Asset Managers – Page 364
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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.
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Vice chairman of Invesco announces retirement
UK- Invesco Asset Management, part of the US group Amvescap, has announced the retirement of its vice chairman Tristan Hillgarth at the end of the month.
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T Rowe Price adds to its European team
EUROPE- T. Rowe Price Global Investment Services has added to its European team with the appointment of Christian Elsmark as a vice president with responsibilities across Europe for client services, sales, product specialisation and management.
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Management fees in Europe set to fall
EUROPE- Average gross fees are expected to decline across Europe’s asset management industry at a rate of 2% a year over the next four years, according to consultant Oliver, Wyman and Company and UBS Warburg.
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Funds to drive asset growth of 8% in Europe
EUROPE - Europe’s investment funds are driving growth in a shrinking global fund management industry, says Cerulli Associates, a London and Boston-based research and consulting firm.
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FIM creates new global marketing role
BENELUX- Fortis Investment Management has appointed Patrick Van de Steen as head of marketing. Van de Steen assumes global responsibility for the marketing division, made up of over 70 staff worldwide, and will be based in Brussels.
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Top asset manager changes at Julius Baer
SWITZERLAND - Julius Baer Group has appointed Veit Scuhen as its new head of asset management and investment funds. Prior to this, Schuhen was managing director at JP Morgan Fleming Asset Management responsible for funds business in Continental Europe, the Middle East and Latin America.
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Manduca gains key European role at DeAM
EUROPE - Deutsche Asset Management has appointed Paul Manduca as CEO of Europe. Manduca will be responsible for DeAM’s European business and will report to Tom Hughes, global head of DeAM.
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GAM in new multi-arbitrage fund of funds launch
UK- GAM, a business unit of UBS Warburg Global Asset Management, is to launch a multi-arbitrage fund later this month. The multi-manager fund of funds will invest across multiple arbitrage strategies aiming to achieve long-term capital appreciation with low volatility and low or no correlation to equity or bond markets.
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European AM industry to see plummeting growth rate
EUROPE- Growth in revenues and assets under management is expected to slow rapidly in Europe over the coming four years according to a report out today by strategy consulting firm, Oliver, Wyman and Company, and UBS Warburg.
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Dutch group SFB in third party business push
NETHERLANDS- SFB Groep, the e20bn Dutch outfit that oversees the Dutch builders’ pension assets, is pushing ahead with marketing itself as a third party provider of asset management and pension fund administration. The group has a five year strategy over which it intends to market its services to third parties ...
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UBS hires Housden as client relationship manager
UK- UBS Global Asset Management has appointed Merrill Lynch’s Michael Housden as a managing director within the client portfolio management team, a role that makes him responsible for developing and maintaining client relationships in the UK and overseas.
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Hermes launches European small cap fund
UK- Hermes, the independent investment manager, is launching a new active European smaller companies fund. The fund is being seeded by British Telecom pension scheme with more than £170m, and is in addition to the £2.4bn existing European equity funds managed by Hermes.
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Merseyside fund tenders assets worth e3.2bn
UK- The £3bn Merseyside Pension Fund is looking for external managers to run several of its mandates totalling more than £2bn (e3.2bn). The departure of several key members of its investment team earlier this year is believed to be the catalyst, as fund management was previously carried out entirely in-house.
