All IPE articles in December 2002 (Online)
View all stories from this issue.
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News
German regulator Bafin to hire UK's Bauer
GERMANY – Bafin, Germany’s Federal Financial Supervisory Authority, is looking to appoint Helmut Bauer, of the UK’s Financial Services Authority, as head of banking supervision at the regulator.
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Aberdeen AM cuts jobs as profits slump
UK – Fund manager Aberdeen Asset Management Plc has cut 88 jobs in a bid to cut costs following a 15% fall in 2002 pre-tax profits which have been hit by a 2.3 billion pound (3.59 billion euro) fall in the value of its funds under management.
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Deutsche AM says UK fixed income chief to leave
UK – Deutsche Asset Management’s chief financial officer for fixed income in the UK, Ian Clarke, will be leaving the company, in what is believed to be a mutual agreement between the two parties.
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Nasdaq launches European-specific ETF
EUROPE – Citing demand from European, and especially German, institutions, US-based stock exchange operator Nasdaq has launched a European-specific exchange traded fund based on the Nasdaq 100 Index.
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Rabobank’s Robeco launches Euro Stoxx fund
NETHERLANDS – Rabobank’s asset management division Robeco has launched a new bond and options fund based on the Dow Jones Euro Stoxx index, while closing three other funds.
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Rothschild finds buyer for asset management arm
UK - UK financial services group NM Rothschild is believed to have found a buyer for its asset management business, Rothschild Asset Management. The UK’s fifth largest bank, HBOS Plc, is understood to have entered into exclusive talks to buy the unit for around 100 million pounds (157 million euros). ...
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Watson Wyatt wary of DC “mis-selling”
UK – Pension consultant Watson Wyatt has called for greater communication about defined contribution pension schemes from employers to avoid the possibility of another pension “mis-selling” scandal.
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Fund managers team up against German tax proposals
EUROPE – Eleven US and European fund managers have joined forces to campaign against the German government’s new tax proposals, which they feel discriminate against foreign investment managers.
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UK's Shropshire to adopt ISIS's SRI 'overlay'
UK – Shropshire County Council’s 520 million pound (814 million euro) pension fund has decided to adopt a socially responsible approach, adding a socially responsible investment overlay provided by ISIS Asset Management to its 80 million pound (125 million euro) UK index portfolio, currently managed by State Street Global Advisors.
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BGI assets slide 17% in nine months
UK – The largest manager of European pension fund assets, Barclays Global Investors, has seen its assets under management tumble by 90 billion pounds - almost 17% - in the first nine months of 2002.
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Portuguese pension fund returns improve in Q3
PORTUGAL – A change in asset allocation by Portuguese pension funds has resulted in an improvement in returns in the third quarter, according to results published by consultant Watson Wyatt.
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Stampe to join PensionsDanmark
DENMARK: Claus Stampe, chief investment officer of the Danish medical pension fund, is to join PensionsDanmark, the common management company of four Danish pension schemes which together have assets of 23 billion Danish kroner (3.1 billion euros).
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GSTPA fallout continues as SIS loses e27m
SWITZERLAND – Fallout from the collapse of the Global Straight Through Processing Association claimed another victim today with Swiss central securities depositary SIS Group announcing a 40 million Swiss franc (27.2 million euro) “value adjustment” and passing on its annual dividend.
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Northern Trust reshuffles European management
EUROPE – US-based banking and custody services provider Northern Trust has reshuffled its senior management in Europe, with Stephen Potter taking on a role vacated by Steven Fradkin.
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Henderson’s Handley joins SSGA as fund manager
UK – State Street Global Advisors, the ninth largest manager of European pension fund assets, has hired a fund manager from Henderson Global Investors.
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Netherlands’ BPMT backs German property fund
GERMANY/NETHERLANDS – The Dutch metalworkers’ pension fund BPMT has backed Warburg-Henderson KAG’s new German property fund by being the lead investor, with an equity commitment of 60 million euros.
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State Street: Deutsche custody is a ‘perfect’ fit
GERMANY - Ron Logue, president and chief operating officer of State Street Corp., has championed the bank's recent acquisition of Deutsche Bank’s global securities services business, calling it a ‘perfect’ fit.
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Northern Trust unveils pension tax service
EUROPE - Northern Trust has rolled out a new service aimed at multinationals seeking to evaluate the tax implications of pooling the investments of their various international pension funds.
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Schroders posts Q3 loss, hit by asset decline
UK – Schroders Plc, parent of the seventh largest manager of European pension fund assets, has posted a loss in the third quarter while reporting that its assets under management have declined 15%.
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AGF reappoints SocGen as global custodian
FRANCE – Société Générale says it has been reappointed as global custodian for Allianz AG’s French insurance subsidiary AGF. The global custody and trustees services for AGF represent 70 billion euros, and the mandate will commence as of July 2003.
