Asset Managers – Page 348
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State Street says GSS revenue set to fall
US - Revenue at State Street Corp.'s Global Securities Services division, which it recently bought from Deutsche Bank, is set to fall by 124 million dollars this year as the company posts “disappointing” first-quarter earnings.
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UBS is top Luxembourg fund manager
LUXEMBOURG – Swiss bank UBS is the largest manager of Luxembourg-based funds with total net assets of 93.2 billion dollars, according to new research.
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E1.13bn Dundee taps Goldman, Alliance Bernstein
UK – The Dundee City Tayside Superannuation fund has appointed Goldman Sachs Asset Management and Alliance Bernstein for its 775 million pound (1.13 billion euro) fund.
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Hackney appoints specialists for e509m scheme
UK – The London Borough of Hackney pension fund has announced the appointment of a series of specialist managers for its 350 million pound (509 million euro) scheme.
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Northern Trust reviews business as earnings fall
US – Securities services provider Northern Trust says it is undergoing an “intensive review” of its business and operations following a sharp decline in quarterly earnings.
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UK managed assets total e2.8trn - IMA
UK – Assets managed in the UK as of end of June 2002 were 1.93 trillion pounds (2.8 trillion euros) according to the latest fund manager survey by the Investment Management Association.
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Switzerland’s Valais suspends pension manager
SWITZERLAND – The council of the Swiss canton of Valais has suspended the president of the investment committee for the Valais pension fund for teachers with immediate effect due to “irregularities”.
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Henderson names Fraser to deal with consultants
UK – Henderson Global Investors is focusing on its relationship with investment consultants, and has appointed Andrew Fraser to head up the new strategy.
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Ten thousand sign up for new Bosch pension
GERMANY – Ten thousand employees have signed up for the supplementary pension of German engineering company and appliance maker Robert Bosch.
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Close names asset management CEO
UK – Close Brothers’ asset management arm, Close Investments, has appointed Jonathan Sieff as its new chief executive.
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Edinburgh loses British Coal small-cap mandate
UK – Edinburgh Fund Managers and Fidelity Investments have lost their UK small-cap mandates for the 19 billion pound (27.6 billion euro) British Coal Pension Schemes.
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AXA CFO may head French insurance body
FRANCE – AXA Group’s chief financial officer, Gerard de La Martiniere, may have to step down if he is elected as president of the French insurance industry group, FFSA.
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Asset managers concerned over UK proposals
UK – The European Asset Management Association and the UK’s Investment Management Association have expressed concerns about regulations proposed by the UK Financial Services Authority on ‘bundling’ and ‘softing’.
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Northern Trust asset arm wins French mandate
FRANCE/LUXEMBOURG – Northern Trust’s asset management arm, Northern Trust Global Investments, has won its first mandate in the French market.
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TKP awards e2.1bn custody mandate to J P Morgan
NETHERLANDS – Dutch pension schemes administrator and manager TKP Pensioen has appointed J P Morgan Investor Services as global custodian for 2.1 billion euros.
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CSAM names DiMaio as head of alternatives
GLOBAL – Credit Suisse has named Jack DiMaio as chief executive of alternative investments at its Credit Suisse Asset Management division.
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Fortis sees PAYG woes as an ‘opportunity'
NETHERLANDS - Dutch asset management company Fortis Investment Management says the current problems facing the European pay as you go pensions systems present opportunities for asset managers.
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ING outlines strategy to grow pensions business
NETHERLANDS – Dutch bank ING has outlined its strategy to grow its international pensions business, saying that pensions is an example of how it can combine insurance, banking and asset management.
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New Irish investment vehicle takes on Luxembourg
IRELAND – Tax legislation for a pensions investment pooling vehicle has been passed by the Dail, the Irish parliament, as a new category of investment fund. Included in this year’s Finance Act, the vehicle is designed to provide tax transparency to pension funds using it.
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Snijders retires from Schootse Poort
NETHERLANDS – Dick Snijders, chief executive of Schootse Poort, the independent asset manager responsible for managing the assets of Stichting Pensioenfonds Philips, has retired.
