Markets – Page 255
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Morley names head of alternative investments
UK- Morley Fund Management has appointed Peter Rains as head of alternative investments, in addition to his role of head of fixed income.
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Cardano hires NIB's ex-CIO van Gelderen
NETHERLANDS- Cardano Risk Management, the Dutch derivatives and ALM research firm has appointed Eduard van Gelderen as a director responsible for marketing its products.
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Northern Trust to buy Deutsche's passive business
GERMANY- Deutsche Bank has signed an agreement to sell its passive asset management business to Northern Trust Corporation. The transaction is expected to be completed in the next three to six months, at an estimated price of $260m.
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SWIP beefs up US division with Schroders hire
UK/US- Scottish Widows Investment Partnership has announced the appointment of Phil Chappell as investment director for US markets. Chappell joins at the beginning of next month and will report to Graham Wood, head of global sectors and international research.
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Axa transfers e5.6bn to Axa Rosenberg
UK- AXA IM will transfer approximately £3.5bn (e5.6bn) of its Continental Europe and global equity mandates to its specialist global equity affiliate, AXA Rosenberg, following a strategic review.
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Schroders replaces Invesco on e50m Asian fund
UK- Cardiff County Council’s e890m pension scheme has replaced Invesco by Schroders Investment Management as manager for its Asian equity portfolio.
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BNP launches its UK custody business
UK- BNP Paribas Securities Services has launched a domestic UK securities clearing and custody unit, so that transactions for UK securities can now be processed in London. BNP Paribas’ clearing and custody business now covers 13 markets across Europe.
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EFRP vice chairman questions EC directive
UK- The European Commission’s occupational pensions directive has come under fire from a prominent European pensions professional who claims that it fails to fulfil one of its main objectives, the liberalisation of investment across Europe.
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MLIM loses e637m mandate as BAA changes strategy
UK- Merrill Lynch Investment Managers has lost a £400m (e637m) UK equities mandate following the decision by the British Airports Authority pension fund (BAA) to cut its UK exposure in favour of global equities.
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UK DC schemes can learn from US mistakes
UK/US- As defined benefit schemes in the UK increasingly give way to defined contribution schemes, trustees should look to the US and learn from the mistakes made there over the last twelve years, suggests Don Ezra, director of strategic advice at Frank Russell Company.
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NAPF leads call for abolition of stamp duty
UK- Leading global financial authorities gathered today to call on the UK government to abolish stamp duty on UK share transactions. The average cost of stamp duty to consumers in defined contribution company pension schemes is about £8,000 over a 25-year contribution period and in the case of defined benefits ...
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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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F&C appoints Invesco's Broccardo as CIO
UK- F&C Management has appointed Anthony Broccardo as chief investment officer after Arnab Banerji announced earlier this year that he was leaving the company to pursue a career in public services following his appointment as a member of the advisory panel of a government think tank.
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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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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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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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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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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 fund dumps Nordea & Carlson for Lindstrom
SWEDEN- Swedish consultant Bohman & Lindstrom has signed its first client since branching out into portfolio management and will run Sek4.5bn (e490m) for the Swedish church insurance association, the pension fund for employees of the church.
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Dutch group SFB in third party business push
NETHERLANDS- SFB Groep, the e20bn Dutch outfit that oversees the Dutch builders’ pension assets, is pushing ahead with marketing itself as a third party provider of asset management and pension fund administration. The group has a five year strategy over which it intends to market its services to third parties ...
