All articles by Daniel Brooksbank – Page 110
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J P Morgan disappointed as F&C opts for Mellon
EUROPE – The merged F&C Asset Management has opted to continue its outsourcing relationship with Mellon Financial Corp., resulting in a loss for a “disappointed” J P Morgan Investor Services.
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Cominvest to outsource management of three funds
GERMANY – Cominvest, Commerzbank's Germany-based asset management arm, says it wants to outsource the portfolio management of three of its ADIG retail mutual funds.
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Sweden hints at longer bonds for ageing
SWEDEN – The Swedish central bank has dropped a hint over the possibility of longer-dated bonds in the face of an ageing population.
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Assets surge at Dutch schemes’ hedge fund unit
SWITZERLAND – Assets under management at Harcourt Investment Consulting, the Swiss fund of hedge funds business that is ultimately majority owned by ABP and PGGM, have risen by 65% in the first nine months.
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Hitachi UK scheme backs Northern Trust fund
UK - Northern Trust Global Investments says it has received seeding from the Hitachi UK Pension Scheme for its new manager of managers UK Equity Plus fund.
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Average UK pension pay is £79,000 – report
UK – Professionals in the UK pensions industry earn an average 79,000 pounds (112,800 euros) a year, according to a report by Greenwich Associates.
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Julius Baer launches hedge fund
EUROPE - Julius Baer Asset Management in Zurich has launched its first single manager hedge fund, which will be marketed in Switzerland, Germany, Italy and the UK.
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Bank of Ireland AM gets new CEO amid outflows
EUROPE – Bank of Ireland Asset Management has named a new chief executive – Rothschild’s Kevin Dolan - amid a loss of 7.7 billion euros in assets under management.
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UK says it boosts assistance for work schemes
UK – The UK government has followed up a relaxation of the terms of the Pension Protection Fund with new details about occupational schemes’ eligibility for a new financial assistance scheme.
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Allianz sees “noticeable” 2005 asset mgmt profit
GERMANY – Allianz says it expects cost reductions at its asset management arm to lead to “a noticeable” profit contribution next year – despite a loss at the arm due to acquisition-related expenses in the third quarter.
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PGGM’s Munsters to succeed ABP’s Frijns
NETHERLANDS – ABP, Europe’s largest pension fund, has named PGGM’s Roderick Munsters to succeed Jean Frijns as chairman of ABP Investments.
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Volkswagen UK reviewing DB investment strategy
UK – Volkswagen Group UK Ltd. says it is revamping the investment strategy of its 123.8 million-pound (176 million-euro) defined benefit pension scheme.
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Bank of England warns on DC pension income
UK – The Bank of England has warned that older people are rejoining the workforce due to a fall in the income from defined contribution pension schemes.
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E1.4bn Environment Agency details scheme revamp
UK – The Environment Agency has provided more details about the reasons for shifting its one billion-pound (1.4 billion-euro) Active Pension Fund to specialist managers.
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AXA IM in E20bn institutional boost
EUROPE – AXA Investment Managers has gained 20 billion euros in assets under management in the first nine months – mostly driven by institutional inflows.
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IBM guarantees UK DB scheme contributions
UK – Computer giant IBM has made says it has guaranteed to make contributions of 181 million pounds for the next three years to its 3.25 billion-pound (4.6 billion-euro) UK defined benefit pension scheme, which is 900 million pounds in deficit.
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Pensions Trust hands iBoxx brief to Standard Life
UK - Standard Life Investments says it has been awarded a 75 million-pound (107.4 million-euro) corporate bond brief by the Pensions Trust, benchmarked against the iBoxx index.
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Mercer retirement revenues flat as MMC cuts jobs
GLOBAL – Mercer’s retirement revenues were flat in the third quarter as its troubled parent firm Marsh McLennan Companies announced it would cut 3,000 jobs globally.
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Lane Clark names Fernandes’ replacement
UK - Actuarial consulting firm Lane Clark & Peacock has named PricewaterhouseCoopers' David Everett as head of pensions research.
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Blood and Gore set up London-based asset manager
UK – Former US Vice President Al Gore and former Goldman Sachs Asset Management CEO David Blood have set up a new London-based asset management firm targeting pension funds.
