Markets – Page 227
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Mellon to buy currency management firm Pareto
GLOBAL – Mellon Financial Corp. is to buy the 70% of currency management firm Pareto Partners that it does not already own for an undisclosed sum.
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T. Rowe Price hiring staff as earnings surge
GLOBAL – T. Rowe Price Group says its second-quarter net income rose 49% to 80.3 million dollars (66.52 million euros) – with staff numbers rising six percent since the start of the year.
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German funds set to increase equities – survey
GERMANY – German pension funds and insurers are likely to increase their weighting to equities in the medium to long term, according to a survey by Heissmann Consultants.
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UBS’ European ETF sales head Egger to leave
SWITZERLAND - Beat Egger, an executive director at UBS Global Asset Management and European sales head for exchange traded funds, is to leave the company in October.
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Blue Sky awards E45m to Dimensional
NETHERLANDS – Blue Sky Group, which manages the pension assets of airline KLM, has awarded a 45 million-euro European small-cap mandate to Dimensional Fund Advisors.
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BP Investments' Pidcock joins Newton
UK - Newton Investment Management says it has hired Jason Pidcock, a fund manager from BP Investment Management, the firm which manages the pension assets of oil firm BP.
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UK insurer applies for Irish CCF – agency
GLOBAL - A UK insurance company, as well as a multinational company, are in the process of applying to the Irish Financial Services Regulatory Authority to launch a tax-transparent Common Contractual Fund, Ireland’s Investment and Development Agency says.
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Investec equities managers leave in pay row
UK - Investec Asset Management says five equities managers have left after their request for an equity stake in the business was refused.
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New TIAA-CREF institutional arm to eye Europe
EUROPE – The new institutional asset management arm of US education retirement system TIAA-CREF will have a presence in Europe before too long, says one of its top executives.
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Hewitt sees take-up of unconstrained benchmarks
UK – Hewitt bacon & Woodrow says six of its pension fund clients have so far adopted the so-called ‘unconstrained benchmark’ approach – with more evaluating such a move.
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Austria’s VPK and BVP consider merger
AUSTRIA- The two billion-euro multi-employer Vereinigte Pensionskassen AG, VPK, and the 1.2 billion-euro banking and insurance sector pension fund BVP-Pensionskassen AG may agree to merge by the end of August.
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ChevronTexaco scheme taps BIAM for equities
NETHERLANDS- The Bank of Ireland Asset Management has been awarded a mandate from the US energy group ChevronTexaco to manage global equities for its 240 million-euro pension fund in the Netherlands.
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Spanish pension fund assets rise 14%
SPAIN - The assets managed by Spanish pension funds rose more than 14% in 2003, according to the economy ministry.
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Pensions grow to 41% of asset management - report
GLOBAL - Pension fund assets have risen to 41% of the asset management industry's client assets in Benelux, France, Germany and Italy, up from 41%.
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Merchant Navy scheme CEO retires after revamp
UK - Geoffrey Henry, the chief executive of the 2.7 billion-pound (4.03 billion-euro) Merchant Navy Pensions Administration Ltd. Merchant Navy Officers Pensions Fund, MNOPF, has retired.
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Fund Forum: Mutual fund industry under spotlight
FRANCE - Mutual funds must re-gain the trust of clients after the market timing and late trading scandals, the head of the second largest mutual fund company in the US has demanded.
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SEI names Harris as France asset mgmt head
FRANCE - SEI Investments has appointed Damian Harris as new head of asset management in France after Jean-Yves Foucat left the company to become an independent consultant.
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French reserve fund set to name overlay manager
FRANCE - The 16 billion-euro French reserve fund, the Fonds de réserve pour les retraites, is going to appoint an overlay manager by the end of July, the president of the scheme’s executive board, Francis Mayer, says.
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French reserve fund allocates final E1.88bn
FRANCE – The 16 billion-euro French reserve fund, the Fonds de réserve pour les retraites, has allocated its final 1.88 billion euros in assets to managers in four lots.
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FIAP hails role of individual pension systems
GLOBAL - FIAP, the International Federation of Pension Funds Administrators, has hailed the individual capitalization system of pensions that was pioneered by Chile as making a “decisive contribution” to the pensions problem.
