Asset Managers – Page 351
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Dutch pension coverage law under scrutiny
NETHERLANDS – Representatives of Dutch employers and employees have written to the government seeking a change in the law regarding pension fund coverage ratios.
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Credit Suisse hires ex-ABB pension chief
SWITZERLAND – Christoph Schenk, the former chief executive of ABB’s pension fund unit has joined Credit Suisse Asset Management as its new chief investment officer in Switzerland.
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UBS wins top European fund award
LUXEMBOURG – Swiss bank UBS has been named the “best overall” European fund promoter in the second annual European Funds Awards.
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Ex-Watson Wyatt consultant joins Paamco
EUROPE – Stephen Oxley, former senior investment consultant at Watson Wyatt is to head up Pacific Alternative Asset Management Company’s (Paamco) new European hedge fund of funds operations in London.
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TRW investment chief MacDougall leaves
UK – William MacDougall, the managing director of TRW Investment Management Co. Ltd., has left and is being replaced on a temporary basis by Jeremy Brown.
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Spanish occupational pension assets up 12.3%
SPAIN – The assets under management at Spanish occupational pension schemes rose 12.31% to 21.15 billion euros at the end of 2002, according to figures released by Inverco, the Spanish association of institutional investors and pension funds.
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E193m Fondenergia seeks seven managers
ITALY – Fondenergia, the 193 million euro Italian pension fund for energy and power workers, is looking for seven managers to run the entire fund, which will be split into three mandates.
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ADAM hires equity performance risk head from MLIM
UK - Allianz Dresdner’s asset management division has hired a senior risk and performance executive from Merrill Lynch Investment Managers.
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BGI chief to head FTSE committee
UK – The head of Barclays Global Investors in Europe is to chair index company FTSE’s policy group.
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J P Morgan Fleming AM names global equities head
UK – J P Morgan Fleming Asset Management has named Martin Porter as its new global head of equities.
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London exchange chief slams tax on pension funds
UK – Chancellor Gordon Brown’s five billion pound (7.3 billion euro) tax on dividend income paid by pension funds has been described as a threat to the position of the City of London – the UK’s financial heartland - by London Stock Exchange chief executive Clara Furse.
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Law Debenture’s net asset value falls 23%
UK – UK-based trustee services and investment trust firm Law Debenture Corp. has seen its net asset value decline by 23.5% to 170.5 pence (250 euros) per share in 2002, compared to 222.9 pence (326 euros) in 2001.
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SanPaolo, BGI in Italian ETF launch
ITALY – Barclays Global Investors and SanPaolo IMI have launched an Italian exchange traded fund that will start trading on February 28.
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Winterthur pensions CEO leaves as jobs go
SWITZERLAND – Swiss bank Credit Suisse Group is to cut around 350 jobs at its pensions and insurance division Winterthur in a revamp that will see current pensions head Markus Dennier reassigned within Credit Suisse.
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Northern Trust wins Alecta, Royal Liver mandates
SWEDEN/UK/US – Northern Trust has been appointed global custodian for Swedish pension fund manager Alecta and UK company Royal Liver Assurance, adding a further 11.06 billion euros to its 1.4 trillion euros in assets under custody.
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German fund body BVI criticises tax proposal
GERMANY – The German investment fund association Bundesverband Investment und Asset Management (BVI) has criticised the government’s decision to introduce a 15% capital gains tax on investors.
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Ansbacher in European multi-manager push
EUROPE – Ansbacher is making a push into the growing European multi-manager market and has hired Jeremy Beswick to spearhead the offensive.
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Drop in Swiss pension performance index
SWITZERLAND - The Swiss Pension Fund Performance Index, which measures the performance of 57 Swiss pension funds, fell from 98.3% to 90.5% last year.
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ING sees AM contribution to profits halved
NETHERLANDS - Assets under management at the giant Dutch financial services ING Group dropped by 12.5% in 2001to 449 euro billions with assets managed for institutional clients falling by 21.1%. The asset management share of group operating profits amounted to 283 euro millions declined from 10% to 5% in 2002. ...
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UK scheme begins £1.75bn outsourcing programme
UK – Following the departure of two of its senior investment staff last year, the Merseyside Council 2.5 billion pound pension fund will appoint six external managers to run 1.75 billion pounds in mandates....
