All IPE articles in September 2002 (Online) – Page 3
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Passive management to take off in Europe
EUROPE- Passive management looks set to take off in Europe despite criticism that bear markets benefit active managers and despite a warning from Standard & Poor’s that the risks involved may be greater than investors realise.
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PMI drops Deutsche from e3bn currency mandate
NETHERLANDS- PMI, the e13bn Dutch metal workers pension fund, has dropped Deutsche Bank as manager of its e3bn passive currency mandate due to poor performance and instead appointed Goldman Sachs.
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S&P appoints Canadell to push European drive
EUROPE - Standard & Poor’s has appointed Eudald Canadell as its new managing director for S&P’s Index Services Europe. The appointment coincides with the opening of new European headquarters in Paris, which marks a push into Europe for the index provider.
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GAM in new multi-arbitrage fund of funds launch
UK- GAM, a business unit of UBS Warburg Global Asset Management, is to launch a multi-arbitrage fund later this month. The multi-manager fund of funds will invest across multiple arbitrage strategies aiming to achieve long-term capital appreciation with low volatility and low or no correlation to equity or bond markets.
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Manduca gains key European role at DeAM
EUROPE - Deutsche Asset Management has appointed Paul Manduca as CEO of Europe. Manduca will be responsible for DeAM’s European business and will report to Tom Hughes, global head of DeAM.
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Pension funds return 7% on UK property in 2002
UK - 2001 was a strong year of performance for property investments in the UK, but pension funds under-performed in this sector due to their large retail holdings, according to Investment Property Databank (IPD), the London based real estate information group.
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Top asset manager changes at Julius Baer
SWITZERLAND - Julius Baer Group has appointed Veit Scuhen as its new head of asset management and investment funds. Prior to this, Schuhen was managing director at JP Morgan Fleming Asset Management responsible for funds business in Continental Europe, the Middle East and Latin America.
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UK dominance of European consultants use to change
EUROPE - UK trustees are considerably more likely to rely on the advice of a consultant when choosing an asset manager than their European counterparts, according to consultant Oliver, Wyman and Company, and UBS Warburg. But the use of investment consultants in continental Europe is expected to increase.
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Pensions deficits to hit German groups’ratings
GERMANY -German companies with pension fund shortfalls are more at risk of seeing their credit ratings come under pressure than companies in other European countries, according to a report from Dresdner Kleinwort Wasserstein in London, that claims pensions obligations to have debt-like characteristics.
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FIM creates new global marketing role
BENELUX- Fortis Investment Management has appointed Patrick Van de Steen as head of marketing. Van de Steen assumes global responsibility for the marketing division, made up of over 70 staff worldwide, and will be based in Brussels.
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Funds to drive asset growth of 8% in Europe
EUROPE - Europe’s investment funds are driving growth in a shrinking global fund management industry, says Cerulli Associates, a London and Boston-based research and consulting firm.
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IBoxx in 25 liquid Euro indices launch
FRANKFURT - European index provider iBoxx is to launch a series of liquid indices to join its portfolio of bond indices. The series will comprise 25 indices, covering only a small number of highly-liquid bonds. This should reduce tracking and hedging cost for banks setting up products on the indices.
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Swiss funds see more negative returns in 2002
SWITZERLAND - Swiss pension funds have recorded negative investment returns for the first six months of this year, with a median return of –5.0%. The figures compare to the –2.2% return for the same period in 2001,and +1.5% returned for the whole of 2000, indicating a continued decline.
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Swedish fund dumps Nordea & Carlson for Lindstrom
SWEDEN- Swedish consultant Bohman & Lindstrom has signed its first client since branching out into portfolio management and will run Sek4.5bn (e490m) for the Swedish church insurance association, the pension fund for employees of the church.
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Russell/Mellon CAPS adds to client relations team
UK- Russell/Mellon CAPS has beefed up its client relations team with the appointment of Anthony Stevens. Stevens reports to business development manager Allison Langley and will work primarily with CAPS’ asset manager clients.
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Swedish insurers dump equities for fixed income
SWEDEN- Swedish life insurers are rebalancing their portfolios, and replacing equity investments with interest bearing asset classes and lower risk alternative investments, according to reports in the Swedish press.
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Management fees in Europe set to fall
EUROPE- Average gross fees are expected to decline across Europe’s asset management industry at a rate of 2% a year over the next four years, according to consultant Oliver, Wyman and Company and UBS Warburg.
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FSA tackles short selling transparency
UK- The UK Financial Services Authority and several market participants have produced a series of possibilities for disclosure of short selling in the UK. At a meeting hosted by the FSA and attended by hedge funds, prime brokers, securities lenders and several corporates it was unanimously agreed that the issue ...
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AOK brings MetallRente’s membership to 700,000
GERMANY- AOK, Germany’s largest health insurance company, is to become the latest client of MetallRente, industry wide retirement provision company for the German metal, electronics, steel and textiles industries. AOK’s 65,000 employees will be offered the service, taking the scheme’s potential membership up to 700,000.
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Decree gives details of Luxembourg pension reform
LUXEMBOURG- A decree by the Grand Duchy has spelled out the precise details of reform to Luxembourg’s private pensions industry in a move that is likely to see both banks and insurance companies roll out a raft of new products.
