UK - Citigroup has confirmed the head of its insurance and pensions structured solutions group has left the bank.
Citi declined to comment on the reasons for Heiss' departure and on her plans for the future.
Last April, Citigroup partnered with Paternoster to take responsibility for the £400m (US$791m) Powell Duffryn (PD) Pension Plan, in the largest buyout deal at the time (www.globalpensions.com; 17 April 2008).
At the time, Francis Fernandes, head of pensions actuarial, insurance and pensions structured solutions group at Citi, said the bank foresaw increased activity in the pension market.
As result of this, Fernandes said Citi, which had already taken steps into the buyout market, would be stepping up its role in managing pension risk for sponsors and trustees.
An unnamed London-based employer has been hit with a £350,000 fine from The Pensions Regulator (TPR) for failing to fully comply with its pension duties.
XPS Pensions has enhanced its fiduciary management selection service in order to help trustees through initial selection and mandatory re-tendering.
One in five defined benefit (DB) schemes are in The Pension Regulator's (TPR) weakest two categories, analysis by Hymans Robertson has revealed.
State Street Global Advisors (SSGA) has been selected as the first index manager for the Asset Management Exchange's (AMX) passive funds.