Asset Managers – Page 303
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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.
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INTECH set to sign up more European schemes
EUROPE – Janus Capital Group says its INTECH arm, which specialises in mathematically based portfolio investing, is set to sign up new European pension fund clients.
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Dutch and Irish funds tap LGIM for indexing
EUROPE – Legal & General Investment Management has won new indexing business from pension funds in the Netherlands and Ireland.
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State Street to cut 425 jobs and restructure
GLOBAL – State Street Corp. says it will cut about 425 jobs and restructure some of its businesses amid a 12% fall in quarterly profits.
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Pension Commission: reaction broadly positive
UK – The Pension Commission’s interim report was broadly welcomed by the government and industry observers – here is a selection of comments from politicians, industry groups, consultants and unions.
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DeAM consultant head Patel leaves
EUROPE - Deutsche Asset Management has confirmed the departure of Dipak Patel, director of consultant relationships.
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Ex-Watson's Douse leaves Schroders
EUROPE - Susan Douse, the former Watson Wyatt consultant who left to join Schroders, is to leave the asset management firm after six months in the job.
