Markets – Page 251
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Invesco loses Skandia business to Blackrock
EUROPE/US – Invesco has been ousted by US firm Blackrock International as fund manager for Skandia Global Funds’ 65 million dollar (59.8 million euro) pan-European equity fund.
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SAM and Monte Paschi in Italian SRI assault
SWITZERLAND/ITALY – Monte Paschi Asset Management and SAM Sustainable Asset Management have established an agreement to work together in an attempt to become the market leader in sustainability investments in Italy.
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Robeco opens new German sales office
NETHERLANDS/GERMANY – Dutch fund manager, Robeco, has opened a sales office in Frankfurt in a bid to break into the German third party distribution market.
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HBOS names Insight department heads
UK – HBOS’s asset management arm, Insight Investment, has announced the new heads of desk for its teams following the acquisition of Rothschild Asset Management in December.
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Mercer sees greater asset class specialisation
EUROPE – Investment managers will increasingly look to specialise in asset classes in which they perform best, in what is a growing trend away from balanced fund houses to specialist managers, believes a senior consultant at Mercer Investment Consulting.
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Fund managers see value in Euro stocks – survey
EUROPE – Fund managers in the euro-zone see equities in the euro-zone as undervalued and are guardedly positive about the outlook for the European economy, according to a survey by Merrill Lynch.
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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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Swiss Life in outsourcing deal with State Street
BELIGUM – Swiss Life Asset Management’s Belgian operation has signed a letter of intent to outsource its back office functions to State Street, though the structure and fees of the deal are not yet finalised.
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Calls for centralised European settlement
EUROPE – Europe’s clearing and settlement systems are fragmented and inefficient and need a centralised body - that’s the message from separate studies by Deutsche Bank and Euroclear.
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UK property returned 10.5% in 2002 – IPD
UK – Property was the best performing UK asset class last year with an annual return of 10.5%, says investment property data firm IPD.
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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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ABP shrinks in size by 7% to e135.5bn
NETHERLANDS – Hit by falling stock markets, Europe’s largest pension fund, the Dutch civil servants’ ABP, has posted a 7.2% decline in its capital value to 135.5 billion euros – though it sees no reason to change its investment strategy.
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Pioneer to enter Bulgarian market
BULGARIA – Unicredito's Pioneer Investments is to become the first foreign fund manager to launch products in Bulgaria.
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Martin Currie wins e190m Edinburgh mandate
UK – The 1.7 billion pound City of Edinburgh Lothian Pension Fund has replaced Deutsche Asset Management and ISIS with Martin Currie as manager of a 125 million pound (189.7 million euro) specialist UK equity mandate.
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AP2 appoints 13 external managers
SWEDEN - The 13.6 billion euro second Swedish national pension fund, AP2, has appointed what it calls a “network” of 13 external investment managers in 14 separate equity sectors – though no agreements about size of mandates has yet been reached.
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Watson says global pension assets decline 12%
GLOBAL – Watson Wyatt says global institutional pension fund assets fell by 12% to 1.4 trillion dollars in 2002, leaving many pension funds in the “difficult predicament” of facing pressure to get their balance sheets back in shape.
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Former MLIM managers launch UK fund firm
UK – A group of former fund managers at Merrill Lynch Investment Managers have launched a new specialist fund management company, Majedie Asset Management, to focus on the management of UK equities for pension funds and charities.
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Credit Suisse unveils six new funds
UK – Credit Suisse Asset Management has launched six new funds to add to its range of pooled pension funds, and an investor OEIC comprising an initial nine sub funds.
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Italy’s Fondogommaplastica tenders two mandates
ITALY – The new pension scheme for workers in the rubber, plastic and electric cable industry in Italy, Fondogommaplastica, has put out to tender two mandates for its 20 to 30 million euro fund.
