Asset Managers – Page 372
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FIS appoints new head of institutional business
UK – London-based asset manager Friends Ivory & Sime (FIS) has appointed Robert Mathews as head of institutional business. Matthews will replace Paul Richards, who is leaving to join Goldman Sachs Asset Management.
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Mellon names McKay as business development head
UK- Mellon European Fund Services has appointed George McKay as director of business development. Based in London, McKay will be responsible for new business and client relationship management.
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Ex-Orbitex CIO Geffen launches Neptune IM
UK - Robin Geffen, former chief investment officer of New York-based Orbitex Investments, has established a new fund management company, Neptune Investment Management, which has been launched in direct response to Orbitex’s decision to leave the UK.
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Den norske in merger talks with Storebrand
NORWAY - Norway's largest financial services group Den norske Bank is discussing a possible merger with Storebrand, the country’s largest insurance firm.
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Ex-Rothschild fixed income head joins Morley
UK- Morley fund Management has appointed Rothschild Asset Management’s former head of fixed income Ceris Williams as head of sovereign bonds. Williams will report to Peter Rains, head of fixed income and treasury, when he joins in September.
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Riester reforms need simplifying to attract savers
GERMANY – Only 1.9m people of a potential 31m have taken out a new private Riester pension plan since they were introduced at the beginning of the year, prompting criticism in the German asset management and insurance industries that the Riester reforms are not working, says German daily financial newspaper, ...
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Manduca to run Morley's new alternatives division
UK- Morley fund management has named Philip Manduca as head of its new alternative investment division which already has e3.2bn in private equity and hedge funds.
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FIS loses institutional director to Goldmans
UK – Paul Richards, the director of institutional business at London-based asset management group, Friends Ivory & Sime (FIS), is leaving the firm to become part of the business development team at Goldman Sachs Asset Management (GSAM).
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Länsförsäkringar CFO sets up new alternatives firm
SWEDEN – Bo Ennerberg, the chief financial officer of Stockholm-based asset management company, Länsförsäkringar, has left the company to start his own alternative asset management company. Only property is now managed inhouse at Länsförsäkringar...
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Man buys alternatives manager RMF for $833m
UK/SWITZERLAND- Man Group, the asset manager and broker, has announced it is buying the Switzerland-based alternative investment manager RMF for $833m. RMF is one of Europe’s largest alternative investment managers with $8.5bn in assets under management.
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MLIM loses £3bn UK institutional assets this year
UK – The UK arm of Merrill Lynch Investment Managers has admitted losing £3bn (€4.7bn) of institutional business this year in the UK but claims the losses are the result of the trend by pension funds towards specialised asset management and away from Merrill’s main product range- pooled funds.
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Mercers- funds should scrutinise custodians more
UK- Occupational pension schemes should pay closer attention to custody and the security of their assets according to Mercer Investment Consulting’s response to the latest government consultation document on independent custodians.
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UK Council drops MLIM from e790m mandate
UK- Bath & North East Somerset Council's £1.7bn pension fund has added to Merrill Lynch Investment Management’s woes by dropping it from a £500m (e790m) mandate. A spokesman for the fund stressed that the replacement was result of an ALM study and restructuring and not primarily for underperformance although they ...
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Threadneedle restructures insurance AM business
UK – Threadneedle Investments has restructured its £800m (€1,261m) insurance asset management business into a fully-integrated division. The London-based business was formerly known as Scudder Insurance Asset Management before its US based parent company, Scudder was acquired by Zurich.
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Co-op fires MLIM and considers legal action
UK- The Co-operative Group’s £2.1bn pension fund has fired Merrill Lynch Investment Managers (MLIM) for underperformance on a £500m active mandate and is now considering legal action with the law firm Richards Butler.
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AXA launches asset backed securities group
FRANCE- AXA Investment Management has announced the launch of a specific asset backed security investment group to manage and expand the group’s e3bn asset backed security business.
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AIMSE opens debate on Dutch third party management
NETHERLANDS- AIMSE International, the association for investment management sales and marketing professionals, is organising a meeting focusing on the emerging trend for large Dutch pension funds to set up their in-house investment teams as third-party asset managers.
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Nortel axes Jupiter from UK equities mandate
UK – The £1.6bn (€2.5bn) Nortel Networks UK Pension Plan has dropped Jupiter Asset Management from its manager roster. Jupiter was running a UK equities mandate, the size of which is undisclosed.
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Robur sets up corporate governance subsidiary
SWEDEN – Sweden’s largest mutual fund company, Robur, has created a new holding company specifically for corporate governance issues, Robur Fondholding. Chairman of the new company will be Anders Sahlén, current chairman of Robur.
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Bank of Ireland AM moves into US by buying Iridian
IRELAND- Bank of Ireland Asset Management (BIAM) is entering the US market by purchasing a 61% share in the US investment manager Iridian Asset Management for an initial fee of $177m.
