Asset Managers – Page 287
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Fortis to buy US manager Dryden for up to €118m
US – Fortis said it has agreed to buy US asset manager Dryden Wealth Management from Prudential Financial for up to €118m, giving it an extra €9bn in assets.
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Portability proposal “could be adopted” this year
EUROPE – The European Commission says a proposed directive on pension portability could be adopted this year as part of plans to make 2006 the year of ‘European worker mobility’.
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Pioneer, BNP Paribas sign separate US fund deals
US - UniCredito's Pioneer and BNP Paribas Asset Management have both announced separate agreements to buy US fund firms today.
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WestLB enters multi-management market
UK - WestAM, the asset management arm of German bank WestLB, has brought in a former director at MM Asset Management in the UK to lead its foray into the multi-management fund business.
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Putnam institutional chief Boneparth retires
GLOBAL – John Boneparth, head of global institutional management at Putnam Investments, is to retire in September.
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Petroleum Fund in ownership rights move
NORWAY - Norges Bank Investment Management, which runs the NOK1.09trn (€134bn) Petroleum Fund, has set up a new ownership rights group to further its work on corporate governance.
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DeAM replaced at UK charities foundation
UK – The UK Charities Aid Foundation has replaced Deutsche Asset Management, manager of its two biggest collective investment schemes worth a total of £500m (€751m), with UBS Global Asset Management and Insight Investment.
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Fortis offers €1.6bn for NIB Capital, paper says
NETHERLANDS – Banking and insurance group Fortis has offered €1.6bn for NIB Capital, the bank owned by the two largest Dutch pension funds, according to Dutch daily Het Financieele Dagblad.
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Dutch building schemes in €21bn merger
NETHERLANDS – The Dutch building industry pension fund managers ASW and Cordares have agreed to merge to create an entity with €21bn in assets.
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Citigroup exits asset management business
GLOBAL – Citigroup has confirmed it is exiting the asset management business in a $3.7bn (€3.1bn) deal with Legg Mason.
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Henderson names Germany sales head
GERMANY - Henderson Global Investors has named Uwe Diehl to head of sales for Germany and Austria.
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Irish, Dutch schemes in German real estate move
GERMANY – Irish and Dutch pension funds are among the backers who’ve put $140m (€116.2m) into a German residential real estate venture called DeWAG.
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Asset managers want hedge fund tax debate
UK – The UK’s asset management trade body has called for a debate about the tax position of hedge funds.
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Cerulli sees multi-manager demand in Germany
GERMANY - Investor demand for multi-manager funds in Germany increased more than three-fold in 2004, taking total volume for the funds to €414m, a new study by Cerulli Associates shows.
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Gartmore promotes Meyer to Europe CEO
EUROPE – Gartmore Investment Management has appointed Jeff Meyer, its US-based global chief financial officer, to the new role of chief executive officer for Europe.
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€1.3bn UK plumbing scheme fires Mercer
UK – Consulting firm Mercer has lost the investment consulting and scheme actuary roles at the £900m (€1.3bn) scheme for the plumbing industry.
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Morgan Stanley asset management profit slips 16%
GLOBAL – Second-quarter pre-tax income at Morgan Stanley Investment Management fell 16% to $175m (€144m) from $209m a year before.
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Germany's WestAM CEO sees asset boost
GERMANY - Institutional fund provider WestAM expects to raise its assets under management to €40bn at the end of 2007 from just under €27bn currently, its chief executive says.
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Barclays Global Investors names operating chief
GLOBAL – Barclays Global Investors has named Boston Consulting’s Rohit Bhagat as its new chief operating officer.
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Akzo Nobel may outsource €4bn pension assets
NETHERLANDS – Dutch healthcare, coatings and chemicals group Akzo Nobel is understood to be looking to outsource its pension responsibilities in a Philips-style deal.
