Financial Times Mandate articles from June 2004

Financial Times Mandate archives from June 2004

News: Baillie Gifford and Boston pick up $1.2bn from Prim.(Brief Article)
June 14, 2004... The GBP32bn (e48.3bn) Massachusetts Pension Reserves Investment Management Board (Prim) has awarded Baillie Gifford and Boston Company Asset Management $600m each in Europe, Australia and Far East (Eafe) mandates. Part of the funding came...

News: Zurich fills vacancy at InterContinental.(Brief Article)
June 14, 2004... The InterContinental Hotels Group (IHG) has appointed Zurich International Solutions (ZIS) to administer and manage its defined contribution pension scheme following the termination of Fidelity from the contract. The existing $28m of...

News: US pension plans put $870bn in overseas assets.(Brief Article)
June 14, 2004... The total invested in overseas assets by US pension funds rose to an all-time high of $870bn in 2003, according to a report by consultants InterSec Research. According to InterSec, the strong returns across global equity markets drove a...

Editorial: Diversification proves easier pill to swallow.(funds transfer)(Brief Article)(Editorial)
June 14, 2004... Boots has made the investment world sit up and take notice again. The UK-based pharmacy retailer surprised many observers in November 2001 with a dramatic decision to shift all its then GBP2.3bn (e3.46bn) of pension scheme assets out of...

News: In brief - Gloucester decides to go the specialist route.(Brief Article)
June 14, 2004... The GBP630m (e942m) Gloucestershire County Council pension fund is putting almost all of its assets out to tender following a decision to switch from a balanced to a specialist style of management. The fund is seeking six specialist...

News: In brief - Canadian investors cut equity trading costs.(Brief Article)
June 14, 2004... Canadian institutional investors have been successful in driving down equity trading costs without sacrificing valuable broker research and services, according to a report by Greenwich Associates. But Greenwich warned that Canadian market's...

News: In brief - Northern Trust grows hedge fund programme.(Brief Article)
June 14, 2004... Northern Trust Global Investments has announced a significant growth in its hedge fund programme that now amounts to $800m in assets under management. Around $230m came from a partnership with Mitsubishi Trust and Banking Corporation. ...

News: In brief - CORRECTION.(Correction Notice)
June 14, 2004... Issue 133 of FT mandate contained an article "Value of emerging currencies reliant on the greenback" (31 May 2004). The article by Thanos Papasavvas was incorrectly attributed to Fxall. Mr Papasavvas is currency strategist for Credit Suisse...

News: Boots fund to diversify assets.(Brief Article)
June 14, 2004... The UK retailer Boots is to switch 15 per cent of its pension scheme assets from bonds into other investments such as equity and property. In November 2001, the group surprised many observers by dumping shares from its pension fund and...

News: Morningstar poll tips Japan as the best bet.(Brief Article)
June 14, 2004... Japan is tipped to be the best performing market in the coming 12 months according to 40 per cent of the largest fund management groups in Europe polled by the fund tracking firm Morningstar. Some 60 per cent of fund managers believe the...

News: Goldman Sachs to run PGGM global portfolio.(Brief Article)
June 14, 2004... Dutch pension fund PGGM has appointed Goldman Sachs Asset Management (GSAM) to manage a global tactical asset allocation (GTAA) mandate using derivatives for a notional e1bn of assets. The e53bn pension scheme for Dutch healthcare workers...

News: JPM admin service set up in Dublin.(Brief Article)
June 14, 2004... JPMorgan has launched a corporate administration service in Dublin. The service will facilitate the arrangement of structured finance transactions by JPMorgan clients, such as conduits, collateralised debt obligations (CDOs), asset-backed...

Comment and Analysis: Getting it right for a tougher environment.
June 14, 2004... When it comes to attracting interest from institutional investors it's not just about investment performance. Asset managers have to ask themselves if their organisations have the right infrastructure to satisfy the demands of this changing...

News: Julius Baer gives back-office brief to Northern Trust.(Brief Article)
June 14, 2004... Northern Trust has been appointed to provide a full range of middle and back- office outsourcing services for Julius Baer Investment Managment's (JBIM) $14bn institutional investment management business in the US. The mandate includes full...

News: Report pinpoints turnover.(Brief Article)
June 14, 2004... Most new mandates wins are the result of manager terminations and replacements, according to a report by Boston-based Cerulli Associates. The report, which focuses on institutional sales and relationship management, finds the most prevalent...

News: IMA predicts big move into bonds by UK plans.
June 14, 2004... The UK pensions industry is set to follow the lead of the life assurance companies over the next three years by dumping equities and reinvesting the money in bonds, according to the Investment Management Association (IMA). According to the...

News: Investec admin transfer.(Brief Article)
June 14, 2004... Investec Asset Management has outsourced its entire E27.8bn institutional administration to State Street after seven months of negotiations. The deal means that of June 2, 66 of Investec's back-office staff will move to State Street as it...

News: In brief - Kaupthing launches UK asset management arm.(Brief Article)
June 14, 2004... Kaupthing Bank has announced the launch of a UK-based asset management business called New Bond Street Asset Management (NBS). The new company will be led by Zoe Shaw, previously managing director of Bankgesellschaft Berlin (BGB)'s debt...

News: Large US firms dragging feet over Sarbanes-Oxley.(Brief Article)
June 14, 2004... Large US companies are not addressing key business process issues raised by the Sarbanes-Oxley Act, according to financial management consultant Parson Consulting. The most onerous provision of the Sarbanes legislation is section 404,...

News: Platinum foresees soaring demand for hedge funds.(Brief Article)
June 14, 2004... Hedge funds are set to match the growth of US mutual funds in the late 1970s and grow to $4000bn by 2010, according to a forecast by Platinum Capital Management. Platinum said recent studies into global hedge funds' future assets under...

News: Derivatives rising even quicker.(Brief Article)
June 14, 2004... The hedge fund market will exceed $1,000bn in assets sooner than was predicted by the US Securities and Exchange Commission, according to Mercer Investment Consulting (MIC). The firm said it expected allocations by its institutional clients...

News: Britannic takes on Japan mandate.(Brief Article)
June 14, 2004... Britannic Asset Management has won a $100m segregated mandate to manage on behalf of a Swedish corporation. The remit is to outperform the MSCI Japan Index. Gavin Stewart, chief executive of Britannic, said the firm had beaten off the...

How the deal was won: Going for quality not just quantity.
June 14, 2004... Gartmore Investment Management's latest win actually represents a decline of more than two-thirds of its assets under management for the Argos pension fund. But Elaine Gordon, head of client service at Gartmore and account director for...

News: BNY to supply accounting and compliance for ESPS.(Brief Article)
June 14, 2004... The GBP17bn (e25.4bn) Electricity Supply Pension Scheme (ESPS) has asked its global custodian, the Bank of New York (BNY), to provide additional investment accounting and compliance monitoring services. The ESPS, which is the UK's fourth...

News: Wells Fargo pounces on Strong.(Brief Article)
June 14, 2004... US banking giant Wells Fargo & Co has snapped up the mutual fund company Strong Financial just days after its founder Richard Strong settled allegations of improper trading. Mr Strong accepted a lifetime ban from the mutual fund industry...

News: US managers cut down on soft dollar payments.
June 14, 2004... US mutual funds and investment managers cut their use of soft dollar payments by almost 18 per cent last year, according to a report by consultant Greenwich Associates. The likely prospect of regulatory intervention by the Securities and...

News: Eurex derivative trades rise 7%.(Brief Article)
June 14, 2004... The number of derivatives traded and cleared on Eurex in May increased by 7 per cent to 83.6m contracts compared with last year. The strongest performance in May was delivered by the fixed income derivatives segment, which accounted for...

News: BGI gives admin role to JPMIS.(Brief Article)
June 14, 2004... Barclays Global Investors (BGI) is the latest fund manager to outsource its administration services in a deal worth $263bn. The fund manager has entered into "exclusive discussions" with JPMorgan Investor Services (JPMIS) and expects to...

News: In brief - FRS17 forces Eircom to cut long-term rate of return.(Brief Article)
June 14, 2004... The Irish telecoms company Eircom has cut the long-term rate of return expectations for most of its E2.065m of pension assets under the FRS17 disclosure measure. An actuarial valuation of the principal group scheme as at 31 March 2002, was...

News: In brief - CalPERS to be co-lead plaintiff in NYSE lawsuit.(Brief Article)
June 14, 2004... A New York federal judge has selected the California Public Employees' Retirement System (CalPERS) and Empire Programs to be co-lead plaintiffs in a lawsuit against the New York Stock Exchange. CalPERS filed the lawsuit in December,...

Interview: Baillie Gifford - Baillie pins its hopes on new products.
June 14, 2004... Baillie Gifford, the Scottish-based asset manager best known for balanced funds is working hard to shed a reputation it has come to view as a hindrance to growth. "Frankly, balanced management hasn't worked that well in the last few...

People News: Hessius chosen for CEO post at AP3.(Brief Article)
June 14, 2004... The third Swedish national pension fund AP3 has appointed Kevin Hessius as chief executive officer. Mr Hessius is currently president of the Stockholm Stock Exchange and a member of the Commission on Business Comfidence. His previous...

People News: BNP Paribas adds to Frankfurt IIS desk.(Brief Article)
June 14, 2004... BNP Paribas Securities Services has appointed Angela Summonte as senior sales manager on its international investor services' (IIS) sales desk in Frankfurt. Ms Summonte, who joins from Deutsche Bank, will be responsible for German pension...

People News: Battersby moves to Mellon from JBaer.(Brief Article)
June 14, 2004... Mellon Global Investments, the international distribution subsidiary of Mellon Financial Corporation, has appointed William Battersby as head of consultant relations. In this new role, Mr Battersby will be responsible for developing...

People News: NTGI announces key appointments.(Northern Trust Global Investments)(Appointments)(Brief Article)
June 14, 2004... Northern Trust Global Investments (NTGI), has poached Marcelo Pesci from Credit Suisse Asset Management and David Rothon from Pimco Europe. Mr Pesci joins as senior fixed income research analyst with responsibility for a number of...

People News: Deptford to run large cap equities at BAM.(Brief Article)
June 14, 2004... Baring Asset Management (BAM) has appointed Charlie Deptford as portfolio manager and head of UK retail large-cap equities. On joining he will take responsibility for the GBP103m (e154m) Baring UK Growth Trust. Mr Deptford joins from...

People News: UBS hires corporate marketing director.(Brief Article)
June 14, 2004... UBS Global Asset Management has hired Howard Nowell as director of institutional corporate marketing, focusing on UK corporate pension funds. Mr Nowell joins from KPMG where he was responsible for sales and marketing in their people...

People News: SVG strengthens public equity team.(Brief Article)
June 14, 2004... SVG Advisers, the fund advisory business of SVG Capital, has appointed Jamie Seaton as fund manager, within its public equity team. In this new role at SVG Advisers, Jamie will work with fund managers Tony Dalwood and Adam Steiner. Mr...

People News: Hofgren takes top job at Brunswick.(Brief Article)
June 14, 2004... Brunswick Capital Limited, has appointed Nicholas Hofgren as a managing director. His role will span Brunswick Capital and its wholly-owned subsidiary companies: Brunswick Asset Management, Brunswick Rail Leasing and Brunswick Real Estate....

Portfolio: Asset Allocation - Europe - PME puts e500m in short-term bonds.
June 14, 2004... Pimco's short-term fund is an enhanced cash fund that seeks to outperform traditional money market vehicles without compromising stability. Paul McCulley, managing director and portfolio manager of Pimco's short-term strategy will run the...

Portfolio: Asset Allocation - Americas - Illinois initiates large-cap account.
June 14, 2004... A "squeaky-clean" image and a reputation as a specialist growth equity manager helped Sands Capital Management win a $365m large-cap growth mandate from the Illinois Teachers' Retirement System. Michael Hotchkiss, director of client...

Portfolio: Asset Allocation - Asia-Pacific - Suncorp signs up global specialists.
June 14, 2004... A swag of international managers make their first appearance in Australian markets with the launch of a new equities vehicle for retail investors by the A$10bn (e5.6bn) Australian funds manager Suncorp Investment Management (SIM). ...

Portfolio: Market Analysis - View from Europe - At last, Europe seems to have turned the corner.
June 14, 2004... After months of weakness, Europe's economic data and leading indicators are starting to suggest that the worst may be over for the region. The euro's decline of almost 8 per cent from a record high in February has helped boost exporter...

Portfolio: Market Analysis - View from the Americas - Greenspan indicates a rate rise is on the cards.
June 14, 2004... Federal Reserve chairman Alan Greenspan and his fellow Federal Open Market Committee (FOMC) members have indicated that a 1 per cent Fed funds will not stand. This decision to set the level at 1 per cent was taken in the first instance to...

Portfolio: Market Analysis - View from Asia-Pacific - After the shock, investors take stock of Congress.
June 14, 2004... Only two months ago India was being hailed as a country with attractive long- term prospects. Many investors around the world had ploughed money into the stock market over the previous 12 months, which saw the market double in value. ...

Mandate Research: Global investment - Multi-management - Chasing the Holy Grail of the perfect manager.
June 14, 2004... Manager of manager (MoM) approaches have come of age. Once the domain of small schemes looking for a better alternative to balanced management, supplemented by specialist mandates for a few cutting edge funds, the approach is now used by a...

Mandate Research: Global investment - Multi-management - Multi-managers come in from the cold.
June 14, 2004... Multi-management investment structures are now an established fact of life within the global investment management sector. According to the latest figures from Cerulli Associates, a Boston-based research and consulting firm, the worldwide...

Mandate Research: Institutional investment - Corporate governance - When good governance pays off.
June 14, 2004... The spate of corporate failures in recent years has highlighted just how important it is for institutional shareholders to play an active role in the governance of companies. As evidenced by the collapses of Enron, Parmalat and Worldcom,...

Mandate Research: Institutional investment - Corporate governance - Socially responsible investing gains some leverage.
June 14, 2004... While corporate governance has dominated the business news pages in recent months, it's easy to think that the socially responsible investment (SRI) movement has taken a back seat. In fact, there is considerable interest in both these topics...

Mandate Research: Institutional investment - Valuation and risk - Ensuring that the price is right.
June 14, 2004... Few things stimulate public interest more than crisis and scandal. Various events, from the dramatic collapse of Long Term Capital Management in 1998 to the recent mutual fund late trading scandal, have kept the issue of institutional investor...

Mandate Research: Pension funds - Risk management - Tailoring hazard.
June 14, 2004... Pension funds face many challenges and are increasingly seeking tailored investment strategies to provide genuinely long-term, liability-led solutions to secure pension fund provision. These can incorporate the views and risk appetite of both...

News: FRR completes search for managers to run e4.12bn.(Brief Article)
June 14, 2004... Twelve fund managers have picked up E4.12bn worth of business at the French Pensions Reserve Fund (FRR) following a 10-month tendering process. FRR has appointed Axa Rosenberg, Capital International. Groupama Asset Management and Lombard...

News: Global emerging markets still outperforming.(Brief Article)
June 14, 2004... Global emerging markets continue to outperform developed markets, according to an analysis of global emerging funds by Standard & Poor's (S&P). The firm said that over the year to April 1, the S&P/IFCI Composite index returned 85 per cent...

News: European delegates seeking US guidance.(Brief Article)
June 14, 2004... European fund managers are keen to learn from their American and UK counterparts, according to Michaela Virtue, a director at conference organisers ICBI, who selected speakers to address next month's Fund Forum International in Monaco. Ms...

News: Northern Trust bags 28th UK council client.(Brief Article)
June 14, 2004... Northern Trust has been awarded a global custody and performance measurement mandate by the pension fund of the London Borough of Lewisham. The GBP505m (e753m) pension fund, which will be the 28th UK local authority client of Northern...

Third party animals: Three men in a boat but not a fin to show for it.(Brief Article)
June 14, 2004... As preparations for the annual Monaco shindig for fund managers take shape, some prospective participants seem distracted by rival attractions. Chairman for day one of the Fund Forum is industry consultant Ian Cormack, who also oversees an...

Third party animals: Gartmore hacks off footie fans.(Brief Article)
June 14, 2004... Not to be outdone by rival companies staging events to coincide with the Euro 2004 football tournament in Portugal, Gartmore Investment Management is hosting an evening for aficionados of the Beautiful Game at London's Sports Cafe. But...

Third party animals: McWilliam let off Scot-free.(Scottish boutique Edinburgh Partners)(Brief Article)
June 14, 2004... There has been a slight change of focus at Scottish boutique Edinburgh Partners, set up in the city of the same name by former Scottish Widows CIO Sandy Nairn. The fundamental, long-only equities house, which has attracted GBP30m (e45m) in...

Conferences.(Calendar)
June 14, 2004... - Asset Allocation Summit, London UK, June 21-22 Two-day conference run by IRC Conferences Contact: +44 (0)1202 201182 - Fire & Police Pensions Summit Lake Tahoe, US, June 27-30 Four-day conference run by Information Management...