Advisers – Page 162
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News
Extel survey says Fidelity is Europe's top manager
UK/EUROPE- Fidelity Investment Services has been voted the leading pan-European fund management firm for the second year running in the 2002 Thomsom Extel Survey of analysts and investment managers. Capital Group was runner up to Fidelity for a second year while Schroder Investment Management retained third spot.
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PEPGO launches European tax test case for AMS
UK- Business and IT consultants AMS Management Systems has sown the seeds of a potential test case tackling tax discrimination across Europe by seeking permission from the UK Inland Revenue to place a UK employee in its Dutch company pension scheme.
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Prudential to manage e700m corporate bonds for AP3
SWEDEN- Sweden’s AP3 fund has appointed the US-based investment manager Prudential to run an active Sek6.4bn (e700m) corporate bond mandate.
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Equitable fiasco leaves AVC market in turmoil
UK- The market for additional voluntary contributions (AVCs), the system allowing scheme members to top up their occupational pensions, is in turmoil according to a new survey from the consultants Hewitt Bacon & Woodrow.
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Threadneedle takes share in multi manager Attica
UK- Threadneedle Asset Management, part of the Zurich Financial Services Group, has taken a 29.9% share in the multi manager Attica AM. Attica retains overall control of the company but the deal with one of Europe’s mid-sized investment managers will boost its distribution network.
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ACA says UK needs to rethink occupational policy
UK- Employers, the government and the pensions industry need to come up with ideas for promoting occupational pension schemes or face the alternative of taxpayers having to pay an increasing share of pensioners' incomes, according to the Association of Consulting Actuaries.
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FIS appoints new head of institutional business
UK – London-based asset manager Friends Ivory & Sime (FIS) has appointed Robert Mathews as head of institutional business. Matthews will replace Paul Richards, who is leaving to join Goldman Sachs Asset Management.
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Legal changes set to open up Sweden's mutual funds
SWEDEN- Reform to Sweden’s mutual funds legislation may result in the abolition of capital gains tax for members switching between fund providers. If the move is introduced, it will open the e95bn mutual fund market to foreign investment managers- at present, local banks account for 80% of the business.
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US institutions cut overseas investment
EUROPE/US – The total invested overseas by US institutions fell 25% in 2001, but the overall amount allocated to Europe continued to grow, from 67% to 73%, according to research by research firm Greenwich Associates.
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FIS loses institutional director to Goldmans
UK – Paul Richards, the director of institutional business at London-based asset management group, Friends Ivory & Sime (FIS), is leaving the firm to become part of the business development team at Goldman Sachs Asset Management (GSAM).
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Watson Wyatt publishes latest benefits report
UK- Watson Wyatt has announced the launch of two reports, one covering benefits in western Europe, Canada and the USA and another monitoring employment terms and conditions in western Europe.
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Edinburgh Investment Trust in €2.2bn RFP
UK – The £1.4bn (€2.2bn) Edinburgh Investment Trust (EIT) has put the contract to manage its assets out to tender. The action is the result of uncertainty in the relationship between the trust and its current managers, Edinburgh Fund Managers (EFM)...
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North Yorkshire drops Invesco from €268m mandate
UK – The £730m (€1,152m) North Yorkshire Council pension plan is looking for managers for a £170m (€268m) balanced mandate. A spokesman for North Yorkshire says the mandate, currently managed by Invesco, is under review since the fund’s investment committee is not “entirely satisfied” with Invesco’s performance.
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Mercers- funds should scrutinise custodians more
UK- Occupational pension schemes should pay closer attention to custody and the security of their assets according to Mercer Investment Consulting’s response to the latest government consultation document on independent custodians.
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Lindstrom branches out into portfolio management
SWEDEN- Swedish Consultant Bohman & Lindstrom, formerly known as Lindstrom & Partners, is broadening activities from straightforward advisory services and taking more responsibility for client’s portfolios with the launch of what it calls PAF, or Portfolio Assembling Factory.
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UK Council drops MLIM from e790m mandate
UK- Bath & North East Somerset Council's £1.7bn pension fund has added to Merrill Lynch Investment Management’s woes by dropping it from a £500m (e790m) mandate. A spokesman for the fund stressed that the replacement was result of an ALM study and restructuring and not primarily for underperformance although they ...
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AIMSE opens debate on Dutch third party management
NETHERLANDS- AIMSE International, the association for investment management sales and marketing professionals, is organising a meeting focusing on the emerging trend for large Dutch pension funds to set up their in-house investment teams as third-party asset managers.
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Kirschenhofer is new Siemens asset management head
GERMANY- Klaus Kirschenhofer has joined Siemens’ corporate finance treasury in Munich after over seven years with Wacker-Chemie as a pensions investment manager and member of the board.
