INCLUDING: US - Credit Suisse appoints hedge fund head; UK - Volatility changes retirement focus; IBERIA - Pioneer expands Iberian business; HONG KONG - Cathay Pacific raises retirement age
Former Lehman Brothers chief financial officer Erin Callan has joined Credit Suisse as a managing director and head of its global hedge fund business. Callan, who spent 13 years at Lehman Brothers, will join Credit Suisse on 2 September, based in New York. Her role will be to spearhead Credit Suisse's strategic advisory and coverage efforts serving the hedge fund community.
UK - Volatility changes retirement focus
People are changing the way they plan for retirement as a result of stock market volatility, research from MetLife Europe has revealed. According to its study, two thirds of IFAs said the volatility had spurred their clients to make changes. One third (33%) of IFAs said their clients were turning primarily to cash, but 21% said guaranteed pension products were now top of the list for their clients. Another 13% said their clients were switching into other assets such as property, despite the weakening market.
IBERIA - Pioneer expands Iberian business
Pioneer Investments has appointed Sophie del Campo as country head, Spain and Portugal. Del Campo, who was previously head of sales for Credit Agricole Asset Management, Madrid, will take over a team of seven people and will have the overall responsibility for Spain and Portugal. This will include serving existing clients and acquiring new business in a range of segments from institutional, private banks and distribution networks.
HONG KONG - Cathay Pacific raises retirement age
Cathay Pacific Airways is to align the retirement age for all its current Hong Kong-based cabin crew to 55. The new arrangements were agreed at a meeting between Cathay Pacific management and the airline's Flight Attendants' Union. The alignment in retirement age will affect 5,000 Hong Kong-based cabin crew who joined after 1 July 1993, whose retirement age was 45. The retirement age for cabin crew who joined before 1 July 1993 is 55. Under the new arrangement, all cabin crew who joined after 1993 will be able to choose to retire at any time between 45 and 55. All new joiners will retire at 55.
Jonathan Stapleton says the success of the government's check your state pension service shows just how popular a dashboard could be if it can be launched.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.