Asset Managers – Page 360
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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.
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Philippe hires ex-Merrill Europe equity executive
UK - Philippe Investment Management has hired former Merrill Lynch Investment Management European specialist equity chief Consuelo Brooke, with Brooke taking a 5% stake in the company.
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Finland: discretionary management to rise
FINLAND - Around 20% of Finnish institutional investors say they will increase their use of discretionary and mutual fund management by the end of 2004, according to an industry report released in November by Scandinavian Financial Research (SFR).
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MLIM faces another UK mandate loss
UK - Merrill Lynch Investment Management risks losing its third mandate in a month with the north-west London local authority of Harrow putting out to tender a 90 million pound (141.14 million euro) global equity mandate which it currently manages.
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BGI tops Mercer’s European pension listing
EUROPE - Barclays Global Investors ranks first in terms of European pension fund assets under management, according to Mercer Human Resource Consulting. The UK/US based fund manager has a total of 147.9 billion euros in segregated and pooled European pension fund assets.
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Beerling takes top pensions admin job at SFB
NETHERLANDS- The administration arm of Dutch financial services company SFB Groep has named Frans Beerling as its new director following the death of Joop van Wees earlier this year.
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GSAM names new fixed income and currency boss
EUROPE- Goldman Sachs Asset Management has named Philip Moffitt as the new co-head of the London-based global fixed income and currency team alongside Andrew Wilson. Moffit joined Goldman Sachs three years ago as a senior portfolio manager in the currency team.
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UBS Q3 asset management profits tumble
SWITZERLAND - UBS’s asset-management arm’s profits more than halved in the third quarter, hit by falling asset values and declining fees.
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Dresdner wins e45m HBG Asian mandate
NETHERLANDS - Holland Beleggings Groep (HBG), subsidiary of insurance giant Zwolsche Algemeene, has appointed Dresdner RCM to manage its 45 million euro Asian equity mandate. The fund was formerly managed by Lombard Odier.
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Former Dresdner chief joins UK's Isis
UK - Isis Asset Management says it has hired a former senior executive at Dresdner Kleinwort Wasserstein as its new head of institutional funds.
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Pension funds shun domestic stocks - report
EUROPE - Pension funds are moving away from investing in domestic equities, says research group Greenwich Associates. And what it calls a “global standard” of investment management methods is emerging.
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CREF chiefs vote to reject transparency
Board members at CREF, the 106 billion dollar (105 billion euro) investment component of US teachers’ retirement fund TIAA-CREF, have voted against disclosing how their own votes are cast on social and environmental issues - a move which could be seen to compromise TIAA-CREF’s reputation as an advocate of good corporate governance.
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Britannic Asset Management names UK equities head
UK - Britannic Asset Management has appointed Kevin Fenelon as its investment director of UK equities. Fenelon is currently head of UK large cap investments at Britannic and will continue to oversee the business.
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Norway: investment proposals welcomed
NORWAY - Norway’s market players have welcomed proposals to change regulations governing pensions fund investments as set out in a report by Caspar Holter, partner of Oslo-based consultants Pensjon & Finans.
