INCLUDING: US - Liability Solutions and MIT merge; UK - New advisory business launches; NETHERLANDS - New director of Mn Services UK appointed; UK - PPF rescues another four pension schemes; UK - North Yorkshire PF awards mandate to Fidelity
Hedge fund placement firms Liability Solutions and MIT Associates have announced today their intention to merge. The new company will retain the name Liability Solutions.
In the US and Europe, institutional coverage encompasses funds of funds, endowments, pension funds and private banks.
MIT Associates will assume management of Liability Solutions Inc., or LSI, the US-based broker dealer subsidiary of Liability Solutions.
UK - New advisory business launches
Following on from the merger of Liability Solutions and MIT Associates, former Liability Solutions' staffers Nicola Ralston and Phil Irvine have launched PiRho Investment Consulting Ltd.
PiRho said it would focus on giving investment advice to institutions on absolute return and hedge fund investments.
It added a key part of the business would be conducting searches for fund of hedge funds on behalf of pension schemes, insurance companies and other institutional investors.
NETHERLANDS - New director of Mn Services UK appointed
Remco van Eeuwijk has been appointed managing director of Mn Services UK. The company said he would be responsible for acquiring new fiduciary management mandates from UK pension funds.
Mn Services said he would also be concerned with maintaining and expanding existing relationships with institutional parties in the United Kingdom.
Van Eeuwijk for the past two years has been executive director, global head of investment, risk and performance at ABN AMRO Asset Management in London.
UK - PPF rescues another four pension schemes
Four more schemes were transferred to the Pension Protection Fund (PPF) in September, resulting in a further 3,031 people around the UK now receiving or who will receive PPF compensation
The PPF said 61 schemes had transferred to the PPF to date, which translated into 18,957 people receiving compensation or who will receive it in the future.
It added it paid out more than £2.7m (US$4.7m) in compensation between 2 September and the 1 October.
UK - North Yorkshire PF awards mandate to Fidelity
Fidelity International (FIL) has been appointed by North Yorkshire Pension Fund to manage a £250m (US$438.6m) global equity mandate.
FIL said the portfolio would be managed by Cesar Hernandez.
North Yorkshire County Council operates a pension fund for its own employees - excluding teachers - together with employees of the other local authorities within the County area. The pension fund is currently valued at £1.2bn (US$2.1bn).
A "substantial" parliamentary bill acting as a "roadmap" for the long-term future of private pensions will lead to a "significant period of calm", Guy Opperman has promised.
The Department for Work and Pensions (DWP) has completed its appointment process for the Single Financial Guidance Body's (SFGB) board, naming three non-executive directors.
Pensions and financial inclusion minister Guy Opperman has launched a simplified two-page annual statement in a bid to provide a best practice template for the industry.
Some 70% of defined contribution (DC) members want to know their scheme is personalised and tailored to their needs, an Invesco language study reveals.