Asset Managers – Page 318
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SG’s asset management arm posts E4.9bn inflow
FRANCE – Société Générale’s asset management arm had 4.9 billion euros in net new money in the first quarter of 2004.
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ING says institutional AUM rise 4.4%
NETHERLANDS – ING says its institutional assets under management have risen by 4.4% to 131.1 billion euros in the three months to the end of March.
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KAS Bank says it wins Cheviot Trust custody
UK – KAS Bank says it has won a custody mandate from the 223 million-pound (332 million-euro) Cheviot Trust pension scheme for the legal profession.
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BIAM’s profit up 11% as assets rise to E57.5bn
IRELAND – Bank of Ireland’s asset management and securities services business posted a pre-tax profit of 125 million euros for the year to the end of March, an 11% rise over the previous year.
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Mercer changes approach in Petroleum Fund report
NORWAY – Mercer Investment Consulting has not made qualitative comments in its latest annual report into Norway’s 845.3 billion-crown (97.9 billion-euro) Petroleum Fund.
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Ex-API chief Reid in Smedvig real estate link
UK - Iain Reid, former chief executive of Aberdeen Property Investors, has announced his return to the real estate arena.
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Iceland's No. 2 fund awards custody to BBH
ICELAND - Iceland's second-largest pension fund, the 133 billion-crown (1.5 billion-euro) Lifeyrissjodur Verzlunarmanna or Pension Fund of Commerce, has awarded custody to Brown Brothers Harriman.
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Investec names pension fund service head
UK - Investec Asset Management has named Marketta Sellers as head of pension fund client service.
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Mercer says it's cooperating with US SEC
US – Mercer Investment Consulting is “fully cooperating” with the Securities and Exchange Commission’s investigation into the pay arrangements of pension fund consultants in the US.
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Robeco CEO quits after losing board support
NETHERLANDS – Robeco says chief executive Géry Daeninck has resigned as of June 30 and will be replaced by former Euronext executive George Möller.
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Flintshire taps T. Rowe Price for US equities
UK - Flintshire County Council has awarded a 42 million-pound (62.8 million-euro) US risk-controlled equity mandate on behalf of the 550 million-pound Clwyd Pension Fund to T. Rowe Price.
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Poschadel replaced as CEO at UBS’s GAM
GLOBAL – UBS’s GAM alternative investments unit has named David Solo as its new chief executive, replacing incumbent Burkhard Poschadel.
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Italy’s Cometa tenders entire E2bn portfolio
ITALY - The Cometa engineering workers’ pension fund, which is expected to be worth two billion euros by the end of 2004, has tendered its entire portfolio.
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UK makes “market-based” soft commission proposal
UK – The UK’s financial services regulator has made a “market-based” proposal to deal with the issue of soft commissions.
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Hermes names real estate investment head
UK - Hermes Pensions Management has named Fiona Sweeney as its head of real estate investment management.
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US-based Watson Wyatt’s headcount falls 6%
US – Staff numbers at US consulting firm Watson Wyatt & Co. have fallen by 260, or 6.3%, in the past year, according to its latest earnings release.
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Experts suggest EU asset management overhaul
EUROPE – A group of experts has suggested a far-reaching overhaul of asset management legislation in the European Union – possibly involving a “stand-alone asset management pillar” in EU rules.
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AXA asset management revenues rise 25%
FRANCE – Revenues at AXA’s asset management businesses rose by 25.5% to 743 million euros in the first quarter.
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BNP Paribas unveils new pension plan
FRANCE - BNP Paribas is to launch it an individual pension plan, Plan d’Erpargne Retraite des Particuliers, which will be available from May 10 at its branches.
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Allianz takes entrepreneurial approach to ageing
GERMANY – Allianz’s top executive says the group will be “entrepreneurial” in taking advantage of the ageing society.
