Asset Managers – Page 350
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Gartmore investment chief resigns
UK – Asset manager Gartmore’s chief investment officer Peter Chambers has left following a review of “leadership resources” as it shifts its focus to hedge funds.
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DnB confirms e2.16bn merger talks
NORWAY – Norway’s largest bank, Den norske Bank, has confirmed that it is in talks to merge with savings bank Gjensidige NOR – a move that would create the largest financial services provider in Norway.
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Julius Baer cuts jobs as assets fall 16%
SWITZERLAND – Swiss private bank Julius Baer says its assets under management declined by 16% in 2002 and that it plans to cut 10% of its workforce.
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Thousands of UK firms don’t provide pensions
UK – At least 25,000 British companies are not providing an employee pension scheme, according to research by AXA Sunlife, UK operating arm of French insurer AXA.
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CDC hires Ofivalmo head for equities
FRANCE – CDC Ixis Asset Management has appointed a former board member of Ofivalmo as its head of European and emerging equity investments.
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BGI unveils corporate bond ETF
EUROPE – Barclays Global Investors is to launch Europe’s first corporate bond exchange-traded fund, through its partner iShares plc.
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Credit Suisse AM names new chief executive
GLOBAL – The asset management arm of Swiss bank Credit Suisse has appointed Michael Kenneally as its global chief executive.
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CoreRatings hires ex-Morley SRI head
UK – Socially responsible investing consultancy CoreRatings, which is part of the same group as Fitch Ratings, has named Anne-Maree O'Connor as its new head of research.
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Europe’s pension market “to grow by 7.5% a year”
EUROPE – European second and third pillar pension markets are expected to grow at an annual rate of 7.5% until 2010 - taking assets to 510 billion euros, says Allianz Dresdner Asset Management (ADAM).
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UK’s Windsor tenders up to e115m equity mandate
UK – The UK borough of Windsor and Maidenhead is putting out to tender a mandate of between 50 million and 80 million pounds (72-115 million euros) to be invested in global equities for its 800 million pound (1.1 million euro) pension fund.
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Unigestion swings to profit, goes private
SWITZERLAND - Swiss alternative investments firm Unigestion – reporting a swing to profit in 2002 - is to take itself into private ownership.
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Attica to run e72m McCain portfolio
UK – The McCain Foods pension and life assurance scheme has appointed multi-manager Attica Asset Management to manage its entire portfolio of around 50 million pounds (72.6 million euros) in assets.
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Fortis hires SocGen bond head
FRANCE – Fortis Investment Management has appointed Emeric Challier as chief investment officer of its Euro fixed income investment centre in France.
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SEI hires UK sales chief from Lombard Odier
UK – US-based asset manager SEI Investments has hired an executive from Swiss private bank Lombard Odier Darier Hentsch as its new head of UK institutional sales.
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Irish managed funds fall 21% - Mercer
IRELAND – Group pension managed funds declined by more than 21% in the year to the end of February, according to data provided by Mercer Investment Consulting.
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ECB rate cut raises pressure on pension funds
EUROPE – The European Central Bank’s quarter-point rate cut today is likely to increase the pressure on pension funds, analysts said.
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Germany to end fund discrimination
GERMANY – German finance minister Hans Eichel announced today that as of 2004 foreign funds will no longer be discriminated against, following pressure from asset managers, organisations and the European Parliament.
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Pioneer to offer hedge funds in UK
UK – Pioneer Investments, UniCredito’s fund management arm, is to offer its range of hedge funds to UK institutional investors.
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HSBC AM hires Schroders’ Rodgers
UK – HSBC Asset Management has hired Chris Rodgers from Schroder Investment Management to be its head of UK equities.
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W. Sussex tenders custody mandate
UK – The southern English county council of West Sussex has tendered a mandate for a global custodian for its 710 million pound (1.03 billion euro) pension fund.
