All articles by Daniel Brooksbank – Page 229
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State Street: enhanced index funds gain in Europe
UK – State Street Global Advisors says it is getting a lot of interest from European institutions in its enhanced index funds.
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AIB’s fund profits growth “less than desired”
IRELAND – Allied Irish Bank, citing market volatility and uncertainty, said its fund management profits growth in 2002 was “less than desired”.
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Pioneer names fixed income head in Dublin
IRELAND – UniCredito Italiano’s asset management arm Pioneer Investments has named a new head of fixed income in Dublin, Raffaele Bertoni. He will report to Mauro Ratto.
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Febs opens pan-European pensions operation
SWITZERLAND – Financial & Employee Benefits, or Febs, has opened an office in Winterthur, Switzerland with the aim of administering mobile pensions for corporations on a pan-European basis.
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US employer contributions to rise - report
US – Up to 65% of US pension plans may require contributions from employers in 2003 due to lower stock market values, says consultancy firm Watson Wyatt.
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Prudential focuses on European asset management
US – US-based Prudential Financial is to scale back its European brokerage activities to focus on asset management.
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EU Parliament to discuss pensions on Wednesday
EUROPE - The European Parliament’s Economic and Monetary Affairs Committee is to discuss the latest draft of the EU pensions directive on Wednesday.
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European custody market ‘lacks transparency’
EUROPE - A report commissioned by the European Asset Management Association has called for greater transparency in custody contracts and highlighted “ambiguity and uncertainty” about the liabilities of custodians in the event of operational failures.
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BNP sees fund 'cooperation' with Credit Lyonnais
FRANCE - BNP Paribas – citing possibilities for cooperation in, amongst other areas, fund management - has bought 10.9% of rival French bank Credit Lyonnais from the French state for 2.2 billion euros. Between them, the banks control 6.3 billion euros in European pension assets.
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Fortis assets slide 10% as it posts net loss
BELGIUM - Fortis Bank – which has 12.67 billion euros in European pension assets under management – saw its assets under management slide by 10% in the first three quarters of 2002 as it posted a net loss in the third quarter.
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Spain: Credit Suisse launches bond-only pension
SPAIN - Credit Suisse’s insurance and pensions division has launched a fixed income-only pension plan in Spain, citing new customer demand.
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Hedge funds see steady stream of interest - report
US - Institutions are showing a steady stream of interest in investing in hedge funds, according to new research by industry tracking outfit Tass.
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EU pensions directive reaches parliament
EUROPE - The European pensions directive inched forward last night when the European Council of Finance Ministers formally transmitted the new form of the directive to the European Parliament so that it can go through a second reading.
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Denmark: researchers analyse with-profits schemes
DENMARK - Two Danish researchers have modelled the bonus-crediting mechanism of with-profits policies issued by Danish pensions providers.
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Market falls hit defined benefit plans – report
US - A new report has found that defined benefit pension funds worldwide have been hit by declining capital markets, and that the situation may have “potential balance sheet implications”.
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Spain: Lipper sees mutual fund “U-turn”
SPAIN - The total size of Spanish mutual fund assets rose by 1.46% to 171.8 billion euros in October, says research firm Lipper. Lipper says the growth reflects a “U-turn” in stock markets.
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Bank of Ireland asset chief to retire
IRELAND - The Bank of Ireland’s asset management business – which has 12.94 billion dollars (12.89 billion euros) in European pension funds under management - has said that its chief executive Willie Cotter is to retire and be replaced by Brian Goggin.
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Investec wins mandate as asset profits rise
UK – Financial services firm Investec’s asset management profits rose slightly in the first half – coinciding with news that it has won a 20 million pound (31.4 million euro) balanced mandate in the UK.
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US firms face $80bn pension shortfall - report
US - Goldman Sachs estimates that US companies will have to raise their contributions to defined benefits pension plans by 80 billion dollars (79.67 billion euros) per year.
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Goldman asset management staff rises 8%
LONDON - Despite what it terms “difficult markets”, Goldman Sachs’ asset management division in Europe now has 8% more asset managers than a year ago, though Goldman was unable to provide headcount numbers.
