PGGM CIO quits; Threadneedle; AXA; KKR; State Street; EFAMA; Begbies Traynor Group; Amundi
PGGM chief investment officer Johan van der Ende (pictured) will leave the Dutch pension fund manager on November 1. PGGM said: "It has become clear in recent months that the mutual expectations within the executive committee would impede successful co-operation."
van der Ende has been at PGGM for four years and served as CIO for two. He said: "These have been exciting years at PGGM. In the midst of a major financial crisis we have succeeded in expanding the asset management function and turning it into a multi-client environment."
He will be temporarily replaced by Jac Kragt, chief finance and risk officer. PGGM manages €99bn ($135.7bn) in assets.
Threadneedle has promoted Vanessa Donegan to the newly created role of head of Asia and global emerging market equities. Donegan will be part of a team of 50 working under head of equities Leigh Harrison. She will oversee £6.5bn of assets under management in emerging market equities.
She will also manage the Threadneedle Global Emerging Market Equities Fund, the Columbia Emerging Markets Opportunity Fund and the Columbia Emerging Markets Equity Fund in her new role.
Donegan was one of the founding members of Threadneedle's investment team when the company formed in 1994. Most recently, she was head of Asia Pacific equities at the firm and will continue to manage the Threadneedle Asia Fund and the Asia Pacific Mutual Fund.
AXA Investment Managers has hired Julian Thompson and Jules Mort as head of global emerging markets and senior portfolio manager of AXA Framlington. Thompson will oversee growth and development in the emerging markets equities desk, alongside Irina Topa-Serry in Paris and Mort in London. Thompson will also be lead manager of AXA Framlington Emerging Markets Fund. Both will join AXA at the end of 2010 reporting to global head Mark Beveridge, based in London. They join from Threadneedle Asset Management where Thompson is head of global emerging markets and Mort is deputy portfolio manager of the global emerging markets and Latin American funds.
Ruud Hendriks has been appointed senior advisor at Kohlberg Kravis Roberts & Co. (together with affiliates KKR) in the Netherlands. Hendriks will be working alongside Alex Fletcher, who manages KKR's European client and partner group. He joins from Goldman Sachs Asset Management (GSAM) Benelux, where he was chairman from 2001.
State Street Global Advisors has hired Scott Ebner as managing director and global head of exchange traded funds product development. Ebner will be working under James Ross and will develop and launch State Street's range of ETFs worldwide. In his last role, he was senior vice president and global head of exchange traded products at NYSE Euronext.
The European Fund and Asset Management Association has announced Jarkko Syyrilä as deputy director general, a new position at the firm, where he will strengthen the asset management industry. Jarkko has been a board member at EFAMA since 2008 and most recently joins from the Investment Management Association where he was director of international relations.
Begbies Traynor Group has hired Christopher Clayton as partner at its London pensions advisory team. He will work alongside former head of scheme specific funding Len Fawke and the firm's banking, restructuring and corporate finance teams. Most recently, Clayton was managing director and head of pensions advisory group at Close Brothers Corporate Finance. Before this, he was director of the pensions group and corporate finance at Grant Thornton.
Amundi has expanded its London branch with the appointment of five new employees. Christopher Morris and Anne Beaudu join as senior global fixed income managers and James Kwok is appointed as head of currency management. Fabio Castaldi and Alexandre Burgues join as absolute return managers who will manage volatility overlays. Pascal Blanqué, CEO of Amundi London Branch, said the new members bring macroeconomic, market, policy, and quantitative skills that will increase Amundi's ability to meet clients' needs.
This week's top stories included Legal & General acquiring MyFutureNow to provide a dashboard service to customers, while also agreeing a hybrid buy-in with a Hitachi scheme.
NEST has signed up to the government-backed Star Initiative, taking all of its 8 million members' pension pots with it.
It is perhaps inherently difficult to find an agreed definition of value for money, but some methodologies could act as a stopgap, argues Jonathan Stapleton.