Asset Managers – Page 356
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Pensions on agenda at World Economic Forum
SWITZERLAND – The impact of pensions on government finances and financial markets is on the agenda at the World Economic Forum’s annual meeting in Davos, Switzerland this week.
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Third of European asset managers to post losses
EUROPE – Thirty-six percent of Europe’s asset managers will report negative profitability for 2002, projects management consultant McKinsey & Co. in its 2002 asset management economics survey.
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Swiss Life in outsourcing deal with State Street
BELIGUM – Swiss Life Asset Management’s Belgian operation has signed a letter of intent to outsource its back office functions to State Street, though the structure and fees of the deal are not yet finalised.
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HVB’s Activest makes management changes
GERMANY - The Activest group, Germany’s sixth largest fund manager and the investment arm of HVB, has made changes at senior level following the departure of two of its executives.
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Pru-Bache buys UK’s T&G investment advice arm
UK – UK stockbroker Teather & Greenwood has agreed to sell part of its investment management business to Prudential-Bache Ltd., the UK-based investment advisory business of Prudential-Bache International, for up to 3.65 million pounds.
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Martin Currie wins e190m Edinburgh mandate
UK – The 1.7 billion pound City of Edinburgh Lothian Pension Fund has replaced Deutsche Asset Management and ISIS with Martin Currie as manager of a 125 million pound (189.7 million euro) specialist UK equity mandate.
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AIMA names chairman as membership surges
UK – The Alternative Investment Management Association has named Christopher Fawcett as its new chairman, following a 34% growth in its membership.
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AP2 appoints 13 external managers
SWEDEN - The 13.6 billion euro second Swedish national pension fund, AP2, has appointed what it calls a “network” of 13 external investment managers in 14 separate equity sectors – though no agreements about size of mandates has yet been reached.
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Dutch pension funds slam PVK requirements
NETHERLANDS – The three main Dutch pension fund bodies have rejected pension fund regulator PVK’s requirements on cover ratios, calling them “unnecessary” and “bad for the economy”.
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Watson says global pension assets decline 12%
GLOBAL – Watson Wyatt says global institutional pension fund assets fell by 12% to 1.4 trillion dollars in 2002, leaving many pension funds in the “difficult predicament” of facing pressure to get their balance sheets back in shape.
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Edinburgh tenders e84m emerging market mandate
UK – The City of Edinburgh Lothian’s 1.7 billion pound (2.6 billion euro) pension fund, has put out to tender a specialist emerging market equity mandate for 55 million pounds (83.7 million euros).
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Former MLIM managers launch UK fund firm
UK – A group of former fund managers at Merrill Lynch Investment Managers have launched a new specialist fund management company, Majedie Asset Management, to focus on the management of UK equities for pension funds and charities.
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Germany’s BVI in pensions savings tax plea
GERMANY – Capital gains tax on long-term savings will discourage citizens that are preparing for an independent old-age pension, says Stefan Seip, head of the German investment fund association Bundesverband Investment und Asset Management (BVI).
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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.
