Asset Managers – Page 359
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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.
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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.
