Asset Managers – Page 290
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Red tape killing Dutch company schemes - KPMG
NETHERLANDS - Thirty percent of Dutch companies with their own pension schemes are seriously considering abandoning them due to ‘red tape’, says KPMG.
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L&G says pension funds still shifting to bonds
UK – Legal & General reckons pension funds’ shift towards bonds and away from equities has not yet run its course.
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Derbyshire scheme consolidates custody
UK – The £1.45bn (€2.08bn) Derbyshire County Council pension fund has consolidated the custody of its four portfolios under ABN Amro Mellon after UBS Global Asset Management gave up custody of one of them.
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CSAM names finance chief for UK and France
EUROPE - Credit Suisse Asset Management has named Mark Tickle as chief financial officer for the UK, France, eastern Europe and Spain.
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Gloucestershire ousts managers in revamp
UK - Gloucestershire County Council's £600m (€863m) pension fund has appointed Standard Life Investments to manage a segregated specialist £130m UK equity portfolio.
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Commerzbank integrates fund sales and production
GERMANY – Commerzbank says it will integrate investment fund sales and production in a bid to boost return on equity.
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SSGA's UK MD Wightman resigns (Update)
UK – State Street Global Advisors has lost its second senior executive in less than a week, with the resignation of UK managing director Nigel Wightman (updates with more information).
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New NAPF chairman wants Myners rethink
UK – The incoming chairman of the National Association of Pension Funds has called for a rethink of the Myners Principles of institutional investment, saying it was a mis-step.
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Fidelity creates separate US institutional arm
Fidelity Investments is creating a separate institutional arm separate from its retail mutual funds in the US.
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ING Secuties Services’ Cremer leaves
THE NETHERLANDS – Ingrid Cremer, marketing and communication manager for ING Securities Services in The Netherlands, has left the firm.
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UK Treasury to introduce REITs next year
The UK Treasury has committed itself to introducing legislation for a tax-exempt Real Estate Investment Trust (REIT) in 2006.
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UBS asset management arm nearly doubles institutional fund inflows
SWITZERLAND – UBS Global Asset Management said inflows to its institutional business nearly doubled to CHF 23.7bn (€15.3bn) in 2004.
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Riester products 'to make comeback'
GERMANY – The government-subsidised Riester pension products, which were launched in 2001 to encourage pension savings but that have sold poorly, could be “on the brink of a comeback,” according to Allianz Group chairman Michael Diekmann, who declared, for the first time, that his annual pay increased by 3% last ...
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DeAM unveils ambitious multi-manager plans
GERMANY - In a much anticipated move Deutsche Asset Management (DeAM) has unveiled its plans to launch multi-manager funds for the German-speaking institutional market and has ambitious growth targets despite slow sales at rivals.
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Port of London fund to tender DeAM-run brief
UK- Deutsche Asset Management (DeAM), which lost €13bn of institutional assets in the third quarter alone, could lose a further £39m(€56m) equity brief as the Port of London Authority Pension Fund is poised to start a portfolio review in the next 12 months.
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AP7 names central bank’s Ragnartz chief analyst
SWEDEN – The SEK5bn (€550m) seventh Swedish national pension fund, AP7, has appointed fund manager Christian Ragnartz of the Central Bank, Sveriges Riksbank, as chief analyst.
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MLIM appoints Anne Swift and warns on equity overconfidence
Merrill Lynch Investment Managers has appointed Anne Swift as its relationship manager and investment officer in the defined contribution pension team but has also warned that institutional fund managers were more overweight in equities than at any time since 1999.
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SSGA's Brown assigned 200% bonus pot
GLOBAL – Alan Brown, the chief investment officer of State Street Global Advisors, has been assigned a bonus pot worth 200% of his base salary.
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Investors in hedge fund blow-up join forces
GERMANY – Investors in the Phoenix Kapitaldienst GmbH, the funds of hedge funds firm under investigation for accounting irregularities, have pulled together to protect their interests.
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Jobs threat as RWE outsources (Update)
UK – In-house pensions administration staff at a UK arm of German utility RWE have been offered voluntary redundancy amid an outsourcing deal with Capita Hartshead (updates with number of staff).
