Asset Managers – Page 352
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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.
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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.
