Following Gartmore, AXA says it will offer single fee structure
LONDON - AXA Investment Managers is the first U.K. money manager to publicly back controversial proposals by Gartmore Chairman Paul Myners to charge clients an all-inclusive management fee.
Chris Cheetham, global chief investment officer, said AXA would offer its U.K. institutional clients a single fee structure that includes trading commissions. He said such an arrangement would be more transparent than the current one, in which clients pay an annual management fee as well as paying separately for trading commissions.
Mr. Cheetham said the new structure would not lead to higher fees. AXA will start discussions with individual clients during the next few months over whether to restructure their fee arrangements.
Mr. Myners' fee proposal has received a lukewarm response, and many money managers are concerned it will discourage trading and increase costs for smaller money managers.
Flintshire County taps
Deutsche as custodian
MOLD, Wales - Flintshire County Council Clwyd Pension Fund appointed Deutsche Bank as global custodian for its œ556 million ($794.2 million) pension fund. According to Pension Funds & Their Advisers, the fund's previous custodians were The Bank of New York, Citibank Worldwide Securities Services and J.P. Morgan Investor Services.
David Bamber, funds manager at the plan, could not be reached for comment.
Man Alternative fund of funds raises total of L33 million
GUERNSEY - Man Alternative Investment raised L33 million ($46.6 million) for its first U.K.-listed hedge fund of funds. The institutional investors include a U.K. pension fund, which James Jacklin, assistant regional manager for Europe at Man Investment Products, would not name.
Glenwood Holdings will manage the closed-end fund.
Caisse's realty unit buys
share in Manhattan site
QUEBEC CITY - SITQ Immobilier, the commercial real estate subsidiary of Caisse de Depot et Placement du Quebec, purchased a 45% interest in SL Green Realty's One Park Avenue office property in Manhattan. SITQ, which has $4.5 billion in office and industrial assets, will fund the purchase with cash, said Denis Epoh, director of investments at SITQ. Caisse has total assets of $81.3 billion.
SITQ paid $105.3 million for its 45% stake in the property, which yields annual proceeds of around $41 million.
Australian bank taps
derivatives system
SYDNEY - Commonwealth Bank of Australia, Sydney, will use Derivatives.com's web-based portfolio and risk management systems to measure risk in its equities division. Derivatives.com uses Imagine Software's trading and risk management software. The bank, with A$80 billion (US$41.4 billion) in assets under management, plans to use the system to help it enter the equity derivatives market, Stephen Richards, CBA's head of equity trading and risk, said in a statement.
Global Link offered
in Japanese version
BOSTON - State Street Corp. launched a Japanese-language version of Global Link.
The network provides clients with access to e-finance applications and services that can be connected to global investment managers' chosen trading destinations. It offers world market research, analytics and secure, real-time trade-execution services developed across multiple asset classes.
