Markets – Page 270
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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.
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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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Mellon consolidates US fixed income businesses
US – Mellon Financial Corp. is merging three of its 14 institutional asset management businesses to form one of the largest fixed income managers in the US.
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Credit Suisse AM revamps European management
EUROPE – Credit Suisse Asset Management Europe has announced its pan-European management structure and executive board members.
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Actuaries say bonds best for meeting liabilities
UK – The top actuarial body in the UK says inflation-linked bonds have the “highest probability” of meeting wage-linked liabilities.
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German public bank moves into asset management
GERMANY/IRELAND – DePfa Bank, the German public finance bank, has announced an initiative to branch into asset management with the establishment of an in-house fund aimed at global institutional investors.
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German chemical fund announces investment set-up
GERMANY – Chemie Pensionsfonds, administered by HVB, has announced its initial fund strategy as the first cash flows from December begin to roll in – the fund is now around 10 million euros in size.
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Invesco loses Skandia business to Blackrock
EUROPE/US – Invesco has been ousted by US firm Blackrock International as fund manager for Skandia Global Funds’ 65 million dollar (59.8 million euro) pan-European equity fund.
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SAM and Monte Paschi in Italian SRI assault
SWITZERLAND/ITALY – Monte Paschi Asset Management and SAM Sustainable Asset Management have established an agreement to work together in an attempt to become the market leader in sustainability investments in Italy.
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Robeco opens new German sales office
NETHERLANDS/GERMANY – Dutch fund manager, Robeco, has opened a sales office in Frankfurt in a bid to break into the German third party distribution market.
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HBOS names Insight department heads
UK – HBOS’s asset management arm, Insight Investment, has announced the new heads of desk for its teams following the acquisition of Rothschild Asset Management in December.
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Mercer sees greater asset class specialisation
EUROPE – Investment managers will increasingly look to specialise in asset classes in which they perform best, in what is a growing trend away from balanced fund houses to specialist managers, believes a senior consultant at Mercer Investment Consulting.
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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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Swiss Life in outsourcing deal with State Street
BELIGUM – Swiss Life Asset Management’s Belgian operation has signed a letter of intent to outsource its back office functions to State Street, though the structure and fees of the deal are not yet finalised.
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Calls for centralised European settlement
EUROPE – Europe’s clearing and settlement systems are fragmented and inefficient and need a centralised body - that’s the message from separate studies by Deutsche Bank and Euroclear.
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UK property returned 10.5% in 2002 – IPD
UK – Property was the best performing UK asset class last year with an annual return of 10.5%, says investment property data firm IPD.
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HVB’s Activest makes management changes
GERMANY - The Activest group, Germany’s sixth largest fund manager and the investment arm of HVB, has made changes at senior level following the departure of two of its executives.
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Pru-Bache buys UK’s T&G investment advice arm
UK – UK stockbroker Teather & Greenwood has agreed to sell part of its investment management business to Prudential-Bache Ltd., the UK-based investment advisory business of Prudential-Bache International, for up to 3.65 million pounds.
