All IPE articles in June 2002 (Online)
View all stories from this issue.
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News
AP7 completes search for hedge fund managers
SWEDEN- Sweden’s AP7 default fund has ended its twelve month search for hedge fund managers with the appointment of New York-based K2 and Arpad Busson’s Geneva-based EIM to run two new Sek500m (e55m) fund of funds portfolios.
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UK pensions remain healthy despite dropping £150bn
UK- The UK’s pension fund industry is in a good state and will continue to grow faster than the economy according to the 2002 Pension Fund Indicators report published by UBS Global Asset Management.
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Axa adds to its specialist equity team
UK – London-based Axa Rosenberg Investment Management has appointed Gordon Strachan as a UK portfolio manager to its specialist equity management team.
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Chiswell announces double pension fund win
UK – London-based investment management firm Chiswell Associates has won two new pension fund mandates, worth £35m (€54.5m), from the staff pension scheme of building society Leeds and Holbeck and the Presbyterian Church of Wales pension scheme.
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Seligman picks State Street for operations support
US – Boston-based State Street Corporation is to take over operations support for the $25bn (€26.7bn) assets under management of New York-based investment management firm, J&W Seligman.
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Lombard Odier and Darier Hentsch to merge
SWITZERLAND- Two of Switzerland’s oldest private banks, Lombard Odier and Darier Hentsch are merging in a bid to cut costs and enable them to compete with larger competitors.
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SEI names management for Paris operation
FRANCE- Multimanager SEI Investments has retained the senior management of the Paris-based joint venture CCF-SEI Investments that it bought Crédit Commercial de France out of last month.
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Irish Life launches capital guaranteed fund
IRELAND – Dublin-based financial services group, Irish Life International, has launched the Secured Growth Bond Series8 fund. The new fund, like its seven predecessors, offers full capital security.
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Ecofin approves occupational pensions directive
LUXEMBOURG/EU- European finance ministers have accepted a compromise position on the EU occupational pensions directive in a move that will finally enable companies to launch pan European funds.
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Top UK managers hit by loss of business in 2001
UK – The top five investment managers of segregated pension funds in the UK saw the value of their business fall last year, according to a Financial Times survey of pension fund managers, which blames the decline on the downturn in the financial markets and the shift among pension funds ...
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Siemens moves into third party asset management
GERMANY- Siemens Financial Services’ investment management division in Munich is now offering asset management to third party institutional clients. The focus will be on domestic business, particularly for pensions assets of other corporates, says Wolfgang Lotze, head of investment management at SFS.
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Swiss funds shun balanced management
SWITZERLAND – Swiss pension funds are increasingly moving towards specialist management, with overseas equities mandates gaining ground at the expense of domestic portfolios, according to the latest two-yearly survey of Swiss pension funds jointly produced by Robeco, Bilanz and Prévoyance Professionnelle Suisse.
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New research gives trustees high praise
UK - Despite many trustees not having formal backgrounds in finance, they make good gatekeepers for your pension savings, says research by the UK’s Cranfield School of Management and Watson Wyatt.
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FEFSI names Mansfeld as new president
EUROPE / GERMANY - The Brussels-based Fédération Européenne des Fonds et Sociétés d'Investissement (FEFSI), the pan-European federation of investment managers associations and companies, has appointed Wolfgang Mansfeld as its new president.
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UK workers may be forced to join company schemes
UK – Employers may once again be able to force workers to join company pension funds if the government accepts one of the key recommendations in the upcoming pensions simplification review.
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Threadneedle takes share in multi manager Attica
UK- Threadneedle Asset Management, part of the Zurich Financial Services Group, has taken a 29.9% share in the multi manager Attica AM. Attica retains overall control of the company but the deal with one of Europe’s mid-sized investment managers will boost its distribution network.
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Equitable fiasco leaves AVC market in turmoil
UK- The market for additional voluntary contributions (AVCs), the system allowing scheme members to top up their occupational pensions, is in turmoil according to a new survey from the consultants Hewitt Bacon & Woodrow.
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CSAM picks Citi for unit trust and ICVC custody
UK – Credit Suisse Asset Management Funds (UK), part of the Credit Suisse Asset Management group (CSAM), has appointed Citibank Global Securities Services as trustee and custodian for an additional £1.2bn (€1.9bn) of its unit trust and ICVC – investment company with variable capital - assets.
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Pioneer promotes Pearson to head of equities
IRELAND – Dublin-based Pioneer Investments has promoted head of European equities Stan Pearson to the newly-created position of head of equities.
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Prudential to manage e700m corporate bonds for AP3
SWEDEN- Sweden’s AP3 fund has appointed the US-based investment manager Prudential to run an active Sek6.4bn (e700m) corporate bond mandate.
