Asset Managers – Page 290
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SGAM gains €4bn in assets
FRANCE - Société Générale’s asset management arm SGAM had net inflows of €4bn in the first quarter of 2005.
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Fortis gets OK for Luxembourg pooled LDI funds
LUXEMBOURG - Fortis Investments says it has received approval for pooled liability-driven investment funds from Luxembourg.
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Northern Trust in new pension pooling move
GLOBAL – Northern Trust says it has boosted its pension pooling offering by developing a product that allows multinational companies to “commingle” US pension assets with non-US assets.
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Citigroup fund exec joins Threadneedle
EUROPE - Peter Lindqvist, a director at Citigroup Asset Management, has joined Threadneedle Investments as head of strategic alliances.
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Equities forgotten as UK schemes shift €58bn
UK – Equities are becoming the “forgotten asset class” as UK pension schemes shifted £40bn (€58.3bn) out of stocks into bonds last year.
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Pensions directive at risk amid German vote
GERMANY - Germany could miss the deadline for transposing the directive on occupational pensions if early elections take place, pension experts say.
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GSAM names Curtis head of sub-advisory
UK - Goldman Sachs Asset Management has appointed Merrill Lynch’s David Curtis to the new role of head of sub-advisory.
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Watson Wyatt names German investment head
GERMANY - Watson Wyatt’s Munich office has hired a senior manager from investment consulting firm FERI to head its German investment consulting team. (Updates with Watson comment.)
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Deutsche CEO hails pension fund investors
GERMANY – Josef Ackermann, chief executive of Deutsche Bank, has highlighted the role played by the bank’s owners such as pension funds.
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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.
