Latest – Page 348
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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.
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Pensions on agenda at World Economic Forum
SWITZERLAND – The impact of pensions on government finances and financial markets is on the agenda at the World Economic Forum’s annual meeting in Davos, Switzerland this week.
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ABP shrinks in size by 7% to e135.5bn
NETHERLANDS – Hit by falling stock markets, Europe’s largest pension fund, the Dutch civil servants’ ABP, has posted a 7.2% decline in its capital value to 135.5 billion euros – though it sees no reason to change its investment strategy.
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Investment fund assets fall 7.9% in Q3 - Fefsi
GLOBAL – Investment fund assets worldwide dropped 7.9% in the third quarter of 2002, to 10.65 trillion dollars, according to the latest research by Fefsi, the pan-European umbrella organisation of the investment funds industry of the 15 Member States of the EU.
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Dutch pension funds slam PVK requirements
NETHERLANDS – The three main Dutch pension fund bodies have rejected pension fund regulator PVK’s requirements on cover ratios, calling them “unnecessary” and “bad for the economy”.
