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Fondenergia has appointed UBS Asset Management Italy to manage its ‘Garantito’ sub-fund and government bonds in the ‘Bilanciato’ sub-fund, replacing Credit Suisse Italy. UBS AM's mandate for the ‘Garantito’ sub-fund will last until the end of 2027, while Fondenergia has extended eight mandates for its ‘Bilanciato’ and ‘Dinamico’ sub-funds until June 2025. The pension fund's assets under management total €2 billion, with Credit Suisse previously managing €350 million in government bonds.
IPE
16:18 07.11.2024
Franklin Templeton faces unprecedented outflows, losing over $37 billion from its troubled Western Asset Management unit amid investigations into alleged trading misconduct by co-CIO Ken Leech. The firm, once poised to benefit from falling interest rates, now struggles with reputational damage and poor performance, leading to significant client withdrawals and a projected $31 billion in net outflows for the quarter. As competitors gain traction in fixed income, Western's future remains uncertain, with many investors seeking new management options.
Berenberg Bank has appointed Simon Steinhoff as Senior Sales Manager for institutional clients in Zurich, focusing on the German-speaking regions of Switzerland and Liechtenstein. With over 13 years of experience, including eight years at Pimco, he will enhance relationships with pension funds, foundations, and insurance companies. Steinhoff holds a Bachelor’s degree in International Business Administration from the University of Twente.

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