All articles by Robert Melia Watson – Page 24
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News
Lloyd's agencies pick CAAM for e170m fixed income
UK – The London office of Crédit Agricole Asset Management (CAAM), the investment management arm of French financial services group, Crédit Agricole, has won two new mandates to run the fixed income portfolios of B.F. Caudle Agencies and Ensign Managing Agency, both managing agencies for Lloyd’s of London syndicates.
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Gartmore beefs up Frankfurt and Milan operations
GERMANY/ITALY – Gartmore Investment Management has further strengthened its Frankfurt and Milan offices as part of its European expansion strategy.
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UK AIMR branch appoints Ralston as co-chair
UK – Nicola Ralston has been elected as co-chair of the Society of Investment Professionals (SIP), the UK branch of the Association for Investment Management and Research (AIMR), the Charlottesville based non-profit organisation serving the global investment community.
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Audit Commission reappoints Aon Consulting
UK – Aon Consulting has been re-appointed as actuarial and benefits consultant to the £290m (€473m) pension fund of the Audit Commission.
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Old Mutual launches Dublin fund umbrella
IRELAND – Old Mutual Asset Management (OMAM), the London-based asset management arm of UK financial services group, Old Mutual, has set up a Dublin-domiciled fund umbrella operation, with a UK select smaller companies fund being the first sub-fund to be included in the umbrella.
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AstraZeneca equity cut not influenced by Boots
UK – The recent asset allocation shift that saw the £4.2bn (€6.8bn) AstraZeneca pension fund reduce its equity holdings by five percent in favour of fixed income was not influenced by the Boots pension fund getting rid of its entire equity portfolios last October.
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Zurich Scudder reverts to Threadneedle
UK – Zurich Scudder Investments, the UK institutional investment business of major Swiss financial group, Zurich Financial Services, has reverted to its former brand name, Threadneedle.
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F&C enters Greece with Interamerican and Nova deal
GREECE – Pan-European asset management company, F&C Management, has formed a strategic mutual fund management partnership with Greek insurance group, Interamerican and retail bank, Novabank.
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Swiss federal scheme denies reports of breaking up
SWITZERLAND – Rumours that Switzerland’s largest pension fund, the Pensionskasse des Bundes (PdB), the federal employees’ pension scheme, is to be broken up are completely unfounded, claims Felix Senn, head of asset management for the fund, which had reported assets of €22.4bn in 2000
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Swiss Fund seeks additional managers for €2.4bn
SWITZERLAND – The SFr10bn (€6.8bn) Swiss Post Office pension fund is to begin searching for additional asset managers in March, having already selected UBS Asset Management, Credit Suisse Asset Management and Pictet to run various portfolios for the recently-created fund.
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Norwich Union picks Mellon to run fund supermarket
UK – Mellon Trust, the UK subsidiary of Mellon Financial Corporation, has won the mandate to provide administration services to the new fund supermarket ISA of Norwich Union’s online finance service, norwichunion.com.
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Italian rail fund to begin manager search in March
ITALY – The Italian State Railways pension fund, Fondo Pensione Eurofer, will begin looking for managers for its €25m assets in March once it has received the regulatory approval from Covip, the Italian pension fund supervisory body.
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Aon appoints UK head of administration
UK – Aon Consulting has appointed James Heffron as director of its pensions administration business in the UK.
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Westbury makes first foray into real estate market
UK – Recently-established Westbury Asset Management (WAM), has launched its first real estate fund, the Westbury Property Fund, a closed end Guernsey-domiciled fund with a target size of £245m (€398m).
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UK Government defends low stakeholder figures
UK – The Department of Work and Pensions (DWP) has countered suggestions that the uptake of stakeholder pensions is disappointing and said it is satisfied with the latest figures.
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CDC to launch €3bn pan-European PE fund
UK – Specialist private equity investment company, Charterhouse Development Capital (CDC), is to launch its latest pan-European buy-out equity fund later this month.
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Aon shows concerns over FRS 17 volatility
UK – The most likely impact on pension funds of the introduction of the new FRS17 accounting principle is volatile accounting figures, warns Aon consulting.
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Morley FM restructures board
UK – Morley Fund Management has announced a complete overhaul of its board including the appointment of two new deputy chief executive officers.
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Hain replaces Ward as Invesco CEO
UK – Amvescap, the US$400bn (€448bn) investment manager, has appointed Rob Hain as chief executive officer to its London-based subsidiary, Invesco UK
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Russell brings multi management to Swiss market
SWITZERLAND – Multi-manager Frank Russell has opened an office in Geneva as part of its European growth strategy.
