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Fund management market round-up

Hedge funds

  •  Man Group reported a smaller than expected rise in assets under management for the second quarter, up just $0.5 million over the first quarter to $43.5 million.

  •  Morley Fund Management's former CIO, Gerard Holtham, has set up a global macro hedge fund. Its backers include Fleming Family Partners and the Carlyle Trust. 

  •  UBS Global Asset Management has established a separate hedge fund business to be headed by John Costas, former chairman and CEO of UBS Investment Bank.

Pension funds

  • According to Mercer Investment Consulting, the number of UK pension schemes investing in hedge funds is expected to rise from 5% to around 12%. Interest in private equity is likely to rise from 4% to 9%. Implementation of active currency management is predicted to rise from 6% to some 10% of schemes and tactical asset allocation is likely to increase from 5% to 8%.

Private banking

  •  Alex Widmer, former head of global private banking at Credit Suisse, is joining Julius Baer at the start of 2006 as CEO. At the same time, Thomas Meier, head of private wealth management at Deutsche Bank, Luxembourg, will join Julius Baer as head of the private-banking business line.

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