News in Brief
May 2009
Ignis Asset Management has reinforced its
European presence with a deal meaning that its international fund range
will be available through European platform Allfunds Bank.
Institutional and professional fund investors across Europe will have
further access to Ignis’ proprietary funds, as well as its joint
venture boutiques – Argonaut (European equities), Cartesian (UK
equities), HEXAM (global emerging markets) and Maia (multi-manager). The
asset manager currently manages around £70bn of assets in behalf
of UK and international investors.
Ortec Finance has launched in the UK, further demonstrating its
commitment to the European market. CEO Ton van Welie, said: “We
are now extending our global presence, building on our Dutch heritage
and established reputation in The Netherlands. While we have been active
in the UK market for a number of years, the opening of our London office
is a major step in developing our global presence.” The new office
will initially focus on risk and return attribution in both the pension
and asset management markets. Head of the London office, Lucas Vermeulen,
will be supported by Andrew Slater as managing director.
REAAL, the Netherlands’ second-largest life insurer, has chosen to purchase and implement VIPitech, Watson Wyatt’s actuarial projection system, in preparation for Solvency II. Sebastiaan van de Pas, consultant at Watson Wyatt, commented: “With VIPitech, REAAL will have an ideal basis to opt for the internal model approach under Solvency II as well as a state-of-the-art integrated risk and value management strategy. Solvency II and other stochastic reporting requirements have been significant drivers for the success of VIPitech, with sales tripling over the last two years and we are continuing to see strong demand for the system as companies review their modelling capabilities.”
Zurich has launched an online self service quotation and straight through processing (STP) facility for all members of its defined benefit scheme. The service, designed in conjunction with rpmi and Zurich’s consultants PXP, is open to all 29,500 members, current and deferred, and is believed to be the first of its kind that gives members fully live quotes and the ability to set up their own pensions. Scheme members have direct access to a live administration system, and are able to run their own pension calculations.
Neuberger Berman Group LLC has completed the purchase of Lehman Brothers Asset Management (Europe) Ltd from the Lehman Brothers entities that are in administration. The newly acquired entity has been renamed Neuberger Berman Europe Limited, and forms the European arm for the newly-formed Neuberger Berman Group. Former head of distribution at Lehman Brothers Asset Management (Europe) Ltd, Dik Van Lomwel will become head of the NB Europe and Middle East. NB Europe will focus on the provision of its investment capabilities and services to institutional and intermediary investors across the UK, Europe and the Middle East.
Labaton Sucharow, a US securities litigation firm, has been appointed to represent two major pension funds in class actions against the Royal Bank of Scotland (RBS). The firm will represent on a complaint which alleges that, during the Class period, RBS defendants falsely reassured investors that RBS was well capitalised when the company was effectively insolvent due to impaired assets, bad loans and a catastrophic part acquisition of ABN AMRO.
Bermuda-based insurance company Bridge Pointe Insurance
Ltd has entered the European defined benefit (DB) pensions market,
with particular focus on the UK. The company believes it is well placed
to take advantage of the increasing number of sponsors and trustees of
company pension schemes that are seeking creative solutions to the pension
challenges.
