Asset Managers – Page 358
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Netherlands’ Gamma awards Russell e175m mandate
NETHERLANDS – Dutch textiles company Gamma Holding has appointed multi-manager specialist Frank Russell to manage a 175 million euro equity and bond portfolio for its 340 million euro pension fund.
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AXA, Societe Generale in French custody pact
FRANCE – The French arms of AXA Investment Managers and Societe Generale Asset Management have formed a joint venture to provide custody services for the two associations’ employee company savings accounts (epargne salariale).
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Mellon unveils UK custody operation
UK – Financial services company Mellon Financial Corp. says it plans to launch a UK custody operation towards the end of the first quarter of 2003, ending its two-year relationship with sub-custodian Clydesdale Bank.
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HBOS names managers at Rothschild Asset Management
UK – HBOS’s investment arm, Insight Investment Management, has announced its new senior management structure following the acquisition of Rothschild Asset Management this week.
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HBOS confirms e98m acquisition of Rothschild AM
UK – Rothschild’s asset management arm has officially been sold to HBOS’s fund management arm, Insight Investment Management, for 61 million pounds (95.8 million euros).
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RLAM wins e204m mandate at West Midlands
UK – West Midlands Metropolitan Authorities' four billion pound (6.3 billion euro) pension fund has appointed Royal London Asset Management to run a 130 million pound (204 million euro) UK non-government portfolio.
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Credit Agricole chairman leaves as BNP ups stake
FRANCE- Crédit Agricole’s chairman Marc Bué has resigned, six months before his term was due to end. In his place the board has elected René Carron, chairman of the French bank’s holding company, SAS La Boétie, and of Fédération Nationale du Crédit Agricole (FNCA).
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Deutsche AM loses e566m West Sussex mandate
UK – Deutsche Asset Management has lost a 360 million pound (566 million euro) mandate for the West Sussex County Council pension fund. The balanced portfolio, equating to half the entire fund, will now be managed by Edinburgh-based Baillie Gifford.
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Schroders posts Q3 loss, hit by asset decline
UK – Schroders Plc, parent of the seventh largest manager of European pension fund assets, has posted a loss in the third quarter while reporting that its assets under management have declined 15%.
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State Street: Deutsche custody is a ‘perfect’ fit
GERMANY - Ron Logue, president and chief operating officer of State Street Corp., has championed the bank's recent acquisition of Deutsche Bank’s global securities services business, calling it a ‘perfect’ fit.
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Netherlands’ BPMT backs German property fund
GERMANY/NETHERLANDS – The Dutch metalworkers’ pension fund BPMT has backed Warburg-Henderson KAG’s new German property fund by being the lead investor, with an equity commitment of 60 million euros.
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Stampe to join PensionsDanmark
DENMARK: Claus Stampe, chief investment officer of the Danish medical pension fund, is to join PensionsDanmark, the common management company of four Danish pension schemes which together have assets of 23 billion Danish kroner (3.1 billion euros).
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Fund managers team up against German tax proposals
EUROPE – Eleven US and European fund managers have joined forces to campaign against the German government’s new tax proposals, which they feel discriminate against foreign investment managers.
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Rabobank’s Robeco launches Euro Stoxx fund
NETHERLANDS – Rabobank’s asset management division Robeco has launched a new bond and options fund based on the Dow Jones Euro Stoxx index, while closing three other funds.
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Deutsche AM says UK fixed income chief to leave
UK – Deutsche Asset Management’s chief financial officer for fixed income in the UK, Ian Clarke, will be leaving the company, in what is believed to be a mutual agreement between the two parties.
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Aberdeen AM cuts jobs as profits slump
UK – Fund manager Aberdeen Asset Management Plc has cut 88 jobs in a bid to cut costs following a 15% fall in 2002 pre-tax profits which have been hit by a 2.3 billion pound (3.59 billion euro) fall in the value of its funds under management.
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German regulator Bafin to hire UK's Bauer
GERMANY – Bafin, Germany’s Federal Financial Supervisory Authority, is looking to appoint Helmut Bauer, of the UK’s Financial Services Authority, as head of banking supervision at the regulator.
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RBC unit eyes European bond, equity mandates
UK – The new chief operating officer at the Royal Bank of Canada’s Voyageur Asset Management says that managing US equity and bond mandates of European pension funds will be key to its expansion.
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IPE Magazine features Czech pension reform
EUROPE – Czech pensions reform is the cover story of the new issue of IPE Magazine. Features include Nordic asset management and cash management, alongside a full report of the second annual IPE European pensions awards.
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Murray to head Deutsche investment trust arm
UK - Deutsche Asset Management, which manages 102 billion euros in European pension fund assets, has hired former Govett Investments deputy chairman John Murray as head of its investment trust business, to replace James Fox who is to retire.
