In Brief: Fidelity Hires Pine/Hedge Funds grow/Insight Property win/Van Bezooyen move/Iimia Expands
Fidelity Investments has hired Julie Pine as a relationship director in its London-based institutional business team. Pine will market Fidelity's institutional segregated and pooled business with pension scheme trustees and investment consultants. Pine was previously a director of business development at Henderson Global Investors. Fidelity runs over [pounds sterling]20bn ([euro]29.6bn) on behalf of UK institutional clients as at the end of 2003.Hedge fund appetite strengthens
Demand for absolute return products doubled last year, according to Watson Wyatt, the largest pension consultancy in the UK. The firm awarded mandates to 16 absolute return fund managers in 2003, compared to just seven the previous year. Nick Watts, head of investment consulting, said: "Funds are moving a proportion of their assets away from benchmark-sensitive instruments and making higher allocations to absolute return products."
Insight wins property mandate
St James's Place has awarded Insight Investment, the fund arm of UK bank HBOS, a mandate to run up to [pounds sterling]500m in property assets. St James's Place is a wealth management group that distributes products run by third party fund managers. Duncan Owen, Insight's head of property, said the firm will acquire UK property portfolios with secure income streams to achieve long-term growth for St James's clients. Insight manages [pounds sterling]4.6bn in property assets. …