Asset Managers – Page 250
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Activest CEO Fehrenbach resigns
GERMANY – Andreas Fehrenbach, chief executive of German asset manager Activest, has resigned to make room for Dominik Kremer, the German head of Pioneer Investments, as part of Pioneer’s full absorption of Activest this autumn.
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Asset management M&A hits record – report
GLOBAL – The sale of asset management businesses worldwide in the first half of 2006 hit the highest level ever, according to a new report.
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West Midlands tenders currency mandates
UK – The £6.6bn (€9.7bn) West Midlands Metropolitan Authorities Pension Fund is tendering two new briefs – one currency alpha mandate and an active specialist currency overlay mandate.
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Bank of Ireland AM re-jigs investment structure
IRELAND – The Bank of Ireland Asset Management today announced a new investment business structure with the appointment of three managing directors – including former ABN Amro research head Chris Johns - to take over from outgoing chief investment officer Chris Reilly, who will retire next year.
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US banks report Q2 AUM, custody figures
US – Some of the largest US banking groups have released their latest assets under management and custody figures today with their second-quarter earnings reports.
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MLIM nabs SSGA’s O’Carroll
UK – Eilín O’Carroll, European product management head at State Street Global Advisors, has left to join Merrill Lynch Investment Managers’ product development team.
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SSGA sets up absolute returns trust company
GLOBAL – State Street Global Advisors says it is boosting its offering in the absolute return area with a new limited purpose trust company, various hires and a new licensing agreement.
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MLIM slows BlackRock momentum amid outflows
GLOBAL – BlackRock says its planned merger with Merrill Lynch Investment Managers has resulted in a “temporary” slowdown in its momentum.
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GSAM to get a third of PPF levy funds
UK – The Pension Protection Fund, the government’s pensions lifeboat, will assign roughly a third of its £140m (€205m) in initial levy funds to Goldman Sachs Asset Management, according to the PPF’s Business Plan 2006/2007.
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Lincolnshire scheme silent on BETonSPORTS
GLOBAL – At least one UK pension fund - Lincolnshire - may have lost out in the decline in share prices of online gaming companies following the detention of BETonSPORTS chief executive David Carruthers.
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DekaBank keeps mum over revenue, staff reports
GERMANY – DekaBank, the asset manager tied to Germany’s state-owned savings banks (Sparkassen), has declined comment on press reports that 21 managing directors have been demoted and that it will miss its revenue and profit targets for this year.
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UK national ‘multi-manager’ pension scheme seen
UK – The proposed National Pensions Savings Scheme could in effect be a giant ‘multi-manager’ fund, the Investment Management Association says.
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Strathclyde the latest to go unconstrained
UK – The £8.8bn (€12.8bn) Strathclyde Pension Fund has become the latest UK local authority pension fund to “go unconstrained” – seeking investment managers to run assets not benchmarked to an index.
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DB schemes amplify market volatility – BOE study
UK – Defined benefit pension funds amplify shocks to companies’ shares and affect stock market volatility, according to a Bank of England study.
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Blue Sky appoints commercial chief
NETHERLANDS - Blue Sky Group, the Dutch pension fund manager which runs the KLM pension fund, has appointed Francis van Bergenhenegouwen as head of commercial affairs.
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Italian postal fund tenders €100m
ITALY - Fondoposte, the complementary pension fund for Italian postal workers, is looking for managers to manage €100m of assets.
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Dutch insurance premiums dwarf pension premiums
NETHERLANDS - Premiums paid to Dutch insurance companies were three times as high as premiums paid to Dutch pension funds at the beginning of 2006 (Corrects figures in 2nd paragraph).
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Northern Trust names European outsourcing chief
EUROPE – David Copley, former Mellon UK investment operations outsourcing and fund accounting chief, has joined Northern Trust as head of investment operations outsourcing for Europe.
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DeAM names equity and bond chiefs
GERMANY – Deutsche Asset Management has appointed Klaus Kaldemorgen and Heinz Fesser to the new positions of global head of equities and fixed income, respectively.
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Italian hedge fund industry lacks special skills – AIMA
ITALY – The absence of specialist on-shore knowledge in Italy’s hedge fund industry has dampened down the market for competition, according to a report by global hedge fund trade association AIMA and international law firm Simmons and Simmons.
