Asset Managers – Page 368
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Fund of funds to overtake MoM market by 2007
EUROPE – The retail funds-of-funds market will overtake the manager-of-manager business in Europe by 2007, taking 67% of market share as opposed to 47% in 2001, says research firm, Cerulli Associates, though the manager-of-manager business will see concentrated growth in the UK among institutional investors.
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Iceland's Kaupthing launches multi-employer Assep
LUXEMBOURG- The Swiss arm of Icelandic financial services provider Kaupthing Bank has received regulatory approval for Luxembourg’s first multi-employer Assep. The new defined contribution fund, KBridge, aims to attract expatriates working for large multinationals.
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Northern Trust in European pensions drive
UK – London-based Northern Trust Global Investments (Europe) has appointed Keith White as director of European sales with a particular mandate to expand the company’s relationships with continental pension funds.
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Credit Agricole picks up e740m Italian mandate
ITALY- Italian insurance company Po Vita has awarded Credit Agricole Group’s Italian asset management company a balanced mandate worth e740m to oversee its technical reserves.
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DKW raids Deutsche's securities lending team
UK/US– Dresdner Kleinwort Wasserstein (DKW) has poached four more members of Deutsche Bank’s agency securities lending team in order to build up its own new securities lending division.
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State Street wins $45bn custody from Nuveen
US– Chicago-based mutual fund and asset management company Nuveen Investments has appointed Boston-based financial services group, State Street Corporation, to provide custody and accounting services for 130 of its funds, worth collectively some $45bn (€44.7bn).
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Skandia raids AP1 and AP3 for asset managers
SWEDEN – Stockholm-based Skandia Liv Kapitalförvaltning, the asset management division of banking group Skandia, has appointed Bo Ljunglöf as a portfolio strategist and Kristian Nammack as head of external asset management.
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Icelandic fund picks MFS for $100m equity mandate
ICELAND- Iceland’s largest pension fund, LSR, has appointed MFS Investment Management to run a segregated global equity mandate that will eventually be worth $100m.
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Lazard appoints new head of UK operation
UK – New York-based Lazard Asset Management (LAM) has appointed Bill Smith as managing director and co-chief executive officer to take care of its London-based UK operation.
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Invesco launches DC products in Germany
GERMANY – Asset management group Invesco is set to enter the new German occupational pension fund market by the Autumn. Encouraged by the Riester reforms, the group’s planned defined contribution products will comprise either multi-employer funds or single pension schemes for larger companies.
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F&C investment head quits for public sector career
UK- Arnab Banjeri, head of investments as F&C Management is leaving to pursue a career in public services following his appointment last year as a member of the advisory panel of a government think tank.
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Watson Wyatt's Stockholm head leaves for Nordea
SWEDEN – Johan Sidenmark has left Watson Wyatt Worldwide’s Stockholm office nine months after joining the benefits and investment consultancy from rivals Mercer Human Resource Consulting.
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Valeiras quits Morgan Stanley for Applegate CM
UK – Morgan Stanley Investment Management in London has announced that Horacio Valeiras, head of its global core equity team, has left the company to join San Diego-based Nicholas Applegate Capital Management as chief investment officer.
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Sandler review outlines need to slash red tape
UK- A long-awaited report into the UK’s savings market has delivered a harsh verdict on an industry it says is expensive, overly-complicated and inefficient.
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State Street names UK relationship management head
UK- State Street Corporation has appointed Paul Chapman to serve as head of relationship management and strategic marketing for its UK operation.
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Bosch launches new supplementary fund
GERMANY – Stuttgart-based household appliance manufacturer Robert Bosch has launched a new supplementary pension fund for its 102,000 domestic workers. The company is awaiting regulatory approval from the German federal financial services supervisory board, BAFin.
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Inco picks Rothschild for £20m specialist mandate
UK- The £60m European pension plan of Inco, the Canadian mining company, has appointed Rothschild Asset Management to manage its £20m specialist UK equity investment portfolio.
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UK to publish two pension review reports this week
UK– The government is this week publishing two reports containing plans to simplify the range of pensions available and to break down the barriers to saving. Both reports call on the government to reform the way pensions and savings products are sold so they can effectively be bought “off the ...
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Parliament to hold hearing on financial regulation
EU- The European Parliament’s economic and monetary affairs committee is holding a public hearing on the supervision of financial services next Tuesday in the wake of the Enron and WorldCom collapses.
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Gartmore appoints director for UK clients
UK- Geraldine Wright is joining Gartmore as an account director for UK institutional clients, a role that sees her responsible for a number of pension fund clients. Wright will report to head of client services Elaine Gordon and will work closely with both the client service and investment management teams.
