Markets – Page 269
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ADAM hires equity performance risk head from MLIM
UK - Allianz Dresdner’s asset management division has hired a senior risk and performance executive from Merrill Lynch Investment Managers.
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J P Morgan Fleming AM names global equities head
UK – J P Morgan Fleming Asset Management has named Martin Porter as its new global head of equities.
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Norway’s Petroleum Fund to surpass oil revenues
NORWAY – The head of the Norwegian central bank says the return on the Petroleum Fund is likely to exceed the cash from the country’s petroleum activities in around 15 years.
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Standard Life names global equities director
UK – Standard Life Investments, fund management arm for Standard Life Assurance and Standard Life Pension Funds, has named Reg Watson as investment director in the global equities team.
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Drop in Swiss pension performance index
SWITZERLAND - The Swiss Pension Fund Performance Index, which measures the performance of 57 Swiss pension funds, fell from 98.3% to 90.5% last year.
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ING sees AM contribution to profits halved
NETHERLANDS - Assets under management at the giant Dutch financial services ING Group dropped by 12.5% in 2001to 449 euro billions with assets managed for institutional clients falling by 21.1%. The asset management share of group operating profits amounted to 283 euro millions declined from 10% to 5% in 2002. ...
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Sweden's AP1 announces double-digit loss for 2002
SWEDEN – AP-1, the 117.1 billion Swedish krone (12.8 billion euro) first Swedish national pension fund, has posted a loss of 13.8% for 2002, and has announced changes to its asset allocation following an ALM study....
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UBS to set up holding company
EUROPE – Swiss bank UBS is to create a holding company to incorporate its five independent private banks and GAM, its specialist portfolio and asset manager - together they run 70 billion Swiss francs (47.6 billion euros) in assets on behalf of their clients.
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GSAM names European equity heads
EUROPE – Goldman Sachs Asset Management has named Hywel George and Stuart McPherson as its new co-chief investment officers for its European equity business.
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European CIOs see assets rising in 2003
EUROPE – Eighty percent of European chief investment officers surveyed by US risk measurement firm Barra are positive that assets under management will increase over 2003.
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UK insurer seeks managers via IPE-Quest
UK – A UK-based insurer/multi-manager is searching for asset managers with experience in pan-European large-cap value equities via the IPE-Quest system.
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Fund tenders two high-yield mandates on IPE-Quest
GERMANY – A German corporate pension fund has put out to tender two high yield mandates in excess of 100 million dollars via IPE-Quest.
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Sweden’s AP3 records 12.6% negative return
SWEDEN – Citing the continued downturn in equity markets, Tredje AP-fonden, the third national Swedish pension fund or AP3, has recorded what it has termed a “painful” negative return of 12.6% for 2002.
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Consultant calls for bond product improvement
UK – Asset managers serving the pensions market should align their bond management products more closely with the liability needs of pension funds, urges consultants Hewitt Bacon & Woodrow.
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State Street wins Deutscher Ring mandate
GERMANY – State Street Corp. has won a Depotbank mandate from German insurer Deutscher Ring Versicherungen, though the exact size of the mandate was not disclosed.
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Indexchange launches fixed income ETF
GERMANY - Europe’s first exchange traded fund, or ETF, tracking a fixed income index has been launched by Munich-based Indexchange.
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Danish fund tenders $50m mandate via IPE-Quest
DENMARK – A Danish industrial pension fund has tendered a global enhanced index equities mandate for 50 million dollars (46 million euros) plus via IPE-Quest.
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BNP Paribas 2002 profits fall 18%
FRANCE – BNP Paribas has reported an 18% fall in profits for 2002 to 3.295 billion euros from 4.018 billion euros in 2001. Assets under management also fell 6%.
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Dutch fund tenders e30m small cap mandate via IPE
NETHERLANDS – A Dutch corporate pension fund has tendered a 30 million euro European small-cap equities mandate via IPE-Quest.
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CDC tops French asset management survey
FRANCE – CDC Ixis Asset Management has been voted the top French asset manager by France’s largest institutional investors, according to a survey conducted by consultants Amadeis.
