SINGAPORE - Morningstar has replaced Mercer (Singapore) as investment consultant to Singapore's state pension fund, the Central Provident Fund Investment Scheme (CPFIS).
In a statement, the CPF board said Morningstar was appointed based on its qualifications and expertise, track record and price of service.
The new contract will be for a period of three years from 7 March, with the option by the board to extend for two additional one-year terms.
The board said CPF investors would not be affected by the new appointment as existing funds included under CPFIS would not need to undergo re-evaluation.
Both Morningstar and Mercer were unavailable at the time of going to press.
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.