Asset Managers – Page 289
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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.
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MLIM taps Gartmore’s Price as CIO EMEA Pacific
UK – Merrill Lynch Investment Managers (MLIM) has hired Gartmore’s Quintin Price as chief investment officer (CIO) for the Europe, Middle East, Africa and Pacific region (EMEA Pacific).
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Luxembourg to relax substance requirement
LUXEMBOURG - The financial regulator Commission de Surveillance du Secteur Financier (CSSF) is rethinking its rules on substance for funds firms wishing to operate in the duchy and is set to relax its rules.
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Cerberus in ‘take-over talks’ with NIBCapital
NETHERLANDS -The Dutch private merchant bank NIBCapital is reportedly in discussions regarding a take-over from US investment company Cerberus Capital Management.
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West Sussex CC makes State Street sole custodian
UK - The 740 million pounds (Euro 1.08 billion) West Sussex County Council Pension Fund has consolidated custody of its assets under State Street Corporation, one of its existing custodians.
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Three Danish schemes plan €5bn merger
DENMARK – The defined contribution pension schemes B&A Pension, HTS Pension and PKS - which cover nearly half a million workers - are to merge in a single entity worth DKK42bn (€5.7bn).
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Deutsche in €24bn European institutional inflow
EUROPE – Deutsche Bank says its asset management arm had €24bn of net institutional inflows in the first quarter of 2005.
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SSGA names Duncombe as UK managing director
UK – State Street Global Advisors has named foreign exchange head Paul Duncombe as managing director of its UK business, taking the role vacated by Nigel Wightman in March.
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AXA names hedge head
GLOBAL - AXA Investment Managers has Olympia Capital Management's Véronique Courlier as global head of hedge fund activities.
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ABN Amro AM reviewing mandates as profit falls
EUROPE – ABN Amro says it is reviewing the profitability of individual mandates at its asset management business amid a 10% decline in net profit at the division.
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Netherlands: Interpolis to merge with Achmea
NETHERLANDS – Rabobank’s insurance subsidiary Interpolis is to merge with Eureko’s insurance group Achmea in a deal that builds on an existing agreement between the two firms.
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Hedge funds ‘should be part of core portfolio’
SWITZERLAND - Hedge fund investments should be part of the core as well as satellite portfolio – according to a professor at the Edhec French business school.
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SSGA names European consultant liaison director
EUROPE - State Street Global Advisors has named F&C's Valerie Nicholson as director of marketing and consultant liaison, with a Europe-wide brief.
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BGI says it has two-thirds of bond ETF market
GLOBAL – Barclays Global Investors says its exchange traded funds, iShares, have around two thirds of the $9bn (€6.9bn) fixed income ETF market.
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Sainsbury’s scheme doubles hedge fund allocation
UK - The £3bn (€4.4bn) pension fund of retailer J Sainsbury has doubled its exposure to funds of hedge funds - investing new money and resources diverted from passively managed UK equities.
