Investor Strategy – Page 241
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News
GE Life outsources UK property to Credit Suisse
UK/US - GE Life, part of US-based GE Financial, has decided to outsource the management of its 540 million pound (814 million euro) property portfolio to Credit Suisse Property Investment Management (CSPIM), the UK property arm of Credit Suisse Asset Management.
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France formalises e13bn reserve fund outsourcing
FRANCE - The French government has set the ball rolling on one of the world’s largest institutional RFPs with the formal naming yesterday (February 6) of the executive committee that will administer the 13 billion euro French pensions reserve fund (Le fonds de réserve).
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ABP hails “very rewarding” tie with SSgA
NETHERLANDS – Stichting Pensioen Fonds ABP, Europe’s largest pension fund, says its two-year partnership with State Street Corp. in the State Street Global Alliance has proved “very rewarding”.
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Deutsche buys Swiss asset manager
GERMANY/SWITZERLAND – Deutsche Bank has announced that it will be wholly acquiring Swiss private bank and asset manager, Rued, Blass et Cie. from its parent company Zurich Financial Services.
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Edinburgh Fund Managers names new chairman
UK – Edinburgh Fund Managers has appointed Charles Nunneley as non-executive chairman following a board shake-up at the end of 2002 when four non-executive directors resigned and the chief executive was removed.
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New Italian construction fund seeks custodian
ITALY – Prevedi, the new voluntary pension fund for employees in the industrial and building trades, has launched a beauty contest for a custodian and administration services provider.
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Amvescap profits decline by 33% in 2002
US – US-Anglo fund firm Amvescap, the holding company for AIM and Invesco, has reported a 33% fall in pre-tax profit for 2002.
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CDC Ixis Asset Management names France CEO
FRANCE – CDC Ixis Asset Management has reorganised its senior management, and appointed Thierry Dissaux as chief executive officer for France.
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AIMR hosts forum on European investor confidence
EUROPE – The Association for Investment Management Research is to host an online forum on regaining shareholder confidence in the single European market.
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Allianz renames its UK asset management arm
UK – Dresdner RCM Global Investors (UK) Ltd. has been renamed Allianz Dresdner Asset Management (UK) Ltd. with immediate effect.
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Axa Rosenberg wins European equity mandates
EUROPE – AXA Rosenberg has been appointed by two European pension funds, which together have committed almost 250 million euros to the pan-European small cap equity fund.
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Mercer reports growth figures for 2002
GLOBAL – Consultancy firm Mercer has reported a 2% increase in annual revenues for the period 2002, according to the year-end results of parent group Marsh & McLennan.
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Cerulli: Manager acquistions not yielding results
US – The asset management industry may be getting better at investing in other asset management firms, but it is still not yielding added value overall...
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Ex-KPMG pensions head Evers joins Aon
UK – Actuarial consultant Aon has hired Charles Evers, a former head of KPMG’s pensions practice, as a principal in its executive benefits practice.
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Hewitt Bacon & Woodrow boosts UK investment team
UK – Consultancy firm Hewitt Bacon & Woodrow has recruited four new members to its investment team following increased demand.
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Regulator approves new Italian transport fund
ITALY – Italy’s regulatory authorities have given the all-clear to a new complementary industry-wide pension fund for Italy’s workers in public transport services and associated companies, Fondo Priamo.
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MLIM assets fall for third year in a row
GLOBAL – Merrill Lynch Investment Managers’ assets under management fell in 2002 for the third consecutive year.
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Fund managers see value in Euro stocks – survey
EUROPE – Fund managers in the euro-zone see equities in the euro-zone as undervalued and are guardedly positive about the outlook for the European economy, according to a survey by Merrill Lynch.
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Credit Suisse Asset Management boosts UK team
UK – Credit Suisse Asset Management is boosting its UK fixed income team with the appointment of Fidelity’s Richard White as a portfolio manager.
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UK: Higgs governance proposals welcomed
UK – A new set of proposals aimed at reforming the role of non-executive directors in UK companies has been broadly welcomed by the industry, though some say institutional shareholders will have to do their bit as well.
