Asset Managers – Page 359
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Germany’s AWD positive on corporate pensions
GERMANY – German financial services provider AWD Holding AG said its expansion into the corporate pensions market has been “very positive”.
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Fortis adds to global custody team
BELGIUM - Fortis Bank has bolstered its global custody department in France and Belgium with the recruitment of Jan De Bolle from Kas Bank.
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Sanpaolo's Fideuram sets up Dublin fund manager
IRELAND/ITALY – Sanpaolo IMI’s Banca Fideuram has established an operation in Dublin to manage a range of funds that are currently domiciled in Luxembourg.
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AXA sets up UK pensions support unit
UK – AXA says it will spend a “considerable sum” to position itself among the top five players in the UK corporate pension scheme market. It has set up a specialist unit to provide large schemes with a range of support services designed to let firms keep running costs ...
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AIB’s fund profits growth “less than desired”
IRELAND – Allied Irish Bank, citing market volatility and uncertainty, said its fund management profits growth in 2002 was “less than desired”.
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Pioneer names fixed income head in Dublin
IRELAND – UniCredito Italiano’s asset management arm Pioneer Investments has named a new head of fixed income in Dublin, Raffaele Bertoni. He will report to Mauro Ratto.
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Vermeiren retires from Belgium's KBC Bank
BELGIUM – Remi Vermeiren, chief executive officer at KBC Bank, and KBC Bank and Insurance Co., is to retire. Willy Duron will replace him as CEO of KBC Bank and Insurance Holding Co., while André Bergen will take over as CEO of KBC Bank.
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Febs opens pan-European pensions operation
SWITZERLAND – Financial & Employee Benefits, or Febs, has opened an office in Winterthur, Switzerland with the aim of administering mobile pensions for corporations on a pan-European basis.
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Prudential focuses on European asset management
US – US-based Prudential Financial is to scale back its European brokerage activities to focus on asset management.
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Aegon to buy Dutch pensions administrator
NETHERLANDS – Aegon’s Dutch subsidiary, Aegon Nederland NV, has said it is in talks to acquire TKP, the administration agency created by the Dutch posts and telecoms pension funds, in a bid to break into the Dutch larger pensions market. Price has not been disclosed.
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UK: Hackney tenders mandates worth e710m
UK – The London Borough of Hackney has put out to tender a series of mandates, including a transition mandate, for the whole of its 450 million pound (710 million euro) pension fund. The scheme’s assets are currently managed in-house and by Barclays Global Investors (BGI) on a balanced basis.
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European custody market ‘lacks transparency’
EUROPE - A report commissioned by the European Asset Management Association has called for greater transparency in custody contracts and highlighted “ambiguity and uncertainty” about the liabilities of custodians in the event of operational failures.
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BNP sees fund 'cooperation' with Credit Lyonnais
FRANCE - BNP Paribas – citing possibilities for cooperation in, amongst other areas, fund management - has bought 10.9% of rival French bank Credit Lyonnais from the French state for 2.2 billion euros. Between them, the banks control 6.3 billion euros in European pension assets.
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Commerzbank to sell US unit Montgomery
GERMANY – Commerzbank AG is to sell the greater part of its asset management activities of the US company Montgomery Asset Management in a bid to focus more on European asset management.
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Calpers private equity performance faces scrutiny
US - Calpers, the US’s largest public pension fund, may have to reveal the performance data and stocks of its 20 billion dollars of private equity investments, after making the information secret last year.
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EC proposes new investment directive
EUROPE - The European Commission has proposed a new directive addressing transparency, competition and securities trading which could allow investment firms to operate across the European Union effectively. The move would replace legislation dating back to 1993.
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Specialists oust Gartmore, Schroders at Worcester
UK - Gartmore Investment Management and Schroders Investment Management are the latest balanced portfolio managers to be dropped by a UK local authority in preference to specialist managers.
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CalPERS reappoints equity managers
US - CalPERS, America’s largest public pension fund, has reappointed its 15 external active international equity managers and its 11domestic equity managers for a further year, which combined manage approximately 20 billion dollars (20 billion euros) of the fund’s assets.
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Bank of Ireland asset chief to retire
IRELAND - The Bank of Ireland’s asset management business – which has 12.94 billion dollars (12.89 billion euros) in European pension funds under management - has said that its chief executive Willie Cotter is to retire and be replaced by Brian Goggin.
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Investec wins mandate as asset profits rise
UK – Financial services firm Investec’s asset management profits rose slightly in the first half – coinciding with news that it has won a 20 million pound (31.4 million euro) balanced mandate in the UK.
