All articles by Robert Melia Watson – Page 23
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New software aims to add transparency to pensions
UK – London based technology company, 4th Contact, has developed a new software package designed to give people greater access and transparency to their pension fund by acting as third party between individuals and pension providers and asset management companies.
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Gartmore names head of institutional services
UK – Gartmore Investment Management has promoted Elaine Gordon to head of institutional client services, a move that is in line the recent strengthening of its institutional distribution with the appointment of Frances Davies as head of global institutional business.
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Scottish Widows with Russell for funds launch
UK – Scottish Widows, the asset management arm of Lloyds TSB, is to launch four new “best of breed” multi-manager portfolios as a result of the strategic alliance it recently formed with multi-management specialist, Frank Russell Company, as reported by IPE Newsline on 12/12/01.
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SEB Invest pulls out of London
SWEDEN/UK – The London office of SEB Invest, the asset management arm of Swedish financial group, SEB, is to close as part of the company’s strategy to centralise the management if its fund management operations from its offices in Stockholm.
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L’Observatoire pulls out of EFRP
FRANCE – The French pension fund association, l”Observatoire des Retraites (OR), has temporarily withdrawn from the Brussels based European Federation of Pension Funds (EFRP)...
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Italian unions blast proposed PAYG cuts
ITALY – The proposed reduction in the level of compulsory contributions employees make to the state-controlled pay-as-you-go (PAYG) system in Italy, which is designed to stimulate the country’s asset management and pensions industry, has come under fire from trade unions.
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CDC IXIS reorganises Paris-based asset managers
FRANCE – Investment manager, CDC IXIS Asset Management (CIAM) has made a number of senior appointments as part of the reorganisation of its Paris-based management teams.
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New Flag appoints Fitch CEO Monro-Davies
UK – New Flag Asset Management, the specialist high yield asset manager, has appointed Robin Monro-Davies, one of the company’s founding investors, as executive chairman.
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EU credit deteriorated in 2001 according to S&P
EUROPE – Last year saw a further deterioration in the credit quality of European Union investment grade company bonds, as 122 downgrades against 28 upgrades were recorded, representing some €458bn worth of outstanding debt, against €265bn in 2000, says Standard& Poor’s (S&P).
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Metall-Rente welcomes timber and plastics workers
GERMANY – Berlin-based Metall-Rente, the newly-formed sector-wide occupational pensions scheme company for the German electronics, steel and textiles industries has confirmed that the country’s 300,000 timber and plastics industries workers have also joined the scheme, bringing the total number of potential members to 3.9 million.
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DKR launches two Irish-listed hedge funds
IRELAND– DKR Capital has launched two funds, the DKR Relative Value and the DKR Relative Value Plus, which will be listed on the Irish stock exchange and targeted at European institutional investors.
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Myners joins BoNY as non-executive director
UK/US– The Bank of New York has appointed Paul Myners as non-executive director with effect from March. Myners recently stepped down form his position as chairman of Gartmore Investment Management to pursue other interests and build his portfolio of non-executive board posts.
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Gartmore beefs up its distribution business
UK – Gartmore Investment Management has made three senior appointments to its distribution businesses. Frances Davies has become head of global institutional business, Steen Steincke has joined as head of global bancassurance ex-UK and Paul Feeney has been appointed head of UK retail.
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BGI appoints new head of European equity trading
UK/EUROPE – €760bn manager Barclays Global Investors (BGI) has appointed Simon Thompson as head of equity trading Europe to replace Peter (Chalky) White who is retiring after 15 years with BGI to pursue personal interests.
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Munich Re doubles stake in Commerzbank
GERMANY –Munich-based insurance and financial services group, Munich Re, has taken a further step towards diversifying into the banking sector by effectively doubling its holding in Commerzbank and reinforcing its stake in HypoVereinsBank (HVB), Germany’s third largest banking group.
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HSBC says UK pension funds fell 11.3% in 2001
UK – The value of UK pension funds fell by 11.3% during 2001, effectively eroding the gains secured during the previous five years, claims HSBC Actuaries and Consultants’ latest IMAGE Performance survey.
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Italian sector fund tenders to close at month end
ITALY – The graphics, paperworks and publishing industry sector-wide pension fund, Fondo Pensione Byblos, has put out tenders for a depository bank and administration and accounting manager. The offer will run until the end of this month and a decision is expected in March. The fund hopes to become fully ...
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Henderson to take over e684m Charter Trust
UK – Henderson Global Investors is to take over the £420m (€684m) trust company, Charter European Trust (Charter), following the requisition of a general meeting of Charter, which calls for a change of asset manager and board of directors, and which will effectively create a new investment trust worth £100m ...
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European ABS market to grow 20% in 2002
EUROPE – Growth in Europe’s structured finance and asset backed securities (ABS) markets is expected to continue this year by up to 20% fuelled by improved regulatory frameworks, increased investor interest, as yields in traditional investment classes fall, and the single currency environment, claims Kurt Sampson, managing director of Standard ...
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MEDEF calls for complete overhaul to French system
FRANCE – Reforms to the current retirement provision and pay-as-you-go systems are essential to France’s future prosperity and economic status, no matter who wins this year’s presidential elections, warns the Mouvement des Entreprises de France (MEDEF), the French employers federation.
