INCLUDING: US - Principal acquires Retirement Consulting Actuaries; AUSTRALIA - Future Fund appoints investment director; UK - AXA appoints head of fixed income; AUSTRALIA - Credit Suisse trust closes
Future Fund has appointed Raphael Arndt as investment director for private
markets, focusing on building and managing the fund's infrastructure and timberland investments. He joins the Future Fund after six years with Hastings Funds Management where he was an investment director responsible for managing successful infrastructure and timberland portfolios as well as leading infrastructure and timberland transactions. He joins the Future Fund on 4 February.
US - Principal acquires Retirement Consulting Actuaries
The Principal Financial Group has signed a definitive agreement to acquire Retirement Consulting Actuaries (RCA). Terms of the transaction, which is expected to close on January 1, were not disclosed. RCA, a regional actuarial and consulting firm based in Atlanta with five actuarial professionals, provides defined benefit actuarial, administrative and consulting services. Principal's acquisition supports the objective to grow its field deployed actuarial consulting expertise and expand its national consulting footprint. With the addition of RCA, Principal will have actuarial consulting services based out of several regions including Des Moines, Pittsburgh and Atlanta.
UK - AXA appoints head of fixed income
AXA Investment Managers (AXA IM) has appointed former New Star staffer Theodora Zemek as global head of fixed income. Zemek, who will take up her new role in March 2008, has over twenty three years of experience in financial services. Previously, she was head of fixed income and manager of the New Star Managed Distribution Fund and the New Star Fixed Interest Fund. James Gledhill, has been appointed head of fixed income at New Star to replace Zemek. Gledhill, who was formerly joint head of fixed income with Zemek, will manage the New Star Fixed Interest Unit Trust jointly with Nick Hayes. Gregor Logan, New Star's joint chief investment officer, will take over the management of the New Star Managed Distribution Fund, with Gledhill managing the fixed income component of the portfolio.
AUSTRALIA - Credit Suisse trust closes
Credit Suisse and Equity Trustees Limited (EQT) has closed the Credit Suisse PL100 - Emerging Markets Infrastructure Development Trust (PL100 - EMID) with $82m (US$70.6m) in funds under management. PL100 EMID, which listed on the Australian Stock Exchange under code CSU today, is the second fund in the PL100 series, following PL100 World Water. PL100 - EMID offers capital protection at maturity to the trust to the value of $1 per unit on issue at maturity. the Trust was launched in October., in conjunction with organising broker Macquarie Equities and lead managers Commonwealth Bank of Australia and Ord Minnett.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.