Asset Managers – Page 353
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News
Credit Lyonnais’ asset management profits slip
FRANCE – French bank Credit Lyonnais’ asset management business saw its 2002 net profits fall 5.6% to 203 million euros.
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PPI warns of serious crisis in UK pensions
UK – The UK state pension system has come under fire from the Pensions Policy Institute research organisation, which warns that “a serious crisis is looming”.
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Odey launches pan-European UCITS
EUROPE – Odey Asset Management has launched a pan-European Dublin-registered UCITS targeting international and offshore investors.
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Firms petition European Commission on SRI
EUROPE – Fifty European organisations, businesses and professionals have submitted a formal petition to the European Commission to include provisions related to social responsibility in its new directives on prospectus obligations.
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State Street to cut 1,000 jobs
US – State Street Corp. is to cut around 1,000 jobs as it consolidates its 1.5 billion dollar acquisition of Deutsche Bank’s global securities services division.
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ABN Amro takes e804m pensions charge
NETHERLANDS – Dutch bank ABN Amro has taken a net charge of 804 million euros under US accounting rules relating to its pension obligations.
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Sweden’s AP3 records 12.6% negative return
SWEDEN – Citing the continued downturn in equity markets, Tredje AP-fonden, the third national Swedish pension fund or AP3, has recorded what it has termed a “painful” negative return of 12.6% for 2002.
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Axa IM names head of institutional sales
FRANCE – Axa Investment Managers has appointed Nathalie Boullefort-Fulconis as global head of institutional sales and member of the executive committee.
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TPG surprised at S&P pension rating
NETHERLANDS – TPG, the Dutch logistics firm, has said it is surprised to be one of the companies put on credit watch by ratings firm Standard & Poor’s because of unfounded pension liabilities.
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Dutch SNT names TKP as administrator
NETHERLANDS – The newly established corporate pension fund for Dutch customer relationship management firm SNT has appointed TKP Pensioen as its administrator.
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UBS ties up with VIFA for Pensionsfonds drive
GERMANY - The German arm of Swiss-based UBS Global Asset Management is teaming up with VIFA Pensionsfonds to provide pension plans to German companies.
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OECD to look at pensions supervision
EUROPE - The Organisation for Economic Cooperation and Development's Private Pensions Working Party is to look at member states’ pension supervision within the next few months, says its new chairman Ambrogio Rinaldi.
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GE Life outsources UK property to Credit Suisse
UK/US - GE Life, part of US-based GE Financial, has decided to outsource the management of its 540 million pound (814 million euro) property portfolio to Credit Suisse Property Investment Management (CSPIM), the UK property arm of Credit Suisse Asset Management.
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Baillie Gifford to run $1bn for Vanguard
US/UK – Baillie Gifford has been appointed to run approximately one billon dollars in assets for the 5.4 billion dollar Vanguard International Growth Fund.
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ABP hails “very rewarding” tie with SSgA
NETHERLANDS – Stichting Pensioen Fonds ABP, Europe’s largest pension fund, says its two-year partnership with State Street Corp. in the State Street Global Alliance has proved “very rewarding”.
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Deutsche buys Swiss asset manager
GERMANY/SWITZERLAND – Deutsche Bank has announced that it will be wholly acquiring Swiss private bank and asset manager, Rued, Blass et Cie. from its parent company Zurich Financial Services.
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Edinburgh Fund Managers names new chairman
UK – Edinburgh Fund Managers has appointed Charles Nunneley as non-executive chairman following a board shake-up at the end of 2002 when four non-executive directors resigned and the chief executive was removed.
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Nordea Swedish pensions head to leave
SWEDEN – The head of Nordea’s life and pensions division in Sweden, Gunnar Andersson, is to leave on April 1 by “mutual agreement”.
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NAPF hires ex-JPM chief for corporate governance
UK – The National Association of Pension Funds has appointed Geoff Lindey, ex-head of UK institutional investments at JPMorgan Investment Management, as strategic advisor to its corporate governance team.
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New Italian construction fund seeks custodian
ITALY – Prevedi, the new voluntary pension fund for employees in the industrial and building trades, has launched a beauty contest for a custodian and administration services provider.
