Financial Times Mandate articles from September 2002

Financial Times Mandate archives from September 2002

News: Goldman snatches e3bn PMI brief from Deutsche.(Goldman Sachs and Co.)(Deutsche Bank AG)
September 9, 2002... PMI, the E13bn Dutch metalworkers pension fund, has pulled a E3bn passive currency management mandate from Deutsche Bank and awarded it to Goldman Sachs. Citing "administrative and reporting errors" in the service provided by Deutsche...

News: ABP goes DIY for new fund of funds.(Brief Article)
September 9, 2002... Europe's largest pension scheme, ABP, is setting up its own internal fund of funds to run the lion's share of its hedge allocation. The e150bn fund is currently searching for a chief executive to run the multi-fund, which will be based in...

News: Schroders stems outflow after return to buy-lists.(Brief Article)
September 9, 2002... Independent fund manager Schroders has climbed back onto consultants' recommended lists after three years in the doldrums. Management departures and poor performance at the end of the 1990s caused the firm to be relegated by a number of key...

Editorial: Multi-drawbacks to the many funds of funds.(multi-manager funds)(Brief Article)
September 9, 2002... Multi-manager portfolios are being enthusiastically promoted by GAM, Frank Russell and SEI as a panacea for all manner of investors' ills. The negative effect of stock market volatility, they say, is dampened by asset diversification...

News: In brief - GIS takes on Gerrard money for Old Mutual.(Global Investor Services; Gerrard Investment Funds; Old Mutual Fund Managers)
September 9, 2002... Global Investor Services, the global custody division of HSBC, has been appointed by Old Mutual Fund Managers to act as trustee and custodian for GBP1bn of former Gerrard Investment Funds money. The recent appointment follows the...

News: In brief - AP3 beats benchmark with losses of -7.4%.(national pension fund)(Brief Article)
September 9, 2002... AP3, Sweden's third national pension fund, saw losses of 7.4 per cent in the first half of this year, amounting to SKr10.1bn (e1.07bn). As of end June, AP3's market capitalisation was SKr126.6bn, whereas at year end 2001, it was...

News: In brief - MTS group comes out top on bond trades.
September 9, 2002... MTS Germany and EuroMTS have reinforced their position as overall European leaders in the electronic trading of German fixed-income products, they said last week. Turnover activity on Bunds and other securities reached a record level of...

News: In brief - New Star Japan fund open to new money.
September 9, 2002... New Star has opened its Japan Hedge Fund to new investors. The fund is a long/short equity fund offering US dollar and yen currency classes of share. New Star said it is seeking to take advantrage of corporate restructuring in Japan. ...

News: In brief - Hedge openings for Platinum Capital.(Platinum Capital Management)(Brief Article)
September 9, 2002... Platinum Capital Management, an international financial investment group, has launched the Platinum Washington Fund - a long/short hedge fund. The fund's minimum investment is $150,000 or e150,000. Lower initial investments are offered...

News: In brief - Irish pension pay-outs on the increase.(Brief Article)
September 9, 2002... Risk of investment performance and volatility in investment markets head the list of worries for Irish pension funds, according to research by The Pension Fund Partnership. Almost two-thirds of schemes are concerned with stock risk and...

News: Ohio hires four to run $1bn.(State Teachers Retirement System)
September 9, 2002... The $45bn State Teachers Retirement System (STRS) of Ohio has appointed Barclays Global Investors, Goldman Sachs, Jacobs Levy and Intech to manage $1bn. The money will be run in S&P 500 index portfolios, although exact allocations have not...

News: KLM picks Ashmore for active debt relief.(Ashmore Investment Management; Blue Sky Group)
September 9, 2002... Blue Sky Group, the Dutch investment provider, has awarded an emerging market debt mandate to an active manager. Ashmore Investment Management picked up the $85m brief to manage the portfolio of debt for the pension scheme of Dutch airline,...

News: Capital and Lazard net Aussie wins.(Capital International; Lazard Pacific Asset Management)(Brief Article)
September 9, 2002... Brisbane's A$1.8bn ($992m) Local Government Superannuation Scheme has appointed Capital International and Lazard Pacific Asset Management after an investment review, writes Tim Blue from Sydney. ABN Amro Asset Management lost out to...

News: Rothschild may call time on institutional asset arm.(Rothschild Group)(Brief Article)
September 9, 2002... The Rothschild Group may sell its institutional asset management business or look for an alliance with another firm. The company said last week that it is to focus on international private banking and wealth management and is examining...

News: Barclays builds new bond indices.(Barclays Capital)(Brief Article)
September 9, 2002... Barclays Capital, the investment banking division of Barclays, has launched a sterling inflation-linked bond index. The index, a companion to the Barclays Global Inflation-linked bond index and the Barclays sterling bond index, is divided...

Comment and Analysis: A pensions time bomb managers can't defuse.
September 9, 2002... European economies are being undermined by the creeping threat of pensions chaos. The problem is most vividly observed in the UK, where "the pensions time bomb" is a familiar phrase. Germany is coming round to thinking about the problem,...

News: AMP and CBA resurrect talks for a toehold in China.(AMP Henderson Global Investors)(Commonwealth Bank of Australia)(Brief Article)
September 9, 2002... Australia's two biggest fund managers, AMP Henderson and the Commonwealth Bank of Australia (CBA), are again eyeing China as a place to build a fund management presence, either through local joint ventures or start-ups, writes Tim Blue from...

News: UK stocks 'may yet deliver'.(Brief Article)
September 9, 2002... The UK stock market could now be priced to deliver better returns after recent falls, a senior strategist says. Nigel Richardson of Axa Investment Managers in the UK, believes value in the market depends on how price/-earnings (P/E) ratios...

News: Australia offers 'the best opportunities to expand'.(Brief Article)
September 9, 2002... International fund managers cite Australia as the country that presents the best opportunities to expand their business. A compulsory retirement savings system makes the continent a golden opportunity for the industry, a survey shows. ...

News: ATP goes lighter on equities.(Brief Article)
September 9, 2002... ATP, the Danish labour market supplementary pension scheme, has reduced its allocation to equities following a 12.3 per cent drop in second quarter returns. The reduction in equities by 10 per cent to 35 per cent came from the fund's...

News: In brief - Man offers guarantees with 120 per cent bond.(Man Investment Products)(Brief Article)
September 9, 2002... Man Investment Products has launched its first 120 per cent capital guaranteed product. Man IP 220 Series 4 is the first product offered by Man to guarantee investors the return of at least 120 per cent of their initial investment at...

News: In brief - Manor Park issues risk rated guaranteed funds.(Manor Park (Guernsey) Ltd.)(Brief Article)
September 9, 2002... Manor Park has launched three guaranteed growth funds. The funds offer capital guarantee and equity growth and are geared towards a range of investors with different appetites for risk. The funds are the Guaranteed UK Selected Growth...

News: In brief - Investors lose faith in financial professionals.(Brief Article)
September 9, 2002... Analysts, stock brokers and investment advisers cannot be trusted for advice, many investors feel. A survey carried out by Cavendish Asset Management found that two-thirds of UK investors no longer feel confident investing in the stock market...

News: Derivatives move adds 8.4% to DeAM returns.(Deutsche Asset Management)
September 9, 2002... Deutsche Asset Management's (DeAM) move into derivatives a year ago appears to have paid off with an 8.4 per cent return in its balanced fund compared to a 4.8 per cent UK Gilts benchmark return at the end of the second quarter. DeAM was...

News: Property 'eases fall in shares'.(Brief Article)
September 9, 2002... Property has significantly cushioned the negative impact of stock market declines, according to research by Standard Life Investments. In the September issue of its monthly investment review Global Insight, Standard Life Investments argues...

News: High grade credits top choice for booming US bond market.(Brief Article)
September 9, 2002... The US bond market experienced a dramatic increase in trading volume this year, a study of institutional investors reveals. Total cash bond trading volume - except short-term instruments - increased by more than 30 per cent in 2002 to...

News: Real estate saves CalPERS' day.(California Public Employees Retirement System)(Brief Article)
September 9, 2002... The California Public Employees Retirement System (CalPERS) reduced its losses to 5.9 per cent in the year to June with the help of a 9 per cent weighting in real estate. CalPERS now has assets of $146bn. "No pension fund worth more than...

How the deal was won: NTGI wins over Nissan passively.(Northern Trust Global Investments)(Nissan North America)
September 9, 2002... Northern Trust Global Investments has won a $50.8m passive value US equity mandate from Nissan North American pension funds on the back of continued interest in passive management of US stocks. Nissan appointed the manager to run two briefs...

Custody, Settlement and Technology News: JPMorgan moves to market TCA more aggressively.(transaction cost analysis)(Inalitics)(Brief Article)
September 9, 2002... JPMorgan has acquired Los Angeles-based Plexus Group and entered into a joint venture with Inalytics. Both measures signal JPMorgan's bid to expand its transaction cost analysis (TCA) capability. Plexus Group will provide TCA products to...

Custody, Settlement and Technology News: Mellon GSS to service SERS of Ohio.(School Employees Retirement System )(Brief Article)
September 9, 2002... Mellon Global Securities Services (Mellon GSS) has been appointed as master record keeper for the $7bn School Employees Retirement System (SERS) of Ohio. Mellon GSS will provide outsourcing services, including accounting, reporting and...

Custody, Settlement and Technology News: ABN Amro Mellon nets e3.5bn from UK lender.(Yorkshire Building Society)
September 9, 2002... ABN Amro Mellon has won its first custody mandate from a UK mortgage lender. The Yorkshire Building Society appointed ABN Amro Mellon to provide global custody and securities lending services for its e3.5bn bond portfolio. The...

Custody, Settlement and Technology News: French credit securitisation market booms.(Brief Article)
September 9, 2002... The French consumer credit securitisation market is expected to remain strong in 2002, Moody's Investors Service believes. Stephanie Ferrieu, an analyst with Moody's and co-author of a report into the market, said: "This market is expected...

Custody, Settlement and Technology News: In brief - NA to purchase State Street's Corporate Trust business.(Brief Article)
September 9, 2002... State Street Corporation recently announced it had entered into a definitive agreement to sell its Corporate Trust business to UK bank NA - the lead bank of US Bancorp. Under the terms of the agreement, the transaction is valued at...

Custody, Settlement and Technology News: In brief - Thai bank reveals ambitious plans to double fee revenue.(DBS Thai Danu Bank )(Brief Article)
September 9, 2002... DBS Thai Danu Bank is reportedly planning to double its custodian fee-based revenue by year-end to E4.9m (Thai baht 200m). Vice-president Surakiat Wongwasin said the industry's intense competition made it difficult to generate revenue in...

Custody, Settlement and Technology News: In brief - Columbia extends State Street's custody contract.(Brief Article)
September 9, 2002... State Street was recently appointed by Columbia Management Group, the asset management arm of FleetBoston Financial, to provide investment services to an additional 62 of Columbia Management Group's fund, representing about $18bn in assets. ...

Custody, Settlement and Technology News: In brief - iWay builds adapter for Swift.(iWay Software)(Brief Article)
September 9, 2002... iWay Software, an information builders company, has begun production of an adapter for users of Swift - the information settlement system. iWay said the production of the ISO 15022 adapter resulted from the need for more standardisation in the...

Profile: ABP - ABP comes home for a new world view.(ABP Investments)
September 9, 2002... ABP has come a long way since the early 1990s, when it was only allowed to invest 5 per cent of its assets in non-Dutch assets. The e150bn Dutch scheme for Dutch government and education authority staff now invests a third of its capital...

Portfolio: Asset Allocation - Europe - PGGM samples inflation-linked bonds.(Dutch pension fund)
September 9, 2002... Ideally, Barclays Global Investors (BGI) would invest its new e200m inflation-linked bond mandate from Dutch pension fund PGGM in Dutch bond issues. Tying the portfolio to Netherlands inflation levels would be the best way of helping PGGM...

Portfolio: Asset Allocation - Asia-Pacific - Queensland meets demand for choice.(Local Government Superannuation Scheme in Queensland)(Capital International Inc.)
September 9, 2002... A market rule of thumb in Australia holds that one in every five dollars flowing into global equities from local investors does so at the instigation of Capital International, the US-based global funds giant. Capital's latest success is a...

Portfolio: Asset Allocation - Americas - Virginia's $358m goes to Mellon.(West Virginia Investment Board)(Mellon Bond Associates Corp.)
September 9, 2002... Mellon Bond Associates attributes its success in winning an enhanced cash mandate from West Virginia Investment Board to its highly disciplined approach. Bank One had previously managed the mandate for nine years. The deal will involve...

Portfolio: Market Analysis - View from Europe - German flood disaster digs building sector out of hole.
September 9, 2002... Despite the tragic human consequences, the severe flooding which has claimed more than 110 lives and threatened the livelihoods of thousands of others across central Europe in recent weeks has given Germany's beleaguered construction industry a...

Portfolio: Market Analysis - View from the Americas - Fair value is key to timing return to US equity markets.(Brief Article)
September 9, 2002... US equity markets remain mired in a post-bubble hangover, with investors in the grip of an irrational depression following a time of irrational exuberance. One reason for this investor unease is the high-profile scandals that inevitably...

Portfolio: Market Analysis - View from Asia-Pacific - Recession in the West prolongs Asia's consumer boom.
September 9, 2002... It seems increasingly likely that the western world will slip into recession. It's then a fair assumption that inflation will be negligible over the next couple of years and therefore interest rates will stay low. Indeed, the challenge may be...

Mandate Research: Fund Management - Outsourcing - Scepticism may save Europe's outmoded outsourcing industry.(Industry Overview)
September 9, 2002... "Put off today what can be outsourced tomorrow." Is this a motto we should post on our doors, expectant that European financial institutions will, piece by piece, bit by bit, dissemble the entire body of their operations and hand them over to...

Mandate Research: Fund Management - Outsourcing - Loosening the reins but refusing to let go.(custodians need to leverage client culture)(Brief Article)
September 9, 2002... Given the cautious climate in the outsourcing arena, custodians should look to leverage their deep understanding of client culture to shape their strategy. With a few notable exceptions, asset managers world-wide look with scepticism upon...

Mandate Research: Styles of equity management - Growth versus value - Seeing two sides of the style spectrum.(value stocks have outperformed growth stocks)(Industry Overview)
September 9, 2002... What a difference a couple of years can make. Since the bursting of the technology bubble, value stocks in the UK have outperformed their growth counterparts by more than 40 per cent cumulatively, wiping out the relative advantage growth...

Mandate Research: Styles of equity management - Growth versus value - Absence of acceptable indices slows style investing in Europe.(lack of strong style indices in Europe discussed)(Industry Overview)
September 9, 2002... The lack of "robust" style indices has deterred institutional investors in Europe from awarding specific growth and value equity mandates, according to Michael Schoeck, head of global active equities at State Street Global Advisors in Boston....

Mandate Research: Benchmarking - Performance measurement - Taking the direct approach.(Industry Overview)
September 9, 2002... Benchmarks are so widespread that a recent check on Datastream revealed indices and stock and industry groupings outnumber their underlying securities. In the last three years we have seen a bubble and its collapse leading to a prolonged bear...

News: Invesco in equity deal with Banco Santander.(Brief Article)
September 23, 2002... Invesco has clinched a lucrative deal for two of its equity products to be distributed by the private client division of Spain's largest bank, Banco Santander Central Hispano. Invesco will manage the BSN Banif Invesco Best of Europe and BSN...

News: Canadian Pacific puts E2.3bn out to tender.(Brief Article)
September 23, 2002... Canada's second biggest railway operator, Canadian Pacific Railway, is to tender its entire C$3.4bn (E2.3bn) North American bonds and equities portfolio to external fund managers. The C$5.3bn (E3.4bn) fund is also considering tendering its...

News: Italian bank picks Aegon.(Brief Article)
September 23, 2002... Aegon Asset Management, the Scottish-based arm of the Dutch life insurer, has started to win corporate bonds mandates from its traditional UK heartlands, writes Yuri Bender from Edinburgh. CCCRT, a co-operative bank based in North-East...

Editorial: Balance sheet repairs fuel corporate bias.(Brief Article)
September 23, 2002... The allocation of new mandates has slowed down. The majority of activity has moved from balanced and equity briefs to fixed income, a trend exploited by European groups such as Axa, Rothschild and Aegon. This has led to fears of a squeeze...

News: In brief - Texas uses BGI to make DC plan a success.(Texas Instruments)(Barclays Global Investors)(U.S.)(Brief Article)(Statistical Data Included)
September 23, 2002... Barclays Global Investors has won three defined contribution mandates from Texas Instruments. Texas moved $41m into BGI's Active International Equity Fund, $211m into BGI's Russell 3000 Growth Tilts fund, and $110m into the Lifepath Portfolios....

News: In brief - Global Investor Services re-appointed.(HSBC, UK)(Brief Article)(Statistical Data Included)
September 23, 2002... Global Investor Services, the global custody division of HSBC, has been re- appointed by Royal Borough of Kensington & Chelsea and the West Yorkshire Pension Fund. For Kensington & Chelsea Global Investor Services holds GBP205m, while for...

News: In brief - AIM activity twice that of the previous year.(UK)(Brief Article)(Statistical Data Included)
September 23, 2002... New issue activity on London's junior stockmarket AIM in the three months to end June was more than double the level in the previous year. During the period new AIM companies raised GBP248m, compared to GBP87m in the same three months...

News: In brief - Providers needed for E8bn Ireland fund.
September 23, 2002... The E8bn National Pensions Reserve Fund of Ireland is seeking to hire brokerage commission recapture providers for its equity investments. The fund is considering up to two providers. The deadline for applications in 31 October.

News: In brief - Four Dublin portfolios put out to tender.(Brief Article)
September 23, 2002... Dublin Courts Service has put four investment portfolios out to tender worth E760m. The portfolios cover equities, property, bonds and cash. The appointed manager(s) will provide four unitised funds with a pre- determined mix of asset...

News: In brief - Pennsylvania commits $15m to Sterling.($15 million)(Sterling Capital Partners)(Pennsylvania State Employees Retirement System)(U.S.)(Brief Article)(Statistical Data Included)
September 23, 2002... Pennsylvania State Employees Retirement System awarded a $15m commitment to Sterling Capital Partners subject to successful completion of contractual negotiations. The award falls within Pennsylvania's alternative investment asset class.

News: In brief - Repos popular with Canada government.(tri-party repurchase transactions)(Brief Article)
September 23, 2002... RBC Global Services has launched a tri-party repurchase (repo) service on behalf of the Government of Canada to facilitate the recently announced changes to the Receiver General Balances morning auction. RBC said repo transactions are...

News: In brief - More managers expect an improvement soon.(institutional investors more confident in world economy)(Brief Article)(Polling Data)(Statistical Data Included)
September 23, 2002... Institutional investors have regained some confidence in the global economy, according to the latest Merrill Lynch Fund Manager Survey. Of the 298 managers polled, a net balance of 48 per cent said they expect stronger economic growth this...

News: Call for specialist products.(German asset management industry should specialize to fight outside competition)(Brief Article)
September 23, 2002... The German asset management industry must run more specialist mandates if it is to survive outside competition, writes Henry Smith from Munich. Dirk Popielas, executive director, pensions services group at Goldman Sachs, said the industry...

News: State Street poised to leapfrog BoNY.(Bank of New York, U.S.)(Brief Article)(Statistical Data Included)
September 23, 2002... State Street will rise from the world's third biggest custodian to the largest if its exclusive negotiations with Deutsche Bank result in acquisition. Last week the two banks announced they were in exclusive negotiations over the sale of...

News: Unions seek corporate level role.(Trades Union Congress)(Brief Article)
September 23, 2002... British trade unions are to become more active in corporate governance by exerting greater shareholder pressure through their share portfolios. The Trades Union Congress (TUC) used its recent annual congress to denounce corporate...

News: Texas teachers find service provider for $80bn portfolio.(Teacher Retirement System of Texas selects State Street Corp.)(Brief Article)(Statistical Data Included)
September 23, 2002... The Teacher Retirement System of Texas has appointed State Street Corporation to provide custodial, securities lending and related services for its $80bn investment portfolio. State Street will provide daily accounting and performance,...

News: MLC awards A$1bn to ABN Amro.(MLC Investment Management)(Brief Article)
September 23, 2002... ABN Amro's fund house arm has won A$1bn (e560m) from MLC Investment Management's multi-manager structure, writes Tim Blue from Sydney. The Sydney-based MLC Investment Management also awarded A$730m to Bernstein Investment Research &...

Comment and Analysis: Towards a scientific selection process.(investment advisers' fund manager selection)(Brief Article)
September 23, 2002... Debate about the need to measure the success of fund manager selection by investment advisers over the past year has prompted a few non-consultants to peer under the bonnet of the industry to try and deduce if measurement is desirable, possible...

News: Dutch pension plans go lighter on local managers.(Brief Article)(Statistical Data Included)
September 23, 2002... Foreign investment managers will soon overtake their Dutch counterparts in overseeing the country's pension fund assets according to the 2002 report by consultant Bureau Bosch into the Dutch investment industry. The report covers 78...

News: GAM takes arbitrage idea global.(Global Asset Management to launch GAM Multi-Arbitrage Fund)(Brief Article)
September 23, 2002... Global Asset Management (GAM), a UK-based multi-manager, is to launch a multi-arbitrage fund this month. The GAM Multi-Arbitrage Fund aims to achieve long-term capital appreciation with low volatility and low or negative correlation to...

News: Departure of A$100m man sparks a Perpetual problem.(Peter Morgan leaves Perpetual Investments)(Brief Article)
September 23, 2002... Peter Morgan, Australia's highest-profile fund manager, has quit Perpetual Investments, citing personal reasons as grounds for his sudden departure. Market wags dubbed him the "A$100 million dollar man" for the value wiped off Perpetual's...

News: Fund to tap into house price surge.(Baring Houston and Saunders launches ING UK Residential Fund)(Brief Article)
September 23, 2002... As house prices surge in the UK, Baring Houston & Saunders has launched a residential property fund for domestic and overseas institutional investors. The property asset manager said the Guernsey-based fund is the largest of its kind and...

News: In brief - Gresham breaks away from Zurich's hold.(Zurich Financial Services Group)(Brief Article)
September 23, 2002... Gresham, the private equity house, is spinning out of the Zurich Financial Services Group to become an independent private equity management company. Gresham's management is establishing a limited liability partnership to acquire the...

News: In brief - Europeans cut down on stock commission costs.(Brief Article)
September 23, 2002... Average commission spending in Europe has fallen 15 per cent from $7.8m in 2001 to an anticipated $6.6m this year, according to research by Greenwich Associates. European institutions, like their US counterparts, are making every move they...

News: Deutsche delays 'hellish' business of outsourcing.(Brief Article)
September 23, 2002... Deutsche Asset Management in the UK has been "put off" outsourcing its fund administration activities by the negative experiences of other asset managers, its chief executive has said. Paul Berriman told FT Mandate that the idea of being...

News: AP6 capital project gets thumbs up.(Brief Article)
September 23, 2002... Sweden's AP6 pension fund said there had been great interest in its private equity offering from institutional investors. AP6 recently announced the launch of an investment company with Skandia Life that specialises in high-tech Nordic...

News: Foreign managers await invitation to enter China.(asset management firms seek permission to enter Chinese market)(Brief Article)(Statistical Data Included)
September 23, 2002... Four foreign asset management firms look set to be granted permission to set up joint ventures with companies in the Chinese market. Fortis Investment Management, Allianz AG, Societe Generale and ING Group are awaiting the go-ahead from...

News: New iBox indices for Euro bonds.(Brief Article)
September 23, 2002... iBox, the index provider, is to launch the first index family of its kind for the European bond market based upon liquidity. The 25 indices offer a basis for exchange-traded and over-the-counter derivatives as well as exchange-traded funds....

How the deal was won: KLM impressed by Ashmore durability.(Brief Article)
September 23, 2002... A certain stability and continuity is what made Ashmore Investment Management an attractive option for the pension fund of KLM, the Dutch airline, the fund house believes. The emerging market debt brief was put out by the fund through its...

Custody, Settlement and Technology News: CLS real-time foreign exchange system declared a success.(Brief Article)
September 23, 2002... Banks traded billions of dollars worth of currencies on the first day of a global banking settlement system introduced to the foreign exchange market. CLS Bank, based in New York, declared its Continuous Linked Settlement system as a...

Custody, Settlement and Technology News: Mellon wins E15bn data contract.(ABN Amro Mellon)(Brief Article)
September 23, 2002... Siemens AG, one of the world's largest electronics and electrical engineering companies, has appointed a global master record keeper to make asset manager performance more comparable. ABN Amro Mellon is to provide the service for all...

Custody, Settlement and Technology News: Britannic shake-up adds oe8.4bn to Citibank books.(Brief Article)
September 23, 2002... Assets held under safe custody by Citibank Global Securities Services have been significantly boosted by a restructure at a British life insurer. The American-run custodian picked up GBP8.4bn ($13bn) in life funds from Britannic Group...

Custody, Settlement and Technology News: In brief - Testing of Swift ISO 15022 messages complete.(Brief Article)
September 23, 2002... Citibank Global Securities Services has completed end-to-end testing of the new Swift ISO 15022 messages with more than 90 clients in 39 countries. "As part of our proxy testing process, we wanted to make sure we covered each client...

Custody, Settlement and Technology News: In brief - Currenex expands FXtrades automation service.(Brief Article)
September 23, 2002... Currenex Inc, the online global currency exchange, has made major extensions to its FXtrades service. The service includes a "comprehensive automated settlement features for efficiency and accuracy of the settlement process". The...

Custody, Settlement and Technology News: In brief - All clear for ING global deal with BoNY.(Brief Article)
September 23, 2002... The Bank of New York (BoNY) and ING have entered a global arrangement to outsource ING's international cash equities clearing and settlement operations in London, New York, Hong Kong and Singapore to BoNY. The Bank of New York, through its...

News Analysis: French Asset Management - Equity shift opens door to consultants.(Brief Article)
September 23, 2002... Few outsiders have been able to make an impact on the notoriously insular and complex French institutional market. The sector has long been dominated by French banks and most deals have involved balanced mandates sealed with sister...