INCLUDING: NETHERLANDS - Aviva subsidiary buys Cyrte Investments, FRANCE - SGAM launches art fund KOREA - New Forsyth Partners' deal, UK - Consultants agree pay out
NETHERLANDS - Aviva subsidiary buys Cyrte Investments
Delta Lloyd, the Dutch subsidiary of Aviva, is to acquire Cyrte Investments, which manages two funds focusing on areas such as media and technology.
Dutch Pension Fund PGGM committed €500m to the first fund earlier this year and Delta Lloyd Group’s initial contribution to the fund will be €150m.
FRANCE – SGAM launches art fund
SGAM Alternative Investments has launched an art investment fund with a targeted return of 15-20% over eight years.
The fund will use private equity techniques within a network of auction houses and dealers and art consultants.
KOREA – New Forsyth Partners’ deal
Korea Development Bank Asset Management Company has signed a deal to invest US$10.35m into Forsyth Partners’ fund of hedge funds.
Previous deals between the two saw $25m form part of two Korean pension funds and a life insurance company portfolio, in 2005 and 2006.
UK - Consultants agree pay out
Driver Group PLC said it would pay £450,230 (US$896,619) to former subsidiary Baker Wilkins & Smith’s pension scheme which is being wound up.
Together the parties are set to contribute £550,000 (US$1.1m) as part of the liabilities settlement.
This week's top stories include ITS' management buyout from Mercer, and The Pensions Regulator launching a probe into single-employer defined contribution schemes' default funds.
People retiring in the UK will on average outlive their pension savings by 10 years, according to research by the World Economic Forum (WEF).
Steps to improve auto-enrolment are uncontroversial and obvious, but the government is dawdling on introducing the necessary changes, argues Jack Jones.
Professional trustees will be expected to apply for accreditation as part of a framework intended to be launched on 1 July by the Professional Trustee Standards Working Group (PTSWG).