Asset Managers – Page 332
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Citigroup’s asset management income falls
GLOBAL – Citigroup says its asset management net income declined 37% to 72 million dollars in the third quarter, compared to the prior-year period, while the division’s revenues slipped two percent.
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LGIM’s new business surges 36%
UK – Legal & General Investment Management’s gained more than four billion pounds (5.7 billion euros) in new business in the third quarter, a 36% rise.
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Pension funds to have large role in SRI - report
EUROPE – Socially responsible investment among European institutional investors is increasing, and pension funds will play a large role in developing the market further, says Eurosif.
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AXA IM names Italy distribution head
ITALY – Marco Fusco has moved from ING Asset Management Italy to head up head of distribution at AXA Investment Managers Italia.
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AXA IM names UK investment chief
UK - AXA Investment Managers has hired Paul Griffiths from Investec Asset Management to be UK chief investment officer.
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French pension system “to take time to develop”
FRANCE – Following its pension reform in August, France now has a third pillar and extended second pillar pensions system – though development will take time, says the head of the French pension fund association.
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Northern Trust’s net income rises 18%
US – Northern Trust’s third-quarter net income rose 18% to 113.8 million dollars (97.4 million euros), up from 96.4 million dollars in the 2002 quarter.
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Italy set to see more foreign fund managers
ITALY - The role of foreign fund managers in the Italian pensions market will increase with transparency and regulatory pressure, says Massimo Greco, managing director and country head at J P Morgan Fleming Asset Management.
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MLIM's third-quarter profits rise 15%
GLOBAL – Merrill Lynch Investment Managers’ pre-tax earnings in the third quarter were 77 million dollars, a 15% rise on the same period in 2002
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State Street says GSS operating at break-even
GLOBAL – State Street Corp. says the Global Securities Services business it acquired from Deutsche Bank is “operating at break-even”, with 465 client conversions completed.
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UBS sees unbundled German pensions market
GERMANY - The German pensions market is likely to see its services unbundled towards a more specialist approach, according to Tim Blackwell, managing director of UBS Global Asset Management in Germany.
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USS long-term mandate shortlist announced
UK – Three corporate entries have made it onto the shortlist of eight candidates in the Universities’ Superannuation Scheme’s long-term mandate competition.
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Hermes boosts corporate governance team
UK – Hermes Pensions Management has make three appointments to its corporate governance team, taking the total staffing of the team to 45.
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Rogge Partners in Japanese joint venture
EUROPE/JAPAN – Fixed income manager Rogge Partners has teamed up with Tokio Marine to form a Japanese asset management venture.
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Nordea sells pension services arm to Gabler
NORWAY – Nordea AB has sold its pension services arm to Norwegian consultant Gabler Radgivning.
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LGIM says corporate pensions business rises
UK - Legal & General Investment Management has posted a 40.5% rise in new corporate pension business in the third quarter.
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Insight replaces departed multi-manager team
UK – Insight Investments has replaced the multi-manager team it lost to Gartmore with a four-strong team from UBS.
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UK’s Smiths taps Northern Trust for custody
UK – Industrial group Smiths Group has awarded a two billion-pound (2.83 billion-euro) global custody mandate to Northern Trust.
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UK pension funds “hit by soft commission changes”
UK – The asset management trade body says proposed changes to rules on soft commissions will result in higher costs for pension funds – though pension consultants welcomed the moves.
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DeAM names Hughes UK property chief
UK – Deutsche Asset Management has appointed Bill Hughes as chief executive of its real estate investment management and advisory division.
