Asset Managers – Page 269
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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.
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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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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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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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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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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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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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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.
