EUROPE - Northern Trust Global Advisors (NTGA), the manager-of-managers business of Northern Trust Global Investments, is looking to expand into the Nordic region and the Netherlands and is currently scouting for tie-ups in the region.
Tony Earnshaw, managing director of NTGA’s European business, which recently tied up with KBC Asset Management to distribute the manager-of-managers (MOM) products in the Irish market, said that the fund was talking to other institutions and hoped to launch its MOM product in the region over the next couple of years.
“There are signs that some of the big banks in this region manufacturing asset products are now looking to go into distribution. We think we can fill the gap either by tying up with these banks or by going it alone, ” he said.
“The Nordic region is more open to an equities culture than some other European countries. NTGA has some relationships through our custody side and so we have a feel for the market and it makes sense to expand the business here,” Earnshaw added.
NTGA’s MOM business has picked up business worth £80m through its tie-up with KBCAM, taking total assets under management to £1.9bn.
NTGA has made a few changes to its fund manager portfolio - in its US equity fund, Bramwell has been dropped and has been replaced with Turner.
The Pacific-Basin portfolio has also been revamped: “We had only one manager in this portfolio, APS, and after quite an extensive search for another manager to complement APS we decided to drop this manager because we found a better combination of managers in Martin Currie and Aberdeen Asset Managers,” said Earnshaw.
NTGA has also launched two new funds: a higher alpha UK fund, which was seeded last year, has Mirabaud and Majedie running this fund. A new Eurozone equity fund has also been launched, managed by Goldman Sachs Asset Management and MFS.
The multi manager is also examining the possibility of offering an emerging market fund in Europe.
“We see an increasing demand for this from Dutch pension funds. We have an emerging market fund in the US and we are currently examining the option of setting up a similar fund here,” said Earnshaw.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.