Financial Times Mandate articles from May 2004

Financial Times Mandate archives from May 2004

News: T Rowe Price pinches oe42m Flintshire brief from Barings.(Flintshire County Council)(Pioneer Alternative Investments)(Quellos Institutional Partners)(Brief Article)
May 3, 2004... Flintshire County Council, the lead authority for the Clwyd Pension Fund, has awarded T Rowe Price a GBP42m (e63m) US risk-controlled equity mandate, following the dismissal of Baring Asset Management from the contract. T Rowe Price will...

News: Hancock appoints JPMorgan custodian.(J.P. Morgan Investor Services hired by John Hancock Financial Services Inc.)(Brief Article)
May 3, 2004... John Hancock Financial Services has hired JPMorgan Investor Services as custodian for $30m in general account assets. The Boston-based insurer had previously used JPMorgan for credit, distribution, cash management and custody services. ...

News: West Sussex bucks the trend towards hedge fund investing.(West Sussex County Council pension fund)(Brief Article)
May 3, 2004... The GBP970m (e1.4bn) West Sussex County Council pension fund has decided against investing in hedge funds after carefully researching the asset class. Rosemary Burfoot, group accountant technical, said the fund's investment panel had...

News: Venture capital up by 10 per cent.(PricewaterhouseCoopers)(Thomson Venture Economics)(National Venture Capital Association)(Brief Article)
May 3, 2004... Venture capitalists poured $4.6bn into 618 companies during the first three months of this year, according to the quarterly MoneyTree survey. The figures represent a 10 per cent increase from the same time last year, when venture...

Editorial: Decision to buck the trend makes sense.(Brief Article)(Editorial)
May 3, 2004... Amid all the tumult surrounding the positive signals of UK pension schemes towards hedge fund investing, one piece of news gave pause for thought. The West Sussex County Council pension fund said it has postponed investing in hedge funds...

News: In brief - June launch for daytime bridge between ICSDs.(international central securities depositories)(Brief Article)
May 3, 2004... Euroclear Bank and Clearstream International have pencilled in June 28 as the launch date for the first phase of the automated daytime bridge between the two international central securities depositories (ICSDs). The "bridge" is an...

News: In brief - BBH builds team to push property in Luxembourg.(Brown Brothers Harriman appoints Keith Burman)(Brief Article)
May 3, 2004... Brown Brothers Harriman (BBH) has hired Keith Burman as vice-president to lead the push of its real estate investment services business in Luxembourg. The team will be supported by Ramon van Heusden, recently appointed head of the real...

News: In brief - Balanced pooled funds' returns slip to 1.1%.(Brief Article)
May 3, 2004... The recovery in balanced pooled funds slowed to 1.1 per cent for the quarter ending March 31, following fund returns last year of 18.1 per cent on average, according to the latest Russell/Mellon survey. Last year's figures were the first...

News: In brief - Reduction in pensions deficit 'encouraging'.(Brief Article)
May 3, 2004... The UK pension fund deficit was reduced by GBP60bn (e90bn) in 2003, according to a report by the Confederation of British Industry (CBI). The study highlights that the pensions deficit of the private non-financial corporations (PNFC)...

News: In brief - CORRECTION.(Correction Notice)
May 3, 2004... In the 19 April issue, we reported that Reinhard Muller has left Deutsche Asset Management to join Gartmore as managing director, head of institutional and intermediary business. He has, in fact, joined Global Asset Management (GAM). We...

News: Gartmore adds E225m Dutch win.(Dutch pension scheme)(Brief Article)
May 3, 2004... Gartmore Investment Management has won a E225m European equities mandate from a major Dutch pension scheme. The pan-European equities large-cap mandate will be managed by Stephen Jones and Gary Clarke on behalf of a client that has asked...

News: Russian back-up fund to hold foreign bonds.(Stabilisation Fund)(Brief Article)
May 3, 2004... The Russian government is planning to invest the bulk of its Stabilisation Fund in foreign securities and is likely to appoint outside investment managers, market watchers say. The fund, which contains surplus tax revenues from oil and...

News: Pennsylvania outsources mandates worth $230m.(Pennsylvania State Employees' Retirement System)(Brief Article)
May 3, 2004... The $25.3bn Pennsylvania State Employees' Retirement System (Psers) has hired five private equity managers for mandates worth $130m and appointed a manager for a $100m emerging market brief. The trustees have awarded Pitango Venture Capital...

News: Private equity investments set to treble.(Brief Article)
May 3, 2004... European institutional investors are looking to almost treble their level of investment in private equity from 1.1 per cent to 3.2 per cent over the next five years, according to a new survey. The increase in private equity investment will...

Comment and Analysis: Deficit cut drives up hedge fund holdings.
May 3, 2004... UK pension schemes have just announced a significant reduction of their industry's funding deficit during 2003. According to a report published by the Confederation of British Industry (CBI), the accumulated pension fund deficit for UK...

News: BNP signs e123m deal with Century.(BNP Paribas Securities Services)(Century Australia Investments)(Brief Article)
May 3, 2004... BNP Paribas Securities Services in Australia has been appointed by Century Australia Investments to provide a full range of core custody and investment administration services, including accounting, tax and statutory reporting for A$200m...

News: UJF awards Baillie Gifford oe1.6bn rise.(UJF Trust Bank of Japan.)
May 3, 2004... Baillie Gifford has won an additional GBP1.6bn (e2.4bn) mandate from the UJF Trust Bank of Japan. The deal marks a broadening of the existing investment advisory arrangement, under which the manager advises UFJ Trust for the benefit of its...

News: Insurance savvy pays off for Northern.(Mortgage Guaranty Insurance Corp.)(Northern Trust)(domestic custody services)(Brief Article)
May 3, 2004... Northern Trust has won a mandate from the Mortgage Guaranty Insurance Company (MGIC) to provide domestic custody services for $5.5bn in general insurance assets. Lisa Pendergast, assistant treasurer at MGIC, said Northern Trust had been...

News: US firms are dominant force in Luxembourg.(Brief Article)
May 3, 2004... US fund promoters have overtaken their Swiss counterparts for the first time to become the largest managers of assets in Luxembourg, according to a report by Fitzrovia International. US players control assets of $291.8bn compared with...

News: In brief - Russell hands oe1bn bond brief to Morgan Stanley.(Brief Article)
May 3, 2004... Morgan Stanley Investment Management has won a GBP1bn (e1.5bn) global bond mandate from multi-manager firm Russell, following the dismissal of Fischer Francis Trees and Watts. Morgan Stanley joins Pimco, the fixed income subsidiary of...

News: In brief - March worst month for short-selling strategies.(Brief Article)
May 3, 2004... March proved to be a poor month for hedge fund strategies which posted significantly lower returns than their long-term performance, according to French business school Edhec. Short-selling strategies fared the worst, registering a...

News: BNY beats JPMorgan and State Street to Insight job.(The Bank of New York appointed as investment services provider)(Insight Investment Management Ltd.)(Brief Article)
May 3, 2004... The Bank of New York (BNY) has seen off competition from JPMorgan and State Street to be appointed investment services provider for Insight Investment. Insight has hired BNY to provide fund accounting, depositary and custody services for...

News: Ireland's national fund dips toe into real estate.(Irish National Pension Reserve Fund)(Brief Article)
May 3, 2004... The E10bn Irish National Pension Reserve Fund (NPRF) has allocated 4 per cent of its assets to property and is exploring ways of investing in private equity. The fund, established in April 2001 to help meet the cost of social welfare and...

News: Kensington and Chelsea hires HSBC.(Hongkong and Shanghai Banking Corp.)(Brief Article)
May 3, 2004... The Royal London Borough of Kensington and Chelsea has appointed HSBC Securities Services (HSS) to provide investment accounting services to its GBP200m (E300m) pension scheme. This new mandate follows the re-appointment of HSS as the...

How the deal was won: Face-to-face meet sets the Standard.(importance of site visit in choosing investment management companies)(Standard Life Investments)
May 3, 2004... A site visit by Somerset County Council to Standard Life Investments (SLI) in Edinburgh was the key to securing a GBP175m (e263m) segregated specialist UK equity mandate. The appointment followed a comprehensive tendering and evaluation...

News: Netherlands scheme picks L&G eurozone inflation-linked fund.(Legal and General Investment Management)(Stichting Pensioenfonds Origin)(Brief Article)
May 3, 2004... The E300m Stichting Pensioenfonds Sappi Netherlands has appointed Legal & General Investment Management (L&G) to run a E16.25m inflation-linked mandate. The brief is an investment in L&G's new Eurozone over five-year, inflation- linked...

News: MM eyes optician's oe20m brief.(MM Asset Management)(GC Bateman)(Brief Article)
May 3, 2004... MM Asset Management has been awarded GBP20m (e30m) by the pension scheme of GC Bateman, the UK optician business, to be invested across its range of multi- manager funds. Colin Franklin, director of personnel and trustee of the scheme,...

News: Fortis seeks permission to enter Chilean market.(Fortis Investment Management N.V./S.A.)
May 3, 2004... Fortis Investments is seeking approval from the financial services authority in Chile, (Comision Clasificadora de Riesgo - CCR) to sell its Luxembourg- based Fortis L Fund umbrella to Chilean defined contribution (DC) pension funds. It is...

News: Leicestershire appoints Standard.(Leicestershire County Council pension fund contracts with Standard Life Investments Ltd.)(Brief Article)
May 3, 2004... The GBP1.4bn (e1.1bn) Leicestershire County Council pension fund has hired Standard Life Investments (SLI) for a GBP150m UK equity mandate after sacking SG Asset Management. SLI will manage the segregated specialist UK equity portfolio on a...

News: Money market funds rise.(Institutional Money Market Funds Association)(Brief Article)
May 3, 2004... Money market funds under management grew by $30bn to $204bn in the first quarter, according to the latest figures from the Institutional Money Market Funds Association (IMMFA). Institutional sales of euro money market funds and...

News: In brief - HSBC to provide actuarial services to Tun Abdul Razak.(Hongkong and Shanghai Banking Corp.)(Brief Article)
May 3, 2004... HSBC Actuaries and Consultants (HACL) has been appointed by Tun Abdul Razak Research Centre (Tarrc) to provide a range of actuarial and investment consulting services to its defined benefit scheme. HACL will also advise Tarrc on...

News: In brief - San Francisco selects BGI to run Russell 1000 Growth fund.(Russell 1000 Growth index fund.)(Brief Article)
May 3, 2004... Barclays Global Investors (BGI) has been appointed by the San Francisco City & County Employee's Retirement System to manage $200m in a new Russell 1000 Growth index fund. Funding for the mandate will come from a $420m active domestic...

News: In brief - Canada Pension Plan makes beeline for public equities.(Brief Article)
May 3, 2004... The $49bn Canada Pension Plan is moving the majority of its assets from non- negotiable Canadian government bonds and cash into equities. CPP said it aimed to have 58 per cent of the portfolio invested in public equities by 2006, as its...

News Analysis: Corporate Governance - CalPERS' campaign polarises opinion.
May 3, 2004... A crusade by the $167bn California Public Employees Retirement System (CalPERS) to improve corporate governance is dividing the pension fund industry in the US. America's biggest pension fund has said it will withhold votes this year from...

People News: Scheid takes over at Janus Capital Group.(Mark Whiston resigns and Steve Scheid appointed to his place)(Brief Article)
May 3, 2004... Mark Whiston has resigned as chief executive officer of the Janus Capital Group to be replaced by chairman of the board Steve Scheid. Mr Whiston leaves with a golden handshake of $5.8m in cash and a $7.9m retirement fund which the company...

People News: UBS selects Sotorp for Americas slot.(Kai Sotorp and Christof Kutscher promoted in UBS Global Asset Management)(Brief Article)
May 3, 2004... UBS has appointed Kai Sotorp, currently head of UBS Global Asset Management, Asia-Pacific, to the role of head of UBS Global Asset Management, Americas. Mr Sotorp, who will be based in Chicago, joined UBS in January 2000 and was appointed...

People News: Dowds joins NTGI from Dryden Capital.(Stephen Dowds appointed head of international equities)(Brief Article)
May 3, 2004... Northern Trust Global Investments (NTGI) has appointed Stephen Dowds as head of international equities, based in London. Mr Dowds will oversee the firm's development of its non-US active equities business, which comprises more than $1bn in...

People News: Ekvall switches to Carnegie from AP3.(Niklas, Ekvall)(Sven Askenberger appointed as acting Chief Executive Officer)(Brief Article)
May 3, 2004... Sweden's Third National Pension Fund, the SKr142.5bn (e16bn) AP3, has announced that its chief investment officer and deputy chief executive, Niklas Ekvall, is leaving to join Carnegie as head of asset management. Mr Ekvall, who has been...

People News: Local government expert joins Hermes.(Keith Bray appointed as adviser)(Brief Article)
May 3, 2004... Hermes Pensions Management has appointed Keith Bray as its adviser on UK local authority pensions. Mr Bray's role will involve advising on local government pension issues and the company's relations with the local government schemes...

Portfolio: Asset Allocation - Europe - Flintshire ventures into currencies.(Flintshire County Council)
May 3, 2004... Gartmore's recently launched currency hedge fund has attracted its first UK local authority client following its appointment by Flintshire County Council for a GBP11m (e16.5m) mandate. Gartmore, which has managed a currency overlay strategy...

Portfolio: Asset Allocation - Americas - Quant process wins hearts of CCP board.
May 3, 2004... Connor, Clark & Lunn Investment Management (CC&L) has attributed the award of a $500m active overlay brief from the CPP Investment Board to its Q quantitative investment process. The Vancouver-based firm's quantitatively-driven process was...

Portfolio: Asset Allocation - Asia-Pacific - Constellation's risk control prowess.(Constellation Capital Management)(Deutsche Asset Management Inc.)(Zurich Financial Services)
May 3, 2004... Zurich Financial Services in Australia has ditched Deutsche Asset Management (DeAM) from a A$300m (e185m) Australian equities brief, opting for an exclusive alliance with value manager Constellation Capital Management. The deal will nearly...

Portfolio: Market Analysis - View from Europe - Equities offering reasonable value but earnings key.(Brief Article)
May 3, 2004... While sentiment has improved in the US, in Europe it has deteriorated and confidence is ebbing away. In several markets this time last year, dividend yields rose above respective government bond yields for the first time since the 1950s. A...

Portfolio: Market Analysis - View from the Americas - A challenging environment for US bond investment.(Brief Article)
May 3, 2004... A decade ago no one would have believed that the US economy could be this strong with the Federal Reserve rate standing at 1 per cent, the 10-year Treasury yield not far above at 4 per cent and US core inflation at 1.2 per cent. Seeing...

Portfolio: Market Analysis - View from Asia-Pacific - Safer route into China via existing foreign players.(Brief Article)
May 3, 2004... Even if the Chinese government succeeds in its quest to slow GDP growth to 7 per cent by year-end from 9.7 per cent in Q1 2004, China will remain a formidable contributor to world growth. Unfortunately, this does not mean that there are...

Mandate Research: Fund Management - Outsourcing - Funds must outsource without risk.
May 3, 2004... As regulators strengthen focus on corporate governance, operational control is critical for asset managers. Regulations such as N2 and Sarbanes Oxley have also highlighted the personal liability of senior executives facing fines and time in...

Mandate Research: Fund Management - Data Systems - Managing the data chain.
May 3, 2004... Most investment managers have adjusted their business models in response to the pain of poor market performance over the past few years but despite the major re-shaping exercise, many have failed to really address operational inefficiencies....

Mandate Research: Asia - Hedge Funds - Short-selling rules make Asia a good bet for hedge funds.
May 3, 2004... Asian hedge funds added $19bn-worth of assets under management in 2003 and this figure is set to rise by $43bn in 2004 making Asia a serious contender for the world's hedge fund business. The growth in Asia's hedge fund business is creating...

Regional Survey: Europe - Belgium - Belgium plays safe.(Belgian pension funds performance in 2003)
May 3, 2004... Belgian pension funds have stuck doggedly to their investment strategies throughout the bear market and can now reap the rewards of higher returns as markets improve. Mercer Human Resource Consulting found that, after three years of...

Citigroup managers sail through shareholder vote.(Brief Article)
May 3, 2004... The chairman of Citigroup Sandy Weill and the chief executive Charles Prince have been re-elected by a huge majority despite opposition from the $167bn California Public Employees Retirement System (CalPERS). Neither Mr Weill nor Mr Prince...

EIM puts KBC on its multi-manager platform.(KBC Asset Management Ltd added to multi manager platform)(Brief Article)
May 3, 2004... Switzerland-based EIM Group has added KBC Asset management to its multi- manager platform. Richard Kleinbauer, head of long-only business at EIM, said the appointment of Karl Doyle as senior asset manager for UK equities at KBC was the...

SRI performance indistinguishable from norm.(socially responsible investments)(Brief Article)
May 3, 2004... Socially responsible investments (SRI) deliver the same level of yield as investments in general, according to a survey of institutional investors in Sweden, Norway and Denmark. In the survey conducted by GES Investment Services, 65 per...

Conferences.(Calendar)
May 3, 2004... - Investment Management for Plan Sponsors, New York, US, May 3-4 Two-day training course run by FT Knowledge Contact: +44 (0)20 7382 8989 - Mergers and Acquisitions - Structuring the Deal, New York, US, May 5-7 Three-day...

News: Axa and Kempen end SBA small-cap manager search.(AXA Roseberg Investment Management L.L.C.)(Steven Bernstein and Associates Inc.)(Kempen and Co.)(Brief Article)
May 31, 2004... The E10.3bn SBA Artsenpensioenfondsen has awarded European small-cap mandates worth E120m to Axa Rosenberg Investment Management and E110m to Kempen Capital Management. SBA, which is the administration agency for the Dutch General...

News: Fresno replaces McStay with BGI.(Fresno City Employees' Retirement System)(John McStay Investment Counsel)(Barclays Global Investors)(Brief Article)
May 31, 2004... The $920m City of Fresno Employees, Fire & Police Retirement Board has fired John McStay Investment Counsel from a small-cap growth portfolio over issues of underperformance. The California-based pension fund decided to reduce its small-cap...

News: ABN Amro appointed sole provider as Lancashire consolidates custody.(Lancashire County Council pension fund )(ABN Amro Mellon)(Brief Article)
May 31, 2004... The GBP2.4bn (e3.6bn) Lancashire County Council pension fund has hired ABN Amro Mellon as custodian following a review of its arrangements. The move will see the fund consolidate several custody providers. A spokeswoman for the pension...

News: Schroder 'most used' sub-adviser.(Brief Article)
May 31, 2004... Schroders, Credit Suisse, Invesco and JPMorgan Fleming have been confirmed as Europe's most used partners for sub-advisory mandates by a panel of 85 banks, insurance companies and fund houses in 11 countries. In the first in-depth research...

Editorial: Herd mentality could be cause for concern.(Brief Article)
May 31, 2004... The slow process of portfolio diversification, which started after the stock market downturn, is rapidly gathering momentum. The latest raft of investment reports reveal increasing institutional interest in alternative assets. According to...

News: In brief - Overall returns down for second month.(Edhec)(Hedge funds)(Brief Article)
May 31, 2004... Hedge funds suffered a second consecutive month of poor performance, with nine out of 13 strategies posting negative returns in April, according to French business school, Edhec. CTA global funds turned in their worst performance in over...

News: In brief - CLS volumes set to double in 18 months.(Continuous Linked Settlement)(Brief Article)
May 31, 2004... Continuous Linked Settlement (CLS) volumes are forecast to nearly double by the end of 2005, according to research from financial services consulting firm, TowerGroup. A survey of 41 of CLS Bank International's members and 36 customers of...

News: In brief - Inflows into hedge funds hit record high.(Brief Article)
May 31, 2004... Hedge funds attracted a record $38.2bn in net assets during the first quarter of the year, marking a fourth consecutive quarterly record for industry inflows according to Tass Research, part of Tremont Capital Management. For the third...

News: In brief - VHV hires State Street to run e12bn in custody.(Brief Article)
May 31, 2004... State Street has been selected by German insurer, VHV Group, to provide depotbank and global custody services to E12bn of capital investments. Bernd Baur, head of capital investments at VHV Group, said: "We chose State Street as our...

News: Equity holdings cut by 4 per cent.(Mercer Investment Consulting Inc.)(Brief Article)
May 31, 2004... Pension funds reduced their equity exposure by 4 per cent last year, according to a survey of clients' latest strategy allocations by Mercer Investment Consulting. Mercer said the decrease represents a great significant out of equities, as...

News: Devon doles out oe250m each to SSgA and UBS.(Devon County Council)(State Street Global Advisors Inc.)(UBS Global Asset Management)(Brief Article)
May 31, 2004... The GBP1.3bn (e1.95bn) Devon County Council pension fund has outsourced two mandates worth GBP250m each to State Street Global Advisors (SSgA) and UBS Global Asset Management. SSgA has been employed for a global passive equity mandate while...

News: Corporate bonds outperform government debt, says F&C.(F and C Management Ltd.)(Brief Article)
May 31, 2004... Corporate bonds will continue to outperform government bonds and find a place in pension fund portfolios, according to analysis by F&C Management. Patrick Hendrikx, director and head of global credits at F&C, argued that bonds will...

News: Warburg and Syz team up.(Brief Article)
May 31, 2004... Warburg Invest, the German asset management arm of Hamburg-based private bank MM Warburg & Company has joined forces with Swiss banking group, Syz & Co, to develop, manage and distribute alternative investment products in Germany. The two...

Comment and Analysis: Investors lower risk ahead of rate hike.
May 31, 2004... Investors are getting ready for the expected increase in interest rates and the likely fall in equity prices over the coming months. Pension funds and other institutional investors are being warned about the negative short-term consequences...

News: Classification for fixed income schemes.(Brief Article)
May 31, 2004... The European Fund Categorisation Forum (EFCF) has agreed on a new classification system for fixed income funds. The EFCF, a group of cross-border information providers and fund managers, developed the new classification system in...

News: Bespoke strategies offer higher returns.
May 31, 2004... Pension funds that use traditional balanced portfolios could benefit by switching to a customised long-term strategy, according to Percival Stanion, head of the strategic policy group at Baring Asset Management (BAM). At a recent seminar,...

News: Akseli awards Forsyth $50m investment deal.(Highwoods/Forsyth)(Brief Article)
May 31, 2004... The Finnish brokerage house Akseli has awarded Forsyth Partners a $50m investment mandate. The mandate features two broker funds with Skandia Life UK - the Akseli Balanced Fund and the Akseli European Fund. Totti Lintu, managing...

News: SEC and NASD set up mutual fund monitors.(National Association of Securities Dealers)(Task forces)(Brief Article)
May 31, 2004... The National Association of Securities Dealers (NASD) is to set up a task force with the remit to identify and recommend ways to bring greater transparency to mutual fund costs and distribution arrangements. The task force is the product of...

News: In brief - CalPERS retains its five high yield managers.(California. Public Employees' Retirement System)(Brief Article)
May 31, 2004... The investment committee of the California Public Employees' Retirement System (CalPERS) is to renew contracts for its five high-yield fixed income investment managers for another year. The committee decided to retain Highland Capital...

News: Pimco expertise in bonds attracts e500m from PME.(Bedrijfstakpensioenfonds Metalektro)(Pacific Investment Management Co.)(Brief Article)
May 31, 2004... The E14bn Bedrijfstakpensioenfonds Metalektro (PME) pension fund has hired Pimco to deliver enhanced returns for a E500m short-term bond mandate. PME, the pension fund for the Dutch metal and electro technical industry, had a long list and...

News: KBC to distribute Northern's MoM funds to Irish market.(Brief Article)
May 31, 2004... KBC Asset Management (KBCAM) has signed a deal with Northern Trust enabling it to become the sole distributor of Northern Trust's manager of manager (MoM) business in Ireland. The deal between Northern Trust's European manager of managers...

News: Montag & Caldwell dropped.(New York State Teachers Retirement System)(Montag and Caldwell Inc.)(Brief Article)
May 31, 2004... The $81bn New York State Teachers Retirement System (NYSTRS) has terminated a $410m mandate run by Montag & Caldwell and placed Bank of Ireland Asset Management (BIAM) and Morgan Stanley Investment Management (MSIM) on watch. Montag &...

How the deal was won: Russell marvels at MSIM research.(Morgan Stanley Investment Management)(Frank Russell Co.)
May 31, 2004... Morgan Stanley Investment Management (MSIM) has been awarded a mandate to run e1.8bn in global bonds for Frank Russell's multi-manager platform. Replacing Fischer Francis Trees & Watts, MSIM did not win the brief following a traditional...

News: Risk of job cuts as ABN Amro outsources fund admin services.(ABN AMRO Asset Management)(State Street Corp.)(Brief Article)
May 31, 2004... ABN Amro Asset Management is to outsource its fund administration and investment operations services to State Street. The services will be provided for ABN Amro Asset Management in the Netherlands, the UK, Luxembourg and Sweden, and will be...

News: Banco Desio finds global custodian to run e1bn.(ABN Amro Mellon )(Brief Article)
May 31, 2004... The Italian bank and financial services group Banco Desio has awarded ABN Amro Mellon a custody mandate in excess of E1bn of non-domestic assets for the company's subsidiaries and affiliates. Banco Desio, which has 90 branches in Northern...

News: CDP blows the whistle on firms shirking disclosure.(Carbon Disclosure Project)
May 31, 2004... The Carbon Disclosure Project (CDP), a group of institutional investors representing assets in excess of $10,000bn, has named and shamed more than 100 companies that failed to respond to a disclosure request. The list of corporations that...

News: Venture-backed M&A values up.(Brief Article)
May 31, 2004... The amount generated by venture-backed mergers and acquisitions (M&A) jumped by 75 per cent in the first quarter of 2004 compared with the previous quarter, according to Thomson Venture Economics and the National Venture Capital Association....

News: Hotchkis and Wiley hire GSS.(Brief Article)
May 31, 2004... Mellon Global Securities Services (GSS) has won an $11m outsourcing mandate from US-based fund manager, Hotchkis and Wiley Capital Management LLC. The middle and back-office administration agreement includes trade processing, securities...

News: In brief - Changes to AIM's regulatory status welcomed by members.(Brief Article)
May 31, 2004... The London Stock Exchange has confirmed it will change AIM's regulatory status ahead of the deadlines for implementing EU directives. From October 12 2004, AIM will operate as an exchange-regulated market, relinquishing its EU "regulated...

News: In brief - Cheviot names Kas custodian.(Cheviot Trust pension scheme)(Kas Bank)(Brief Article)
May 31, 2004... Kas Bank has been awarded a custody mandate by the GBP223m (e333m) Cheviot Trust pension scheme in consultation with PSolve. The Cheviot Trust provides industry-wide pension schemes to the legal profession. Kate Parker, head of sales for UK...

News: In brief - S&P adds Equity Long/Short Index to hedge fund line-up.(Brief Article)
May 31, 2004... Standard & Poor's has extended its line-up of investable hedge fund indexes by adding the S&P Equity Long/Short Index. The index, which is made up of 24 fund strategies, is available through the PlusFunds separate account platform. The...