All articles by Daniel Brooksbank – Page 212
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Standard Life targets European bond dominance
UK – Standard Life Investments has hired Graeme Orr from Citigroup as fixed interest investment director as part of its aim of becoming a dominant player in European and global bonds.
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French bank merger approved
FRANCE – Regulators have approved Credit Agricole's 16-billion euro offer for rival Credit Lyonnais.
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New name in German investment consulting
GERMANY – There’s to be a new name in the German investment consulting market – FondsConsult Institutional
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Steelmaker Corus’ pension loses e1.2bn
UK/NETHERLANDS – As if making a 458 million pound (675 million euro) loss and losing your chief executive on the same day wasn’t enough, Anglo-Dutch steelmaker Corus also said its pension lost 797 million pounds (1.2 billion euros) in 2002.
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Norway sees Petroleum Fund “challenges”
NORWAY – The central bank has acknowledged that there are “challenges” involved in managing the country’s 78.7 billion euro Petroleum Fund – and that there are demographic hurdles as well.
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FEFSI sees “limited impact” of pension directive
BELGIUM – The European investment fund body FEFSI says that the European Pension Funds Directive that was passed by MEPs yesterday will have a “limited impact” on second-pillar pension coverage.
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Investment management profit rises 9% at Fortis
BELGIUM – The investment management arm of Belgian financial services giant Fortis saw its net operating profit rise 9% in 2002 – though staff numbers have fallen 7%.
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Gartmore investment chief resigns
UK – Asset manager Gartmore’s chief investment officer Peter Chambers has left following a review of “leadership resources” as it shifts its focus to hedge funds.
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DnB confirms e2.16bn merger talks
NORWAY – Norway’s largest bank, Den norske Bank, has confirmed that it is in talks to merge with savings bank Gjensidige NOR – a move that would create the largest financial services provider in Norway.
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UK sticks by trustee legislation
UK – The government says it will legislate to require the “appropriate expertise” from pension fund trustees.
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Julius Baer cuts jobs as assets fall 16%
SWITZERLAND – Swiss private bank Julius Baer says its assets under management declined by 16% in 2002 and that it plans to cut 10% of its workforce.
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European parliament OK's pension fund directive
FRANCE - The European Parliament has approved a compromise version of the Pension Funds Directive on occupational pension funds - and the challenge now is how European Union member states will implement it.
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Some surprises in new UK CSR index
UK – There are some perhaps unexpected names – including oil, chemicals and mining companies – topping the first UK corporate social responsibility index launched today.
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Dow Jones launches Islamic indices
US - Dow Jones Indexes has launched a series of Islamic indices in response to demands for “social-ethical and Islamic index investment”. And it expects exchange-traded funds based on the new indices to be launched soon.
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North-south divide seen in Italian retirement
ITALY – There is a big difference in retirement patterns between northern and southern Italy, according to research conducted on behalf of the Italian government.
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UK says retirement bill could hit bond market
UK – The government has said that a proposed amendment to retirement legislation could hit the UK government bond market and cost hundreds of millions of pounds.
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Insight hires multi-manager chief from Edinburgh
UK – Asset manager Insight has hired a top executive from Edinburgh Fund Managers to head its 1.7 million pound (2.5 billion euro) multi-manager business.
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CoreRatings hires ex-Morley SRI head
UK – Socially responsible investing consultancy CoreRatings, which is part of the same group as Fitch Ratings, has named Anne-Maree O'Connor as its new head of research.
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UK pension trustees set to challenge managers
UK - A survey of pension funds has found that trustees are becoming more likely to question their investment managers over transaction costs and activism.
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State Street investment chief calls for “real world” mandates
UK – The chief investment officer at State Street Global Advisors has called for “real world” mandates as part of a fundamental rethink of pension provision.
