Asset Managers – Page 318
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UK pension funds raise cash holdings – Lipper
UK – Pension funds in the UK raised their exposure to cash investments in March, according to fund research firm Lipper.
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Citigroup Europe investment management earns $9m
EUROPE – Citigroup’s investment management activities in Europe had a net income of nine million dollars (7.5 million euros) in the first quarter, from a three million-dollar loss a year before.
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HSBC Actuaries wins National Counties brief
UK - HSBC Actuaries and Consultants Ltd., says it has been appointed as investment consultants to the National Counties Building Society Pension and Life Assurance Scheme - initially to review investment strategy.
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BoNY wins Insight mutual fund custody
EUROPE - Insight Investment has awarded the Bank of New York a fund accounting, depositary and custody brief for its eight billion-pound (12 billion-euro) UK and European mutual fund business.
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HooverCandy taps Aon for extra actuarial work
UK – Appliance manufacturer HooverCandy Group has appointed Aon Consulting to provide actuarial services to a further three of its pension schemes.
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AP3 investment chief Ekvall joins Carnegie
SWEDEN – Sweden’s third national buffer fund, the 142.5 billion-crown (15.5 billion-euro) AP3, says chief investment officer and deputy chief executive Niklas Ekvall is to leave and join investment bank Carnegie.
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UBS names new European institutional chief
EUROPE – UBS Global Asset Management has named Michael Strobaek as head of its European institutional business in Europe outside Switzerland to take over from Christof Kutscher, who is moving to Hong Kong.
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Struyk to head Fortis measurement arm
NETHERLANDS - Fortis has named Sander Struyk as director of its performance measurement unit SAMS, taking over from Eric Daubresse.
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State Street: GSS “transformational” in Europe
EUROPE – State Street Corp. says its 1.5 billion-dollar acquisition of Deutsche Bank’s Global Securities Services business last year has been “truly transformational” for its business in Europe.
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Philips sees E1.2bn saving from pension agreement
NETHERLANDS – Dutch electronics giant Philips predicts a 1.2 billion-euro cut in benefit obligations – as well as ongoing savings – as a result of a shift to average-salary pensions agreed earlier this year.
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Northern Trust wins E13.1bn Halifax custody
UK – Northern Trust says it has won been awarded custody of Halifax Financial Services’ 8.6 billion-pound (13.1 billion-euro) fund range.
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Putnam trustees “pleased” with $110m settlement
US – The head of Putnam’s funds trustee board says he is “pleased” with Putnam Investments’ 110 million-dollar market timing settlement with the SEC and the state of Massachusetts.
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BNP Paribas buys Zurich hedge business
FRANCE – BNP Paribas Asset Management says it has agreed to buy the Javelin fund of hedge funds business from Zurich Financial Services’ ZCM Investor Capital arm.
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State Street Ireland hires Goldman’s Nangle
IRELAND – State Street has hired Goldman Sachs Asset Management’s Gavin Nangle to be head of business development in Ireland.
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UK’s Clwyd adds hedge fund exposure in revamp
UK – The 550 million-pound (834 million-euro) Clywd Pension Fund says it has broadened its hedge fund exposure in a “major review” of its investment managers.
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Denmark’s ATP names Nielsen as real estate MD
DENMARK – Michael Nielsen has been named as the new Managing Director of ATP Ejendomme, the real estate arm of Denmark’s largest pension scheme, the 38 billion-euro ATP Danish labour market pension plan.
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Putnam says top lawyer Woolverton to retire
US – Putnam Investments says its top lawyer William Woolverton is to retire amid the market timing scandal and be replaced by State Street Research & Management Co.’s Frank McNamara.
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MSCI to buy risk software firm Barra for E675m
GLOBAL - Morgan Stanley is to buy risk management analytics firm Barra for 816.4 million dollars (675.3 million euros) in cash and integrate it with its majority-owned MSCI index business.
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Watson Wyatt hires Citigroup’s Armstrong
UK – Watson Wyatt LLP has hired Citigroup Asset Management’s European marketing director Jane Armstrong as head of marketing for its investment practice, a new role.
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Fund body FEFSI to let asset managers join
EUROPE - The European investment fund body FEFSI has changed its constitution to admit asset management companies as members, and not just national fund associations.
