UK - Merrill Lynch Investment Managers has launched its first pooled focus fund, which is specifically aimed at pension funds and charities.
The Merrill Lynch Institutional Trust UK Focus Fund will invest solely in stocks that the fund manager has a high conviction will perform and which takes no account of index weightings.
The fund will typically invest in 15-20 stocks to maximise total return. Fees will be a combination of base and performance fees.
MLIM head of equity products Charles Prideaux said: “Historically, clients have measured performance and risk against a generic index.
This meant an active manager was not in a position to deviate significantly from the index weightings in order to restrict volatility of returns relative to the benchmark.
“However, with clients moving to liability-specific benchmarks and using total risk budgets to determine risk allocations, equities can now take their proper role as an alpha-generating asset class.”
Royal London saw its new group pension business decline over the first half of 2018 as the rollout of auto-enrolment (AE) drew to a close, according to its interim results.
Now Pensions has made "huge progress" in resolving legacy administration issues - switching systems and completing unit adjustment for a "large proportion" of members, it says.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Accountant Hashmukh Shah has pleaded guilty to deliberately providing false information to The Pensions Regulator (TPR) when stating a pension scheme had been set up for staff of a London-based restaurant.