All articles by Helen Avery – Page 58
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IBoxx in 25 liquid Euro indices launch
FRANKFURT - European index provider iBoxx is to launch a series of liquid indices to join its portfolio of bond indices. The series will comprise 25 indices, covering only a small number of highly-liquid bonds. This should reduce tracking and hedging cost for banks setting up products on the indices.
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Funds to drive asset growth of 8% in Europe
EUROPE - Europe’s investment funds are driving growth in a shrinking global fund management industry, says Cerulli Associates, a London and Boston-based research and consulting firm.
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FIM creates new global marketing role
BENELUX- Fortis Investment Management has appointed Patrick Van de Steen as head of marketing. Van de Steen assumes global responsibility for the marketing division, made up of over 70 staff worldwide, and will be based in Brussels.
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Pensions deficits to hit German groups’ratings
GERMANY -German companies with pension fund shortfalls are more at risk of seeing their credit ratings come under pressure than companies in other European countries, according to a report from Dresdner Kleinwort Wasserstein in London, that claims pensions obligations to have debt-like characteristics.
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UK dominance of European consultants use to change
EUROPE - UK trustees are considerably more likely to rely on the advice of a consultant when choosing an asset manager than their European counterparts, according to consultant Oliver, Wyman and Company, and UBS Warburg. But the use of investment consultants in continental Europe is expected to increase.
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Top asset manager changes at Julius Baer
SWITZERLAND - Julius Baer Group has appointed Veit Scuhen as its new head of asset management and investment funds. Prior to this, Schuhen was managing director at JP Morgan Fleming Asset Management responsible for funds business in Continental Europe, the Middle East and Latin America.
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Pension funds return 7% on UK property in 2002
UK - 2001 was a strong year of performance for property investments in the UK, but pension funds under-performed in this sector due to their large retail holdings, according to Investment Property Databank (IPD), the London based real estate information group.
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Manduca gains key European role at DeAM
EUROPE - Deutsche Asset Management has appointed Paul Manduca as CEO of Europe. Manduca will be responsible for DeAM’s European business and will report to Tom Hughes, global head of DeAM.
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GAM in new multi-arbitrage fund of funds launch
UK- GAM, a business unit of UBS Warburg Global Asset Management, is to launch a multi-arbitrage fund later this month. The multi-manager fund of funds will invest across multiple arbitrage strategies aiming to achieve long-term capital appreciation with low volatility and low or no correlation to equity or bond markets.
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S&P appoints Canadell to push European drive
EUROPE - Standard & Poor’s has appointed Eudald Canadell as its new managing director for S&P’s Index Services Europe. The appointment coincides with the opening of new European headquarters in Paris, which marks a push into Europe for the index provider.
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PMI drops Deutsche from e3bn currency mandate
NETHERLANDS- PMI, the e13bn Dutch metal workers pension fund, has dropped Deutsche Bank as manager of its e3bn passive currency mandate due to poor performance and instead appointed Goldman Sachs.
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Passive management to take off in Europe
EUROPE- Passive management looks set to take off in Europe despite criticism that bear markets benefit active managers and despite a warning from Standard & Poor’s that the risks involved may be greater than investors realise.
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European investment fund market drops 6.7% in Q2
EUROPE- Combined assets of the Europe’s investment fund market fell 6.7% during the second quarter of this year, resulting in a 2.9% decline for the first half, according to FEFSI, the pan-European federation of investment managers associations and companies.
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European AM industry to see plummeting growth rate
EUROPE- Growth in revenues and assets under management is expected to slow rapidly in Europe over the coming four years according to a report out today by strategy consulting firm, Oliver, Wyman and Company, and UBS Warburg.
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TUC comes under fire on compulsory contributions
UK- The Confederation of British Industry has called the Trades Union Congress’ (TUC) proposals for compulsory employer pension contributions “unrealistic”, in spite of a survey conducted by the CBI and Mercer which shows out of 940 firms, 24% have closed their final salary pension schemes and 12% are contemplating doing ...
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Siemens appoints ABN to keep pension fund records
GERMANY- Siemens AG has appointed custodian ABN AMRO Mellon Funding to provide global master record keeping services for its major worldwide pensions plans. The German, Swiss, Dutch, Austrian, British, US, Canadian and Swedish pensions schemes have e15bn in assets.
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Merseyside fund tenders assets worth e3.2bn
UK- The £3bn Merseyside Pension Fund is looking for external managers to run several of its mandates totalling more than £2bn (e3.2bn). The departure of several key members of its investment team earlier this year is believed to be the catalyst, as fund management was previously carried out entirely in-house.
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Multi manager IMS moves into Europe with S&P hire
UK- Multi-manager outfit, Investment Manager Selection (IMS), has marked its expansion into Europe with the appointment of David Furlong as its sales and client servicing director. Furlong becomes the latest in a line of people to join IMS from S&P Fund Research (now Standard & Poor’s Fund Services).
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Pensions to headline at TUC conference
UK- The Trades Union Congress, the body representing more than 7 million UK workers, will headline its conference in Blackpool next week with the state of Britain’s pension industry. John Monks, general secretary of the TUC, is reported to have already warned employers that unions should strike in defence ...
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Cohen joins Putnam to develop European business
UK- Putnam Investments has appointed Stephen Cohen as director or European sales and business development. Cohen will lead Putnam’s European institutional and retail sales efforts and will be based in London. He will report to John Boneparth, head of international business.
