Asset Managers – Page 265
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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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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.
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French institutions ‘using more consultants’
FRANCE – French institutional investors are now more likely to select their fund managers using external consultants – slowly mirroring the British institutional market, according to research by bfinance.
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Staffordshire appoints seven new managers
UK – The £1.8bn (€2.6bn) Staffordshire County Council Pension Fund has appointed six new equity managers and one bond manager following a management shake-up and structure review.
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Dexia AM to open Frankfurt office
GERMANY – Belgium-based Dexia Asset Management is to open a new office in Frankfurt by June in a bid to win business from German institutional clients, industry sources said.
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Coal scheme says it lost confidence in GSAM
UK – The £10.1bn (€14.8bn) British Coal Staff Superannuation Scheme has said it cut its £600m global fundamental equity mandate with Goldman Sachs Asset Management because it lost confidence in the product – and that further assets may be “relocated”.
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Ex-Mercer’s Capone named Mellon DC head
GLOBAL – Mellon Financial Corp. has hired Robert Capone from Marsh & McLennan as its head of defined contribution activities for Mellon Asset Management, a new role.
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Deutsche unveils €7bn outflows
GERMANY – Deutsche Bank’s asset management division, including private clients and institutions, was hit by €7bn in outflows during the fourth quarter of 2005.
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Ilmarinen real estate chief Kankuri exits
FINLAND – Ilmarinen Mutual Pension Insurance Co. has hired Esko Torsti to take over from real estate head Timo Kankuri.
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MP says NAPF “scared stiff” of national scheme
UK – A Member of Parliament for the ruling Labour Party has said the National Association of Pension Funds is “scared stiff” of the Pension Commission’s proposed new National Pension Savings Scheme.
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SG buys UniCredit securities services arm
ITALY - Société Générale Securities Services has bought UniCrédit’s securities services business 2S Banca for €548m, giving it an extra €455bn in custody assets.
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Bank of New York’s Fraser joins JP Morgan
UK – Benjie Fraser, head of the Bank of New York’s UK pensions business, has joined JP Morgan.
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Asset management jobs go at Finland’s OKO
FINLAND - OKO Bank says it plans to cut around 50 jobs in its life insurance, mutual fund and asset management operations after its acquisition of insurer Pohjola.
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New ABN Amro AM CEO takes helm
GLOBAL – Sarah Russell has formally taken over from Huibert Boumeester as chief executive of ABN Amro’s asset management division, the bank said.
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Environment Agency tenders €658m (updated)
UK – The roughly £1.3bn Environment Agency Pension Fund has put two mandates out to tender amounting to £450m (€658m). (Updated with new information)
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Fidelity posts German institutional outflows
GERMANY – Fidelity Investments’ ambitions for the German institutional market have been dealt a blow after its fund business in this segment had slight outflows in 2005.
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Mellon names Wachovia’s Kelly as CEO
GLOBAL – Mellon Financial Corp. has named Wachovia’s chief financial officer Bob Kelly as its new chairman, president and chief executive to replace incumbent Martin McGuinn.
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Shell Pension’s Morgan joins F&C
UK – F&C Asset Management has appointed former Shell Pension Management Services manager Gareth Morgan to the position of fund manager in its emerging equities team.
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MetallRente records double-digit sales growth
GERMANY – MetallRente, the pension fund for employees in Germany’s metalworking and engineering industries, has recorded another year of double-digit growth in sales of its corporate pension.
