Asset Managers – Page 356
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News
State Street’s fourth-quarter fee revenue falls
US – State Street Corp.’s fourth-quarter total fee revenue fell slightly to 706 million dollars, from 709 million dollars in the same period in 2001 – as the company announced a 500 million dollar share issue that will help fund its acquisition of Deutsche Bank’s custody unit.
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Credit Suisse unveils six new funds
UK – Credit Suisse Asset Management has launched six new funds to add to its range of pooled pension funds, and an investor OEIC comprising an initial nine sub funds.
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France’s Oddo hires Credit Agricole’s Bert
FRANCE – Oddo Asset Management has appointed Louis Bert as board member and head of equity investment management in Paris.
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Deutsche European pension chief MacIntyre quits
EUROPE – The head of Deutsche Asset Management’s European pensions strategy group, Desmond MacIntyre, has resigned from his position having been with the company less than two years.
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ABN Amro seeks 5% of Belgian pensions market
BELGIUM – Dutch bank ABN Amro has set up a pensions subsidiary in Belgium, with a view to grabbing a 5% share of a market it says will grow by almost 14% in the coming years.
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French bosses back longer pension contributions
FRANCE – The president of the French employers’ organisation Medef, Ernest-Antoine Seilliere, today backed the government’s proposals to increase the length of contributions, saying the level of pensions can only be guaranteed if more contributions are made.
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German BVI sees fund consolidation in 2003
GERMANY – The number of mergers and acquisitions among small German funds will increase in 2003, says Axel-Guenter Benkner, chairman of the German investment fund body BVI Bundesverband Investment und Asset Management.
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Fortis IM names global equity investments head
BENELUX/US - Fortis Investment Management has appointed Charles Burbeck of Schroders as head of global equity investments, to be based in Boston.
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UK’s HBOS reshuffles managers as Burt retires
UK – HBOS plc, has appointed George Mitchell as governor of its Bank of Scotland unit and Sir Ron Garrick as deputy chairman of HBOS following the retirement of Sir Peter Burt.
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Robeco assets fall by 16.6 billion euros
NETHERLANDS – Dutch bank group Rabobank’s asset management division Robeco says market declines have reduced its assets under management by 16.6 billion euros as at the end of 2002.
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Credit Agricole moves sector management in-house
FRANCE – Credit Agricole Asset Management has decided to move the management of its sector-based funds in-house. The 41 million euro Credit Agricole global healthcare fund has been moved in-house, resulting in a loss of a US sub-advisory mandate for AIM Funds, part of the Amvescap group.
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Britannic warns on asset management profits
UK - Britannic Asset Management’s 2002 results are likely to be below expectations and its assets are to be written down by around 50 million pounds (76.8 million euros).
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US fund sponsors’ costs rise 10% - report
US – US pension fund sponsors’ operational costs have risen 10% in the last three years, to almost 0.4% of total assets, according to new research by the Callan Investment Institute – with the rise driven by staff pay and fee rises.
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UK private equity: Epic in e76.8m float
UK – The 76.8 million euro flotation of Epic Brand Investments on the Alternative Investment Market shows there’s still life in the UK private equity market.
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UK names pension commissioners
UK – The UK government has named a trade union official and an academic as members of a commission investigating pensions policy.
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Swiss Life names SNB’s Gehrig as chairman
SWITZERLAND – Troubled Swiss Life Holding has named Swiss National Bank vice chairman Bruno Gehrig as non-executive chairman, replacing Andres Leuenberger.
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Europe begins legal process on German funds tax
EUROPE – The European Commission has begun a legal procedure against what it calls Germany’s “discriminatory” tax treatment of dividends from foreign funds.
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Sweden warns ABN Amro fund unit
SWEDEN – The Swedish financial regulator has warned ABN Amro’s Banco Fonder over violations to investment rules concerning the amount invested in unlisted securities – Banco says it may have mis-read the regulator’s intentions.
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Denmark's e20.5bn PFA seeks sound property deal
DENMARK – The e20.5bn PFA pension fund has agreed to buy the Copenhagen Radiohuset – the home of Danish broadcasting – in a deal for an undisclosed sum from Danish property company, Sjaelsø Gruppen.
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TUC demands seat on UK Pension Commission
UK - The UK Trades Union Congress (TUC) has called for the government to include it in the line up of a new Pension Commission that will look at the issue of compulsory supplementary pension saving....
