Asset Managers – Page 360
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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.
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Goldman asset management staff rises 8%
LONDON - Despite what it terms “difficult markets”, Goldman Sachs’ asset management division in Europe now has 8% more asset managers than a year ago, though Goldman was unable to provide headcount numbers.
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Powys awards co-managers for equity portfolio
UK – The Welsh County Council of Powys’ 160 million pound (251.5 million euro) pension fund has appointed AllianceBernstein and AXA Rosenberg to jointly manage its global equity portfolio, after Baring Asset Management (BAM) was dropped in January.
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UK to tweak investment rules
UK - The UK Financial Services Authority is to introduce a series of changes to rules governing the interests of investors in investment companies, including investment trusts. An FSA spokesman says the move is in “reaction to pressure resulting from the split-capital trust issues” and will be “fast-tracked through”.
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Martin Currie wins e70m Daimler mandate
UK/GERMANY - US/German industrial group DaimlerChrysler’s pension fund has appointed Edinburgh-based Martin Currie to manage a new 70 million euro Japanese long-only equity mandate, adding to the 627 million euros of new business Martin Currie has won since the beginning of October.
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Allianz Dresdner boosts alternative offering
UK - Allianz Dresdner Asset Management says it has formed a single manager hedge fund division in a bid to boost its alternative investment business.
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UBS Asset Management vice chair retires
UK - UBS Global Asset Management says its vice chairman Crispian Collins is to retire in March 2003.
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Pioneer completes Momentum acquisition
ITALY - Unicredito Italiano’s Pioneer Global Asset management unit has completed its previously announced 110 billion dollar (109.6 million euro) acquisition of hedge fund company momentum group. Pioneer says the move strengthens its position in the alternative investments market.
