All articles by Daniel Brooksbank – Page 23
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Legg Mason axes 410 jobs as clients pull $7bn
US – Legg Mason says it has axed 410 jobs following its acquisition last year of Citigroup Asset Management and the Permal Group.
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HSBC nabs Russell's Glaze for manager research
GLOBAL - HSBC Investments says it has hired Russell Investment Group's Philip Glaze as its global head of manager research, a new role.
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UK makes changes to pension assistance scheme
UK – The UK government is to change the administration of the much-criticised Financial Assistance Scheme for wound-up pension funds.
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Bromley hands CAAM €58.5m in absolute returns
UK – The £320m (€468m) London Borough of Bromley Pension Fund has awarded Crédit Agricole Asset Management a £40m (58.5m) absolute return mandate.
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Oppenheim asset chief Borgmeier quits for rival
GERMANY – Bernd Borgmeier, co-head of Sal. Oppenheim’s asset management arm, has stepped down to join rival M.M. Warburg.
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KPMG replaces E&Y at BA pension scheme
UK – KPMG has taken over as auditors at British Airways’ €14bn New Airways Pension Scheme from Ernst & Young – severing a link with the company’s own auditor.
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Irish reserve fund posts negative Q2 returns
IRELAND – The €16.3bn National Pensions Reserve had a negative investment return of almost 4% in the second quarter of this year – although it was up in the first six months.
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IPE-QUEST: Middle East company re-tenders debt
GLOBAL – A Middle Eastern investment company has re-tendered a global developed markets debt brief via IPE-Quest.
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London Pensions Fund Authority names new CEO
UK – The £3.5bn (€5bn) London Pensions Fund Authority has appointed Mike Taylor to take over from Peter Scales as chief executive.
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IBM members fear €7.2bn pension fund sell-off
UK – Fears have emerged that computer giant IBM may decide to sell its £4.9bn (€7.2bn) UK defined benefit pension plan now it has returned to being fully-funded.
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FERI links with Compendeon as MD Leser quits
EUROPE – German consulting firm FERI Institutional Advisors has signed a cooperation deal with Compendeon of the Netherlands - while at the same time it has emerged that FERI managing director Hartmut Leser to leave.
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US banks report Q2 AUM, custody figures
US – Some of the largest US banking groups have released their latest assets under management and custody figures today with their second-quarter earnings reports.
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SSGA sets up absolute returns trust company
GLOBAL – State Street Global Advisors says it is boosting its offering in the absolute return area with a new limited purpose trust company, various hires and a new licensing agreement.
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MLIM slows BlackRock momentum amid outflows
GLOBAL – BlackRock says its planned merger with Merrill Lynch Investment Managers has resulted in a “temporary” slowdown in its momentum.
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London pension funds shun Olympic Village plan
REAL ESTATE - Cash to spend and an eye for the long term make pension funds the ideal investment partners to build the UK’s 2012 Olympic village, according to its real estate advisers – yet pension funds approached by IPE Real Estate indicated little or no interest.
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Environment Agency hands €72m to SWIP
UK – The Environment Agency has handed a £50m (€72.6m) “environmentally-friendly” mandate to Scottish Widows Investment Partnership.
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McCreevy to address IPE Awards
EUROPE – Charlie McCreevy, the European Commission’s Internal Market and Services Commissioner, is to address this year’s IPE Awards in Paris on November 30.
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UK national ‘multi-manager’ pension scheme seen
UK – The proposed National Pensions Savings Scheme could in effect be a giant ‘multi-manager’ fund, the Investment Management Association says.
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Strathclyde the latest to go unconstrained
UK – The £8.8bn (€12.8bn) Strathclyde Pension Fund has become the latest UK local authority pension fund to “go unconstrained” – seeking investment managers to run assets not benchmarked to an index.
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Third of Irish DB schemes fail funding standard
IRELAND – Almost a third of defined benefit pension funds in Ireland failed to meet the funding standard in 2005, the Pensions Board regulator said.
