Asset Managers – Page 333
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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.
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Executives’ pension plans under EU scrutiny
EUROPE – The European Parliament’s rapporteur on the new transparency directive has called for the details of corporate executives’ pension plans to be disclosed.
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Ten managers hit as Belgacom closes
BELGIUM – The ten fund managers for Belgacom’s 3.6 billion-euro pension fund are to lose their mandates as the assets are handed over to the state.
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Asset managers seek credit market best practice
EUROPE – More than 25 of Europe’s largest investment management companies, including PGGM and ABP Investments, have published a consultation paper aimed at improving standards in Europe’s credit market.
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MLIM names Buckle as a fixed income director
UK – Merrill Lynch Investment Managers has bolstered its fixed income team with the appointment of David Buckle as director.
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Consultants blamed for asset-liability problems
GERMANY – The problem of pension fund assets showing little relation to liabilities is mainly due to consultants, according to a top executive at Deutsche Asset Management.
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Fortis Investments names head of Italian sales
ITALY – Fortis Investments has appointed a new head of sales for the Italian and Mediterranean market.
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Watson Wyatt calls for “dynamic” asset strategy
NETHERLANDS – The head of Watson Wyatt’s Dutch investment consulting practice, Gerard Roelofs, has called for a “dynamic” approach to strategic asset allocation.
