Asset Managers – Page 348
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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.
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Asset manager EIM to open Paris, Monaco offices
FRANCE – Specialist asset manager, EIM, is to open offices in Paris and Monaco in response to growing demand in those areas.
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Asset manager Man Group restructures
UK – Man Group has restructured and rebranded, resulting in the creation of Man Investments, the new name for the asset management division specialising in alternative asset classes.
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Koenig to quit Morgan Stanley in Frankfurt
GERMANY - Peter Koenig of Morgan Stanley’ institutional asset management team in Frankfurt is leaving after five years with the group. Koenig says that the decision was on a “mutually amicable basis”. He will be leaving at the end of June.
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Merrill Lynch loses e136m William Hill mandate
UK – William Hill pension scheme has dropped Merrill Lynch as an asset manager in a switch to specialist managers.
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Martin Currie in European hedge launch
UK – Edinburgh based fund manager Martin Currie says it expects to launch a new European hedge fund in June.
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Deutsche Bank cuts pension return assumptions
GERMANY – Deutsche Bank has cut its expected long-term rate of return on its pension assets due to market conditions – and says further pension contributions might be needed.
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Robeco says alternatives are “highly profitable”
NETHERLANDS – Dutch asset manager Robeco Groep says its alternative investments division was “highly profitable” in 2002.
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UK teachers’ pension scheme in technology move
UK – The UK’s second largest pension fund, the Teachers Pension Scheme, is to get access to a range of mobile technology via an outsourcing deal with services firm Capita Group.
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Italy's Fazio bemoans lack of professionalism
ITALY – The Governor of the Bank of Italy has called for “greater professionalism” among the Italian investment management community.
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Gartmore loses out as Torfaen names managers
UK – Torfaen County Council in Wales has appointed managers for four mandates totalling 590 million pounds (869.7 million euros) for its Greater Gwent Pension Fund, resulting in a loss of a UK equity mandate for Gartmore.
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Italy’s Mediolanum profits fall 21%
ITALY – Italian asset manager and insurer Mediolanum saw its net profit fall 21% in 2002.
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PGGM and USS in emerging markets drugs plea
EUROPE – Dutch healthcare and social services pension fund PGGM and the UK’s Universities Superannuation Scheme education fund are among 12 institutions calling on drugs firms to make medicines more accessible in emerging markets.
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HSBC Asset Management hires AXA investment chief
UK – The global chief investment officer of AXA Investment Managers, Chris Cheetham, has left to take up the same role at HSBC Asset Management.
