Merrill Lynch Investment Manager's head of corporate governance Tom Oates has stepped down in order to take a career break.
He will be replaced by Charles Farquharson, who will assume the responsibility of corporate governance while executing his existing role as head of institutional client division.
Oates has been with MLIM for 17 years. According to a company spokesman, his decision to leave MLIM was not influenced by the company’s plans to cut down on global administrative costs, as announced by Jeffrey Peek at a recent conference in the US. These plans include intentions to outsource business in the US, exit from defined asset business and enforce redundancies in MLIM’s IT division.
By Janet Du Chenne
Kim Gubler says it is time that schemes and administrators reassess SLAs and look at what real people need from their pension schemes and when
The Pensions Regulator (TPR) is focusing on reducing the number of "poorly-run" schemes as it seeks to improve standards across the board.
Prudential Retirement has completed around $2.6bn (£2bn) of reinsurance contracts for UK pension scheme longevity risk since the start of the year, it has disclosed.
Funding standards for DB schemes have increased exponentially over the past decades. Con Keating says such significant overstatement of liabilities will lead to pushback through the courts.