Asset Managers – Page 347
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Trustees lift interest in multi-management
UK – Trustees are becoming more interested in multi-manager products, says the head of a multi-manager trade group.
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LGIM wins E4bn of new institutional business
UK – Legal & General Investment Management won 2.8 billion pounds (4.02 billion euros) of new business in the first quarter of 2003, six percent down on the same period in 2002.
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Deutsche says DeAM restructuring is now over
GERMANY – Deutsche Bank says the restructuring of its asset management business is now over.
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Mellon tops new UK fund accounting survey
UK – Mellon European Fund Services has been named top in the UK market for fund accounting and investment administration in the first survey of its kind by London-based R&M Consultants.
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ISIS sees asset management consolidation
EUROPE – “Active managers are competing for a smaller share of the pot”, but specialists and large managers will be the winners, says ISIS’s chief executive, Howard Carter.
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LGIM wins E394m Highland Council mandate
UK – The Scottish Highland Council pension fund has moved 272 million pounds (394.6 million euros) formerly managed by Rothschild Asset Management to Legal & General Investment Management following the acquisition of Rothschild AM by HBOS’s fund management arm, Insight Investment Management.
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Strathclyde in E1.52bn bond, equity tender
UK – The five billion pound Strathclyde pension fund has put out two tenders of up to 1.05 billion pounds (1.52 billion euros) following an asset liability study.
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DeAM plans new activist shareholder stance
GERMANY - Deutsche Asset Management says it plans to take an activist approach to the running of companies in which it owns significant holdings.
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ABN Amro asset management profit falls 26%
NETHERLANDS – Net profit at ABN Amro’s asset management division declined by 26.3% to 14 million euros in the first quarter.
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Pension funds targeted with new SLAM fund
UK – Swiss Life Asset Management UK is targeting pension funds wishing to gain global exposure to equity markets outside the UK with the launch of a new fund.
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Aegon sees benefit from demographic change
NETHERLANDS – Insurance and pensions provider Aegon says that the ageing population continues to “bode well” for its earnings for a long time to come.
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French asset managers increase SRI capability
FRANCE – French investment firms are rapidly expanding their socially responsible investment management capabilities, reveals a study by SRI information provider Novethic and consultant Amadeis
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UK’s BoS restructures e1.73bn pension fund
UK – Edinburgh Fund Managers and Baring Asset Management have lost their mandates for the Bank of Scotland’s 1.2 billion pound (1.73 billion euro) pension scheme as a result of a complete restructuring of the fund.
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UK’s Railpen taps Mellon for accounting services
UK – The investment arm of the UK Railways Pension Trustee Company, Railpen Investments, has appointed Mellon European Fund Services to provide investment accounting services.
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Beckers quits role at WestAM
EUROPE – Stan Beckers, global head of investments for WestLB Asset Management, has left the company.
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CSAM adds to UK institutional market team
UK – Credit Suisse Asset Management has added to its headcount in its UK institutional marketing team, with the appointment of Edward Jones.
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Top staff leave as e628m Dutch fund closes
NETHERLANDS – Senior staff at Rijswijk-based building group HBG’s pension fund will next month leave for new jobs in the Dutch pensions industry.
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MLIM’s global revenues fall 20%
US - Merrill Lynch Investment Managers says its worldwide revenues declined by a net 20% in 2002 – although the unit’s top executive says it is poised for profitable growth.
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Report calls for removal of EU clearing barriers
BELGIUM – A European Commission-backed report has called for the “concerted removal” of barriers to clearing and settlement in the European Union.
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Economy blamed for low Riester take-up
GERMANY – An independent think-tank has blamed the slow take-up of Germany’s private pensions products, Riester-Rente, on the weak economic situation and the products’ lack of simplicity.
