Asset Managers – Page 270
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Nobel laureate Merton says LDI “ill-conceived”
GLOBAL – Nobel Prize-winning economist Robert Merton has said immunizing pension obligations through liability driven investment strategies is “ill-conceived”.
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NIB Capital’s Tielman joins Cordares
NETHERLANDS – Jeroen Tielman, the founder of FundPartners and the current director of pension business development at NIBC Bank, is to join pension management firm Cordares in a senior role.
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Managers, strategy under scrutiny at Co-Op
UK – The Co-operative Group’s decision to shut its final salary scheme and create a single £4.7bn (€6.8bn) career-average salary fund will put both investment strategy and fund managers under review if trustees formally approve the change.
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Mellon combines institutional and retail arms
GLOBAL – Mellon Financial Corp. has combined its retail mutual fund arm Dreyfus with its institutional asset management business under vice chairman Ronald O’Hanley.
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Germany’s ZF taps Allianz for DC advice
GERMANY – Auto component maker ZF Friedrichshafen is to take advice on two new defined contribution pension plans from consulting firm Allianz Pension Partners.
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Watson Wyatt & Co. changes name
GLOBAL - Watson Wyatt & Co. Holdings has changed its name to Watson Wyatt Worldwide Inc. to reflect the recent acquisition of its European affiliate.
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Vanguard committed to Europe despite departures
NETHERLANDS – Vanguard said it remains committed to its European institutional business despite a number of executive departures.
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Dutch governance body Eumedion launches
NETHERLANDS - The corporate governance forum Eumedion – formerly known as SCGOP – has started under its new name with nine new members.
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Sampo consolidates Baltic pension operations
BALTIC – Finland's Sampo group has consolidated its life and pensions operations in the Baltic region.
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Delta Lloyd’s Bostanci wins IPE/AIMSE scholarship
GLOBAL - The 2005 IPE/AIMSE Scholarship has gone to Sibel Bostanci, head of institutional sales at investment management firm Delta Lloyd in Germany.
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F&C puts 2005 asset outflows at €11.5bn
UK - F&C Asset Management expects to post net asset outflows of around £7.8bn (€11.5bn) in 2005 – excluding the previously announced €20bn insurance withdrawals.
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Cordares-ASW merger set for January
NETHERLANDS - The Dutch construction industry pensions providers Cordares and ASW say they will complete their previously announced merger as of January 1.
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Horeca moves into commodities
NETHERLANDS - Pensioenfonds Horeca & Catering, the €2bn Dutch hotel and catering scheme, has awarded a passive commodities mandate to Western Asset Management.
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Fiduciary Trust in management reshuffle
GLOBAL – Anne Tatlock is to retire as chairman and chief executive at Franklin Resources’ Fiduciary Trust Co. in the autumn of 2006.
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Bank of Ireland buys into alternatives group
IRELAND – The Bank of Ireland has agreed to buy more than 70% of US hedge fund group Guggenheim for €154m.
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Unilever sets up €5bn asset pooling vehicle
EUROPE – Consumer products group Unilever has set up a pension asset pooling vehicle called Univest which could grow to around €3-5bn in size.
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Allianz’s DEGI cuts German real estate holdings
GERMANY – Real estate fund provider DEGI plans to cut the German holdings of its core German fund, after the fund was hit by €271.5m in net outflows in the first 11 months of this year.
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Thomas named president of Morgan Stanley IM
GLOBAL – Owen Thomas has been named as president of Morgan Stanley Investment Management, taking over a role vacated by Mitchell Merin in September.
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Germany’s FERI to expand into Switzerland
GERMANY – FERI Institutional Advisors plans to break into the Swiss institutional market sometime in 2006, according to Arnd Thorn, who took over as FIA’s chief executive last August.
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IPE-QUEST: Nordic bank seeks sub advisor
NORDIC – A Nordic bank has tendered an initial $80m sub- advisory mandate via IPE-Quest.
