All IPE articles in September 2002 (Online) – Page 3
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News
Robeco buys 60% share in Boston Partners
NETHERLANDS/US- Dutch asset manager Robeco, part of the Rabobank Group, has acquired a 60% participating interest in Boston Partners Asset Management, adding the final piece in Robeco’s establishment of new company Robeco USA. Robeco USA will manage approximately e30bn in assets – 30% of Robeco’s total assets under management.
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Italy introduces incentives to postpone retirement
ITALY- The Italian government will be introducing incentives to encourage employees to delay retirement, in an attempt by the Italian government to cope with an ageing population. The Italian government calculates that by 2025 pensioners will outnumber workers.
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Assets of top 300 pension funds fell 12% in 2001
GLOBAL- Assets held by the world’s largest 300 pension funds fell by 12% according to research by consultant Watson Wyatt and Pensions & Investments.
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Schroders sells pensions group to Alexander Forbes
UK- South African financial services group Alexander Forbes and its consultant subsidiary Lane Clark & Peacock have announced they are to buy the Schroder Pensions Group, which administers defined contribution schemes, for £22.5m.
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State Street and Deutsche negotiate custody deal
US/GERMANY- Deutsche Bank is expected to announce tomorrow that it is in exclusive negotiations with Boston-based State Street over the sale of its global securities services business.
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COVIP authorises new airlines pension fund
[|?VIP, the Italian pensions supervisory body, has authorised the establishment of a new pension fund for employees of Italian air companies Alitalia, Alitech, Alitalia Team and Alitalia Express. The fund has been registered under the name Mercurio.
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Schroders sells indexing business to Hermes
UK- Schroders has announced the sale of its index tracking business to the independent fund manager Hermes Pensions Management for £4.5m after owning it for just over two years.
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UK's FSA boss hits out at EC finance directives
UK- Howard Davies, chairman of UK regulator the Financial Services Authority, has rounded on the raft of directives contained in the European Commission’s Financial Services Action Plan.
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FEFSI and EAMA consider merging
EUROPE- Europe’s most powerful trade organisations in the fund management industry are exploring the possibility of merging. The European Asset Management Association (EAMA) and Brussels-based Fédération Européenne des Fonds et Sociétés d’Investissement (FEFSI) have agreed to formally discuss the benefits of joining forces.
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Institutions more optimistic of global recovery
GLOBAL- Institutional investors are showing more confidence in the global economy and are more upbeat about the prospects for the US according to the latest edition of the Merrill Lynch fund manager survey.
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Irish reserve fund to use commission recapture
IRELAND- The National Pension Reserve Fund of Ireland has put out the tender for one or two brokerage commission recapture providers for its equity investments.
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BGI organises series of trustee seminars
UK- The Employers’ Organisation for local government and Barclays Global Investors (BGI) are running a series of seminars for elected members responsible for the Local Government Pension Scheme, the body that represents more than one million members of local authority pension funds worth a combined £90bn (e143bn).
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Research shows retirement income continues to drop
UK- The number of people facing retirement hardship in the UK has increased by an average of one million a year since 1996, according to JP Morgan Fleming Asset Management.
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Invesco launches its first hedge fund outside US
GLOBAL- INVESCO is to launch its first hedge fund outside of the US, aimed at institutional investors and wealthy individuals in Europe. The INVESCO Absolute Return Fund, as it is to be known, will be a Dublin-domiciled, open-ended investment company and will aim to provide an annual net return of ...
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Vice chairman of Invesco announces retirement
UK- Invesco Asset Management, part of the US group Amvescap, has announced the retirement of its vice chairman Tristan Hillgarth at the end of the month.
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T Rowe Price adds to its European team
EUROPE- T. Rowe Price Global Investment Services has added to its European team with the appointment of Christian Elsmark as a vice president with responsibilities across Europe for client services, sales, product specialisation and management.
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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.
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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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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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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.
