Asset Managers – Page 287
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DeAM disputes German asset figures
GERMANY - Deutsche Asset Management has disputed the latest institutional fund statistics from industry association BVI, saying the figures grossly understate its ranking in the German market.
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Dutch schemes’ NIBC ends derivatives venture
NETHERLANDS – NIB Capital, the bank owned by the two largest Dutch pension schemes, is to wind down its 50-50 derivatives joint venture with Petercam following “continued substantial trading losses”.
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SEC report finds US consultant conflicts
US – The US Securities and Exchange Commission has found that pension consultants in the US have to do more to identify conflicts of interest.
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AP3 says it increases level of active risk
SWEDEN – Tredje AP-fonden, the third Swedish buffer fund, says it is increasing the level of active risk throughout its benchmark portfolio – which will see a global equity group taking full responsibility for equity mandates.
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Pensions a “massive market” says Allianz
GERMANY - German insurance giant Allianz says the private retirement field is a “massive market”.
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Low interest rates hit KLP’s investment income
NORWAY – KLP, the mutually owned life insurance and asset management group, says its investment income in the first quarter was hit by low interest rates and weaker stock markets.
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Fidelity institutional chief joins Odey
EUROPE - David Stewart, president of Fidelity International's European institutional business, is to join Odey Asset Management as chief executive.
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ING IM’s institutional assets fall 17%
NETHERLANDS – Institutional assets under management at ING Investment Management have fallen 17.2% to €99bn, following the sale of Baring Asset Management.
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JP Morgan replaced by State Street at AMEC
UK – JP Morgan Investor Services is among the losing custodians as State Street Corp. has won two mandates to service the £950m (€1.31bn) AMEC Staff and Executive pension schemes.
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Commerzbank to pull plug on Pensor (Update)
GERMANY - Germany’s Commerzbank is in the midst of selling a majority stake in Pensor Pensionsfonds, an equity-oriented pension vehicle created by the Riester reforms of 2001, due to dissatisfaction with the fund’s performance so far, IPE has learned. (Updates with extra comment)
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Standard Life hires ex-DeAM institutional exec
EUROPE - Standard Life Investments has appointed Mark Connolly, a former institutional sales executive at Deutsche Asset Management in the UK, as its new executive director for distribution and client service.
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Storebrand’s asset management profit halves
NORWAY – Pre-tax profit at Storebrand Investments more than halved to NOK8m (€1m) in the first quarter of this year, from NOK17m a year earlier.
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Ex-Citigroup arm First Private names economist
GERMANY - First Private KAG, the former German institutional arm of Citigroup Asset Management, has appointed a new chief economist whose chief role will be to analyse developments on international bond and foreign exchange markets.
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Germany’s MLP taps Alpha for €800m
GERMANY - Investment consultant Alpha Portfolio Advisors says it has been awarded €800m by independent financial advisory firm MLP.
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Finland’s Etera awards €250m to Kaupthing
FINLAND – Icelandic banking group Kaupthing says its asset management arm has been awarded around €250m by €4.9bn Finnish pension insurance company Etera.
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Shell Pensions’ Hickey leaves to join F&C
UK – F&C Asset Management says it has hired Japanese equity specialist Adrian Hickey from oil group Shell’s in-house pensions management arm.
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ABN Amro Mellon poaches DB's Korsanke
EUROPE - ABN Amro Mellon Global Securities Services has poached Robert Korsanke from Deutsche Bank as the new senior sales manager for its Frankfurt office.
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Pension funds face climate-change risks, says report
UK- The pensions industry needs to recognise the long-term impact of climate change and adapt their asset and liability management strategies accordingly or they face an uncertain future, according to a report by UK merchant banking group Climate Change Capital.
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HSBC’s Finch launches boutique Tri Investments
UK - Christopher Finch, former head of pensions product development at HSBC Asset Management, has left the firm to set up a specialist investment boutique for institutional and retail investors.
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Credit Suisse pension business down amid 3% growth
SWITZERLAND – Credit Suisse Group’s pension-related business including asset management and insurance, has recorded a down-trend in the first quarter of 2005 in spite of the group recording a 3% net income growth.
