SPAIN - Crédit Agricole Asset Management has reorganised its Spanish subsidiary with the creation of an Agencia de Valores for the distribution of mutual funds.
This new company will complement its existing asset management company Indosuez Fondos.
Both companies are already registered with the CNMV, the Spanish financial regulatory authority. The shareholding of the consolidating holding company will be divided between Crédit Agricole Asset Management (55 %) and Crédit Agricole Indosuez (45 %).
The main role of the Agencia de Valores is to consolidate its presence on a national scale, through distribution agreements with leading companies in their respective market segments.
The subsidiary forecasts E350m of assets this year, bringing the total to E800m by the end of 2002.
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.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.