All articles by Carolyn Bandel – Page 60
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News
Chambers leaves UBS for Credit Suisse
UK – UBS is looking for a new managing director for its UK investment banking division, as Russell Chambers has been poached by Credit Suisse (CS).
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JPMorgan is world’s largest hedge fund owner
GLOBAL – JPMorgan is the world’s largest owner of hedge funds, with $34bn (€25.9bn) assets under management, according to Absolute Return magazine.
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Asset management boosts Close Brothers’ H1 results
UK – Investment bank Close Brothers posted a 28% rise in first-half pre tax profit to £97.8m (€143.6m), increased by a strong performance from its asset management capability, and forecast a satisfactory second half.
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XS Investments targets Dutch fiduciary
NETHERLANDS – The Dutch investment manager XS Investments intends to set up a fiduciary management solution in the near future. “We are in talks with various parties, but it is early days,” Oscar Pesch a director at XS, told IPE.
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Standard Life poaches Aareal man
EUROPE – Aareal Asset Management’s director of institutional business in the Netherlands, Harry Humble, has left the firm to join Standard Life Investments just three months after Aareal was acquired by Schroders.
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London borough seeks active currency managers
UK – The London Borough of Enfield is seeking to appoint one or more active currency managers for its £520m (€768m) pension scheme.
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NIBC doubles institutional assets to €8.6bn
NETHERLANDS – Dutch merchant bank, NIBC has seen a growth of €8.6bn in institutional assets since launching its separate investment management franchise early last year.
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PGGM adds voice to ABN Amro’s critics
NETHERLANDS – Beleaguered Dutch bank, ABN Amro said it was happy to talk with shareholders as they mount pressure to break up the bank.
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ATP in search for chief risk officer
DENMARK – The country’s largest pension scheme, the €49.8bn ATP, is still looking for a chief risk officer following Henrik Olejasz Larsen’s move to Sampension.
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Features
USS restructures its custody arrangements
he UK’s £26bn (€38.5bn) Universities Superannuation Scheme (USS) has awarded ABN AMRO Mellon Global Securities Services a £5bn global custody, cash management and securities lending solutions mandate, while the fund re-appointed JPMorgan as custodian for £24bn of its assets. The move follows USS’s 2005 review of all its custody arrangements, ...
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Liabilities rise as equities and bond yields drop
EUROPE – Pension funds are facing a two-way hit as the current market correction co-incides with a fall in bond yields. But this is only a short-term problem, say pension funds.
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Conservationists in court battle with PGGM
NETHERLANDS – Nature activists have taken PGGM, the €81bn Dutch pension fund for the health and social work sector, to court over its plans to double the size of its offices.
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Three more leave CSAM
EUROPE – Markus Hübscher, head of index products at Credit Suisse Asset Management (CSAM), has left the firm to become country head of Switzerland for Barclays Global Investors (BGI).
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News
Belgian pension fund returns down to 8.76% in 2006
BELGIUM – Belgian pension fund returns fell by 6.2 percentage points to 8.76% over 2006, according to a Belgian Association of Pension Funds (BAPI) study. Performance for 2005 was 14.96%.
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Flemish broadcaster drops Watson Wyatt
BELGIUM – The Flemish public broadcaster, VRT, will drop Watson Wyatt Brussels as investment consultant for its two pension funds with a total of €430m assets under management.
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S&P combines risk rating with accountancy advice
UK – Standard & Poor’s (S&P) Rating Services and accounting firm Moore Stephens have launched a convenant management service for pension trustees that combines the two firms’ company risk assessment approaches.
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Pension sector should speak up on governance - PIRC
EUROPE – European pension funds need more voices that can speak for their sector as shareholders, according to Alan MacDougall, managing director of corporate governance specialist PIRC.
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DB pensions affect remuneration, say employers
UK – Almost half of UK employers say that remuneration packages are affected by the increased costs of funding defined benefit (DB) pension schemes, according to research by Aon Consulting.
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Dutch DNB calls for indexation standard
NETHERLANDS – The Dutch pensions regulator De Nederlandsche Bank (DNB) wants a general standard to calculate the market value of indexation promises when pensions are transferred from one fund to another.
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Yorkshire fund awards £2bn custody mandate
UK – The East Riding of Yorkshire Council has awarded Northern Trust to provide custody services for its £2bn (nearly €3bn) pension fund.
