All articles by Daniel Brooksbank – Page 226
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Threadneedle to run e155m Russell equity mandate
UK - Threadneedle Asset Management has been appointed to run a 100 million pound (155 million euro) UK equity mandate for Frank Russell Co.
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Commerzbank sees “major concern” in pensions
EUROPE – Commerzbank Securities says underfunded pension plans in the UK and US should be of “major concern” to investors because they represent a movement of wealth from the shareholder to employees.
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SPK to invest e31m in Scottish Widows’ SRI fund
SWEDEN – Sweden’s 1.2 billion euro Sparinstitutens Pensionskassa pension fund will invest 31 million euros in Scottish Widows’ Investment Partnership’s European socially responsible investment fund.
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UK wary of “quick-fix” pensions reform
UK – UK pensions minister Andrew Smith says the government must not be tempted by a “quick-fix” solution to pensions reform as it readies its long-awaited Green Paper, due next week.
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Russell sees “substantial” European growth
SPAIN – Multi-manager specialist Frank Russell Co. says it has seen “substantial growth in Europe this year” - adding that it has been awarded 30 new institutional client mandates across Europe for its multi-manager funds so far in 2002.
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Conference to focus on European pension reform
NETHERLANDS – A fund management conference in Amsterdam next year will focus on the need for pension reform, how to fund the pensions gap and the changes to asset allocation.
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Mercer hires PwC’s investment head
UK – Pensions consultancy firm Mercer Human Resource consulting has named Gordon Clark as a European partner, based in London.
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Watson advises clients away from equities
EUROPE – Pension consultancy firm Watson Wyatt says it is advising its clients to move away from equities and that it knows of “very few” firms that invest in accordance with best practice.
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Downturn forces Nordea IM to cut 15% of staff
SWEDEN – Nordea Investment Management, the fourteenth largest manager of European pension fund assets, says it will cut its payroll by 55 or 15% due to the “continued unfavourable business environment”.
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UK’s IMA seeks European policy analyst
UK – The UK-based Investment Management Association, a trade body for the asset management industry, says it is looking to hire a European policy analyst as it takes on a greater role in Europe.
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AP4 awards e384m Japan mandate to Martin Currie
SWEDEN – Fjarde AP-Fonden, the 13.4 billion euro Swedish state pension fund, has named three managers for Japan and Asia-Pacific equities mandates – Martin Currie, Capital and APS.
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Mellon the winner in HVB multi-manager launch
GERMANY – Mellon Financial Corp. is the biggest winner in HVB Group’s decision to launch the first ever German multi-manager programme for institutional clients, by winning seven of the 24 asset management slots available as well as other business, including custody.
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Belgium voices disapproval of EU pension proposals
BELGIUM – Belgium has voiced its disapproval over European pension reform, citing a compromise over proposed investment rules that it says it “cannot endorse”.
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Norway’s Storebrand rejigs management
NORWAY – Insurer and pensions provider Storebrand says it is to revamp its management following the merger with private bank Finansbanken.
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EU Parliament committee to discuss pension reform
EUROPE – The European Parliament’s Committee on Economic and Monetary Affairs is likely to discuss pensions reform when it meets in January.
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Credit Suisse pensions unit swings to loss
SWITZERLAND - Credit Suisse’s pensions and life division swung to a net operating loss of 1.5 billion Swiss francs (euros) in the first nine months of 2002 – which the Swiss banking group attibuted to a 3.0 billion franc decline in investment income.
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UK: Schroder Property wins Tower Hamlets mandate
UK – UK local authority Tower Hamlets’ pension fund is to switch its 40 million pound (62.6 million euro) property allocation to a property unit trust run by Schroder Property Investment Management.
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UPDATE: AXA IM confirms departure of former CEO
UPDATE: UK – AXA Investment Managers has now confirmed that former UK chief executive Virginia Holmes left the company in early December, after previously declining to comment.
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EU’s Solbes sees benefit of funding pensions
EUROPE - The European Union’s economic commissioner says a “partial shift” to funding of pension systems in EU member states would contribute to their long-term sustainability – though he called for “social policy objectives” to continue.
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UK active equity managers “add no value” – report
UK – Enhanced equity specialist Macquarie has reviewed academic research into UK active equity fund managers – and, unsurprisingly perhaps, found little or no evidence that they are effective.
