Investor Strategy – Page 234
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Jupiter under scrutiny in Somerset revamp
UK – Somerset County Council’s 600 million pound (855 million euro) pension fund has put out two tenders for a UK bond mandate and a UK property manager of managers mandate following an overhaul of its investment strategy.
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M&G gains almost E1bn in institutional funds
UK – M&G says it saw net institutional fund inflows of 704 million pounds (996 million euros) in the first six months of 2003.
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Putnam hires J P Morgan bond researcher
EUROPE – Putnam Investments has hired Maria Garcia Lomas from J P Morgan for its European corporate bond research team.
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UBS GAM global investment chief to retire
GLOBAL – The global chief investment officer of UBS Global Asset Management, Jeffrey Diermeier, is to retire.
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Mercer’s revenues rise 16% to $690m
US – Consulting firm Mercer has seen its quarterly revenues rise by 16% - though sister company Putnam Investments has posted lower revenues.
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HSBC AM names Lyne as institutional director
UK – HSBC Asset Management has appointed Julian Lyne as director of institutional business.
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Allianz’s Pimco names UK fixed income head
UK – Pimco has named Rothschild Asset Management’s Michael Amey as its new head of UK fixed income.
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Mercer opens new German investment consulting arm
GERMANY – Mercer Investment Consulting is to launch a new investment consulting practice in Germany.
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ETF use by European institutional investors grows 20%
EUROPE – The number of institutional investors using exchange traded funds (ETFs) or HOLDRs baskets of stocks is continuing to increase, particularly in Europe, according to research by Morgan Stanley.
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Ashcourt acquires BWH to boost asset offering
UK – Asset manager Ashcourt Holdings is about to acquire another London-based manager Barney Wilkins & Howard (BWH). The deal will add significantly to the assets managed by Ashcourt, increasing these from 250 million pounds (361 million euros) to 350 million pounds.
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Asset managers quit and turn backs on industry – survey finds
UK – More fund managers are leaving the industry than at any point in the past seven years, reveals a survey by consultants Watson Wyatt.
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T. Rowe Price hires former ADAM CIO
UK – Laurence Linklater, former chief investment officer at Allianz Dresdner Asset Management, has been appointed by T. Rowe Price International.
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FERI launches European fund data product
EUROPE - Fund groups in Europe no longer have to work blind as a result of a new data product, claims Rodney Williams, managing director of London-based FERI FMI...
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Portuguese pension funds net buyers of equities
PORTUGAL – Pension funds in Portugal were net buyers of equities in the first quarter, according to new data from Watson Wyatt.
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Ignore consultants’ advice, says Somerset
UK – The head of the 600 million-pound (867 million euro) local authority pension fund of Somerset County Council says only a bad pension fund follows the advice of investment consultants to the letter.
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Staffordshire taps Goldman for asset allocation
UK – Staffordshire County Council has appointed Goldman Sachs Asset Management to run a 970 million pound (1.4 billion euro) asset allocation mandate for its pension fund. The total fund size is 1.3 billion pounds (1.9 billion euros).
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European institutions shun consultants - poll
EUROPE – A new poll has found that 67% of European institutional investors do not employ the services of an external investment consultant.
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AP1 tenders $200-300m US small-cap mandate
SWEDEN - The 12.8 billion-euro Swedish national pension scheme AP1 has put out to tender a 200-300 million dollar US small-cap mandate.
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Chynoweth retires as chief executive of university scheme
UK – David Chynoweth, chief executive of the 31.2 billion euro Universities Superannuation Scheme education pension fund, has retired after almost 10 years with the scheme.
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DeAM sets up transition management team
UK – Following demand from institutions, Deutsche Asset Management has set up a team dedicated to transition management.
