Investor Strategy – Page 252
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Goldmans poach Langensjö from Wassum
UK/SCANDINAVIA – Goldman Sachs Asset Management has appointed Mats Langensjö as executive director in charge of its Scandinavian institutional business development.
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UK funds will not meet two year Myners deadline
UK - The issues surrounding the costs the UK pension fund industry pays its fund managers and the problems of shareholder activism, as highlighted by the Myners' review, will not be resolved by next March, the end of the two-year period the government gave the industry to comply with the ...
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Schroders names new head for Sweden and Finland
SWEDEN/FINLAND- Schroder Investment Management has appointed Johan Hamilton as country head for Sweden and Finland. Hamilton, who will be based in Stockholm, joins from Wassum Investment Consulting where he was a senior consultant advising pension funds, trusts, companies and local governments on investment strategy and manager selection.
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UK managers reluctant to drop soft commissions
UK – The Investment Management Association (IMA) and the National Association of Pension Funds (NAPF) have drawn up a pension fund disclosure code to be unveiled this week that will require fund managers to provide six-monthly reports on the way they invest UK pension scheme assets on stock markets.
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ING buys CSFB custody business in Russia
RUSSIA - ING Bank (Eurasia), Russia’s largest custodian bank, has acquired Credit Suisse First Boston’s custody business in Russia
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Employers halve DB provision for expatriates
EUROPE/NORTH AMERICA – Defined benefit pension provision for expatriates from European and North American companies has nearly halved in the last 10 years and European firms are more likely to offer a defined contribution alternative...
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Government to decide who runs severance pay system
AUSTRIA - The Austrian government will announce this week details of the Abfertigung neu, the reformed severance payment system that will vastly expand Austria’s corporate pensions market.
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BGI in new high return hedge fund launch
UK/IRELAND – Barclays Global Investors (BGI) in London has launched a new, high return market neutral hedge fund, a higher risk version of its UK equity market neutral fund.
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Portugal's FEFSS prepares to outsource e760m
PORTUGAL- Portugal’s state owned e3.8bn FEFSS fund is looking for a global custodian in preparation for its recent decision to outsource 20% of its e3.8bn portfolio to external managers. Henrique Cruz, a member of the fund’s board says they will select a global custodian by March to provide fund administration ...
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IG-BCE seeks consultant for ALM/manager selection
GERMANY – The newly-formed retirement provision company for the German chemicals industry is looking for an investment consultant to undertake an asset liability study and manager selection process for its new pension fund. A spokesman for IG-BCE says that it hopes to appoint a consultancy firm by the summer and ...
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Buck Heissmann Sarl and Penda merge
SWITZERLAND- Swiss Consultants Buck Heissmann Sarl and Pendia Associates have merged creating a company with roughly fifty employees. The new firm will take Pendia Associates’ name and will be based in both Nyon and Zurich.
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Concreto enters second phase of manager selection
ITALY – The Italian cement and building materials workers’ complementary pension fund, Concreto, is ready to enter the second stage of its manager selection process.
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FIS launches first corporate bond funds
UK- Investment manager Friends Ivory & Sime (FIS) has announced the launch of two new corporate bond funds. The All-Stocks fund will aim to outperform Merrill Lynch’s All-Stocks Sterling corporate bond index by 1% per annum measured over rolling 3 year periods while the Long-Dated fund will seek to outperform ...
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Unico picks State Street to run 10 new index funds
GERMANY/LUXEMBOURG- Unico Asset Management, the Luxembourg-based subsidiary of Germany’s Union Fonds Holding has appointed two State Street divisions to service and manage its i-tracker funds, a series of index funds being launched at the beginning of march.
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PGGM on board for new e300m Hermes engagement fund
PGGM the e50bn Dutch fund for healthcare and social workers and the UK’s BT pension scheme are contributing to a e300m activist fund being launched by a subsidiary of the fund management group Hermes.
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Spezialfonds’ assets fall in 2001 to €507bn
Germany-The value of German Spezialfonds invested assets fell in 2001 by 1.4% to €506.9bn, their first fall in the 33-year long history...
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Pictet once again heads custodian rankings
GLOBAL - For the eighth time in 10 years Pictet has been voted as the custodian clients are most satisfied with, according to the annual R&M Global Custody Survey...
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AP7 bars 26 more groups from its portfolio
SWEDEN – The €2.6bn Seventh Swedish National Pension Fund, AP7, has sold its shares in 26 global companies, including CocaCola, General Motors, Unilever and BP Amoco, because it claims they “failed to satisfy the fund’s environmental and ethical requirements”.
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Pioneer and Rolo merging to create €36bn outfit
ITALY – Milan based asset management firms, Pioneer Investments and Rolo Pioneer are to merge, forming a fund management group with some €36bn under management, as well as a combined Luxembourg-based fund operation worth €32.5bn.
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Union to meet UK government to discuss DB closures
UK – The Trades Union Congress (TUC) is to meet the government to discuss the TUC’s concerns over the number of defined benefit (DB) schemes being closed.
