All articles by Helen Avery – Page 42
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MLIM assets fall for third year in a row
GLOBAL – Merrill Lynch Investment Managers’ assets under management fell in 2002 for the third consecutive year.
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Italy’s Generali to develop asset management
ITALY – The Generali Group plans to develop its asset management business despite reporting first time losses for 2002 and plans to cut 2,800 jobs over the next three years.
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Ex-Invesco CEO joins CSTIM board
UK – The former chief executive of Invesco UK, Hugh Ward, has joined the board of CSTIM, or Consulting Services to Investment Managers, as a non-executive director.
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EU advises Italy to cut pensions spending
ITALY – European Union finance ministers have advised Italy to pass new measures to cut pension spending in order to control public expenditure.
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Switzerland’s Partners in venture with Sauerborn
GERMANY/SWITZERLAND – Swiss alternative asset manager Partners Group and German private asset manager and financial service provider Sauerborn Trust AG (formerly FERI Family Office AG) have launched a joint venture in Switzerland aimed at high net worth individuals.
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PGGM posts fourth-quarter positive return of 3.8%
NETHERLANDS – PGGM, the Netherlands' second largest pension fund, has reported positive returns of 3.8% for the fourth quarter of 2002, up from –7.3% in the third quarter.
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Russian pensions open to foreign fund managers
RUSSIA – Foreign fund managers have received a green light to break into Russia’s pensions industry as President Putin signs off the law to allow private asset managers to manage funds of mandatory occupational pension schemes.
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Pensions affect corporate bonds - Schroders
EUROPE – The size of corporate bond issuers’ pension liabilities is an important consideration when choosing to invest in bonds, says Bob Michele, global head of fixed income at Schroder Investment Management.
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Credit Suisse Asset Management boosts UK team
UK – Credit Suisse Asset Management is boosting its UK fixed income team with the appointment of Fidelity’s Richard White as a portfolio manager.
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Germany to amend capital gains tax proposals
GERMANY – Proposals to apply a new capital gains tax to both profits that funds make on investments and gains investors make on the funds are to be amended.
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UK Environment Agency pensions head quits
UK – The head of pensions at the 994 million pound (1.5 billion euro) UK Environment Agency pension fund, Sue Timberwell, has left.
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Third of European asset managers to post losses
EUROPE – Thirty-six percent of Europe’s asset managers will report negative profitability for 2002, projects management consultant McKinsey & Co. in its 2002 asset management economics survey.
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FEFSI downbeat on European fund tax harmony
EUROPE – The European fund market has seen little progress towards the elimination of tax discrimination and towards a singe European market, says a follow-up report by PricewaterhouseCoopers in collaboration with FEFSI, the federation of the European investment funds industry.
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Crestco to launch electronic proxy voting
UK – Crestco Ltd., the UK subsidiary of Euroclear, is to launch an electronic proxy voting service on January 20 in response to increasing market demand.
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Dresdner wins Florida securities lending mandate
GERMANY/US – Dresdner Kleinwort Wasserstein’s new securities lending arm has won its first significant mandate from one of the largest state pension funds in the US.
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Mercer Investment Consulting names Europe head
UK – Mercer Investment Consulting has bolstered its operations in Ireland and Continental Europe with the appointment of Divyesh Hindocha as head of the Ireland and Continental Europe practice.
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HVB’s Activest makes management changes
GERMANY - The Activest group, Germany’s sixth largest fund manager and the investment arm of HVB, has made changes at senior level following the departure of two of its executives.
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Pru-Bache buys UK’s T&G investment advice arm
UK – UK stockbroker Teather & Greenwood has agreed to sell part of its investment management business to Prudential-Bache Ltd., the UK-based investment advisory business of Prudential-Bache International, for up to 3.65 million pounds.
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France’s Fillon studies pension reform
EUROPE – France’s minister of social affairs, Francois Fillon, began a European tour yesterday to study pension reform in Germany, Sweden and Finland in order to formulate ideas for France’s own pensions reform.
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Investment fund assets fall 7.9% in Q3 - Fefsi
GLOBAL – Investment fund assets worldwide dropped 7.9% in the third quarter of 2002, to 10.65 trillion dollars, according to the latest research by Fefsi, the pan-European umbrella organisation of the investment funds industry of the 15 Member States of the EU.
