Asset Managers – Page 357
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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.
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Martin Currie hires private equity head
UK – Martin Currie has recruited Paul Murray of Deutsche Capital Partners to head up its private equity team.
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BNP Paribas 2002 profits fall 18%
FRANCE – BNP Paribas has reported an 18% fall in profits for 2002 to 3.295 billion euros from 4.018 billion euros in 2001. Assets under management also fell 6%.
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CDC tops French asset management survey
FRANCE – CDC Ixis Asset Management has been voted the top French asset manager by France’s largest institutional investors, according to a survey conducted by consultants Amadeis.
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New UK pensions consultant Epic spies niche
UK – In the current environment, you might think it would not be advisable to start a new pensions business, but Epic Investment Consulting thinks it’s found a worthwhile niche
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AXA asset management revenues decline 7.2%
FRANCE – AXA Group has reported a 7.2% decline in revenues in 2002 for its asset management businesses, AXA Investment Managers and Alliance Capital.
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Amvescap profits decline by 33% in 2002
US – US-Anglo fund firm Amvescap, the holding company for AIM and Invesco, has reported a 33% fall in pre-tax profit for 2002.
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CDC Ixis Asset Management names France CEO
FRANCE – CDC Ixis Asset Management has reorganised its senior management, and appointed Thierry Dissaux as chief executive officer for France.
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AIMR hosts forum on European investor confidence
EUROPE – The Association for Investment Management Research is to host an online forum on regaining shareholder confidence in the single European market.
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Martin Currie wins e76.3m Skandia equity mandate
UK – Life insurer Skandia has awarded a 50 million pound (76.3 million euro) specialist UK equity mandate to Martin Currie Investment Management.
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State Street “hits ground running” with Deutsche
US/GERMANY – State Street Corp. says it is “hitting the ground running” now that it has completed the “primary closing” of its 1.5 billion dollar acquisition of Deutsche Bank’s securities services business.
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N. Trust to provide custody for new Insight fund
IRELAND – Insight Investment, the asset management arm of HBOS, has launched a sterling liquidity fund with securities services to be provided by Northern Trust.
