Asset Managers – Page 292
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Law Debenture trustee profit rises 52%
UK – Law Debenture Corp., the London-based trustee services and investment trust group, has posted a 52.2% increase in pre-tax profits at its trustee services division.
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Aon AM taps Bank of NY for $1.5bn custody
UK – The Bank of New York says it has been appointed by Aon Asset Management to provide custody for $1.5bn (€1.13bn) in assets.
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Allianz’s European asset chief Goldbrunner exits
GERMANY - Johann Goldbrunner, head of Europe for Allianz Global Investors, has decided to resign on April 1 – just three months after taking on the role.
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Germany’s Babcock Pensionskasse removes CEO
GERMANY - Babcock Pensionskasse, the €460m pension fund of failed engineering firm Babcock, has stripped chief executive Günter Schulze of his responsibilities, sources say.
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DeAM now confirms Hawkpoint exploring options
UK/GERMANY - Deutsche Asset Management in the UK has today confirmed that the investment bank Hawkpoint has been hired to explore its “strategic options”.
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Deutsche hires firm for DeAM sale - report
GERMANY/UK - Deutsche Asset Management in the UK has declined comment on a newspaper report indicating that the investment bank Hawkpoint has been hired to explore its possible sale.
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Nordea loses €1.3bn in institutional assets
SWEDEN – Nordea says it lost a total of €1.3bn of institutional assets under management in the fourth quarter of 2004 – hit by industry consolidation.
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Fund management industry ‘still immature’
GLOBAL – The asset management community must come to terms with the emotional and psychological aspects that come with the strategic changes it is undergoing, according to a think tank.
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CSAM names new Germany chief executive
GERMANY - Crédit Suisse Asset Management says Philipp Vorndran is to take over from Hansjörg Herzog as chief executive of its German arm.
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LODH hires KAS Bank’s Kramer (Correct)
(Corrects name) NETHERLANDS – Lombard Odier Darier Hentsch Asset Management has appointed KAS Bank’s Ben Kramer in a bid to stem a loss of institutional business in Benelux.
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German dentists hire Alpha as consultant
GERMANY - VZB, a Berlin-based pension fund for dentists, says it has hired Alpha Portfolio Advisors as its new investment consultant for its €700m portfolio.
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Crédit Agricole AM investment chief Voisin quits
FRANCE - Pascal Voisin, chief investment officer at Crédit Agricole Asset Management, is to leave and be replaced by economic research chief Pascal Blanqué.
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CSAM hit by €2bn loss of two large accounts
SWITZERLAND – Credit Swiss Asset Management lost CHF3.2bn (€2bn) in assets under management in the fourth quarter – due to the loss of two large accounts.
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ING loses 10% of institutional assets in revamp
NETHERLANDS – ING’s asset management arm lost €13.8bn, or more than 10%, of its institutional assets under management in the last three months of 2004 - due to the reclassification of assets and a disposal.
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European fund body FEFSI becomes EFAMA
EUROPE – FEFSI, the European investment funds body, has officially changed its name to the European Fund and Asset Management Association.
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Vopak scheme appoints MN as fiduciary manager
NETHERLANDS – Stichting Pensioenfonds Vopak, the pension scheme of oil services firm Koninklijke Vopak, has appointed MN Services as fiduciary manager.
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DeAM, SSGA, BGI lose Shropshire mandates
UK – Deutsche Asset Management, State Street Global Advisers and Barclays Global Investors have lost equity mandates worth a combined £160m (€231m) after a shake-up at Shropshire County Council Pension Fund.
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Cominvest sees up to €700m inflows in 2005
GERMANY – The chief executive of Commerzbank’s fund arm Cominvest expects up to €700m in inflows this year – on top of broadly unchanged assets under management in 2004.
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Storebrand sets up 460 new DC schemes
NORWAY – Storebrand says it set up around 460 new defined contribution pension schemes last year – taking the total number of DC client companies to more than 1,000.
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Schroders tops ranking for cross border net sales
EUROPE - Global asset manager Schroders has been ranked number one for cross border net sales in 2004 by research and data collection company, FERI Fund Market Information.
