French fund for crafts workers
hires 10 to run global equity
PARIS - The Caisse Autonome Nationale de Compensation d'Assurances de Vieillesse des Artisans, France's national pension fund for crafts workers, hired 10 global equity managers, each to run e150 million ($140 million): INVESCO; BNP Paribas Asset Management; Credit Lyonnais Asset Management; Dexia Asset Management; Dresdner RCM Global Investors; Fortis Investment Management; CCF Capital Management; Nataxis-BP Asset Management; Robeco France; and Societe Generale Asset Management.
Frederic Lagier, finance director for the e5.2 billion fund, wanted to reduce the number of equity managers from 30, get lower fees and improve reporting from the firms on such factors as benchmark risk and tracking error.
AnPost taps ABN AMRO
as new custodian
DUBLIN - AnPost, Ireland's national postal service provider, selected ABN AMRO Mellon as global custodian for its e1.77 billion ($1.63 billion) in pension assets.
ABN AMRO Mellon will provide core custody services, investment accounting, compliance monitoring and cash management. AnPost is ABN AMRO Mellon's first custody client in Ireland.
Investors Group wins
fight for Mackenzie
TORONTO - Mackenzie Financial will be acquired by Investors Group for C$4.15 billion (US$2.8 billion) in cash and stock, according to James Hunter, Mackenzie CEO. Investors Group is Canada's largest mutual fund company; Mackenzie is the fifth-largest. The combined firm will have about C$85 billion in assets and 2 million clients.
Investors Group is paying the equivalent of C$30 per share for all of Mackenzie's stock. About 77% of the purchase price will be paid in cash.
The takeover battle for Mackenzie began in November when C.I. Fund Management launched an unsolicited bid valued at C$28.24 for each share of Mackenzie. According to Mr. Hunter, Mackenzie's executives then began soliciting a number of "strategic partners" they felt would be a better merger partner than C.I. After several months of talks, they recommended Investors Group to the Mackenzie board of directors, which approved the deal, Mr. Hunter said at a press conference today announcing the merger.
Potgieter tapped to fill
new post at Coris
PRETORIA - Johan Potgieter was named managing director of Coris Capital, replacing Johan Nel, who is retiring from the post later this year but will remain as chairman. Mr. Potgieter will remain COO of Coris, Mr. Nel said in a statement. Coris manages around 12 billion rand ($1.52 billion) in pension assets for plan sponsor Iscor, Pretoria.
Garrett-Cox named CIO
at Aberdeen Asset
LONDON - Katherine Garrett-Cox was named chief investment officer at Aberdeen Asset Management, replacing CEO Martin Gilbert, who became acting CIO when Leslie Robb left the firm late last year. Mr. Robb was CIO at Murray Johnstone, which AAM acquired last year. Rupert Della-Porta will take over Ms. Garrett-Cox's responsibilities as head of U.S. equities. Ms Garrett-Cox and Mr. Della-Porta joined Aberdeen last September from Hill Samuel Asset Management.
PGGM taps Friends Ivory & Sime
for socially responsible overlay
ZEIST, Netherlands - Pensioenfonds PGGM hired Friends Ivory & Sime to run a socially responsible investment overlay on a e5.5 billion ($5 billion) portfolio of European and U.K. equities. The underlying portfolio is managed in-house, said Alfred Kool, spokesman for the e50 billion plan.
The manager will advise the fund using its responsible engagement overlay approach.
Lighaam leaves KLM
to join Barclays
AMSTERDAM - Patrick Lighaam was named business development officer at Barclays Global Investors, a new position. He was head of analytics at KLM Pensioenfondsenkantoor, Amsterdam, where he was replaced by Jos Keyzers.
European hedge funds
have boom year in 2000
European startup hedge funds raised $7.3 billion last year, more than twice the level raised by hedge funds begun in 1999, according to the trade publication EuroHedge.
European arbitrage managers raised $3.2 billion in 2000, more than three times the $913 million raised the previous year.
Also in 2000, long-short funds pulled in another $3.2 billion, while Asian/emerging-market funds raised $370 million.
Mixed bond funds brought in $398 million. Macro funds have fallen out of favor, raising only $92 million in 2000.