Asset Managers – Page 265
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BGI gets E70bn asset inflow
GLOBAL - Barclays Global Investors gained £48bn (E70.4bn) in net new assets in 2005.
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US watchdog putting together consultant probe
GLOBAL – The Government Accountability Office, the US Congress’s investigative arm, is putting together a plan on how to look at potential conflicts of interest in the pension consulting industry.
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Russell hires from ING, Watson for Europe push
EUROPE – Multimanager specialist Russell Investment Group says it has hired staff from ING Investment Management and Watson Wyatt amid growth in Benelux and the Nordic countries.
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IPE-QUEST: Canadian firm tenders three briefs
CANADA – A Canada-based investment management firm which serves institutional and high net worth markets has tendered three mandates via IPE-Quest.
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Achmea, AXA sell Finles stake to managers
NETHERLANDS – Achmea and AXA have sold their 50% stake in Dutch asset manager Finles to the firm’s co-CEOs for an undisclosed amount.
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KAS Bank client pulls €30bn
NETHERLANDS – KAS Bank says one of Dutch sub-custody clients is to pull around €30bn – or around 10% of the assets the bank has under custody/administration.
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Schroders axed over performance at Cheshire
UK – Schroders has been axed from a £500m (€731m) mandate by the £2bn Cheshire County Council pension fund following poor performance.
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ING institutional AUM rises 27% in year
NETHERLANDS – Institutional client assets under management at ING rose 27.5% to €104.9bn in 2005.
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Norway fund may expand derivatives operations
NORWAY – The NOK1.2trn (€147bn) Government Pension Fund – Global may be expanding its derivatives operations.
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Society of Pension Consultants names Ashworth
UK – The Society of Pension Consultants has named Law Debenture’s Mark Ashworth to take over as president from Robert Birmingham.
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Merrill sells MLIM to BlackRock
GLOBAL – Merrill Lynch is to sell its asset management arm Merrill Lynch Investment Managers to BlackRock for a gain of around $1.1bn (€923m).
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Mercer HR Consulting’s 2005 revenues flat
GLOBAL – Mercer Human Resource Consulting had revenues last year of $2.7bn (€2.3bn) - flat with the 2004 figure -parent Marsh & McLennan Companies said.
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State Street wins €950m in UK servicing briefs
UK - State Street says it has won a total of almost £650m (€950.8m) in investment servicing mandates from four separate UK pension fund clients.
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ABN Amro AM names investment strategy head
UK – Former World Bank and IMF consultant Richard Duncan has been promoted to head of investment strategy at ABN Amro Asset Management.
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Asset managers say Turner plan workable
UK – The UK’s asset management trade group has come out in defence of Lord Turner’s Pension Commission proposal for a National Pensions Savings Scheme, saying the idea is “perfectly workable”.
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GSAM sees consultant-manager line blurred
SWITZERLAND - The line between traditional pension fund consultants and investment managers could become increasingly blurred in the future, the Institutional Fund Management conference has been told.
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Swiss fund loses 92% property allocation case
SWITZERLAND – A small pension fund tied to a co-operative bank in the city of Thun has failed in court to get an exemption from government rules requiring schemes to diversify their holdings.
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German fund administrator BHW disappears
GERMANY – BHW Invest, an administrator of institutional funds launched in 2002, has disappeared from the market as a result of its recent takeover by BHF-Bank, a German private bank.
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Greenalls reviewing investment strategy
UK –Trustees of the Greenalls Group Pension and Life Assurance Scheme – the £250m (€367m) defined benefit fund for the De Vere hotel and travel group - are performing a complete review of the scheme’s investment strategy.
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MN Services’ treasury head joins Fortis
NETHERLANDS – Dennis van den Bosch, head of treasury at MN Services, is to join Fortis Merchant Banking as director of currency management.
