1998 NEWS ARCHIVE
© JLG Enterprises 1998-2009
| 22DEC98:Few would have
believed that Bob Hayim could bring himself to return to Thomson Financial Services, the
company he left after a turbulent spell as the head of its fledgling Electronic
Settlements Group in Europe. Hayim was a high-profile, often abrasive proponent of
Thomson's OASYS Global ETC product and carved out the lion's share of the business for his
employer. But he rarely seemed at ease in the corporate environment and it was no surprise
when he resigned to pursue other interests. Those other interests, after several false starts, crystallised into I-Vote, the electronic end-to-end proxy voting service which is scheduled to start pilot testing early in 99. And, just as the initiative has reached a critical phase, it has been bought by none other than Thomson Financial Services. Hayim has gone to TFS as part of the deal but is eager to stress that he will remain exclusively focussed on developing the product, which will now be known as E-Vote. Additionally, Steve Pinner, most recently a director at City Consultants, will be helping to sell the service. |
| 22DEC98: The Central
States Teamsters Southeast and Southwest Areas Pension Fund (CST) named Bankers Trust as
its second named fiduciary for its $18 billion pension fund. Bankers Trust joins Morgan
Stanley Dean Witter, which had formerly been the fund's sole fiduciary.
Beginning in January, Bankers Trust will have sole responsibility and authority to control and manage 15% of the pension fund's total assets. The Bank has exclusive authority to appoint, replace and remove investment managers and custodians, allocate available investment assets of the Fund among different types of asset classes and investment managers, and monitor performance of the investment managers and custodians. |
| 21DEC98: Cedelbank has announced that it will start clearing and settling all US securities, including DTC eligible equities and corporate debt, for all non-US resident customers that are account holders with Cedelbank. The cut-over will be in the first half of 1999. |
| 10DEC98: Northern Trust has
announced a series of improvements to its risk and performance analysis products for 1999.
Enhancements to the Integrated Risk Management service will include: The expansion of the Northern Trust FundRisk reporting product to include risk analytics and specialized reporting for defined contribution plans; The launch of Northern Trust FundDimensions, a three dimensional reporting tool designed to distill the complexities of multiple currency and multiple manager funds into a single screen; The release of Version 3.0 of Northern Trust Alerts, the industry's first compliance monitoring tool, offering expanded alert types and automated board-ready consolidated reporting. |
| 18NOV98: Those restless souls
at Cedel Group have decided that change is required. A new corporate logo has been
unveiled which, according to them, symbolises Cedel's global activities, its 24 hour
business and its customer first attitude. Don't tell them, but it actually looks like one
of those brain-teasers which turns out to be an aerial view of a Mexican sitting on a
wall. Additionally, Cedel has appointed Rudiger Neuenburg as chief corporate affairs officer and Thomas Rabe as chief financial officer. Both will report to Andre Lussi, the chief executive. |
| 13NOV98: State Street Bank
Europe (SSBE) has opened a branch in Amsterdam. SSBE was formed earlier this year as
part of its strategy to coordinate delivery of all its services - custody, treasury
management and investment management - in the European Union. Jan Koghee, who is widely regarded as one of the most influential figures in the Dutch custody market, has been appointed as manager of the branch, joining State Street from ABN AMRO. |
| 13NOV98: Citibank has been
appointed as Asian regional custodian for American International Assurance Co (AIA).
Under the agreement, Citi will provide custody, cash management and portfolio reporting
services for AIA's investments in Hong Kong, Singapore, Taiwan, Malaysia, Thailand, the
Philippines, Australia and New Zealand. AIA is southeast Asia's largest life insurer. It is a wholly owned subsidiary of American International Group. |