Asset Managers – Page 355
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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.
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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.
