Asset Managers – Page 357
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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....
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SEB names Lager to head mutual fund unit
SWEDEN – SEB Asset Management has named Cecilia Lager as head of its mutual fund arm, SEB Fonder, replacing Jan Palmberg who is moving to another role within SEB.
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Credit Suisse Asset Mgmt reorganises management
GLOBAL – Credit Suisse Asset Management has made a series of organisational changes, including the formation of a global executive committee and a reduction in the number of operating regions in a bid to bring the company in line with the Credit Suisse group.
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Hermes governance fund wins $100m Calpers backing
EUROPE/US – Calpers, eyeing a “tremendous opportunity”, has approved a 100 million dollar investment in a Hermes corporate governance fund which targets underperforming companies.
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Allianz chief Schulte-Noelle to step down
GERMANY – Beleaguered insurer Allianz AG says the chairman of its management board, Henning Schulte-Noelle, is to resign and be replaced by Michael Diekmann, a board member who is currently head of insurance activities in North and South America.
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J P Morgan wins Oppenheimer custody mandate
UK/US - J P Morgan Investor Services says it has been awarded a mandate to provide a “wide range of services” to OppenheimerFunds Inc.’s mutual fund assets – though it declined to say how much the deal was worth.
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MLIM says it’s still winning European mandates
UK – Merrill Lynch Investment Managers says it is still winning “significant levels" of new mandates across Europe, despite a series of recent losses from UK local authority pension funds and its loss of the Merrill Lynch UK Investment Trust mandate.
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Sweden’s AP3 taps CoreRatings for SRI
SWEDEN – The 13.9 billion euro AP Fonden 3 Swedish pension fund says it has hired consultancy firm CoreRatings to provide socially-responsible investing advice, adding that it will take an active role in the companies in which it invests.
