US - The former head of institutional sales at Merrill Lynch Investment Managers, Donald Steinbrugge, has founded Agecroft Partners, a consulting and third party marketing firm for hedge funds.
It is thought the firm will represent three or four hedge funds by the end of 2007 and its focus is expected to be on large hedge funds seeking to expand distribution in the US, but which are based outside the country.
The company also hopes to represent large funds seeking to increase their presence in the institutional market and funds wishing to significantly expand their asset base across all types of hedge fund investors.
As a result, the firm has started targeting large institutional investors including pension funds, endowments, foundations, insurance companies, institutional consulting firms, hedge fund of funds and large family offices.
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.