INCLUDING: IRELAND - BIAM appointment; AUSTRALIA - New boutique manager; NETHERLANDS - Fortis supported by institutions; UK - Ministers oppose pensions proposal
IRELAND - BIAM appointment
Bank of Ireland Asset Management (BIAM) has appointed Bill Furey as a fixed income senior portfolio manager.
Furey was formerly at Butterfield Asset Management in Bermuda.
Earlier this month, BIAM suffered two resignations from its global equities team management just one year after a shake-up in its hierarchy.
AUSTRALIA – New boutique manager
The Treasury Group (TTG) has launched a boutique asset manager focusing on Australian and New Zealand equities to capture continuing demand from institutional investors.
Cannae Capital Partners, opening in September will be headed by Hugh Giddy, former portfolio manager at Perennial Value Management.
NETHERLANDS – Fortis supported by institutions
Fortis CFO, Gilbert Mittler said the bank could count on support from Belgo-Dutch institutional investors in its bid for ABN AMRO, according to a Dutch financial daily.
Mittler reportedly said the firm has spoken with 130 institutional investors and their conclusion was that it was an "an unbelievably good idea".
UK - Ministers oppose pensions proposal
Ministers have reportedly opposed a proposal that would force the government to lend money to a fund to restore the pensions of 120,000 people who lost out when their companies went bust.
MPs want the loan paid to a "lifeboat fund" to boost the Financial Assistance Scheme. A vote on the issue is due to be held today.
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.