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.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.