CAAM Lux agriculture fund
to deliver global mandate
BY SIMON HILDREY
Credit Agricole Asset
Management (CAAM) has
launched a Luxembourgbased
Global Agriculture
Fund.
It said at least two-thirds
of the fund will be invested
in companies active in
the farming sector, so it
will seek to profit from the
current imbalance in the
supply and demand for
agricultural products.
The factors driving
demand for food include
the growth in the world
population, increased life
expectancy and rising
incomes, notably in emerging
economies.
At the same time,
Nicolas Fragneau, fund
manager of the CAAM
Funds Global Agriculture
Three-year agriculture returns
% 20
60
40
0
-20
Jul ’05 Jan ’06
Source: Lipper
Fund, said supply is being
constrained.
He explained: “The
proportion of arable land
is gradually decreasing,
human activity has markedly
degraded the quality
of land and climate
change further contributes
MSCI World $
Jul
The new Portfolio Account from Prudential International.
Jan ’07
Jul
RICI Agriculture
to impoverishing and deteriorating
arable land.”
Jan ’08
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Jul
Zurich FS snaps up Italian
life insurer subsidiary
Zurich Financial Services
Group has completed its
acquisition of life insurer
DWS Vita from an Italian
subsidiary of Deutsche
Bank.
Zurich is paying around
$140m for the Italian insurer.
DWS Vita primarily distributes
its life insurance
products through Finanza
& Futuro Banca, which is
Deutsche Bank’s network
of more than 900 financial
advisers in Italy.
Zurich said it is signing
a long-term distribution
agreement with Finanza &
Futuro for life insurance
products. It said the deal
provides it with an additional
distribution channel
in Italy.
Zurich has been distributing
its life insurance
products through Deutsche
Bank’s branches in Italy for
the past five years.
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NEWS
Greco: focus on regional hubs
The firm has also
announced a revised new
business value target for its
global life insurance businesses
of $1.2bn by 2010.
This is a 40% increase
over the previous target of
$850m.
Mario Greco, chief
executive of Zurich Global
Life, said it was focusing
on global distribution
channels and centralising
core capabilities delivered
through regional hubs.
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