Asset Managers – Page 300
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J P Morgan disappointed as F&C opts for Mellon
EUROPE – The merged F&C Asset Management has opted to continue its outsourcing relationship with Mellon Financial Corp., resulting in a loss for a “disappointed” J P Morgan Investor Services.
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Cominvest to outsource management of three funds
GERMANY – Cominvest, Commerzbank's Germany-based asset management arm, says it wants to outsource the portfolio management of three of its ADIG retail mutual funds.
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DeAM set for sweeping revamp - report
GERMANY - Kevin Parker, the new head of Deutsche Bank’s asset management activities, is to unveil a sweeping restructuring, placing a particular emphasis on embattled Deutsche Asset Management in the UK, a German newspaper has reported.
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Assets surge at Dutch schemes’ hedge fund unit
SWITZERLAND – Assets under management at Harcourt Investment Consulting, the Swiss fund of hedge funds business that is ultimately majority owned by ABP and PGGM, have risen by 65% in the first nine months.
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Bank of Ireland AM gets new CEO amid outflows
EUROPE – Bank of Ireland Asset Management has named a new chief executive – Rothschild’s Kevin Dolan - amid a loss of 7.7 billion euros in assets under management.
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Allianz sees “noticeable” 2005 asset mgmt profit
GERMANY – Allianz says it expects cost reductions at its asset management arm to lead to “a noticeable” profit contribution next year – despite a loss at the arm due to acquisition-related expenses in the third quarter.
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Fidelity set to launch German KAG
GERMANY - Fidelity Investments says it is to launch a German investment company, known as a KAG, from January 2005 to create German-domiciled funds for institutional and retail investors.
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PGGM’s Munsters to succeed ABP’s Frijns
NETHERLANDS – ABP, Europe’s largest pension fund, has named PGGM’s Roderick Munsters to succeed Jean Frijns as chairman of ABP Investments.
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Aegon sets up Slovakia pension fund
NETHERLANDS – Aegon has launched a pension fund company in Slovakia, the life insurer said in a quarterly update.
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Ross Goobey: UK, Dutch governance similar
NETHERLANDS – Alistair Ross Goobey, chairman of Hermes Focus Asset Management and a long-time proponent of corporate governance, has highlighted the similarities between Dutch and UK corporate governance.
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AXA IM in E20bn institutional boost
EUROPE – AXA Investment Managers has gained 20 billion euros in assets under management in the first nine months – mostly driven by institutional inflows.
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DeAM, Schroders lose out at Avon Cosmetics
UK - Deutsche Asset Management and Schroder Investment Management have lost out with the 102 million-pound (146.5 million-euro) pension scheme of Avon Cosmetics switching from a balanced to specialist strategy.
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Mercer retirement revenues flat as MMC cuts jobs
GLOBAL – Mercer’s retirement revenues were flat in the third quarter as its troubled parent firm Marsh McLennan Companies announced it would cut 3,000 jobs globally.
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TKP Pensioen wins Wegener admin deal
NETHERLANDS – TKP Pensioen, a subsidiary of life insurance giant Aegon, has won an administration contract with Dutch publishing house Wegener.
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Call for hedge funds to adopt code of conduct
GLOBAL – Managers dealing in unregistered hedge funds are being invited to adopt a draft code of conduct presented by the CFA Centre for Financial Market Integrity.
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Blood and Gore set up London-based asset manager
UK – Former US Vice President Al Gore and former Goldman Sachs Asset Management CEO David Blood have set up a new London-based asset management firm targeting pension funds.
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PME cites single manager risk for F&C withdrawal
LONDON - PME, the 14 billion-euro Schiphol-based metal workers fund, has switched one billion euros of assets away from F&C Management to new providers.
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Dutch schemes dismayed by new government plans
NETHERLANDS - Dutch pension funds ABP and PGGM have reacted with dismay to plans by the Dutch Ministry of Social Affairs to overhaul the country’s industry pension funds.
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ABP buys stake in UK real estate firm
UK - ABP, the 150 billion-euro Dutch civil service pension fund, has acquired a minority stake in the UK-based student accommodation company Unite Group.
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Pictet senior partner Charles Pictet to leave
SWITZERLAND - Pictet & Cie’s senior partner, Charles Pictet, is leaving the company after 36 years to join the seven-member Swiss Federal Banking Commission (SFBC), the authority that controls the country’s financial sector.
