Asset Managers – Page 371
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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.
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Seligman picks State Street for operations support
US – Boston-based State Street Corporation is to take over operations support for the $25bn (€26.7bn) assets under management of New York-based investment management firm, J&W Seligman.
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Chiswell announces double pension fund win
UK – London-based investment management firm Chiswell Associates has won two new pension fund mandates, worth £35m (€54.5m), from the staff pension scheme of building society Leeds and Holbeck and the Presbyterian Church of Wales pension scheme.
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Axa adds to its specialist equity team
UK – London-based Axa Rosenberg Investment Management has appointed Gordon Strachan as a UK portfolio manager to its specialist equity management team.
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UK pensions remain healthy despite dropping £150bn
UK- The UK’s pension fund industry is in a good state and will continue to grow faster than the economy according to the 2002 Pension Fund Indicators report published by UBS Global Asset Management.
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ACA says UK needs to rethink occupational policy
UK- Employers, the government and the pensions industry need to come up with ideas for promoting occupational pension schemes or face the alternative of taxpayers having to pay an increasing share of pensioners' incomes, according to the Association of Consulting Actuaries.
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Pensions directive finally reaches ECOFIN
BRUSSELS- European finance ministers will be presented with a compromise proposal for the occupational pensions directive when they convene next Tuesday at the ECOFIN meeting.
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Scottish Widows launches SRI fund for Sweden
UK/SWEDEN – Edinburgh-based asset management group, Scottish Widows Investment Partnership (SWIP), has launched a new socially responsible investments fund, the SWIP Pan-European SRI equity fund, specifically targeting the Swedish institutional market.
