All IPE articles in December 2002 (Online) – Page 4
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Merrill Lynch loses $543m Calpers bond mandate
US – The 128 billion dollar California Public Employees' Retirement System, Calpers, has dropped Merrill Lynch Investment Managers from its international fixed income manager line-up. MLIM had been managing a 543 million dollar portfolio, accounting for 8.73% of Calpers’ entire fixed income portfolio.
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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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Guru tells pension funds: bear market to persist
UK - The current bear market is likely to last until 2005 at least, one of the US’s most prominent investment strategists told pension fund managers and their advisers today.
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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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Britannic Asset Mgmt to cut one in eight jobs
UK – Glasgow-based Britannic Asset Management is to lose 12.5% of its staff in a bid to cut costs. Cuts will be across the board, with estimates of 40 redundancies in total.
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PIRC calls on trustees to take responsibility
UK – Pension fund trustees must take more responsibility for overseeing investment strategy, and must use their power as shareholders to intervene at underperforming companies if markets are to be reformed, says Pensions Investment Research Consultants, or PIRC.
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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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UK firms providing wider funds choice – report
UK – UK companies with defined contribution schemes are providing employees with an increasingly wide choice of investment funds, says consultants Watson Wyatt.
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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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State Street wins e1.32bn Royal Liver mandate
UK - Royal Liver Assurance has continued its shift to outsourcing its fund management activities with the appointment of State Street Global Advisors to manage a 850 million pound (1.32 billion euro) multi-asset passive mandate.
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Mutual funds are best channel for Italy - Cerulli
ITALY – The Italian mutual fund advisory programme market is the most effective way to penetrate the Italian asset management market, says Boston-based asset management research and consulting firm, Cerulli Associates.
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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 Environment Agency fund taps SSGA for eco fund
UK – The UK Environment Agency pension fund has appointed State Street Global Advisors to manage an ‘eco-enhanced” index fund.
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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.
