NETHERLANDS/BELGIUM - Fortis Investment Management has hired Patrick Van de Steen and Jacques Joakimides as managing director, head of marketing, and head of European convertibles respectively.
Van de Steen, who joins Fortis from Gartmore where he was head of continental Europe retail and acting head of hedge funds, will now oversee the recently formed 70-strong marketing team. He is responsible for product development, brand management, channel marketing, communications and the fund secretariat.
Regarding convertibles, Fortis intends to make this product one of its core competencies since it predicts greater demand from both institutional and retail investors. Joakimides, who will oversee business development, will report to William De Vijlder, group chief investment officer.
The Pensions and Lifetime Savings Association (PLSA) has announced it will shrink its board by more than one-third as part of a governance overhaul to make it "agile and more appropriate".
Smaller FTSE 350 defined benefit (DB) schemes were nearly 15 percentage points less well-funded than larger schemes in 2017, according to a Goldman Sachs Asset Management (GSAM) analysis.
The advent of collective pension systems could help the UK avoid demographic challenges which will make it "impossible" for society to help savers in retirement, experts say.