INCLUDING: US - CalPERS adopts principles-based approach for emerging markets; UK - Wright choice for State Street Corporation; UK - Watson Wyatt boosts team; China - Prudential raises stake in Chinese venture
US – CalPERS adopts principles-based approach for emerging markets
The California Public Employees’ Retirement System has endorsed a principles-based approach to guide external managers who invest for CalPERS in emerging international markets.
It means before investing, managers will assess country and company prospects regarding issues such as political stability and transparency of information.
UK – Wright choice for State Street Corporation
State Street Corporation has recruited Nick Wright as senior vice president and chief operating officer of State Street’s investment servicing business in the UK, Middle East and Africa (UKMEA).
Wright joins the firm from State Street’s Investors Financial Services Corporation (Investors Trust Europe) which was acquired by State Street on 2 July.
UK – Watson Wyatt boosts team
Watson Wyatt has recruited Duncan Knight to its defined contribution (DC) team. Knight will join the company after six years at Mercer Investment Consulting and has experience in the Australian market.
CHINA – Prudential raises stake in Chinese venture
Prudential plc has increased its stake in CITIC Prudential Fund Management, its joint venture with CITIC group in China, from 33% to 49%.
In May 2006, CITIC Prudential Fund Management obtained approval from the China Securities Regulatory Commission (CSRC) to offer investment advisory services.
It currently acts as an investment adviser to Prudential Asset Management in Hong Kong for the latter’s participation in China’s domestic stock market, under the qualified foreign institutional investor scheme.
A number of pension schemes have been prompted to lock in gains with a move into bonds after the estimated deficit across FTSE 100 DB pension schemes improved by £36bn, over the 12 months ending 30 June last year, JLT Employment Benefits found.
HM Treasury has agreed in principle to give NEST a £329m contingent liability guarantee in the event of the master trust's wind up or closure.
AMP Capital has set up a dedicated team to help institutional investors, including pension funds, invest in infrastructure through direct equity allocations.