All articles by Helen Avery – Page 57
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News
Deheuvels joins AGF as head of equities
FRANCE- AGF Asset Management, part of German insurer Allianz, has appointed Thierry Deheuvels as its head of equity fund management team. He will also undertake responsibility for developing and promoting AGF’s socially responsible investments.
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S&P and Schroders launch fund of fund service
UK- Schroders Investment Management and Standard & Poor’s have launched a fund of funds sub-advisory service, offering European and other non-US banks the opportunity to break into the growing market.
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Pictet launches European SRI fund
SWITZERLAND/LUXEMBOURG- Pictet’s fund management arm has announced the launch of a new socially responsible fund, known as Sustainable Equities Europe.
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Leon Brasseur joins FRA Benefits Consultants
BELGIUM- Ex-head of the Belgian Pension Fund Society Léon Brasseur is joining FRA Benefits Consultants near Brussels as a senior consultant. Brasseur worked with the Belgian Pension Fund Society for 17 years as a director as well as working as manager of the contingency fund for pharmacists.
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Fortis opens new office in UK for fixed income
BENELUX/UK- As part of its expansion into fixed income, Fortis Investment Management plans to open a new investment centre in London that will be headed by Guy Williams.
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CalPERS names new chief executive
US- CalPERS, the US’s largest public pension fund, has appointed Fred Buenrostro as its new CEO, following the departure of James Burton after eight years in the role to head up the World Gold Council in London.
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Crédit Lyonnais announces new head of fixed income
FRANCE- Crédit Lyonnais Asset Management has appointed Jean-François Boulier as its new deputy chief investment officer and head of fixed income. Based in Paris. Boulier replaces François Marais, who was recently promoted to the position of CIO at CLAM.
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Pension funds are largest PE investors in Europe
EUROPE- Pension funds were the biggest investors of private equity funds in 2001, accounting for 277 of funds raised (e9.8bn), according to the quarterly newsletter of the European Private Equity and Venture Capital Association.
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Robeco buys 60% share in Boston Partners
NETHERLANDS/US- Dutch asset manager Robeco, part of the Rabobank Group, has acquired a 60% participating interest in Boston Partners Asset Management, adding the final piece in Robeco’s establishment of new company Robeco USA. Robeco USA will manage approximately e30bn in assets – 30% of Robeco’s total assets under management.
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Italy introduces incentives to postpone retirement
ITALY- The Italian government will be introducing incentives to encourage employees to delay retirement, in an attempt by the Italian government to cope with an ageing population. The Italian government calculates that by 2025 pensioners will outnumber workers.
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COVIP authorises new airlines pension fund
[|?VIP, the Italian pensions supervisory body, has authorised the establishment of a new pension fund for employees of Italian air companies Alitalia, Alitech, Alitalia Team and Alitalia Express. The fund has been registered under the name Mercurio.
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FEFSI and EAMA consider merging
EUROPE- Europe’s most powerful trade organisations in the fund management industry are exploring the possibility of merging. The European Asset Management Association (EAMA) and Brussels-based Fédération Européenne des Fonds et Sociétés d’Investissement (FEFSI) have agreed to formally discuss the benefits of joining forces.
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Irish reserve fund to use commission recapture
IRELAND- The National Pension Reserve Fund of Ireland has put out the tender for one or two brokerage commission recapture providers for its equity investments.
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Research shows retirement income continues to drop
UK- The number of people facing retirement hardship in the UK has increased by an average of one million a year since 1996, according to JP Morgan Fleming Asset Management.
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Invesco launches its first hedge fund outside US
GLOBAL- INVESCO is to launch its first hedge fund outside of the US, aimed at institutional investors and wealthy individuals in Europe. The INVESCO Absolute Return Fund, as it is to be known, will be a Dublin-domiciled, open-ended investment company and will aim to provide an annual net return of ...
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AOK brings MetallRente’s membership to 700,000
GERMANY- AOK, Germany’s largest health insurance company, is to become the latest client of MetallRente, industry wide retirement provision company for the German metal, electronics, steel and textiles industries. AOK’s 65,000 employees will be offered the service, taking the scheme’s potential membership up to 700,000.
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FSA tackles short selling transparency
UK- The UK Financial Services Authority and several market participants have produced a series of possibilities for disclosure of short selling in the UK. At a meeting hosted by the FSA and attended by hedge funds, prime brokers, securities lenders and several corporates it was unanimously agreed that the issue ...
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Management fees in Europe set to fall
EUROPE- Average gross fees are expected to decline across Europe’s asset management industry at a rate of 2% a year over the next four years, according to consultant Oliver, Wyman and Company and UBS Warburg.
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Swedish insurers dump equities for fixed income
SWEDEN- Swedish life insurers are rebalancing their portfolios, and replacing equity investments with interest bearing asset classes and lower risk alternative investments, according to reports in the Swedish press.
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Swiss funds see more negative returns in 2002
SWITZERLAND - Swiss pension funds have recorded negative investment returns for the first six months of this year, with a median return of –5.0%. The figures compare to the –2.2% return for the same period in 2001,and +1.5% returned for the whole of 2000, indicating a continued decline.
