Asset Managers – Page 370
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Martin Currie poaches Berry from R&SA
UK – Edinburgh-based independent fund manager firm, Martin Currie Investment Management, has appointed David Berry as a fund manager to its UK growth and income team. Berry joins from Royal & SunAlliance Investments where he spent less than a year also as a manager of income products.
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Commerz sells off Italian AM amid bad results
GERMANY / ITALY – Commerzbank has sold its Italian asset management subsidiary, Commerzbank Asset Management Italia (CAMI) to Australian financial services group, AMP, for €20m. The move is part of the banking and financial group’s strategy to streamline its asset management activities as a result of recent disappointing earnings.
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Belgian pension association attacks EU directive
BELGIUM – The Belgian association of pension funds, the ABFP, is the latest institution to criticise the EU directive on pan-European occupational pension schemes. The ABFP believes the development of cross-border funds is not possible without harmonising tax and social security systems.
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New Star hires HSBC's head of alternatives
UK- New Star has hired HSBC’s head of alternative investments Charles Tritton to run its hedge fund business which currently has $700m under management.
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Moon joins LPFA in independent advisor role
UK- The £3bn London Pension fund Authority has appointed its second independent advisor in three months following the publication of Paul Myners’ report.
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SRI continues to grow but remains a niche service
UK – Over 50% of UK based fund managers have perceived a growing interest from their pension fund clients in socially responsible investments (SRI), although trustees appear more concerned with protecting their reputations and avoiding criticism, according to the latest Deloitte & Touche SRI survey.
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Extel survey says Fidelity is Europe's top manager
UK/EUROPE- Fidelity Investment Services has been voted the leading pan-European fund management firm for the second year running in the 2002 Thomsom Extel Survey of analysts and investment managers. Capital Group was runner up to Fidelity for a second year while Schroder Investment Management retained third spot.
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EAMA calls for EU law on best execution
EUROPE- Europe’s largest investment managers are pressing for EU regulations on a common approach to best execution in securities trading.
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BVI joins critics of Riester occupational pensions
GERMANY – The new Riester occupational pension schemes need to be more flexible and simplified if they are to be a success according to Udo Behrenwaldt, a spokesman for the board of the BVI, the German asset management association.
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Fidelity replaces Jupiter at Nortel scheme
UK – The £1.4bn (€2.2bn) Nortel Networks UK pension fund has appointed Fidelity Investments to run a specialist £137m UK equity portfolio. Fidelity replaces Jupiter Asset Management which was dropped by the pension fund last month. The mandate will be benchmarked against the FTSE All Share index.
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Mercers rounds on EU pensions directive
BRUSSELS/UK- Mercer Human Resource Consulting has dismissed reports that Ecofin’s acceptance of the EU Pension Fund Directive will make it any easier to set up cross-border European pension funds.
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Pioneer promotes Pearson to head of equities
IRELAND – Dublin-based Pioneer Investments has promoted head of European equities Stan Pearson to the newly-created position of head of equities.
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CSAM picks Citi for unit trust and ICVC custody
UK – Credit Suisse Asset Management Funds (UK), part of the Credit Suisse Asset Management group (CSAM), has appointed Citibank Global Securities Services as trustee and custodian for an additional £1.2bn (€1.9bn) of its unit trust and ICVC – investment company with variable capital - assets.
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Threadneedle takes share in multi manager Attica
UK- Threadneedle Asset Management, part of the Zurich Financial Services Group, has taken a 29.9% share in the multi manager Attica AM. Attica retains overall control of the company but the deal with one of Europe’s mid-sized investment managers will boost its distribution network.
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FEFSI names Mansfeld as new president
EUROPE / GERMANY - The Brussels-based Fédération Européenne des Fonds et Sociétés d'Investissement (FEFSI), the pan-European federation of investment managers associations and companies, has appointed Wolfgang Mansfeld as its new president.
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Top UK managers hit by loss of business in 2001
UK – The top five investment managers of segregated pension funds in the UK saw the value of their business fall last year, according to a Financial Times survey of pension fund managers, which blames the decline on the downturn in the financial markets and the shift among pension funds ...
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Siemens moves into third party asset management
GERMANY- Siemens Financial Services’ investment management division in Munich is now offering asset management to third party institutional clients. The focus will be on domestic business, particularly for pensions assets of other corporates, says Wolfgang Lotze, head of investment management at SFS.
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Ecofin approves occupational pensions directive
LUXEMBOURG/EU- European finance ministers have accepted a compromise position on the EU occupational pensions directive in a move that will finally enable companies to launch pan European funds.
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SEI names management for Paris operation
FRANCE- Multimanager SEI Investments has retained the senior management of the Paris-based joint venture CCF-SEI Investments that it bought Crédit Commercial de France out of last month.
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Lombard Odier and Darier Hentsch to merge
SWITZERLAND- Two of Switzerland’s oldest private banks, Lombard Odier and Darier Hentsch are merging in a bid to cut costs and enable them to compete with larger competitors.
