Asset Managers – Page 364
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German institutions slash equity holdings to 19%
GERMANY- German institutions have decreased their asset allocation to European stocks from an aggregate 27% to 19% over the last two years, according to a survey by US-based consultants, Greenwich Associates.
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Morley names head of alternative investments
UK- Morley Fund Management has appointed Peter Rains as head of alternative investments, in addition to his role of head of fixed income.
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Cardano hires NIB's ex-CIO van Gelderen
NETHERLANDS- Cardano Risk Management, the Dutch derivatives and ALM research firm has appointed Eduard van Gelderen as a director responsible for marketing its products.
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Gartmore appoints head of consulting group
UK- Gartmore Investment Management has appointed Shamus Young to the position of head of global consulting group. Young, previously account director on the Gartmore institutional client services team, will be responsible for managing all aspects of Gartmore's relationships with investment consultants and institutional manager of managers.
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Northern Trust to buy Deutsche's passive business
GERMANY- Deutsche Bank has signed an agreement to sell its passive asset management business to Northern Trust Corporation. The transaction is expected to be completed in the next three to six months, at an estimated price of $260m.
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SWIP beefs up US division with Schroders hire
UK/US- Scottish Widows Investment Partnership has announced the appointment of Phil Chappell as investment director for US markets. Chappell joins at the beginning of next month and will report to Graham Wood, head of global sectors and international research.
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Spanish market set to disappoint foreign managers
SPAIN- Spain’s expanding pensions marketplace may not provide as many opportunities to foreign fund managers as initially thought says Cerulli Associates, Boston-based strategic research and consulting firm.
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Schroders replaces Invesco on e50m Asian fund
UK- Cardiff County Council’s e890m pension scheme has replaced Invesco by Schroders Investment Management as manager for its Asian equity portfolio.
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Hermes CEO Tony Watson resigns from EFM
UK- Tony Watson, chief executive of Hermes Investment Management, has resigned as non-executive director of the UK investment management house Edinburgh Fund Managers after a disagreement with the board over strategy.
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MLIM loses e637m mandate as BAA changes strategy
UK- Merrill Lynch Investment Managers has lost a £400m (e637m) UK equities mandate following the decision by the British Airports Authority pension fund (BAA) to cut its UK exposure in favour of global equities.
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CalPERS invests $200m in Japanese governance fund
US- CalPERS, the $135bn pension fund for Californian public employees, has approved a $200m investment in a fund that will employ corporate governance activism to turn around underperforming publicly traded companies in Japan.
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Deheuvels joins AGF as head of equities
FRANCE- AGF Asset Management, part of German insurer Allianz, has appointed Thierry Deheuvels as its head of equity fund management team. He will also undertake responsibility for developing and promoting AGF’s socially responsible investments.
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S&P and Schroders launch fund of fund service
UK- Schroders Investment Management and Standard & Poor’s have launched a fund of funds sub-advisory service, offering European and other non-US banks the opportunity to break into the growing market.
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Fortis opens new office in UK for fixed income
BENELUX/UK- As part of its expansion into fixed income, Fortis Investment Management plans to open a new investment centre in London that will be headed by Guy Williams.
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Crédit Lyonnais announces new head of fixed income
FRANCE- Crédit Lyonnais Asset Management has appointed Jean-François Boulier as its new deputy chief investment officer and head of fixed income. Based in Paris. Boulier replaces François Marais, who was recently promoted to the position of CIO at CLAM.
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SSgA wins e1.35bn GE global equity mandate
UK- GE Life, part of the US insurance and investment group GE Financial, has appointed State Street Global Advisors (SSgA), the investment arm of to run the £850m (e1,345m) equity element of its GE ‘Pensions With Profits’ fund.
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Robeco buys 60% share in Boston Partners
NETHERLANDS/US- Dutch asset manager Robeco, part of the Rabobank Group, has acquired a 60% participating interest in Boston Partners Asset Management, adding the final piece in Robeco’s establishment of new company Robeco USA. Robeco USA will manage approximately e30bn in assets – 30% of Robeco’s total assets under management.
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State Street and Deutsche negotiate custody deal
US/GERMANY- Deutsche Bank is expected to announce tomorrow that it is in exclusive negotiations with Boston-based State Street over the sale of its global securities services business.
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FEFSI and EAMA consider merging
EUROPE- Europe’s most powerful trade organisations in the fund management industry are exploring the possibility of merging. The European Asset Management Association (EAMA) and Brussels-based Fédération Européenne des Fonds et Sociétés d’Investissement (FEFSI) have agreed to formally discuss the benefits of joining forces.
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Research shows retirement income continues to drop
UK- The number of people facing retirement hardship in the UK has increased by an average of one million a year since 1996, according to JP Morgan Fleming Asset Management.
