Asset Managers – Page 302
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Mercer parent Q3 earnings delayed amid probe
GLOBAL – Marsh & McLennan Companies, the parent of pension consulting firm Mercer, has delayed its third-quarter earnings report amid a regulatory probe that has already cost its chief executive his job.
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Nordea asset management revenues slip
NORDIC – Nordea has seen its asset management revenues edge down on a sequential basis – although institutional client assets are slightly higher.
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New framework may change Dutch funds’ asset mix
NETHERLANDS - The new supervisory framework for Dutch pension funds and insurers may lead to a move out of equities and into bonds, experts have suggested – though the government doesn’t plan to change its bond issuance strategy.
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European asset managers boost profits – study
EUROPE - European asset managers were able to moderately improve their profitability and efficiency last year, according to a new study by the German arm of consulting firm McKinsey & Co.
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ADAM gains E9bn and changes name
EUROPE – Allianz Dresdner Asset Management, recording a nine billion-euro net asset inflow in the first half, has announced that it will change its name.
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New French and UK members for EFRP
EUROPE - The French asset management association and the UK insurance industry body have been named as full members of the European Federation for Retirement Provision.
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Danica Pension in E255m shift to equities
DENMARK – Danica Pension, the life insurance and pension arm of Danske Bank which has a large bond portfolio, has made a 1.9 billion-crown (255 million-euro) net investment in equities.
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BNP Paribas centralises multi-management
EUROPE - BNP Paribas says it has centralised its multi-management teams in one independent investment company called Cortal Consors Fund Management.
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Germany to deregulate occupational pension funds
GERMANY - The German finance ministry has unveiled a draft law providing for sweeping de-regulation of the country’s two occupational pension funds, known as Pensionskassen and Pensionsfonds.
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SGAM in India joint venture deal
GLOBAL - Société Générale Asset Management is to finalise a joint venture agreement with the State Bank of India Fund Manager (SBIFM) by the end of October.
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BBVA and Innovest in Spanish SRI venture
SPAIN – Innovest Strategic Value Advisors, whose principal outside investor is Dutch pension fund ABP, has started a partnership with Banco Bilbao Vizcaya Gestión to launch a corporate sustainability SRI fund.
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Mercer faces borrowing curb amid Spitzer suit
GLOBAL – Consulting firm Mercer faces a curb on further borrowing as parent firm Marsh & McLennan Companies deals with a lawsuit from New York Attorney General Eliot Spitzer.
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ECB warns on accession states’ pensions
EUROPE – The European Central Bank has warned that demographic shift will be more severe in most of 11 non-euro area member states than the European Union average.
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Belgian building fund taps BoNY for transition
BELGIUM - The Belgian industry-wide construction scheme has selected the Bank of New York for global transition management, the bank said.
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UBS hires Oppenheim’s Welton
SWITZERLAND - UBS Global Asset Management has hired Drew Welton, head of international marketing at Bank Sal Oppenheim jr & Cie
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Nomura soft closes to European clients
UK - Nomura Asset Management UK (NAM) has closed to new business in Far East equities for the rest of the year, after taking in assets worth 1.1 billion dollars already in 2004.
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Oppenheimer tackles European market
EUROPE- US investment manager OppenheimerFunds Inc (OFI) is entering the European market through a “dual approach” with its subsidiary, Tremont Capital Management.
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SPW taps State Street for fund accounting
NETHERLANDS – The 2.4 billion-euro Dutch housing association scheme Stichting Pensioenfonds voor de Woningcorporaties has expanded its relationship with State Street Corp.
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Mercer’s parent company MMC sued by Spitzer
US – March & McLennan Companies, the parent company of consulting firm Mercer, has been sued by New York Attorney General Eliot Spitzer in a corruption probe.
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DeAM takes over E24.7bn Zurich assets
GERMANY - German institutional fund manager Deutsche Asset Management (DeAM) will take over 24.7 billion euros in assets currently held by the German arm of Swiss insurer Zurich beginning next January.
