All articles by Dickon Reid – Page 15
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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 woman loses test case against government
SOUTH AFRICA/UK- A British pensioner living in South Africa has lost a test case against the Secretary of State for Work and Pensions to instate an annual increase in the rate of all expatriates’ pensions in line with inflation.
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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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Norges issues vast $5.5 bn equity RFPs
NORWAY- Norges Bank Investment Management (NBIM), overseer of the $75bn Norwegian petroleum fund, has announced a $5.5bn equities RFP with the initial tender process being run through the IPE-Quest electronic manager selection system at http://NBIM.IPE-Quest.com.
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Co-op fires MLIM and considers legal action
UK- The Co-operative Group’s £2.1bn pension fund has fired Merrill Lynch Investment Managers (MLIM) for underperformance on a £500m active mandate and is now considering legal action with the law firm Richards Butler.
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AXA launches asset backed securities group
FRANCE- AXA Investment Management has announced the launch of a specific asset backed security investment group to manage and expand the group’s e3bn asset backed security business.
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Working groups likely to pass Spanish compromise
EUROPE- The various EU member state pensions working groups convene next week for the last meeting before the occupational pensions directive heads for the Council at the beginning of June.
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Gartmore restructures UK equities division
UK- Jon Thornton, head of UK equities at Gartmore, has announced a restructuring of the Group’s UK portfolio construction teams following poor performance and a number of recent staff departures.
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Hymans appoints two heads of manager research
UK- Actuarial and consulting firm Hymans Robertson has appointed Clare Gardner and Vince McEntegart as co-heads of manager research.
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BNP buys fund administrator Cogent from AMP
FRANCE/UK- BNP Paribas Securities Services, a subsidiary of the bank BNP Paribas, is to buy the international fund administration operation Cogent from the Australian bank AMP. The French bank’s securities services division operates elsewhere in Europe but the acquisition gives it a significant new presence in the UK market.
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Standard Life branches out into Europe
UK- Standard Life Investments has signalled its intention to move into the European marketplace with the appointment of Neil McPherson as head of European business development.
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CalPERS CEO to retire this Autumn
US- Chief executive of the $150 CalPERS pension fund James Burton is leaving the post this autumn after seven and a half years in order pursue a career outside of public service.
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Rogers to succeed Dobson as UKSIP chief executive
UK- The UK Society of Investment Professionals has announced the appointment of John Rogers as a replacement to retiring chief executive Sir David Dobson.
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Bank of Ireland AM moves into US by buying Iridian
IRELAND- Bank of Ireland Asset Management (BIAM) is entering the US market by purchasing a 61% share in the US investment manager Iridian Asset Management for an initial fee of $177m.
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Multi manager SEI goes it alone in France
FRANCE- Multi manager SEI Investments has bought Crédit Commercial de France’s 50% share of their two-year-old joint venture, CCF-SEI Investments.
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SGAM poaches senior UK equity managers from UBS
UK- UBS Global Asset Management has suffered the departure of two senior investment managers to Société Générale Asset Management, the fund manager co-founded by Nicola Horlick.
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SwissAir names five sub-fund managers for e600m
SWITZERLAND- SwissAir has announced the names of managers appointed to run e600m in five sub-funds belonging to the recently restructured pension scheme. The fund has appointed managers to five mandates, each valued at approximately e120m.
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Janus opens new operation in Italy
ITALY- US investment manager Janus is opening an office in Milan in an attempt to expand its Italian business. The Milan operation will be run by Alex Ricchebuono, Janus International’s regional director for southern Europe, who joined two years ago from American Express.
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Morley publishes SRI records of FTSE100 companies
UK- Morley Fund Management has published a controversial ranking of the largest 100 UK companies’ social and environmental credentials.
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Davis appointed to review pensions regulator Opra
UK- Occupational pensions regulator Opra is to undergo a review of its functions, role and management. The department for work and pensions has appointed former CEO of Nationwide Building society Brian Davis to lead a performance review.
