Asset Managers – Page 325
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SEB says new pension standard to hit profit
SWEDEN – SEB estimates new pension accounting standards will hit 2004 profit by around 250 million crowns (27.2 million euros).
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Hungary records 30% annual pensions growth
Budapest-based Consultancy firm FI-AD Financial Advisory Ltd has published its report on institutional savings in Hungary for the fourth quarter of 2003.
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French reserve fund critical of some applications
FRANCE – The 16 billion-euro French pension reserve fund has made some critical comments about the standard of some asset managers’ applications for mandates.
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Airbus selects Invesco for employee pre-pension accounts
GERMANY- Aircraft manufacturer Airbus Deutschland has appointed Invesco Asset Management to administer and manage Lebensarbeitszeit-Konten or working-life accounts for its 18,000 employees.
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Unigestion appoints new French chairman
France - European alternative asset manager Unigestion has appointed Gérard Pfauwadel, a former managing director of insurer AGF, as chairman of its French subsidiary, Unigestion Asset Management (France).
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SEI picks up three UK mandates
UK – Manager of manager investment firm SEI Investments says it has been awarded mandates totalling 26 million pounds in the last month...
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Winterthur boosted by pension rate cut
SWITZERLAND – Winterthur’s Swiss life unit swung to profit in 2003 – aided in part by a controversial reduction in the minimum interest rate on second-pillar pension schemes to 3.25% from four percent.
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European investment funds rise 12% - FEFSI
EUROPE – The combined assets of the European investment fund market rise by 12% in 2003, said industry body FEFSI.
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Blue Sky names Bisschop as director
NETHERLANDS – Blue Sky Group, the manager of airline KLM’s pension assets, has named Orpa Bisschop as director.
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State Street joins equity trade platform E-Crossnet
EUROPE – State Street Corp. has become a participant and shareholder in the European equity trading platform E-Crossnet.
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S&P to shift US indices to ‘free float’
US – Standard & Poor’s is to change its US indices so they more closely reflect the amount of shares available to investors.
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Austria’s Raiffeisen buys Russian pension fund
RUSSIA - Raiffeisenbank Austria has bought non-state Russian pension fund Dobroe Delo for an undisclosed sum in a bid to enter the third-pillar market.
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Schroders to spend more on portfolio management
UK – Schroders said it expects to spend more on portfolio management and research this year than it did in the last two years.
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Ethix in talks with institutions, Wassum tie
SWEDEN – Socially responsible investing consultant Ethix has confirmed it may sell a stake to institutional investors – and that it has entered a cooperation with Hewitt affiliate Wassum.
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State Street Jersey fund executive joins ING unit
JERSEY – The head of operations at State Street’s Jersey fund administration unit, Graeme McArthur, has joined ING’s Baring Financial Services Group.
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ISIS invests in alternatives firm Cardinal
UK – ISIS Asset Management is buying a 15% stake in a new alternative investment house called Cardinal for 7.5 million euros.
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PKA taps PIMCO, Schroders and Danske for EM debt
DENMARK – Pensionskassernes Administration, the third largest pension fund in Denmark, says it has awarded emerging market debt mandates to PIMCO, Schroders and Danske.
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Hewitt calls for delay to UK pension tax reform
UK – Hewitt Bacon & Woodrow has called for the planned implementation of UK pension taxation reform to be put back a year.
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FTSE and ISS to create governance indices
EUROPE – Index provider FTSE has teamed up with US governance ratings group ISS to provide corporate governance indices.
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Watson Wyatt pursuing “strategic acquisitions”
GLOBAL – The chief executive of Watson Wyatt & Co. has said the company is pursuing “strategic acquisitions” as part of its growth strategy.
