Asset Managers – Page 358
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Threadneedle to run e155m Russell equity mandate
UK - Threadneedle Asset Management has been appointed to run a 100 million pound (155 million euro) UK equity mandate for Frank Russell Co.
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French bank merger “won’t be easy” – source
FRANCE – Credit Agricole’s 19.5 billion euro bid for Credit Lyonnais would create an entity with a combined 5.6 billion euros in European pension assets under management – though a source close to the deal says a merger won’t be easy because of the banks' different cultures.
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Russell sees “substantial” European growth
SPAIN – Multi-manager specialist Frank Russell Co. says it has seen “substantial growth in Europe this year” - adding that it has been awarded 30 new institutional client mandates across Europe for its multi-manager funds so far in 2002.
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Deutsche segregates e3.6bn in pension obligations
GERMANY - Deutsche Bank has segregated 3.6 billion euros of its German employee pension obligations, removing them from the balance sheet and creating a separate fund that will be managed by Deutsche Asset Management.
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Merrill Lynch loses $543m Calpers bond mandate
US – The 128 billion dollar California Public Employees' Retirement System, Calpers, has dropped Merrill Lynch Investment Managers from its international fixed income manager line-up. MLIM had been managing a 543 million dollar portfolio, accounting for 8.73% of Calpers’ entire fixed income portfolio.
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Downturn forces Nordea IM to cut 15% of staff
SWEDEN – Nordea Investment Management, the fourteenth largest manager of European pension fund assets, says it will cut its payroll by 55 or 15% due to the “continued unfavourable business environment”.
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UK’s IMA seeks European policy analyst
UK – The UK-based Investment Management Association, a trade body for the asset management industry, says it is looking to hire a European policy analyst as it takes on a greater role in Europe.
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AP4 awards e384m Japan mandate to Martin Currie
SWEDEN – Fjarde AP-Fonden, the 13.4 billion euro Swedish state pension fund, has named three managers for Japan and Asia-Pacific equities mandates – Martin Currie, Capital and APS.
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Mellon the winner in HVB multi-manager launch
GERMANY – Mellon Financial Corp. is the biggest winner in HVB Group’s decision to launch the first ever German multi-manager programme for institutional clients, by winning seven of the 24 asset management slots available as well as other business, including custody.
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Britannic Asset Mgmt to cut one in eight jobs
UK – Glasgow-based Britannic Asset Management is to lose 12.5% of its staff in a bid to cut costs. Cuts will be across the board, with estimates of 40 redundancies in total.
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Norway’s Storebrand rejigs management
NORWAY – Insurer and pensions provider Storebrand says it is to revamp its management following the merger with private bank Finansbanken.
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Mutual funds are best channel for Italy - Cerulli
ITALY – The Italian mutual fund advisory programme market is the most effective way to penetrate the Italian asset management market, says Boston-based asset management research and consulting firm, Cerulli Associates.
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UK: Schroder Property wins Tower Hamlets mandate
UK – UK local authority Tower Hamlets’ pension fund is to switch its 40 million pound (62.6 million euro) property allocation to a property unit trust run by Schroder Property Investment Management.
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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).
