Asset Managers – Page 343
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Goldman Sachs asset mgmt revenues fall 9%
US – Revenues at Goldman Sachs’ asset management division fell nine percent in the second quarter.
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Ex-Watson Wyatt consultant joins Investit
UK - Former Watson Wyatt senior investment consultant Philip Robinson has joined specialist consultancy Investit in London to boost its strategic marketing and investment process practice.
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Report: 3,000 State Street staff seek redundancy
US – According to a newspaper report, 3,000 State Street employees have applied for voluntary redundancy under the bank’s cost-cutting plan.
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UK Pension Commission to report by summer 2005
UK – The new Pension Commission, set up by the government to review private pensions and long-term savings, plans to issue its first report in two years’ time.
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Northern Trust cuts 700 jobs to reduce costs
US – Northern Trust has cut 700 jobs as part of a drive to reduce annual operating expenses by 145-150 million dollars.
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State Street declines comment on Schwab report
US – State Street has declined to comment on a report that it is set to sell the wealth management arm of State Street Global Advisors to Charles Schwab.
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Glaswegian wins State Street Caledonian Challenge
UK - The organisers of the State Street Caledonian Challenge will know later this week how many of 1,620 who registered to walk the designated 54 mile stretch of the West Highland Way in a 24 hour period actually completed what is reckoned to be the country’s “premier endurance challenge”.
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Goldman Sachs AM loses E6.8bn in British Coal revamp
UK - The 10 billion pound (14 billion euro) British Coal Staff Superannuation Scheme has withdrawn 4.8 billion pounds (6.8 billion euros) from Goldman Sachs Asset Management -but says GSAM remains a "favoured manager".
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UK’s Buckinghamshire tenders bond, property brief
UK – Buckinghamshire County Council pension fund is tendering a bond and property mandate to the value of 110 million pounds (159 million euros).
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Robeco’s investment chief Jaap van Duijn to retire
NETHERLANDS – Robeco has named Marnix Vriezen as its new chief investment officer for Europe, replacing Jaap van Duijn who is retiring.
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AXA IM names global consultant relations head
UK – AXA Investment Managers has promoted Joanna Munro to head of UK institutional business development and head of global consultant relations and Nigel Loweth to head of UK institutional sales.
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Investment consultant named to AP2 board
SWEDEN – The government has named investment consultant Märtha Josefsson to the board of the 12.8 billion-euro second Swedish national fund Andra AP-fonden.
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Aegon Asset Management fixed income head leaves
UK – The head of fixed income at Aegon Asset Management UK, Malcolm Jones, has left the company.
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Pension executive joins Janus as COO
US – Asset manager Janus Capital Group has named a US pension executive as its new chief operating officer and said it is still looking for a chief investment officer.
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Fund management consolidation inevitable - survey
EUROPE – Consolidation within the fund management industry looks inevitable given overcapacity and declining profitability - but difficulties may hinder mergers, say fund management executives surveyed by Mercer Oliver Wyman.
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New UK regulator to build pension database
UK – The successor to the Occupational Pensions Regulatory Authority is to build a comprehensive regulatory database of the UK’s 100,000 pension schemes.
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EAMA and FEFSI see merger by year-end
EUROPE – The European Asset Management Association and the Fédération Européenne des Fonds et Sociétés d’Investissement expect their merger to take place by the end of the year.
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American Express to buy Threadneedle for E482m
UK/SWITZERLAND/US – Zurich Financial Services is to sell its UK asset management subsidiary Threadneedle Investments to American Express Co.
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UBS sees UK pension assets growing rapidly
UK – UBS Global Asset Management reckons UK pension assets will grow to 1.4 trillion pounds (1.98 trillion euros) by the end of 2012 – saying there a number of trends that point to “rapid future growth”.
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Pension funds “natural” investors in German roads
GERMANY – Pension funds are “natural” investors in German road-building projects, according to a new report by Deutsche Bank – though it admits it may be hard to attract international institutions.
