Asset Managers – Page 370
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Italian fund looks for administration provider
ITALY – The €25m Italian railways workers’ pension fund, Eurofer, is looking to appoint an administration and accounting services provider ahead of issuing a full RFP for the investment management of its assets.
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Pictet names UK/Europe business development head
UK- Specialist investment manager Pictet Asset Management has appointed Jonathan Hayes as head of business development for the UK and Northern Europe.
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Transaction cost analysis saves coal fund e775,000
UK- The e11bn British Coal Staff Superannuation Scheme is in discussions with two of its managers- Schroder Investment Management and Edinburgh Fund Management- as to how they can cut transaction costs after it emerged that Goldman Sachs Asset Management saved the scheme e775,000.
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Gartmore enters hedge fund business
UK – London-based investment management group, Gartmore, has acquired New Jersey-based hedge fund of funds management firm, Riverview International Group, for an undisclosed sum.
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PRICOA rejigs €195m property fund in Europe drive
UK/EUROPE – London-based PRICOA Property Investment Management, the European arm of New Jersey-based Prudential Real Estate Investors (PREI), has restructured its €195m Pan-European Property Unit Trust fund into an open-ended limited partnership as part of its European expansion.
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Morley wrests €1.3bn RBS funds mandate from Newton
UK- London based asset manager, Morley Fund Management has won a £860m (€1.3bn) mandate from the Royal Bank of Scotland (RBS) to run the bank’s bancassurance funds. Morley replaces Newton Investment Management following a beauty parade organised by consultancy firm, Watson Wyatt.
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ill health forces Dunn to step down as BGI CEO
US/UK – Barclays Global Investors (BGI) have announced the appointments of Blake Grossman and Andrew Skirton as Co-Global CEOs following the decision of Patricia Dunn to step down as Global CEO.
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Willis joins forces with ABN Amro and Alfred Berg
DENMARK- Benefit consultant Willis Denmark has signed an agreement with Alfred Berg and ABN Amro Asset Management in a move that gives its unit link clients access to tactical and strategic asset allocation. Willis says the agreement is designed to offer a more comprehensive and sophisticated product.
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Multi manager industry to double to $1trn by 2007
GLOBAL- Investments worldwide in multi-manager products are set to double to over US$1 trillion by 2007 according to proprietary data and analysis from the US research and consultancy firm Cerulli Associates.
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Morley hires ex-Schroders head of UK equities
UK- Morley Fund Management has hired Bill Baker to run a range of UK pooled and segregated pension funds. Baker joins as a senior member of the 11-strong UK equities team in September and will report to Mike Bishop, head of pan European equities.
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Merrill Lynch IM adds to its global equities team
UK- Merrill Lynch Investment Managers has appointed Peter Abbott as a fund manager in its global equities team. Abbot joins next month from Newton Investment Management and will report to Ian Rowley, head of global equities.
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Shropshire council dumps Schroders for F&C
UK- Shropshire County Council’s £630m pension fund has dropped Schroder Investment Management and appointed F&C Management to run a £30m (e47m) global emerging markets equity mandate.
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Investec hires new head of client relations
UK- Investec Asset Management has hired Belinda Morrisey to fill its newly-created position of head of client relations. She reports to Mark Samuelson, global head of institutional business development and Andrew Peake, head of UK client service.
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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.
