All articles by Daniel Brooksbank – Page 179
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LGIM’s new business surges 36%
UK – Legal & General Investment Management’s gained more than four billion pounds (5.7 billion euros) in new business in the third quarter, a 36% rise.
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PGGM investment chief wary of hedge funds
NETHERLANDS – Roderick Munsters, managing director of investments at the 49.7 billion-euro Dutch healthcare scheme PGGM, says the fund does not regard hedge funds as an asset class.
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UK says it will learn lessons of US PBGC
UK – The UK government says it will “learn lessons” from the US Pension Benefit Guaranty Corp. when it sets up its new Pension Protection Fund.
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UK pension commission to report in two years
UK – The head of the new commission charged with reviewing the UK’s pension system, says the group will make its final report in two years’ time.
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AXA IM names UK investment chief
UK - AXA Investment Managers has hired Paul Griffiths from Investec Asset Management to be UK chief investment officer.
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Consultants entered USS mandate competition
UK – Two investment consultants entered the USS long-term, said Nick Fitzpatrick, head of global investment consulting at Hewitt Associates, which helped organise the contest.
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Henderson wins USS long-term mandate contest
GLOBAL – The long-term mandate competition organised by UK university pension fund USS has been won by Henderson Global Investors, with an entry which proposed a “dynamic benchmark” approach.
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RBC Global Services boosts European sales
EUROPE – RBC Global Services, the securities services arm of the Royal Bank of Canada, has made two European sales appointments.
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Northern Trust’s net income rises 18%
US – Northern Trust’s third-quarter net income rose 18% to 113.8 million dollars (97.4 million euros), up from 96.4 million dollars in the 2002 quarter.
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Beiner returns to CSAM in London
EUROPE - Norbert Beiner has returned to Credit Suisse Asset Management to head its London-based European equities team.
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US Fed sees global “demographic iceberg”
GLOBAL – The chairman of the Federal Reserve Bank of New York, Peter Peterson, says a “demographic iceberg” is set to hit the developed world.
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Italian pension reform “not enough” - Solbes
ITALY – The European Union’s commissioner for monetary affairs, Pedro Solbes, says Italian pension reform is a step in the right direction, but it’s not enough.
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MLIM's third-quarter profits rise 15%
GLOBAL – Merrill Lynch Investment Managers’ pre-tax earnings in the third quarter were 77 million dollars, a 15% rise on the same period in 2002
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State Street says GSS operating at break-even
GLOBAL – State Street Corp. says the Global Securities Services business it acquired from Deutsche Bank is “operating at break-even”, with 465 client conversions completed.
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WM Co. looking at “different products”
UK – WM Co., charged by parent State Street with moving “up the value chain”, is looking at various new products.
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Economic growth key for Swiss pensions - SNB
SWITZERLAND – Economic growth is the best way to meet retirement and social welfare promises, says Swiss National Bank board member Philipp Hildebrand.
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Mellon names Ireland trustee manager
IRELAND – Mellon Global Securities Services has appointed Cathy Kinsella as trustee manager for its trustee business in Ireland.
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Norton Rose names pensions associate
UK – Law firm Norton Rose has hired Martha Quinn from Dundas & Wilson to be a senior associate in its pensions team.
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Irish fund industry sees 30% growth - Fitzrovia
IRELAND – The Irish fund industry has seen a 30% growth in net assets over the 12-month period up to end June this year, says fund researcher Fitzrovia International.
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Germany: ABA chief sees regulatory “jungle”
GERMANY – The head of the German pension industry body ABA says the industry is facing a “jungle of regulation” and has called for a longer-term planning horizon.
