All articles by Dickon Reid – Page 12
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European funds may be hit by accounting shortfall
EUROPE- Adoption of UK accounting methods into an international standard by 2005 may force some of Europe’s largest companies to prime their pension funds with millions of additional Euros, according to a report by Morgan Stanley.
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F&C appoints head of Dutch operation
NETHERLANDS- Henk Breukink has been named as head of F&C Management’s operations in the Netherlands as of next month. Breukink has been interim head of the Dutch operation since last November and he takes over the job from chairman of the board Alain Grisay.
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Pictet names UK/Europe business development head
UK- Specialist investment manager Pictet Asset Management has appointed Jonathan Hayes as head of business development for the UK and Northern Europe.
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Transaction cost analysis saves coal fund e775,000
UK- The e11bn British Coal Staff Superannuation Scheme is in discussions with two of its managers- Schroder Investment Management and Edinburgh Fund Management- as to how they can cut transaction costs after it emerged that Goldman Sachs Asset Management saved the scheme e775,000.
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Eastern European funds are up 55% in one year
EUROPE- Funds investing in eastern Europe and emerging European countries have enjoyed runaway returns in the twelve months to May. Figures from rating agency Standard & Poor’s show the S&P East Europe Index and the S&P Emerging Europe index up a respective 55% and 26% in dollar terms in the ...
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Willis joins forces with ABN Amro and Alfred Berg
DENMARK- Benefit consultant Willis Denmark has signed an agreement with Alfred Berg and ABN Amro Asset Management in a move that gives its unit link clients access to tactical and strategic asset allocation. Willis says the agreement is designed to offer a more comprehensive and sophisticated product.
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Portuguese schemes have yet to shine in 2002
PORTUGAL- New figures published by the consultant Watson Wyatt show Portugal’s pension funds have registered a weak start to the year after making up some of the ground on last year’s poor returns.
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UK companies have saved £4bn from DB closures
UK- Companies have saved themselves more than £4bn by closing generous final salary schemes according to the Trades Union Congress, the body responsible for over 7m UK workers.
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Multi manager industry to double to $1trn by 2007
GLOBAL- Investments worldwide in multi-manager products are set to double to over US$1 trillion by 2007 according to proprietary data and analysis from the US research and consultancy firm Cerulli Associates.
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Government will not abolish second state pension
UK- Andrew Smith, the pensions and work secretary, has ruled out scrapping the second state pension to make way for a simpler system.
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AP6 and Danske launch Sek2bn life sciences fund
SWEDEN- Sweden’s sixth AP fund and Danske Bank are launching a new SEK2bn (e220m) life sciences fund aimed at the Nordic Region. Scandinavian Life Science Venture (SLSV), as the fund will be known, will bring together AP 6 and Danske’s existing life science projects.
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Morley hires ex-Schroders head of UK equities
UK- Morley Fund Management has hired Bill Baker to run a range of UK pooled and segregated pension funds. Baker joins as a senior member of the 11-strong UK equities team in September and will report to Mike Bishop, head of pan European equities.
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GMO Woolley Chairman slams passive investing
GLOBAL- Passive investment may be popular but it is undermining equity market returns, promoting bubbles and implosions, and costing pensioners their savings, says Paul Woolley, chairman of the e27bn fund manager GMO Woolley.
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Less than 40% of UK DB schemes remain open
UK- The predicament of generous final salary pensions may be worse than previously estimated according to new research that suggests fewer than four out of ten final salary schemes remain open to new members.
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European & Emerging markets offer best prospects
GLOBAL- An increasing number of investment managers believe the best earnings are expected to come from European and UK markets while the profit outlook for global emerging markets remain the most attractive according to the latest Merrill Lynch fund manager survey.
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Merrill Lynch IM adds to its global equities team
UK- Merrill Lynch Investment Managers has appointed Peter Abbott as a fund manager in its global equities team. Abbot joins next month from Newton Investment Management and will report to Ian Rowley, head of global equities.
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Shropshire council dumps Schroders for F&C
UK- Shropshire County Council’s £630m pension fund has dropped Schroder Investment Management and appointed F&C Management to run a £30m (e47m) global emerging markets equity mandate.
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Investec hires new head of client relations
UK- Investec Asset Management has hired Belinda Morrisey to fill its newly-created position of head of client relations. She reports to Mark Samuelson, global head of institutional business development and Andrew Peake, head of UK client service.
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UIA hands insurance assets to Morley in SRI drive
UK- Specialist insurer UIA has appointed Morley Fund Management to run its entire general insurance and life funds of £90m on a socially responsible basis.
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BGI launches two active corporate bond funds
IRELAND/UK- Barclays Global Investors (BGI) has launched two actively managed corporate bond funds: the Ascent UK All Stocks Corporate Bond Fund and Ascent UK Long Corporate Bond Fund. Institutional investors have already committed £177m (e277m)- £38m to the former and £139m to the latter.
