Fund Administration

Another Bad Year at Zurich Financial Services

Zurich Finnacial Group announced today that it had sold Zurich Afore, its private retirement fund management company in Mexico, to the Principal Financial Group. Five days ago, Zurich confirmed a net loss of US$ 387 million for 2001. The disposal

BNY Wins BGI Outsourcing Mandate

The European Fund Services division of the Bank of New York has won the mandate to service the retail fund management operation launched by Barcalys Global Investors (BGI). This is a much bigger win than two earlier mandates secured by

CSFB Sells Online Brokerage to Bank of China

BOC International, the investment banking arm of Bank of China, has acquired Hutchison CSFBdirect, a online retail brokerage joint venture between CSFB and Hutchison E Commerce, a division of conglomerate Hutchison Whampoa, which is owned by billionaire Li Ka shing.

Tokyo Stock Exchange Lists Four More ETFs

Daiwa Asset Management and Nomura Asset Management are each adding four new Exchange Traded Funds (ETFs) to the seven that already trade on the Tokyo Stock Exchange. They will track the TOPIX Core 30, TSE Electrical Appliance Sub Index, TSE

Regulators Clear BISYS Purchase of Hemisphere

BISYS has received regulatory approval to complete the acquisition of Hemisphere. The purchase of Hemisphere which claims to be the largest hedge fund administrator in Europe, and the third biggest in the world takes BISYS into hedge fund administration for

Dexia Fund Services First to Pass Crucial Quality Test

Dexia Banque Internationale Luxembourg (Dexia BIL) has received Type II SAS 70 certification for its fund administration business, conducted via its business line, Dexia Fund Services (DFS). This makes Dexia BIL one of the first institutions in the Luxembourg financial

Misys Ponders Entry Into Mutual Fund Distribution

Misys yes, Misys, not BISYS has appointed Lexicon Partners and Dresdner Kleinwort Wasserstein to advise it on the business opportunities in mutual fund distribution in the United Kingdom. The systems provider, whose attempts in recent years to transform insurance product