervoer withdrawal
NETHERLANDS – Dutch industry-wide transport fund Pensioenfonds Vervoer is to complete the withdrawal of its assets from F&C Asset Management following the appointment of Goldman Sachs as fiduciary manager.
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ABN Amro asset management quarterly profit slips
EUROPE - ABN Amro said third-quarter net profits at its asset management business fell 5.7% pct to €50m from €53m in the prior year period.
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Mercer enters asset management with MGI launch
EUROPE – Mercer says it is effectively entering the European asset management market with the launch of its multi-manager offering, Mercer Global Investments.
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Paternoster CEO outlines “keys to success”
UK – Mark Wood, chief executive of Paternoster, has outlined what he terms the keys to the success of the new breed of pension buyout firms.
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Smaller schemes chase ‘more liquid’ property
REAL ESTATE - Robin Goodchild, head of European investment at property firm LaSalle, this week urged large pension funds to invest directly in real estate and claimed smaller ones were re-thinking their lack of exposure.
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EFAMA director general exits after a year
EUROPE - Hugh Trenchard, director general of the European Fund and Asset Management Association, is stepping down after less than a year in the role.
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Aviva’s annuity sales fall 6%
UK – Insurance group Aviva has become the latest to warn about pricing pressure in the UK’s bulk annuities market after reporting a 6% decline in total annuity sales.
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Management change at State Street in the UK
UK – There’s been some management changes at State Street in the UK.
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NewSmith gets $500m Wellcome Trust backing
UK - NewSmith Capital Partners, the asset management boutique set up in 2003 by former Merrill Lynch bankers, is to get $500m (€395m) in funding from the Wellcome Trust, the two said today.
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FRR re-awards transition broking brief
FRANCE – The €29.1bn, Fonds de Reserve pour les Retraites, the French Pension Reserve Fund, has re-awarded a transition broker contract to Goldman Sachs International.
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Former Hermes strategy head new CIO at US University fund
UK – Hermes’ James Walsh has been nabbed by the $5bn (£2.35bn) Cornell University fund in the US as the endowment’s new chief investment officer.
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Dutch metal schemes discuss €51bn co-operation
NETHERLANDS – The Dutch metalworking industry is in discussions about closer co-operation, which could result in a new €51bn pensions provider, the industry-wide Pension Fund for the Metal and Electro-technical Engineering Industry, according to Metalektro, one of those heavily involved.
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Irish fund servicing industry reaches $1.2trn
IRELAND – Over $1.2trn (€955bn) in funds were serviced in Ireland as at 30 June 2006. The industry grew 28% over the last year, according to Lipper Fitzrovia’s 12th annual Dublin Fund Encyclopedia.
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Insight nabs Zurich’s Poll for institutional role
UK – insight Investment hired Jonathan Poll from Zurich Financial Services as a director of UK institutional business development.
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€30bn London fund merger proposed
UK – A new report will suggest merging London pension schemes into one or two funds with a combined value of approximately £20bn (€30bn), according to a newswire report.
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Morgan Stanley loses UK transport dept. mandate
UK – Investment manager Morgan Stanley Quilter (MSQ) has not been reappointed as fund manager of the UK’s General Lighthouse Fund (GLF), it emerged today.
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Paymaster outsources €10.5bn pension payments to Citigroup
UK – American financial service provider Citigroup’s Global Transaction Services has struck a deal with UK pensions administrator Paymaster to provide the firm with international payments services.
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Wilshire and Dow Jones in global index launch
GLOBAL – Global investment service provider Wilshire Associates together with global index provider Dow Jones Indexes has launched a new world equity markets index family, the firm has announced.
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TIAA-CREF hands State Street additional €152bn mandate
GLOBAL – The $380bn US educational retirement savings group TIAA-CREF has awarded institutional investment manager State Street an agreement to provide management services for an additional $190bn(E152bn) in assets.
