Asset Managers – Page 352
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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....
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UBS to set up holding company
EUROPE – Swiss bank UBS is to create a holding company to incorporate its five independent private banks and GAM, its specialist portfolio and asset manager - together they run 70 billion Swiss francs (47.6 billion euros) in assets on behalf of their clients.
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GSAM names European equity heads
EUROPE – Goldman Sachs Asset Management has named Hywel George and Stuart McPherson as its new co-chief investment officers for its European equity business.
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European CIOs see assets rising in 2003
EUROPE – Eighty percent of European chief investment officers surveyed by US risk measurement firm Barra are positive that assets under management will increase over 2003.
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Henderson names UK institutional marketing head
UK – Henderson Global Investors has appointed two former J P Morgan Fleming Asset Management employees to its UK institutional marketing team.
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Aon to integrate investment manager research
US – US-based insurance and consultancy firm Aon has set up a global unit to integrate its investment manager research and hired an Internet entrepreneur to run it.
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Calpers seeks hedge fund boost
US – Investment staff at Calpers, the world’s second largest pension fund, are to recommend that the fund raise its one billion dollar (930 million euro) allocation to hedge funds when the fund’s investment committee meets in June.
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City of Zurich pension fund reveals costs
SWITZERLAND – Versicherungskasse Zurich, the 10.1 billion Swiss franc (6.8 billion euro) Zurich civil service pension fund, has revealed its administration and asset management costs for 2003.
