All IPE articles in June 2002 (Online) – Page 3
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News
Bailey steps down after 33 years as Janus CEO
US – Tom Bailey is to step down as chief executive officer of Denver-based fund management group Janus after 33 years with the firm he founded in 1969. A successor has yet to be named.
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Commerz sells off Italian AM amid bad results
GERMANY / ITALY – Commerzbank has sold its Italian asset management subsidiary, Commerzbank Asset Management Italia (CAMI) to Australian financial services group, AMP, for €20m. The move is part of the banking and financial group’s strategy to streamline its asset management activities as a result of recent disappointing earnings.
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Martin Currie poaches Berry from R&SA
UK – Edinburgh-based independent fund manager firm, Martin Currie Investment Management, has appointed David Berry as a fund manager to its UK growth and income team. Berry joins from Royal & SunAlliance Investments where he spent less than a year also as a manager of income products.
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Frey named as new European Securities Forum CEO
SWITZERLAND/UK- Werner Frey has been named as the new chief executive of the European Securities Forum, the group of banks pushing for cheaper cross border clearing and settlement across European exchanges.
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LSE and International launch hedge fund research
UK- The London School of Economics and Political Science is establishing a hedge fund research programme to carry out independent academic research in conjunction with International Asset Management (IAM).
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Threadneedle builds its corporate bond division
UK- Threadneedle Investments is adding to its corporate bond team with three new hires. Trudie Pearce, Paul Kirtley and Victoria Port will join the 20-strong fixed income division over the next three months and report to head of fixed interest Robert Stirling.
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BGI launches two active corporate bond funds
IRELAND/UK- Barclays Global Investors (BGI) has launched two actively managed corporate bond funds: the Ascent UK All Stocks Corporate Bond Fund and Ascent UK Long Corporate Bond Fund. Institutional investors have already committed £177m (e277m)- £38m to the former and £139m to the latter.
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UIA hands insurance assets to Morley in SRI drive
UK- Specialist insurer UIA has appointed Morley Fund Management to run its entire general insurance and life funds of £90m on a socially responsible basis.
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Houston police pick Ashmore for emerging markets
US/UK- Houston’s Police Officer pension scheme has appointed the specialist investment manager Ashmore IM to run a $60m (e63m) emerging market debt mandate.
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Investec hires new head of client relations
UK- Investec Asset Management has hired Belinda Morrisey to fill its newly-created position of head of client relations. She reports to Mark Samuelson, global head of institutional business development and Andrew Peake, head of UK client service.
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Shropshire council dumps Schroders for F&C
UK- Shropshire County Council’s £630m pension fund has dropped Schroder Investment Management and appointed F&C Management to run a £30m (e47m) global emerging markets equity mandate.
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Merrill Lynch IM adds to its global equities team
UK- Merrill Lynch Investment Managers has appointed Peter Abbott as a fund manager in its global equities team. Abbot joins next month from Newton Investment Management and will report to Ian Rowley, head of global equities.
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European & Emerging markets offer best prospects
GLOBAL- An increasing number of investment managers believe the best earnings are expected to come from European and UK markets while the profit outlook for global emerging markets remain the most attractive according to the latest Merrill Lynch fund manager survey.
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Less than 40% of UK DB schemes remain open
UK- The predicament of generous final salary pensions may be worse than previously estimated according to new research that suggests fewer than four out of ten final salary schemes remain open to new members.
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GMO Woolley Chairman slams passive investing
GLOBAL- Passive investment may be popular but it is undermining equity market returns, promoting bubbles and implosions, and costing pensioners their savings, says Paul Woolley, chairman of the e27bn fund manager GMO Woolley.
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UK trustees get new code of practice
UK- A new, independently-produced code of practice published today for pension scheme trustees helps to spell out in detail their responsibilities. The code comes in the build up to Paul Myners announcing new recommendations on the future role of trustees.
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Morley hires ex-Schroders head of UK equities
UK- Morley Fund Management has hired Bill Baker to run a range of UK pooled and segregated pension funds. Baker joins as a senior member of the 11-strong UK equities team in September and will report to Mike Bishop, head of pan European equities.
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AP6 and Danske launch Sek2bn life sciences fund
SWEDEN- Sweden’s sixth AP fund and Danske Bank are launching a new SEK2bn (e220m) life sciences fund aimed at the Nordic Region. Scandinavian Life Science Venture (SLSV), as the fund will be known, will bring together AP 6 and Danske’s existing life science projects.
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News
Government will not abolish second state pension
UK- Andrew Smith, the pensions and work secretary, has ruled out scrapping the second state pension to make way for a simpler system.
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Multi manager industry to double to $1trn by 2007
GLOBAL- Investments worldwide in multi-manager products are set to double to over US$1 trillion by 2007 according to proprietary data and analysis from the US research and consultancy firm Cerulli Associates.
